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Synchrony Bank Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4.75 |
| CD | 4.5 |
| No-penalty CD | 4.75 |
| Bump-up CD | 4.5 |
| Money market account | 4.75 |
| Trustworthiness | 4 |
| Total | 4.5 |
Synchrony Bank Pros and Cons
| Pros | Cons |
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About Synchrony Bank
Synchrony Bank is an online-only institution, so there are no physical branch locations. Its website is easy to navigate. The mobile banking app has received 4.8 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.
If you have questions, you can chat online with customer support 24/7. You'll initially be connected to a virtual assistant, and if the virtual assistant can't answer your query, you'll be transferred to a live assistant. You can call an agent from 8 a.m. to 10 p.m. ET Monday through Friday, or 8 a.m. to 5 p.m. ET Saturday and Sunday.
Synchrony doesn't offer a checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus or Accel ATM. Synchrony reimburses up to $5 per month in out-of-network ATM fees.
You can also use your ATM card to make purchases at stores by entering your ATM PIN.
Synchrony accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account. This means that even if Synchrony shut down, your deposited money would be safe.
Is Synchrony Trustworthy?
The Better Business Bureau gives Synchrony an A+ rating. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
A good BBB grade won't necessarily guarantee a smooth relationship with a bank, though. You'll want to consider online customer reviews or talk to current customers to see if the bank might be a good fit for you.
Synchrony does have some recent controversies. In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, Synchrony paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.
Synchrony Bank FAQs
Is Synchrony Bank legit?
Yes, Synchrony is a legitimate bank. It is a Member FDIC bank, so your deposits are insured for up to $250,000 per owner, per category.
Is Synchrony Bank a good bank?
Yes, Synchrony is a good bank overall. It has an A+ with the Better Business Bureau and has FDIC insurance. It also pays high interest rates on savings and CDs.
Is Synchrony Bank hard to deal with?
Synchrony has received an average of 3.4 out of 5 stars from over 16,500 users on WalletHub, and 1.1 out of 5 stars from over 300 users on TrustPilot. This indicates that customers leaving reviews are moderately satisfied or below satisfied with Synchrony.
Is there a class action lawsuit against Synchrony bank?
There was a class action lawsuit against Synchrony in early 2023, but it has now closed. The lawsuit claimed that Synchrony made calls to people about Synchrony accounts that did not exist. Synchrony was ordered to pay $2.6 million in the settlement.
Synchrony Bank Account Reviews
Synchrony High Yield Savings Account
The Synchrony high-yield savings account is a great option for savers. It pays a competitive interest rate, has a
This account is unique because unlike most savings accounts, it comes with an ATM card, which gives you easy access to your savings. You can use it at an ATM or to make a purchase when you enter your PIN. This is especially important because Synchrony doesn't have a checking account, so the ATM card is a crucial way to withdraw savings if you need money quickly.
Synchrony Bank CDs
Synchrony offers three types of CDs, and Synchrony CD rates are competitive across the board.
The
Synchrony Money Market Account
The
How Synchrony Bank Compares
Synchrony vs. Ally Bank
Both Synchrony and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally has a higher interest rate on a money market account.
You might prefer Ally Bank if you want to do all your banking with one company, because unlike Synchrony, it has a checking account. It's easy to immediately transfer money from your Ally savings account to the checking account. With Synchrony, you'll either need to withdraw savings with your ATM card, or transfer money to an external checking account — the latter option could take up to a few business days.
Synchrony vs. Discover Bank
You'll prefer Discover Bank to Synchrony if you're looking for a checking account, because Synchrony doesn't have one. The
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Why You Should Trust Us: How We Reviewed Synchrony Bank
To review Synchrony's savings and money market accounts, we used our bank account methodology. To rate CDs, we used our certificate of deposit methodology. Each account receives a rating between 0 and 5.
We evaluate ethics, customer service, and mobile apps when rating every type of account. Other factors considered depend on the type of account we're reviewing. For example, we look at whether a money market account offers access to your funds with an ATM card, debit card, and/or paper checks. For CDs, we look at term variety and early withdrawal penalties.