Synchrony Bank - Start Saving With Award-Winning Online Banking (2024)

FAQs

Is Synchrony Bank a good savings account? ›

The Synchrony Bank High Yield Savings offers a rich annual percentage yield (APY) of 4.50%, significantly higher than the national average and one of the best high-yield savings accounts. You'll also avoid minimum deposit requirements and monthly fees, though there is no checking account available.

It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

Is Synchrony Bank FDIC insured? Yes, Synchrony Bank is FDIC insured (FDIC# 27314).

Synchrony Bank holds an A+ rating from the Better Business Bureau (BBB), although it's not a BBB-accredited business.

You can use an ATM displaying the Plus or Accel logos. Your ATM card is provisioned to work in the U.S. and Internationally. To locate an ATM click here. Synchrony Bank currently does not charge a fee to use an ATM.

Fitch Affirms Synchrony Financial at 'BBB-'; Outlook Positive. Fitch Ratings - New York - 05 Apr 2024: Fitch Ratings has affirmed all of Synchrony Financial's (SYF) and subsidiaries' ratings including its Long-Term Issuer Default Ratings (IDRs) at 'BBB-'.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Synchrony Bank recently allowed class-action lawsuits by consumers to progress after accepting to take responsibility for long-standing complaints raised against them. Synchrony Bank's class-action lawsuit allows consumers to be paid what they are owed for the suffering and damages they incurred as their customers.

Synchrony Bank ordered to pay more than $3 million to resolve civil enforcement action involving frequent or harassing calls to consumers.

How financially stable is Synchrony Bank? ›

Synchrony Financial has the Financial Strength Rank of 4.

GuruFocus Financial Strength Rank measures how strong a company's financial situation is.

We've earned accolades from NerdWallet and Bankrate for our great rates, innovation, security, diversity and more. We were recognized for Best CD Accounts, Best Money Market Accounts and Best Online Banks in 2024. Forbes recommended us for high yields on savings and flexible access to funds.

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

We give Synchrony Bank 4.4 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The bank scores highest for its CDs, savings account and overall experience and access. *Ratings are determined by our editorial review team.