At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About Synchrony Bank
Synchrony Bank is two completely different businesses sharing one FDIC certificate. The business most people unknowingly interact with is the private-label credit card issuer: Synchrony is behind the Amazon Store Card, Lowe's Advantage Card, PayPal Credit, Gap/Old Navy cards, CareCredit (healthcare financing), Rooms To Go, Guitar Center, and over 100 other retail financing programs. This credit card portfolio generates the vast majority of Synchrony's revenue at APRs typically ranging from 26-30%, which is among the highest in the industry. The business that savers interact with — Synchrony Bank's deposit arm — exists primarily as a funding mechanism to support that lending operation. Consumer deposits are cheaper than wholesale funding, so Synchrony offers above-market savings and CD rates to attract deposits that fund credit card loans. This funding model is why Synchrony consistently ranks in the top 3 for CD and high-yield savings rates across any rate environment. When the Fed funds rate is 5%, Synchrony offers 5.0-5.1% on CDs while most banks offer 4.5-4.75%. When rates drop, Synchrony still leads because their credit card loans earn 20%+ — the spread between even a generous 5% deposit rate and a 27% credit card APR is enormously profitable. For depositors, this is purely advantageous: you get top-tier rates backed by FDIC insurance. But it is worth understanding that your savings deposit is funding subprime credit card lending. In a recession, Synchrony's credit card loss rates spike significantly (they reached 5.5% during the 2023-2024 consumer credit stress) — this does not affect FDIC-insured deposits, but it does affect Synchrony's stock price and long-term stability discussions. The critical limitation: Synchrony Bank offers no checking account, no debit card, and no ATM access. You cannot use Synchrony as a primary bank. It is purely a savings and CD vehicle. Money goes in via ACH transfer from your primary bank and comes out the same way, typically taking 1-3 business days. The CD offerings are unusually flexible, with terms from 3 to 60 months and a popular 13-month CD that rate-watchers use as a short-term lock when they expect rate changes. The Optimizer Plus high-yield savings account occasionally offers a promotional rate bump of 0.10-0.20% above the standard rate for new deposits, though the qualification criteria change frequently.
Key Features
Consistently Top-Tier CD Rates
Synchrony's CD rates typically lead or tie the market across all terms from 3 to 60 months. The 13-month CD is particularly popular as a rate timing tool — it offers near-top rates with a shorter commitment than standard 12 or 18-month terms. Early withdrawal penalties are 90 days of simple interest for terms under 24 months and 180 days for longer terms, which is in line with industry standards. No minimum deposit required to open any CD, which is unusual among top-rate CDs.
High-Yield Savings with No Minimum Balance
The standard high-yield savings account typically pays within 0.05-0.10% of the absolute market leader, with no minimum balance, no monthly fee, and no cap on the balance earning the top rate. The Optimizer Plus account occasionally offers a 0.10-0.20% premium for new money, but qualification rules change frequently — check current terms before assuming the bump applies to your deposit.
Money Market Account with Check-Writing
Synchrony's money market account includes limited check-writing privileges (up to 6 withdrawals per month per Regulation D, though the Fed suspended this in 2020 and Synchrony's current policy varies). The rate is typically slightly below the high-yield savings rate, making the money market mainly useful for customers who need occasional check-writing access from a savings-type account.
CD Ladder Flexibility
With terms available at 3, 6, 9, 12, 13, 15, 18, 24, 36, 48, and 60 months — plus no minimum deposit on any term — Synchrony is one of the best banks for building a CD ladder. The 13-month term is a unique offering that provides slightly more flexibility than a standard 12-month for rolling ladders. IRA CDs are also available with the same rate schedule, making Synchrony a viable option for conservative IRA allocations.
How It Works
Understand What Synchrony Is (and Is Not)
Synchrony Bank is a savings-only institution with no checking account, no debit card, and no ATM access. You will need a primary bank account elsewhere for daily transactions. Synchrony is best used as a high-yield savings and CD complement to your existing checking account at another bank or credit union.
Open a High-Yield Savings or CD Account Online
Applications take under 10 minutes. You will need to link an external bank account for funding via ACH transfer. There is no minimum deposit for savings or CDs. Identity verification is standard (SSN, date of birth, address). Accounts are typically approved instantly with funding available within 1-3 business days after the ACH transfer clears.
Fund and Configure Your Account
Initial funding comes from an external bank ACH transfer. Set up recurring automatic transfers from your primary checking account if you want to dollar-cost average into savings. For CDs, select your term based on when you anticipate needing the funds — the early withdrawal penalty makes CDs unsuitable for emergency funds. Consider the 13-month CD for short-term rate locking.
Build a CD Ladder if Appropriate
A common Synchrony strategy: divide your savings allocation across 3, 6, 12, and 24-month CDs so that one matures every few months, providing regular access to funds while earning higher CD rates than a savings account. As each CD matures, reinvest at the longest term in your ladder (24 months) to capture the yield curve premium. Synchrony's no-minimum CDs make this accessible even with modest amounts.
What They Do
- High-Yield Savings Account
- Optimizer Plus Savings
- Money Market Account
- CDs (3-60 months)
- IRA CDs (Traditional & Roth)
- IRA Savings
Debt Types They Take On
- High-Yield Savings
- Certificates of Deposit
- Money Market
- IRA Savings & CDs
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Retiree Building a Conservative CD Ladder
A 68-year-old retiree with $200K earmarked for conservative, liquid investments divided the funds across a 6-month ($50K), 12-month ($50K), 24-month ($50K), and 48-month ($50K) CD ladder at Synchrony. Each maturing CD is reinvested at the longest rung. The blended rate across the ladder is approximately 4.6% as of early 2026.
Emergency Fund Optimization
A 35-year-old with a $30K emergency fund was earning 0.10% at a Big Four bank savings account. She moved $20K to Synchrony high-yield savings (keeping $10K at her primary bank for immediate access) and set up automatic monthly transfers of $500 from her checking account to Synchrony savings.
Pros & Cons
Pros
- Consistently top-3 CD rates across all terms, with no minimum deposit requirement — the best bank for CD laddering strategies
- High-yield savings rate tracks within 0.05-0.10% of the absolute market leader, with no balance caps or tiered rate structures
- Zero fees across all account types — no monthly fees, no minimum balance requirements, no account maintenance charges
- Unusually flexible CD term options including a 13-month CD that provides a timing advantage for rate-watchers
Cons
- No checking account, no debit card, no ATM access — Synchrony cannot function as a primary bank and requires a separate banking relationship for daily transactions
- BBB rating of B- reflects the credit card side of the business (consumer complaints about retail store cards, promotional financing terms, and billing disputes) rather than the deposit experience
- ACH transfers to and from Synchrony take 1-3 business days, which means funds are not immediately accessible — for emergency savings, you need a buffer at a primary bank with instant access
User Reviews (10)
would recommend
Been a customer for about a year. Savings rate is great and I haven't had any issues. App could be improved but it gets the job done.
It's fine
Rates are good. Interface is meh. Nothing to get excited about but nothing to complain about either.
Locked out of my account for WEEKS
Their security system locked me out because I logged in from a different browser. Couldn't reset online. Called customer service and they said they need to mail me something. It took 12 days to get a letter in the mail and another 3 days to actually get back in. Almost a month without access to my savings. Who designs these systems?! I was panicking the whole time.
No minimum balance is a huge plus
No minimum deposit, no maintenance fees, and one of the highest rates. I opened it with like $50 just to get started and there was no problem at all. Perfect for people who are just starting to save.
Great HYSA rate
Consistently one of the best high-yield savings rates out there. I've been parking my emergency fund here for two years and it just earns quietly in the background. Love it.
CD rates are consistently top tier
I've been laddering CDs with Synchrony for 3 years. Every time one matures I check rates across a dozen banks and Synchrony is always in the top 3. Makes the decision easy.
Good for savings, confusing brand
People keep confusing Synchrony Bank with Synchrony Financial the credit card company. They're related but the bank is its own thing. Anyway the savings rate is excellent and the CDs are competitive. Just wish the app was better.
Transfers take forever
Moving money from Synchrony to my checking at another bank takes 3-4 business days. In an emergency that's way too slow. In the age of instant transfers this is unacceptable.
Rate chasers will like this
If you're just looking for the highest APY Synchrony usually delivers. Don't expect a full banking experience though. It's a savings-only relationship for most people.
Solid savings bank
I use Synchrony only for savings and CDs. For that purpose it's excellent. Wouldn't want it as my primary bank since there's no checking.
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Important Banking Disclaimers
- Annual Percentage Yields (APYs) shown are accurate as of the date of publication and are subject to change without notice. APYs may vary by region and account tier. Contact the bank directly for the most current rates.
- FDIC insurance covers deposits up to $250,000 per depositor, per insured bank, for each account ownership category. NCUA insurance provides similar coverage for credit union deposits. Coverage limits are set by federal law and are subject to change.
- Bank bonuses and promotional offers may require minimum deposits, direct deposit setup, or other qualifying activities. Bonuses may be considered taxable income. Consult a tax professional regarding potential tax obligations.
- Fees, minimum balance requirements, and account terms vary by institution and are subject to change. Always review the account agreement and fee schedule before opening an account.
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