Synchrony Bank is a digital bank owned by Synchrony Financial, built mainly for people who want higher savings rates and don't need a physical branch

Synchrony Bank doesn't have branches. You bank online or through their mobile app. They make money by lending to credit card holders and offering mortgages, so they can afford to pay higher interest rates on savings accounts and money market accounts than most traditional banks. Whether that makes them "good" depends on what you need: if you want to deposit money, earn interest, and move it out again, they're competitive. If you need to deposit cash, talk to a person, or use ATMs without fees, you'll run into limits.

The bank is FDIC-insured up to $250,000 per account type, the same as any other bank. That means your money is protected if Synchrony fails. But protection and convenience are different things.

Key Takeaways

  • Synchrony Bank pays higher interest rates on savings and money market accounts than most brick-and-branch banks, but you can only bank online or through their app.
  • You cannot deposit cash at a Synchrony branch because there are no branches; you deposit by transfer from another bank account.
  • Synchrony charges no monthly fees on savings accounts and no minimum balance requirements, but ATM withdrawals outside their network cost money.
  • Customer service is available by phone and online chat, but response times and availability vary by time of day and day of week.
  • Synchrony is owned by Synchrony Financial, a publicly traded company that also issues store credit cards and finances retail purchases.

How Synchrony's savings rates compare to other banks

Synchrony's high-yield savings account and money market account rates change based on what the Federal Reserve does with interest rates. When rates are high, Synchrony's rates are usually competitive with other online banks like Marcus, Ally, and American Express Personal Savings. When rates drop, all of them drop together. The real comparison is not Synchrony versus a specific number, but Synchrony versus your current bank—most traditional banks pay much less on savings.

To know whether Synchrony's current rate is worth switching for, check their website and compare it to the rate your bank pays. The difference matters only if you plan to keep money there for months or years. If you're moving money in and out frequently, the rate difference won't add up to much.

What you can and cannot do at Synchrony

You can open a savings account, money market account, or certificate of deposit (CD) online in minutes. You can transfer money in from another bank account using ACH transfer, which takes one to three business days. You can withdraw money the same way, or by requesting a check mailed to you. You can set up automatic transfers and view your balance anytime through the app.

You cannot walk into a branch and deposit cash. You cannot use most ATMs for free—Synchrony reimburses ATM fees from their network partners, but if you use an out-of-network ATM, you pay the fee and Synchrony does not refund it. You cannot speak to someone in person. You cannot set up a checking account with a debit card at Synchrony Bank itself, though Synchrony Financial does issue credit cards through other brands.

Customer service and how to reach Synchrony

Synchrony offers phone support and online chat. Phone lines are open seven days a week, but hours vary—they typically run from early morning to late evening, not 24/7. Wait times depend on call volume and time of day. Online chat is available during business hours and may have a queue. Email support is available but slower than phone or chat.

If you have a problem—a transfer that didn't go through, a fee you want reversed, a question about your account—calling is usually faster than chat. Have your account number and a recent statement ready. If the issue is complex, ask to be transferred to a supervisor rather than going back and forth with a representative.

Fees and what they actually cost you

Synchrony charges no monthly maintenance fee on savings accounts or money market accounts. There is no minimum balance requirement. You will not be charged for transfers, ACH payments, or checks you request. The main fees are: ATM fees from out-of-network machines (you pay the ATM operator's fee, and Synchrony does not refund it), and early withdrawal penalties on CDs if you take money out before the term ends.

The CD penalty varies by the length of the CD. A three-month CD might have a penalty of one month's interest; a five-year CD might have a penalty of 150 days' interest. Read the terms before you open a CD, because the penalty is real money if you need the cash early.

Security and FDIC protection

Synchrony Bank is FDIC-insured. That means if the bank fails, the government guarantees your deposits up to $250,000 per account type (savings, money market, CD, and checking are separate categories). Your money is as safe at Synchrony as it is at any other FDIC-insured bank.

Synchrony uses encryption and two-factor authentication to protect your login. If someone gains access to your account and moves money out, Synchrony's fraud policy covers unauthorized transfers—you report it, they investigate, and you get your money back if the transfer was not your doing. The process can take days or weeks, so it's not instant, but the protection is there.

Who Synchrony Bank makes sense for

Synchrony works well if you have another bank for checking and everyday spending, and you want a separate place to park savings and earn interest. It works if you rarely need to withdraw cash and don't mind waiting one to three days for transfers. It works if you want no monthly fees and no minimum balance hanging over your head.

Synchrony does not work if you need to deposit cash regularly, if you want to talk to someone in person, or if you need a checking account with a debit card. It does not work if you travel and need ATM access everywhere—you'll pay fees at most machines. It does not work if you need money instantly; ACH transfers take time, and checks take longer.

Frequently Asked Questions

Can I deposit cash at Synchrony Bank?

No. Synchrony has no branches and does not accept cash deposits. You can only fund an account by transferring money from another bank account using ACH, or by depositing a check through their mobile app (if your phone has a camera and the check is under their limit).

How long does it take to transfer money out of Synchrony?

ACH transfers to another bank account take one to three business days. If you request a check mailed to you, add five to seven business days for delivery. There is no faster option; Synchrony does not offer same-day transfers.

Does Synchrony have a checking account?

Synchrony Bank itself does not offer checking accounts. Synchrony Financial, the parent company, issues credit cards and finances retail purchases, but the bank division is savings-only.

What happens if Synchrony Bank goes out of business?

Your deposits up to $250,000 per account type are protected by FDIC insurance. The government guarantees the money, not Synchrony. You would be able to access your funds through the FDIC's claims process.

Is Synchrony Bank safe?

Yes. Synchrony is FDIC-insured, uses encryption and two-factor authentication, and has a fraud protection policy. Your money is as safe there as at any other insured bank. The risk is not security; it's inconvenience if you need services Synchrony doesn't offer.