2023 Synchrony Bank Reviews: Savings Accounts (2023)


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  • No hidden monthly fees
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VIEW RATES2023 Synchrony Bank Reviews: Savings Accounts (2)

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9 Customer Comments & Reviews - see all comments

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Synchrony Bank is an online bank that provides digital financial solutions for consumers, including high yield savings and money market accounts, as well as store branded cards. Synchrony Bank is a subsidiary of Synchrony Financial, a consumer financial services company founded in 2003 and based in Stamford, Connecticut.

2023 Synchrony Bank Reviews: Savings Accounts (3)

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How is Synchrony Bank rated?



Rates and fees


Balance Requirements


Availability & Type of Financial Institution


Financial Stability & Ratings


Customer Support

Overall Rating: 3.9 / 5 (Very good)

Synchrony Bank, a subsidiary of Synchrony Financial, is a web-based banking system that enables account holders to view their transaction history, transfer funds, pay bills, and open up new accounts completely online. Synchrony Bank also caters to a broad range of retail banking and lending services throughout the U.S. and Canada. Synchrony Bank maintains an A+ rating from the Better Business Bureau and above average ratings from other trusted online rating companies. The bank does have many complaints, most regarding credit card and billing issues. Synchrony has, however, responded to and resolved a significant amount of its complaints. Synchrony Bank offers online resources for account holders and a mobile banking app in which customers can access and manage all transactions on the go and monitor accumulated perks/rewards.

Synchrony Bank Account Features

Balance Requirements - 4 / 5

Synchrony Bank allows users to login to their online accounts to view and access perks accumulated. Perks and special features can vary depending on the balance and length of time as an account holder. Synchrony Bank also has a mobile app in which holders can use to manage their accounts anytime, anywhere. The company also offers an optional ATM card with the savings account which can be used at any ATM displaying the Plus or Accel logos worldwide.

APY (Annual Percentage Yield)


Interest Compounded


Integration with Other Online Accounts


External Banks

Bonus Offers/Customer Perks

Synchrony Bank account holders can benefit from travel and leisure discounts, ATM fee reimbursements, $0 monthly service fees, and rewards for length of time as a customer.

Mobile App


Debit/ATM Card


ATM Fees

There are no ATM withdrawal fees, but a fee may be charged by the ATM owner/operator. Synchrony Bank offers to refund up to $5 per statement cycle. Account holders are limited to withdrawing no more than $1,000 per day.

No-Fee ATM

No-Fee at Network ATMs

Reimbursement for Domestic ATMs

Branch Offices

As an online banking entity, Synchrony Bank only has one, full-service physical branch office location: 170 West Election Road, Suite 125Draper, UT 84020

Synchrony Bank Fees and Restrictions

Rates and fees - 4 / 5

Synchrony Bank account holders interested in opening a high yield savings account are not required to have a minimum deposit. The bank does not charge any fees including maintenance, transfers, or service fees. There is also no monthly balance requirement. Account holders will not be charged for exceeding the monthly withdrawal and transfer limit, but the bank has the right to close the account. Savings account holders can benefit from the 1.85% APY.

Minimum Opening Deposit


Minimum Balance for Promotional APY


Minimum Balance to Avoid Penalty


Monthly Withdrawal/Transfer Limit


Withdrawal Limit

Withdrawals are not to extend more than six times per month.

Transfer Limit

Transfers are not to extend more than six times per month.

Maximum Balance

Not specified

Synchrony Bank Reputation & Financial Strength

Financial Stability & Ratings - 4 / 5

Synchrony Bank maintains above average ratings from trusted online rating platforms, including the Better Business Bureau and Moody's. The company has many complaints online, the majority of which deal with credit card and billing issues. However, to their credit, the company has responded and resolved a significant amount. Account holders have 24/7 access to customer support via online chat and an automatic phone service if called after business hours.

Year Founded


Standard & Poor's Financial Rating


Moody's Financial Rating


Consumer Financial Protection Board (CFPB) Complaints


Contact Methods

  • Phone
  • Email
  • Chat
BBB Rating


BBB Total Complaints


BBB Resolved Complaints


Customer Support Hours

24/7 (automated telephone service)

Live Help 24/7


Company Profile

Full Name

Synchrony Bank Savings Accounts

Company Website

170 West Election Road, Suite 125, Draper, UT, 84020

Mailing Address

P.O. Box 105972, Atlanta, GA, 30348

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9 Customer Comments & Reviews

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Shel L


Synchrony Bank has inept employees who provide the worst customer service I've ever experienced at any banking institution. They do not follow instructions and getting someone to call back in a timely fashion is almost impossible. Here's the story of what should have been a simple transaction. My attempt to close a CD account, withdraw some of the cash, and open a new CD with the remaining balance was mishandled by multiple representatives of the bank. It took over 6 hours of my time on the phone and 5 weeks for me to receive a check that should have arrived within a week. I heard apology after apology from each new customer service rep but the inept employees at this institution just... Read More



I took out the promotional Mattress Firm handled by Synchrony Bank. DO NOT USE SYNCHRONY BANK, BUYERS BEWARE! The maturity date on my promotional Mattress Firm which includes no interest is 4/4/2025. My payments have been up to date, and it reflects on my Synchrony statement if I continue paying your payoff date will occur in 2 years (today is 12/9/2022, and 2 years from now is 12/9/24). Synchrony decided to charge me a $30 late fee on the same date my payment is due. Their explanation is they have no grace period, and my payment is due by 5pm Eastern Time. My payment was on 12/2/2022. THIS IS NOT A NORMAL BUSINESS PRACTICE, SO BUYER BEWARE! SYNCHRONY IS USING COMPANIES LIKE MATTRESS FIRM,... Read More

Cindy J


Six years ago, my husband and I opened an account with them for Lowes Home Improvement Centers. For this entire time, we have made our payment on time and sometimes have paid it early and made double payments. We had such a good rating with them that they increased our limit 3 times in 6 years, which was a good thing because we had just started upgrading our home to sell in 2023. Last January 2022, I made a payment online with a new banking account and used the debit card that was attached to our checking for an ACH debit. I received a confirmation number. Two weeks later, I receive a notice from Synchrony that the payment I had made was declined and they had charged the account with a... Read More



Synchrony Bank restricted our high yield savings acct without giving any reasons. Now and then I get a letter in the mail or email saying account is now active but when I am unable to log in and call them they bluntly say restriction is still on and that communication was sent by mistake. They did that 2 times so far. Will close once they remove restriction. Will not recommend anyone to bank with them because we never know when they restrict and you can’t access your money. Very frustrated.



They restricted our high yield savings account and not telling us why our acct is restricted. Few days ago at least we could login and see acct balance now we can’t even login. Pops a message to call them and when I call they just say backend team put restriction and investigation can take up to 90 days. I don’t see any fraudulent withdrawals. I forgot security answer set up years ago. They only have 1 question opposed to many banks storing multiple security questions. Very frustrated. Serious money is stuck. We can’t even pull money out and close acct. Trying to see who can help me. I am victim of Identity Theft and called them to give heads up and now they are not trusting me seems. I... Read More




Worst experience ever. The automatic chat could not answer my question and kept asking me if I wanted my account balance. The Live chat which I assume is part of their system was useless. I did get an answer to my question, but the live chat kept asking me if we were still connected. The chat window would not allow me to enter any text. Then the chat window blew up so large I could only see the left side of 3 lines at a time. Because of this lousy support I’m going to pay off my debt and cancel my account.


Dave W


My wife and I opened a savings account a week ago and it was funded promptly.This morning I was surprised to see that I could not logon to the account and needed to contact them per their instructions.I called and waited the required 30 minute wait I assume takes that long because it is an asian call center so it takes longer.I was asked my account number which I could not provide as I could not login so after giving them my social security number I was told that everything was under review and wait another 3-4 days.After hanging up I decided to try my luck again and was told to wait 7-8 days.Then my wife received an email from them wanting us to verify some test deposits.I called again to... Read More



I went to close one of my Cd's today and you can't close it online. I called the bank to close it. I could not close it because I don't have the call waiting on my phone. Because of this I could not get a security code. They could not send it to my online account or email. I have to wait until they mail the code. Synchrony needs to come up to modern technology. I will close all my other CD's as they come due.

David E


I've dealt with Synchrony Bank twice. Both times have been a terrible experience. Once year ago for a Yamaha Waverunner Loan and the second time for a Suzuki Outboard Engine loan... because it was the only option for financing through the Suzuki Dealer. I have 700+ credit score. First ... They are a little Mickey Mouse lender … without an online platform… so you can’t login to make payments … no email statements ... it all old school...... YES, you have to mail them in. Who writes checks anymore? On top of that…. They are one of the most dishonest lenders on the market. I understand that they make money by charging you ridiculous fees and making up fees…. and they are VERY... Read More

Top Rated

Our Partner

  • No hidden monthly fees
  • No minimum balances to open
  • Daily compounded interest
  • Fixed-rate annual percentage yield (APY)
  • Easy fund transfers
  • Insured by FDIC


VIEW RATES2023 Synchrony Bank Reviews: Savings Accounts (5)

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