Pros / Synchrony has by far the largest network of surcharge-free ATMs of any bank we reviewed.

Cons / This online bank doesn’t offer an interest-earning checking account.

 Verdict / If you’re looking for an online bank that offers solid rates for savings accounts, Synchrony is a good choice, but it doesn’t offer checking or loan products.

Synchrony is an online-only bank that offers a variety of savings options, including standard savings accounts, money market accounts, CDs and IRAs. It offers a variety of perks to account holders, including ATM reimbursements.

The main drawback with Synchrony is that it doesn’t offer any checking or loan products. Banks like Ally and State Farm offer interest earning checking accounts and a variety of loans. If you’re looking for an online bank that offers rewards checking, credit cards, mortgages or any other kind of loan, you’ll need to look elsewhere. Synchrony offers perks to members based on how much you deposit and how long you’ve had an account. At the highest tier, you become eligible for unlimited ATM reimbursements.

One benefit of getting a savings account with an online bank is that you can get a higher interest rate. Synchrony has some of the best rates of the banks we reviewed. Its savings account, money market and long-term CD all have the highest rates we saw. There is no minimum deposit for Synchrony’s high-yield savings account or money market account. To open a CD, you’ll need at least $2,000. CD terms range from three to 60 months. This bank also offers IRA accounts, both Traditional and Roth.

You can make up to six withdrawals or transfers from your savings accounts each month. There’s no fee if you go over six, but Synchrony does reserve the right to close the account for misuse. You can make withdrawals through ATMs. Synchrony has the largest ATM network of any bank we reviewed with over 2 million. If you use an out-of-network ATM, you can get a reimbursement on up to $5 worth of surcharges.

Synchrony lacks some customer service features, such as email and live chat availability. Phone support is available during extended business hours, with additional hours on Saturday. There is also a 24/7 automated support line.

With Synchrony’s mobile app you can manage your account and check balances. You can also deposit checks into your saving’s account by taking a picture of the check.

Synchrony Bank Visit Site


Synchrony is an online-only bank that offers savings accounts, money market accounts and CDs with excellent rates. It also lets you set up IRAs. This bank doesn’t offer checking or loan products, making it a more limited choice than other banks we reviewed.

Synchrony Bank Visit Site

Specifications and Benchmarks


Fund Availability (Business Days)
Number of ATMs in Network
ATM Reimbursement
Rewards Credit Cards
Home Equity
Auto Loans

Interest Rates

Basic Checking
Premium Checking
Money Market
Short-Term CD
Long-Term CD

Security and Support

FDIC or NCUA Insured
Two-Factor Authentication
Telephone 24/7
Live Chat