Synchrony Bank

Online Bank, synchronybank.com

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MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the Bank

Synchrony Bank is an award-winning online bank that’s been recognized for its great rates, top-rated customer service and commitment to ensuring the safety of its customers’ information. As an online bank, it puts a slightly different spin on banking, with a product line that focuses on saving.


You won’t find checking account options at Synchrony but you do have your choice of CDs, money market accounts and a savings account. The High Yield Savings account earns interest at a rate that’s much higher compared to what traditional banks offer, as well as what you can find at some online banks. This account has no minimum balance to open and no monthly maintenance fee, so you get to keep more of the interest you earn each month. One nice plus that Synchrony Bank offers with savings accounts is ATM card access. Other online banks may limit you to making withdrawals from savings through an ACH transfer or wire transfer.


Money Market accounts also offer a competitive rate that’s above average, although it’s not quite as high as what you’ll get with High Yield Savings. Like the savings account, you can open a Money Market account with no minimum balance and there’s no monthly maintenance fee. You also get ATM card access and you can deposit checks to your account using the mobile deposit feature included with Synchrony Bank’s mobile app.


If you’re interested in saving for retirement, you can open an IRA Money Market account. These accounts earn the same rate as regular Money Market accounts but they offer the tax advantages of an IRA. For a traditional IRA Money Market, that means deductible contributions. With a Roth IRA Money Market, you get the benefit of tax-free withdrawals in retirement.


You can also opt for an IRA CD. These CDs require a $2,000 minimum deposit. Rates are tiered, based on your CD term. Terms range from three months to five years. The rate on the five-year CD is very attractive but you can still get a great rate with a 12-month CD. If you don’t need a retirement savings vehicle, you can use a regular Synchrony Bank CD to save for short or long-term goals. The same minimum deposit, terms and rates apply to these CDs. Interest earned on a CD can be withdrawn at any time but a penalty applies if you withdraw your initial deposit. You can open multiple CDs to create a CD ladder.


When you open a Synchrony Bank account, you’re automatically enrolled in Synchrony Bank perks. This program allows you to earn rewards, based on how long you’ve been a customer and your account balance. The perks you enjoy are based on your rewards level. Diamond tier customers, for example, enjoy unlimited ATM fee reimbursements and three free wire transfers per statement cycle. All other savers get up to $5 in ATM fees rebated per statement cycle. Those benefits, along with discounts on travel and entertainment, add to the value that saving with Synchrony offers.

Synchrony Bank Fees

  • National Average
  • Monthly Inactivity N/A $6
  • Non-Sufficient Fund (Overdraft) N/A $30
  • Stop Payment item $25 $27
  • Return Deposit $20 $13
  • Domestic Wire Transfer (Outbound) $25 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM $0
    $5 rebate per statement cycle
    $1

Latest Customer Reviews

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  •  
    Reviewed By MenaMe Feb 16, 2018

    Terrible experience + rude & condesending employees

    Dont expect to get anyone in customer service to treat you like you have any sense. They talk down to you and continually say the same thing like reading from a script. My last call to them for an explanation on my account; 1 1/2 hours and transferred to 6 different account reps. You explain the problem, you are transferred, you explain again, transferred and on and on. No problem solved, they just make you mad and upset, almost like they enjoy it. HATE THEM!
    Closing all accounts immediately.

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  •  
    Reviewed By ps456 Jan 3, 2018

    Beware!

    I have had a terrible experience with Synchrony. I decided to use them for a 12 month/no interest credit line from Ashley Furniture. Every single month I was paying six times the minimum on my card and low and behold I saw that I was being charged a $37.00 late fee every single month. Shame on me I suppose since I decided to pay early. I felt like they were absolutely trying to catch me in some crazy loophole so I would have to pay interest. I called Synchrony to dispute these charges and I spoke to a representative who was rude, condescending, and in a huge hurry and wanted me off the phone. In the end, they refunded my late fees but I can assure you I WILL NEVER bank with this deceptive company again!

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  •  
    Reviewed By welsterm Dec 29, 2017

    Sync makes their money by "floating" your money

    On a real estate transaction I had the title company wire the money in my commercial account. It was available the next day. I did an early in the day move from the commercial account into Sync - it came back with a notice it would be available FOUR (4) business days later. Who gets the interest I lost??? It's like that when you move money out of Sync into another bank. I have other banks where the money is moved in one or two days.

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  •  
    Reviewed By jackstu Dec 19, 2017

    ARROGANT EMPLOYEES

    I went into Synchrony Bank on Clark road near Honore in Sarasota to cash a check made out to me and drawn from a Synchrony Bank account. I had proper ID but I was informed with a big smile that there would be a $15 charge to cash this check. I was told that I should open an account to avoid such charges. The teller I saw was incredibly arrogant and boastful of the fact that I would be losing $15 unless, of course, I opened a Synchrony checking account.

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  •  
    Reviewed By RGN Nov 29, 2017

    Let my 2 chat transcripts from today do all the talking: (each a separate post)

    Synchrony:

    11:21:11 AM:Richard Norwood:Initial Question/Comment: I want my refund of $314.91 NOW!Synchrony Bank accepted my payment of $324.90 to close my amazon credit card on 11/24 yet also, and a day earlier than scheduled, Synchrony Bank also automatically drew $314.91 creating a credit balance of $314.91 on a closed account. The inept bank rep posing as a manager declared that Synchrony Bank (yes, a modern day bank) has no ability to refund my $314.91 to my account from which it was drawn and cleared. She said she would work up a check within 3-5 business days.

    11:21:16 AM:System:Welcome to Amazon.com Store Card Live Chat. Your chat may be monitored and recorded for quality purposes. A chat agent will be with you momentarily.

    11:21:21 AM:System:Roger Watson has joined this session!

    11:21:21 AM:System:Connected with Roger Watson. Your Reference Number for this chat is 8446662.

    11:21:29 AM:Roger Watson:Thank you for contacting Synchrony Bank regarding your Amazon.Com Store Card.

    11:22:19 AM:Richard Norwood:This is unacceptable, it is my Social Security funds to pay other end of month bills! What bank can't remit an instant refund?

    11:22:49 AM:Roger Watson:Let me check that for you, Richard.

    11:24:50 AM:Richard Norwood:I was so upset at that news that i mildly cussed. She said it would not be tolerated and hung up on me. I said (to an empty phone that the intolerable behavior was not me cussing but Synchrony bank STEALING my Social Security funds for end of month timely bill paying of electric, water, cable etc.

    11:26:41 AM:Roger Watson:Yes, I checked your account and see a updated on the account that you would receive the check for $314.91 in 3-5 days.

    11:27:01 AM:Roger Watson:I completely understand your situation.

    11:27:10 AM:Roger Watson:We have processed your request.

    11:28:05 AM:Richard Norwood:In 3 to 5 days money you wrongfully have I will lose my credit rating while you process a check

    11:29:01 AM:Richard Norwood:And the audacity of you or anyone else thinkng that is acceptable is just profound enough to raise public awareness of your actions.

    11:29:16 AM:Roger Watson:I understand how you feel.

    11:29:48 AM:Roger Watson:I would have felt the same if I'm in your situation.

    11:30:24 AM:Roger Watson:Usually it takes 5-15 days to receive the check however we spoke to our manager and expedite the process to reach the check in 3-5 days.

    11:30:26 AM:Richard Norwood:Undertstanding is Bullshit! An electronic credit to my account, just like you did an electronic debit, is understanding

    11:31:41 AM:Richard Norwood:I am relaying this chat to Amazon itself, and to Google to warn others of your cavalier use of client funds.

    11:32:26 AM:Roger Watson:If there is an option I would have definitely sent you the amount through electronic transaction.

    11:32:44 AM:Richard Norwood:You are a Bank??????????

    11:32:46 AM:Roger Watson:I hope you understand my limitations, Richard.

    11:33:02 AM:Richard Norwood:You can't transfer funds????

    11:33:13 AM:Richard Norwood:Ridoculous!!!!!!

    11:34:06 AM:Roger Watson:Let me check with my manager, Richard.

    11:34:45 AM:Richard Norwood:You already did Roger, probably the same one who hung up on me.

    11:35:41 AM:Roger Watson:Please give me a minute.

    11:36:26 AM:Richard Norwood:There was no balance due when you took my money automatically. That should have NEVER happened in the first place!

    11:37:30 AM:Richard Norwood:You know as well as I do that if you can extract funds from my bank account that someone in your bank can also restore them.

    11:37:56 AM:Roger Watson:Richard, we took your case in a high priority note and expedite the process to reach the check to your mailing address in 3-5 days.

    11:38:36 AM:Roger Watson:In normal cases, it takes 5-15 days.

    11:38:57 AM:Richard Norwood:If your bank calls that a high priority then you are a bank of utter fools and effective thieves

    11:39:27 AM:Richard Norwood:Goodbye Synchrony Bank and good f'in riddance

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  •  
    Reviewed By stunnell Sep 4, 2017

    Synchrony seems to control Walmart Lowes Amazon and on and on

    I always pay on time never late, you better check card before using it every time. You never know when this company will close your account or reduce your credit limit amount without notice. I have experienced this practice from them for years, it really looks bad on the companies that use them. I can only hope it comes around to bite them. Synchrony seems to be in everything. If I'm going to shop at Lowes, Walmart, Amazon, Care Credit and the list goes on and on. I hope to limit the cards and use better consumer friendly credit account that appreciates the interest I give them.

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  •  
    Reviewed By kiv Sep 25, 2017

    This back steals your money little by little

    Lured by the relatively high interest they are paying (1.15%) I opened an online savings account. My initial deposit was done via ACH. I saw the money exit the funding account the day after my application went in. The money didn't show up in the synchrony account until 10 days later. After that whenever I do an ACH deposit the money does not show up in the synchrony account until 4 business days after I initiate the request -- even though the source bank shows it exiting the day after the request. For the days that synchrony holds the funds it does not pay interest. So in effect they are charging a fee of whatever interest you would have earned on the funds for the 4 to 10 days that it holds them for every deposit or withdrawal you make.. I sent a letter to synchrony asking them how they can do this - especially since their disclosure statement states that funds from ACH transactions which are initiated from synchrony from a bank that is pre-registered with them for your account will be available on the business day that they receive the funds. The person who called me back from synchrony said that rest assured we do not have access to the funds. I explained that ACH transactions are required to clear in one day (they are actually required to clear the same business day in late 2017) so you do indeed have access to the funds. I am not a lawyer but if one is out there this bank is a great candidate for a class action suit.

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  •  
    Reviewed By rocksprout Sep 8, 2017

    Synchrony Optimizer plus savings account

    Though we live in N. CA, about a year ago, we opened an Optimizer + Savings account with this East coast bank when their rates were the only ones above 1%. Though we are fully retired, it was our first experience with an on-line savings account. Almost immediately I noticed excessive timelines to get funds in and out (ACH) of the account. First 1 or 2 occurred within an acceptable 48 hours, then it was always at least 72 hours, finally deteriorating to always being no less than 96 hours. When I grew uneasy with this and called them on it, I was finally told that it was not their fault, that all funds transfer had to go first through the Fed Reserve, since they insure the funds. Finally, in Aug 2017, I succeeded in finding N. CA bank with a 1.5% rate and I completely closed Synchrony Accounts (1.2%) with an ACH transfer (took 5 days this time !) back to my bank & from there into a (semi-brick & mortar) N Ca Savings account @ 1.5%; whereupon - low & behold - my first two ACH transfers occurred in 24 hours or or less !! Banks can play a waiting game and earn interest or not pay interest on the "float" during ACH movement. I strongly suspect Synchrony "stretches" this option to the max, & are thereby able to cut the "real" interest actually paid to their depositors to something a "bit" less than what they advertise. Avoid these folks for Savings and CD accounts, if at all possible. Customer Service is acceptable, but at least one Rep became a "bit testy" when trying to "hush" my concerns - revealing to me that I was not the only Client, she was likely having to repeatedly give her "weak" excuses out to.

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  •  
    Reviewed By Nonna Jul 5, 2017

    ONE STAR TOO MANY

    We were a high yield savings customer for years and as long as the money goes in there is no problem. Great interest...no question.
    Once you need to do weekly or monthly transactions... that's when the magic happens...VERY RUDE & UNPROFESSIONAL managers & supervisors!!!!
    Front line reps are very polite and professional BUT once you have an issue and a manager/supervisor is involved you would think the politeness and professionalism would continue. WELL IT DOESN'T!!!!
    So GOOD-LUCK to you if you don't 'heed the advice' of the MANY who have represented their experiences and reviews as a 1 star.

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  •  
    Reviewed By rocksprout Sep 8, 2017

    Synchrony Optimizer plus savings account

    Though we live in N. CA, about a year ago, we opened an Optimizer + Savings account with this East coast bank when their rates were the only ones above 1%. Though we are fully retired, it was our first experience with an on-line savings account. Almost immediately I noticed excessive timelines to get funds in and out (ACH) of the account. First 1 or 2 occurred within an acceptable 48 hours, then it was always at least 72 hours, finally deteriorating to always being no less than 96 hours. When I grew uneasy with this and called them on it, I was finally told that it was not their fault, that all funds transfer had to go first through the Fed Reserve, since they insure the funds. Finally, in Aug 2017, I succeeded in finding N. CA bank with a 1.5% rate and I completely closed Synchrony Accounts (1.2%) with an ACH transfer (took 5 days this time !) back to my bank & from there into a (semi-brick & mortar) N Ca Savings account @ 1.5%; whereupon - low & behold - my first two ACH transfers occurred in 24 hours or or less !! Banks can play a waiting game and earn interest or not pay interest on the "float" during ACH movement. I strongly suspect Synchrony "stretches" this option to the max, & are thereby able to cut the "real" interest actually paid to their depositors to something a "bit" less than what they advertise. Avoid these folks for Savings and CD accounts, if at all possible. Customer Service is acceptable, but at least one Rep became a "bit testy" when trying to "hush" my concerns - revealing to me that I was not the only Client, she was likely having to repeatedly give her "weak" excuses out to.

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  •  
    Reviewed By milchom Dec 20, 2016

    Cheating Bank. Avoid at all costs.

    I had a CD with Synchrony. When it matured, they rolled it over without asking (fine print in the contract). I called TWO DAYS later, but they were adamant. Told them they can keep the interest earned since it rolled over, but they charged interest on the FUTURE time that the CD would be with them - six months' worth.
    I called and explained there was a death in the family and that is why I needed the money. They asked for it in writing, saying they would break the CD and not charge a fee.
    I sent them the letter, but they never bothered to respond. They mailed a check, deducting the money they basically stole from me. They took half of the interest from the previous year.
    When I called, their representatives said they had made a mistake, but that they would not pay for it. They did not hide the fact that they had my money, there was nothing I could do about it and that they did not care what their customer thought of their actions.
    No wonder the bankers have the reputation of bottom-feeders.

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  •  
    Reviewed By WorkingInCA Jul 6, 2016

    Terrible Systems, Policies, and Procedures since mid-June 2016

    I am giving one star, instead of zero stars, only because of the savings interest rate. When Synchrony took over G.E. Capital Retail, I stayed because of the savings & CD interest rates. In mid-June 2016 Synchrony changed software, policies, and procedures, and all of those are so bad that their good interest rates aren't enough to make me stay.

    The web site still frequently reports that my accounts page is unavailable. So today (July 6) I called in and their voicemail told me it could not locate the account number that I entered. So I pressed the key to speak to a customer representative and she couldn't locate my accounts by account number either. Then she was unable to locate them by my social security number, but finally she was able to see my accounts and she confirmed that the numbers I had given her were correct - their technology was the problem.

    The nice customer service person also stated that closing a CD, making a transfer, and other processes "that used to take one day now take five days".

    Yes, five days. When the Synchrony website first came back up, after being down for about a week in mid-June, I made my usual payday transfer to Synchrony from another bank. My money disappeared from the other bank as usual, but then it became completely invisible, finally showing up in my Synchrony account five days later! Didn't show as pending. Didn't show anywhere at all. Just disappeared for those five days. I wrote them about it and their reply makes me think the reason is they don't want to pay interest for those five days.

    I don't know if Synchrony can stay in business with this kind of terrible service. I am going to close my accounts even though I'll pay an interest penalty on CDs.

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  •  
    Reviewed By StanAYSCUE Dec 8, 2016

    Towne Bank: Veterans Beware

    Towne Banks Mortgage group, Advance Financial Group, provided incorrect mortgage guidance during the purchase of our house, causing my family to not only be unable to use my hard earned VA benefits, but also caused us to pay an additional $12k in closing costs. When called on it, the mortgage office did not even apologize until we told her we felt one was in order. We followed with a call to her supervisor, who again did not feel the need to offer an apology, but instead stated he "would use my family as a case study to TRY not to do this to another veteran." At the end, I asked if he thought an apology was owed, to which he quickly replied "sorry, hope that helps". With this and their response to the matter, Towne Bank has shown they did not care for this veteran and his family, rather we were merely another transaction. If you wish to be treated with respect, I would recommend that all veterans think twice before taking a mortgage or banking with this firm.

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  •  
    Reviewed By islandcop Nov 21, 2016

    The WORST Bank Ever

    I really dont know where to begin. First, as a credit card co they will do everything they can to make you have to pay late fees. If your employment changes and you want to change your due date, they will refuse saying you signed a contract and then every month they will happily charge you a late fee. If you are more then 4 days late you cannot use the internet to make your mortgage payment, you will have to do it by phone and then they will charge you $19. They are crooks anyway you look at it. They will also run credit checks even after you close your account, that way they can continue to adversely effect your credit report. The AG's office is looking into my complaint against them because they have it set up where they force you to pay by phone or mail with handling fees that are not justified. They have found every way possible to screw the consumer and ride right on the edge of fraud, this time though they may have gone over.

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  •  
    Reviewed By Law4life Oct 17, 2016

    Terrible Bank!

    I took a second job and every check I get I pay towards a credit card balance till it reaches zero, throw the card in the safe and move onto the next one. I started with a 530 I'm now at 580. I can't get above that. My frustration is Synchrony Bank whom I have 4 accounts with, has closed my PayPal Extras MasterCard Account which had a 500 balance, 2 months after I paid it in full. Walmart which had same limit they reduced it to 100.00 limit. This I know has hurt my score. There reason was a soft pull that reflects collections accounts. All of which are medical. Too many inquires which I just traded in my Accord 2 months ago for a new one. Same finance company, and switched cell carriers. How can I combat this? I have 2 left with this bank Victoria Secrets and Care Credit. I have never missed a payment, never been late. As a consumer I'm frustrated trying to do the right thing. From watching my score it appears when they close an account it affects the use rate. I thought if I switched gears and paid off collections accounts the remaining card companies could not use this as reason to close my account once the account is paid in full. I personally think laws should be put in place where if a company closes your account or reduces your limit it doesn't affect your score much like the more recent laws where consumers can shop for a car or home mortgage for 30 days and it's only one hit to your credit score
    Any advice? I've decided to leave the last 2 accounts with this bank to the very end in paying them off since they keep closing them, pay off the others, then start on collection accounts. I will never do business with this company again on any level.

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  •  
    Reviewed By ps456 Jan 3, 2018

    Beware!

    I have had a terrible experience with Synchrony. I decided to use them for a 12 month/no interest credit line from Ashley Furniture. Every single month I was paying six times the minimum on my card and low and behold I saw that I was being charged a $37.00 late fee every single month. Shame on me I suppose since I decided to pay early. I felt like they were absolutely trying to catch me in some crazy loophole so I would have to pay interest. I called Synchrony to dispute these charges and I spoke to a representative who was rude, condescending, and in a huge hurry and wanted me off the phone. In the end, they refunded my late fees but I can assure you I WILL NEVER bank with this deceptive company again!

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  •  
    Reviewed By roberttthomas Dec 26, 2017

    Worst banking experience ever.

    I contacted this bank to confirm that a payment was being posted. After meeting my requirement of paying $117.00 monthly I was told that I had to accept a credit card from them. I told them I never received, wanted or had no intention of obtaining any further credit from them, they then took upon themselves to issue me another credit card. Their customer service representative told me she was not discussing this with me any further and hung the phone up on me. My point is how can anyone issue me credit card that I did not request to have? If I am in the process of limiting debt why would I want to increase my credit? I am in the process of refinancing my home and this transaction is costing me over $40,000. As of now I am unable to access my online account. I can only imagine what changes are being made. This institution is about using predatory practices to rob the poor to pay the rich.

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  •  
    Reviewed By Reddog14 Dec 19, 2017

    Good Credit, Still Lowered Limit

    I paid off my Lowe's credit card balance of $6000 and less than a month later, I get a letter from Synchrony Bank stating they lowered my credit limit to $150. Laughable! I checked my credit scores and credit report and they are still good. Two weeks later, they lowered the limit on another card I have with them through a merchant. Make me wonder if Synchrony Bank is over extended by taking on too much risk. Either that, or they hate people who pay off their credit cards.

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  •  
    Reviewed By ARRRUUUGH! Jul 28, 2014

    Horrible Customer Service...and worst voice response system!

    This is ABSOLUTLEY the worst telephone support system I have ever tried to work with. It appears to be designed and developed by high schoolers with a rudimentary understanding of programming and no practical business or customer service experience.

    So GE...instead of changing your name to something inane and ridiculous how about spending a few dollars to fix that crappy system.

    I wish there was a rating below zero because that is what this service deserves.

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  •  
    Reviewed By CKinCali Apr 30, 2014

    Poor Customer Service

    I chose this savings account based upon competitive interest rates and good customer ratings. I have been repeatedly disappointed. I should say that I have 6 other online banks, all with much better service than GE offers. First off, the application process is flawed. I completed the application but received no confirmation. During the completion, I couldn't figure out how to link another bank for deposits using the usual online verification process. Ugh, I was stuck doing this by mail. Later I realized that "random payment" indicated an online process. So after I snail-mailed the deposit slip from my other bank and an authorization letter to link the account for transfers, 2 weeks passed.

    I had to contact them to find out that they couldn't locate the complete account number, although this is displayed on the deposit slip. Contacting them? I gave up on waiting on hold on 2 occasions and settled for email response in 24 hours. Nothing like the immediate Chat help feature at Ally. The initial deposit was held for 12 days before it was made available.

    Furthermore, I couldn't find their routing number anywhere on the website, spending way too much time looking for it, resorted to another email, waiting another 24 hours.

    So, the website has poor functionality and the ability to contact them is painstaking. Choose Ally and/or CIT bank over GE Optimizer -- hands down.

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  •  
    Reviewed By Ryan+Healey Feb 23, 2014

    Web Site from 1990 Makes Experience Painful

    GE Capital Retail Bank handles the servicing of many credit card account for retailers such as Gap, Amazon, etc. However, it's 2014 and their customer facing web site is one of the most outdated of any bank anywhere. Sign in is cumbersome, features are hard to navigate, old accounts remain visible the staff claims there is no way to remove them and the entire site looks a decade old. I can't believe GE can't afford to have a state of the art web site that puts Discover, Chase, Citibank and others in the industry to shame. However, months and years pass with no improvement.

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