What Synchrony Bank Brings to the Table
No Checking Accounts But Savings Options With Perks
While Synchrony doesn’t offer checking accounts, it provides features that allow some flexibility:
- ATM access for high-yield savings(HYS): Customers can use an optional ATM card to withdraw from their Synchrony Bank High Yield Savings.
- Easy access to money market accounts: The Synchrony Bank Money Market Account (MMA) lets you withdraw or transfer money through online banking, wire transfers, checks or ATM withdrawals, depending on your preferences.
Competitive Rates Across Products
Synchrony’s savings and CDs offer interest rates that compete with many online banks.
- Savings APY: Considerably higher than the national average, with no minimum balance required.
- CD flexibility: Synchrony Bank Certificates of Deposit offer terms ranging from three months to five years, with early withdrawal penalties capped at 365 days of simple interest—even for long-term CDs.
Refunded ATM Fees
Synchrony doesn’t charge its own ATM fees and reimburses up to $5 in fees charged by other banks per statement cycle. Diamond-level customers, those with $250,000 in deposits or at least five years of account history, receive unlimited ATM fee reimbursements.
Synchrony Bank High Yield Savings rates and details are accurate as of 06/24/2025. Synchrony Bank Certificates of Deposit rates and details are accurate as of 10/28/2025.
Products and Account Options
High-Yield Savings Account
Synchrony Bank High Yield Savings account offers a competitive 3.80% APY with no monthly fees or minimum balance requirements. Customers can access funds via:
- Electronic transfers
- Optional ATM cards
- Phone and wire transfers
Synchrony Bank High Yield Savings
Annual Percentage Yield
3.80%
Rate as of 6/3/25
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Member FDIC
3.80%
Rate as of 6/3/25
$0
$0
Money Market Account
Synchrony Bank Money Market Account offers lower APY than the savings account (2.00% vs 3.80%) but provides added flexibility with check-writing capabilities. This account is ideal for those seeking growth and easy access to their money.
- Accessible savings: No minimum deposit is required, with check-writing capabilities and optional ATM access.
- Flexible access: Manage funds through online transfers, wire transfers or written checks.
- No monthly fees: Avoid maintenance charges or minimum balance requirements.
- Convenience: Offers higher rates than standard checking accounts, making it a practical choice for short-term or flexible savings needs.
Certificates of Deposit (CDs)
Synchrony CDs offer fixed rates ranging from 0.25% to 4.10% APY for terms from three months to five years.
- Easy access: No minimum deposit is required, and competitive APYs for longer-term CDs.
- Early withdrawal penalties: Ranges from 90 to 365 days of simple interest, depending on the term.
- Tax considerations: Interest earned is typically taxable in the year earned.
- Regulations: No age-based contribution limits or penalties, though early withdrawals still incur penalties set by the bank.
- Flexibility: More flexible for non-retirement savings goals, as CDs aren’t tied to IRS rules.
Synchrony Bank 9-Month CD
Annual Percentage Yield
4.10%
Rates and details as of 10/28/25.
Minimum Deposit Requirement
$0
Member FDIC
4.10%
Rates and details as of 10/28/25.
$0
CD rates and details as of 10/28/2025.
IRA Certificates of Deposit (IRA CDs)
Synchrony IRA CDs provide a secure way to save for retirement. They offer fixed rates for terms ranging from three months to five years.
- Accessible savings: Open an account with no minimum deposit and benefit from competitive APYs on longer terms.
- Withdrawal penalties: Early withdrawals incur penalties ranging from 90 to 365 days of simple interest, depending on the term length.
- Retirement-focused: Specifically designed for saving within an Individual Retirement Account (IRA).
- Tax advantages: Contributions and earnings may qualify for tax deferral with traditional IRAs or tax-free growth with Roth IRAs.
- IRS regulations: Bound by rules like contribution limits, early withdrawal penalties before the age of 59 1/2 and required minimum distributions (RMDs) for traditional IRAs.
IRA CD rates and details as of 03/18/2025.
IRA Money Market Account (IRA MMA)
Synchrony IRA MMAs allow you to save for retirement while maintaining flexibility to manage your funds.
- Flexible savings: No minimum deposit required and check-writing capabilities for greater accessibility.
- Retirement-focused: Specifically tailored for IRAs.
- Tax advantages: Contributions and earnings may qualify for tax deferral with traditional IRAs or tax-free growth with Roth IRAs.
- IRS regulations: Subject to contribution limits, early withdrawal penalties before the age of 59 1/2 and RMDs for traditional IRAs.
Why Synchrony Bank Might Work for You
- Competitive interest rates: High APYs for savings, MMAs and CDs.
- No monthly fees: No maintenance fees or minimum balance requirements.
- Convenient access: ATM cards for savings accounts and check-writing options for MMAs.
- Retirement savings options: IRA CDs and IRA MMAs offer tax-advantaged ways to save for the future.
Why Synchrony Bank Might Not Be the Best Fit
- No checking accounts: Synchrony lacks a dedicated checking account for everyday banking.
- No physical branches: As an online bank, all services are online or by phone.
- Limited ATM fee reimbursements: Most customers only receive $5 in out-of-network ATM reimbursements monthly unless they qualify for Diamond-level perks.
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Synchrony Bank FAQs
Is Synchrony Bank FDIC insured?
Yes, Synchrony Bank is FDIC insured (FDIC# 27314). Deposits are insured up to $250,000 per depositor, per ownership category.
How can I make deposits into my Synchrony account?
You can deposit funds via electronic transfers, direct deposits, mobile check deposit, mailed checks or wire transfers.
What are the early withdrawal penalties for Synchrony CDs?
Synchrony CDs incur penalties for early withdrawals, depending on the term of the CD:
- 12 months or less: 90 days of simple interest at the current rate.
- 12 to 48 months: 180 days of simple interest at the current rate.
- 48 months or more: 365 days of simple interest at the current rate.
Certain exceptions may apply. Before withdrawing funds early, it’s important to check with Synchrony Bank for details specific to your situation.
