Synchrony Bank Review (2026)
Synchrony High Yield Savings suits savers who want one rate on every balance and an optional ATM card for cash. The one thing to know: the agreement still caps certain transfers at 6 per statement cycle, so it works best as savings you rarely touch. It paid 3.55% APY on all balances on October 19, 2026 (variable), with no minimum and no monthly fee.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against Synchrony Bank's own rate page, account disclosures and fee schedule (4 sources, listed below). We re-check prices about once a month. We do not earn a commission from Synchrony Bank.
Synchrony Bank at a glance
| APY | 3.55% on all balances, as of October 19, 2026; variable [2] |
|---|---|
| Balance tiers | Three tiers, all paying 3.55% [2] |
| Minimum | No minimum deposit and no minimum balance [1] |
| Monthly fee | $0 [1] |
| Interest | Compounded daily, credited monthly [3] |
| Withdrawal limit | 6 transfers or withdrawals per statement cycle; ATM withdrawals do not count [3] |
| ATM card | Optional; refunds other banks' domestic ATM fees up to $5 per statement cycle [1] |
| Mobile check deposit | Yes, in the Synchrony Bank app [1] |
| Service charges | Outgoing wire $25; stop payment $25; overnight check $25 [3] |
| Pulled ACH deposits | Available no later than the 3rd business day after crediting [3] |
| Balance cap | $3,000,000 combined [3] |
| Customer service | 1-866-226-5638 [1] |
Synchrony Bank in official federal data
Rate compared with the national average
Synchrony Bank's savings APY of 3.55% (as of October 19, 2026) is about 9.3 times the FDIC's national average for savings accounts, 0.38% (as of October 19, 2026). On $10,000 kept for a year, that is about $355 in interest against $38 at the national average, before tax and assuming the rate stays the same (variable savings rates rarely do).
Who holds your money
- Deposits are held by Synchrony Bank, FDIC certificate #27314, based in Draper, UT, established August 1, 1988 according to the FDIC.
- FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. Money held at the same bank under another brand name counts toward the same limit.
- Size: $86.0 billion in deposits and $115 billion in total assets (June 30, 2026 call report). Primary federal regulator: Office of the Comptroller of the Currency.
Customer complaints filed with the CFPB
From October 2025 through September 2026, consumers sent the Consumer Financial Protection Bureau 264 complaints about checking or savings accounts at SYNCHRONY FINANCIAL, about 3.07 per $1 billion of deposits; the company responded on time to 98.5%. Complaint counts grow with the number of customers and cover the whole company, including checking accounts, and the CFPB does not verify each complaint, so treat them as a rough signal. Read the complaints.
Sources: FDIC BankFind (certificate, deposits and assets), FDIC national deposit rates (October 19, 2026), CFPB Consumer Complaint Database (product "Checking or savings account"). Updated monthly.
How Synchrony Bank works
Synchrony Bank's High Yield Savings account has three balance tiers, but on October 19, 2026 all three paid the same 3.55% APY, so every dollar earns the same rate. There is no minimum to open and no monthly fee. Interest is compounded daily and credited monthly. Synchrony does not charge a fee to move money to and from High Yield Savings and Money Market accounts, and you can deposit checks in the Synchrony Bank app. The federal data block on this page compares the rate with the FDIC national average.
A hypothetical year with $25,000 and the rate held at 3.55%: about $25,000 x 0.0355 = $887.50, or roughly $74 a month. The figure moves with the rate, which is variable. If you add the optional ATM card, Synchrony refunds up to $5 per statement cycle in fees other banks charge at their ATMs.
The catch is the transfer cap. The account agreement allows 6 transfers or withdrawals per statement cycle (preauthorized, telephone, checks and point-of-sale); ATM withdrawals do not count. Synchrony may refuse transfers beyond that and may charge a fee. Synchrony also offers CDs (see our CD rates guide). Its public banking menu lists savings, money market accounts and CDs; we could not confirm whether a consumer checking account is open to new customers.
Pros
- Optional ATM card on savings, with up to $5 a cycle in ATM fee refunds
- One rate on every balance, no minimum
- No monthly fee and no fee to transfer to and from the account
- Mobile check deposit in the app
Cons
- 6 transfers or withdrawals per statement cycle, with a possible fee beyond that
- $25 outgoing wire fee
- No checking account confirmed for new customers
- Money Synchrony pulls from another bank can take up to 3 business days to become available
Who Synchrony Bank fits, and who should skip it
A good fit if
- You want a single rate on any balance, with no minimum and no fee.
- You want occasional cash access from savings through an ATM card.
- You plan to add money and leave it, with few withdrawals each month.
Look elsewhere if
- You move money out often: Marcus states no limit on transfers.
- You want checking at the same bank: Ally has both.
- You want a higher APY and can put in $100 to open: Bread Savings.
Limitations to know
- You can make only 6 transfers or withdrawals from High Yield Savings during each statement cycle; ATM withdrawals do not count toward the limit. [3]
- Outgoing wires, stop payments and overnight checks cost $25 each. [3]
- ACH deposits that Synchrony pulls from another bank are available no later than the third business day after they are credited. [3]
- Combined balances above $3,000,000 may be returned to you. [3]
- The ATM fee refund for other banks' machines is capped at $5 per statement cycle. [1]
Synchrony Bank compared with alternatives
| Account | APY | Monthly fee | To open | For the APY | Insurance |
|---|---|---|---|---|---|
| Synchrony Bank | 3.55% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured |
| Marcus | 3.50% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured (Goldman Sachs Bank USA) |
| Ally Bank | 3.10% APY on all balances (Oct 2026) | $0 | $0 | $0 | FDIC-insured |
| Bread Savings | 4.05% APY (Oct 2026) | $0 | $100 | $100 | FDIC-insured (Comenity Capital Bank) |
| CIT Bank | 3.75% APY (Platinum Savings, $5k+ balance; 0.25% below $5k) | $0 | $100 | $5,000 | FDIC-insured (CIT Bank, div. of First Citizens) |
- Pick Marcus if you want no limit on the number of transfers.
- Pick Ally Bank if you want checking and savings buckets at the same bank.
- Pick Bread Savings if you want a higher APY and do not need an ATM card.
- Pick CIT Bank if you keep $5,000 or more and want unlimited transactions.
Security and privacy
- Deposits are held at Synchrony Bank, an FDIC member. Synchrony says FDIC insurance protects deposits up to $250,000; the limit applies per depositor, per bank, per ownership category. [4]
- Joint accounts are owned by two or more people with right of survivorship. [3]
- Wire requests are made by phone at 1-866-226-5638, 7:00 a.m. to midnight ET on weekdays and 8:00 a.m. to 5:00 p.m. ET on weekends. [1]
Recent changes
| Date | What changed |
|---|---|
| Oct 19, 2026 | Savings APY 3.55%, up from 3.30% at our September 2026 check. [2] |
Synchrony Bank FAQ
Is Synchrony Bank FDIC insured?
Yes. Synchrony Bank is an FDIC member, and deposits are insured up to $250,000 per depositor, per bank, per ownership category.
What is the Synchrony savings rate today?
Synchrony's High Yield Savings paid 3.55% APY on all balances on October 19, 2026. The rate is variable.
Does Synchrony have a minimum?
No. There is no minimum deposit to open and no minimum balance to earn the APY.
How many withdrawals can I make from Synchrony savings?
The account agreement allows 6 transfers or withdrawals per statement cycle. ATM withdrawals do not count, and Synchrony may refuse or charge a fee for transfers beyond the limit.
Does Synchrony savings come with an ATM card?
Yes, as an option. Synchrony refunds up to $5 per statement cycle in domestic ATM fees charged by other banks.
How we researched this review
We did not get paid for this page. On October 19, 2026 we read Synchrony Bank's own rate page, account disclosures, fee schedule and help pages, quoted each fact and link every one below. FDIC and CFPB figures come straight from the agencies' public data. We did not open an account to test it, and we do not rate banks with stars. Savings rates are variable; we re-check them about once a month.
Sources
- Synchrony Bank, High Yield Savings, checked October 19, 2026.
- Synchrony Bank, rate data behind its savings and CD pages, checked October 19, 2026.
- Synchrony Bank, Consumer deposit account agreement, checked October 19, 2026.
- Synchrony Bank, CDs, checked October 19, 2026.
This review is for general information, not financial advice. Savings rates are variable and can change at any time; confirm the current APY with the bank before opening an account.