Synchrony Bank is best known for private label credit cards but they also have a popular online bank offering that has competitive interest rates in checking, savings, CDs, and money market accounts.
From time to time, they will run some bank bonuses so it’s always good to keep an eye out if you’re looking to open an account.
Here’s what they have available right now:
💰 BMO Bank – $600
BMO Bank has a generous offer – get up to $600 when you open a new checking account and set up direct deposits that meet their requirements. Depending on the size of your direct deposit, you can make quite a tidy sum for not too much trouble.
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Synchrony Bank Bonus – No Cash Bonus
In the past, Synchrony Bank may have offered a bank bonus but there is currently no active bonus available. When one is made available, we will update this site with the pertinent details.
Until then, the best Synchrony Bank has to offer is “special” rates on their deposit products. (they’re not that special)
High Yield Savings – 4.75% APY 🤷
The high yield savings currently offers a yield of 4.75% APY, which is about average for online savings accounts right now (surprisingly). There are no minimums, no monthly fees, and is a pretty standard offer.
15-Month Certificate of Deposit – 4.40% APY 🤷
If you’re looking for a CD, then they are offering a “Special Offer” on their 16-month term CD with a 4.40% APY and no minimum balance. It’s a good rate – by comparison, Ally Bank is paying 4.10% APY on an 18 month CD.
Also, right now Series I bonds are paying out close to 10% so it’s really not as appealing if you can hold it for at least a year. Series I bonds are not CDs but they are a comparable product for this comparison.
Personally, I’d rather go with a Series I bond than a 15-month CD. (the only hard restriction is that you can’t withdraw money from a Series I bond in the first 12 months, no exceptions)
What Other Offers Are There?
While Synchrony Bank doesn’t have any offers, there are several out there that can put hundreds of dollars into your pocket. Some require you to set up and receive a direct deposit while others simply require a sizable deposit.
Here are some of the better known offers available right now:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
