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Synchrony Bank Review: Is It Worth Opening an Account?

If you've never heard of Synchrony Bank, but seen it advertised everywhere online, you wouldn't be alone.

In fact, if you looked prior to 2014, you wouldn't have seen Synchrony Bank anywhere. Then, in what appears to be an instant, it was everywhere.

That's because Synchrony Bank was founded in 2003 but operated as a subsidiary of GE Capital. It's now a retail bank but they don't discuss their history much. It would IPO in 2014 on the NYSE with the ticker SYF to the tune of $2.88 billion. It didn't appear out of nowhere unless you consider an IPO “out of nowhere.”

(does this story sound familiar? Ally Bank was once General Motors Acceptance Corporation, GM's financial services arm, and these stories rhyme)

So who is Synchrony Bank?

About Synchrony Financial

They're a financial services company based out of Stamford, CT and they offer everything you'd expect from a bank – deposit, credit, financing, and lending. In layman's terms, that's checking and savings accounts, credit cards, mortgage, car loans, and the like. They also provide private label credit cards (they're one of the biggest), so they are the backbone behind some popular retailer credit cards like Amazon, Lowes, Walmart, and Gap.

Synchrony Financial is the parent company, Synchrony Bank is the institution that provides those products. They're FDIC insured #27314 and they're headquartered in Utah.

Synchrony Financial (SYF) had revenues of $13.530 billion in 2016 and is a component of the S&P500 index.

Synchrony Bank has just one physical branch in Bridgewater, New Jersey – 200 Crossing Blvd, Suite 101, Bridgewater, NJ 08807. Branch is open Monday – Friday from 8am to 3pm EST.

You can contact Synchrony Bank customer service by calling 1-866-226-5638 (Monday – Friday 8am-10pm EST, Saturday 8am-5pm EST, Closed Sunday). The Synchrony Bank login is here.

Synchrony Bank's routing number is 021213591.

Synchrony Bank Deposit Products

Rates in image as of 10/13/17

Synchrony Bank offers the full menu of deposit products – money market (similar to checking), savings, high yield savings, certificates of deposit, and even IRA accounts.

All rates cited are as of 6/25/2018:

Synchrony Bank Credit Card

Synchrony Bank's credit card, called the Synchrony HOME Credit Card, is a no annual fee credit card that offers $150 back on your first purchase of $1,499 or more through 1/13/2018. It's pitched as a card for home purchases, hence the oddly structured $150 bonus offer, but it's a regular credit card accepted wherever credit cards are accepted. It does offer promotional financing of 6 months to 60 months at participating retailers, most of home are home furnishing or home improvement stores. The card does not appear to offer any kind of other rewards or cashback.

Synchrony Bank also issues several white label credit cards, meaning they're run by Synchrony Bank but they are branded with others names. One popular Synchrony Bank powered credit card is Amazon.com's Amazon Prime Store Card – which gives you a $10 Amazon.com gift card upon approval plus 5% cashback at Amazon.com with no caps. No annual fee, special financing on orders $149 or more, and all the typical protections of credit cards, like $0 liability.

They also power other retail cards like American Eagle Outfitters, Athleta, Chevron, Old Navy, PayPal & eBay, Sam's Club, Toys “R” Us, Walmart and more.

Synchrony Bank Fees & Penalties

Like many online banks, there are no minimum balances for their savings or money market accounts. There is also no monthly service fees.

What is rare is that they will not charge you a fee if you exceed six withdrawals/transfers in a statement cycle. Many banks will charge this because you aren't supposed to (according to the Federal Reserve) treat a savings account like a checking account, but Synchrony won't. They do, like other banks, reserve the right to close your account if it happens too much.

With their CDs, there is an early termination fee if you make a withdrawal from your Cd before the maturity date:

These interest penalties are fairly standard – it's the exact same as what Bank of America and any major bank would charge.

The gold standard of CD rate penalties is Ally Bank:

It's almost unfair to compare the penalties with Ally Bank because they are far and away the lowest for early withdrawal.

Loyalty Perks

Synchrony Bank also offers “Loyalty Perks” that reward you for saving.

Whereas most institutions, like credit cards, will reward you for spending – Synchrony rewards you for saving.

The Perks Tiers are based on your balance and time with Synchrony:

Here's a quick explainer video about their Perks:

Pros and Cons

The main pros are similar with other online banks – you get low/no fees, a wide ATM network due to partnerships, debit cards, much higher interest rates, and the smartphone apps are more powerful. They offer free checks for the money market account and there is $5 in ATM reimbursements. The Loyalty Perks are a nice add-on we don't see elsewhere

The cons are similar too – there no branches you can visit and everything happens via the app (or perhaps mail) or online. You have to be comfortable with working with a bank entirely online if you want to go with Synchrony Bank. I personally have no issue but if you're not comfortable, Synchrony Bank would not be a good option for you.


Synchrony Bank checks all the boxes and adds a little flair with their Perks feature.

I don't ever suggest rate chasing, switching banks for the best rates, but if you're #1 bank is an old brick and mortar bank with abysmal interest rates… it's worth a look at this high-yield savings account.

Visit Synchrony Bank

Synchrony Bank





  • Competitive interest rates
  • No minimum balance
  • No ATM fees in-network, $5 monthly rebate out-of-network


  • Online bank only, no branches