Synchrony Bank (which used to be known as GE Capital Retail Bank) is an online bank that offers Savings, Money Market, CD and IRA accounts with great rates.
While Synchrony Bank does have one physical branch in Bridgewater, New Jersey, you should consider this an Online Bank for all intents and purposes. You’ll get great rates and low fees similar to other online banks. One downside to Synchrony Bank is that they don’t have a Checking account option. More top online Checking accounts can be found reviewed here.
See our bank offers page for more offers. Top offers can be found from Chase Bank, HSBC Bank, Aspiration, TD Bank, BMO Harris, Bank of America and many more.
FEATURED SAVINGS ACCOUNTS
Quontic Bank High Yield Savings
1.85%APY(Annual Percentage Yield)
Available Nationwide
Axos Bank UFB Direct Savings
1.81%APY(Annual Percentage Yield)
Available Nationwide
CIT Bank Savings Connect & eChecking,
Member FDIC
1.65%APY(Annual Percentage Yield)
Available Nationwide

Pros | Cons |
Mobile-optimized site instead of a mobile app | No person-to-person transfers |
Great website navigation and layout with useful savings calculators | There is no mobile app, which can be a letdown for some |
You get a daily mobile deposit limit of $10,000 after you’ve been a customer for six months | No chat line for customer support |
Participates in the Plus, NYCE and STAR networks for ATMs | Only one branch, in Bridgewater, New Jersey. This should be considered more of an Online Bank anyway. |
For money market account holders, Synchrony refunds up to $5 per statement cycle for ATM fees charged by other banks |
Synchrony Bank High Yield Savings Rate Offer
No minimum balance or monthly service fee to worry about with this account.
- Rates are much higher than the national average
- You can make withdrawals online, over the phone or with your ATM card
- Choose to control your money through the online banking portal, or by speaking with a bank representative
- Funds are FDIC insured up to $250,000 per depositor, per insured bank, for each ownership category
*The number of electronic and telephone transactions you can make with your High Yield Savings account is limited to six withdrawals per statement cycle by federal regulations.
Opening A High Yield Savings Account
In order to open a Synchrony Bank High Yield Savings account, all you need is:
- Your Driver’s License or Military ID or State ID Number
- Your social security number
This can be done online or in person at their branch in Bridgewater, New Jersey. Outside of this location, Synchrony Bank handles most of it’s business and client transactions online or via telephone. Customer service is available from 8am to 10pm Eastern time to assist banking clients. They also use a relay service for the hearing impaired.
Author’s Verdict
Overall, Synchrony Bank is a great option for people who want a low fee incurring account to store their money with the added benefit of interest. But if you want a Checking account and in-person banking options, you may want to look elsewhere.
Synchrony Bank Money Market Rate Offer
There is no minimum to open and there are no monthly service fees.
- Available nationwide
- Minimum to open: $1
- Minimum for APY: $1
- Monthly fee: None
Synchrony Bank CD Rate Offers
- Available nationwide
- Minimum to open: $2,000
- Minimum for APY: $2,000
- Maximum for APY: None

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