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LAST UPDATED: February 27th, 2024

The main focus of Synchrony Financial is establishing financial relationships between select sellers and buyers. After studying businesses with private label credit cards, like Walmart and Amazon, Synchrony Financial has been able to perfect their services and offerings, working with businesses and retailers to provide customers with hassle-free credit cards. 

Instead of using Synchrony Financial's cards to purchase big ticket items, they are used to finance small purchases and future purchases, based on customer's available credit. Synchrony finances those purchases through Synchrony Bank, insured through the FDIC which means that your money is protected and that it is a safe bank.

Continue reading for pros and cons, and Synchrony Bank reviews.


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The Good

  • Online Help
  • High Yield Savings Account
  • Certificates of Deposit (CDs)
  • Money Market Accounts

Online Help

Synchrony Financial has a very helpful website. There is relevant information on it for everyone they work with. For businesses, Synchrony offers services through their business center, through which merchants can approve new applicants or access established accounts. The business center is also where credit limit increases are processed and payment options are selected. Using data from consumer purchasing patterns, merchants can develop sales that attract their customers.

For customers with personal accounts, Synchrony has a tool that allows you to compare Synchrony's annual percentage yield (APY) rates compared to dozens of other U.S. based banks. You can look at how much interest your money would make in a high-yield savings account, a money market account, or a certificate of deposit (CD). This tool allows you to see which rate will be the best according to the number of months you plan to have your money in the account. 

For any of Synchrony Bank's accounts, you can manage your money directly from the Synchrony mobile app. 

High Yield Savings Account

The high yield savings account from Synchrony Bank offers an interest rate of 2.15 percent APY no matter the balance in your account. This is one of the best interest rates among online savings accounts. 

There is no minimum balance and no minimum deposit to start your account, and consumers can access their cash online, by phone, or via ATM. However, this account does not allow checking (writing checks). 

Certificates of Deposit (CDs)

Certificates of deposit (CDs) with Synchrony Bank require a $2,000 minimum deposit. CD terms range from 3-60 months, and a three month CD will earn a 0.75 percent APY - the longer the CD (the more months), the higher the APY. A 60 month CD will earn 2.80 percent APY. After the minimum deposit of $2,000, your interest rate does not increase based on your deposit amount. 

Synchrony Bank's CD rates are competitive compared to other banks, and individual retirement account (IRA) CDs are also available, an offering that is not true of all online banks. 

Money Market Accounts

A money market account with Synchrony will earn a 1.20 percent APY. This account has no minimum balance, no minimum opening deposit, and no monthly service fees. It provides greater access to and flexibility with your money than Synchrony's savings accounts. With this account, you can write checks and make cash withdrawals online, by phone, or via ATM. 

A money market account is a mix between a checking account and a savings account, and is a great option for when you want to earn interest on your cash, but don't want to tie up all your money. A retirement account option, an IRA Money Market Account is also available. Due to federal regulations, you can only make six withdrawals or transfers per month from a money market account.


The Bad

  • Issues with fraudulent activity
  • Inaccurate Statements
  • Customer service

Issues with Fraudulent Activity

Even though Synchrony Financial offers very attractive products to their customers, there is a pattern of reviews complaining about fraudulent activity. 

Some customers report that they were overcharged interest in their credit card accounts. This usually happened to customers who were ending a purchase and had only one payment left to make. Upon making a payment or receiving a statement, they found that they were charged additional interest for the entire amount of the purchase or far more than what was owed.

Inaccurate Statements

Some customers have received inaccurate bank and credit card statements. This of course would result in an accusation that a customer owed more money than they actually did. One review stated that a phone call was received about a "missed payment". When the customer proved to them that he had made the payment, they sent him a letter in which they acknowledged the payment, but the ending balance on the letter did not show the deduction of that payment. 

There have also been scenarios in which accounts were cancelled without permission or prior notice, especially when there had been a time period of inactivity. These accounts were not delinquent and the period of inactivity was not very long.

Customer Service

Synchrony Financial has many customer reviews that report poor customer service. Common complaints include incorrect addresses and phone numbers on accounts, inability or refusal to return phone calls on unresolved issues, locking customers out of their accounts, being put on hold for extensive periods of time, and no follow up after customer representative states there would be such, in order to reverse clerical errors. 

If you pay off your account early, Synchrony Financial may not view this as being in good standing. Instead of receiving a statement to close out the account, several customers state that they were charged additional interest fees, late fees or amounts. The effected clients experienced adverse credit scores and reports. This terrible customer service makes online banking with Synchrony very difficult. 


The Bottom Line

If you choose to work with Synchrony Bank, you can expect reliable online and mobile banking and great interest rates. Synchrony Bank has great interest rates on several of its accounts and multiple ways to withdraw money and contact customer service. However, it has a reputation for overcharging. Customers complain about having to deal with fraud charges. Ironically enough, Synchrony Bank customers who decide to pay their accounts of early might want to retain a lawyer, because instead of maintaining a good credit score, they in fact may be penalized with late fees and a hit to their credit score. 

Synchrony Financial looks good on the surface, but is lacking in the areas where it really counts. Customer service is not reliable and many customers have reported difficulties getting in contact with and working with Synchrony's customer service representatives. For more information, see our Synchrony Bank reviews below.

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Our overall experience with Synchrony has been excellent. We both have credit ratings of over 800, but we sometimes use their card to purchase a quickly needed item and simply pay it off over a short amount of time without incurring the finance charges, simply because a smaller payment for a short period of time may fit our budget more conveniently than taking it all out at once from our checking account. We also have an excellent savings account with them that pays a far higher return than the big brick and mortar banks. Our online experience with all our Synchrony accounts have been excellent and seamless to work with.

5 years ago

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They have been golden for me. Paypal mastercard is my daily driver, Amazon credit card, High yield savings account, and a CD. I pay the cards in full every month. Never carry a balance. So far never had an issue.

7 months ago

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Victor Z Pleasanton, CA

I have been with Synchrony bank even since GE closed their GE Capital account and suggested I transfer here. My experience with Synchrony bank is excellent. They have the best rate for CD and savings account. I used online transfer to switch money between my bank accounts. It works well for me. I have never had any problem with their customer services. You can quickly talk to a real person, no lengthy phone maze.

4 years ago

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Vicki G Franklin, IN

Looks like the negative reviews didn't read the info on their credit card statement re: interest charged during a free interest period! I've used Snchrony Bank many times for interest free products and had no issues. Recently opened a CD and Andy was pleasant to work with.

1 year ago

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valiant200 Oakland, CA

i’ve had have a savings account with Synchrony for a couple years. everything has been in order and no issues. interest rate is top notch.

6 months ago

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Robyn Brady Kent, OH

We have several loans through Synchrony Bank. Windows at our rental and our new furnace and A/C at our new home. Super easy to set up payments and customer service always helpful and courteous.

2 years ago