Synchrony Bank: Savings Rates, CDs, and How It Works (2026)

# Synchrony Bank: Savings Rates, CDs, and How It Works (2026)

By Daniel Rozin | A Versus B | September 2, 2026

Synchrony Bank is a federally chartered online bank and one of the largest issuers of consumer retail credit cards in the United States. Founded in 1932 (then as GE Capital Retail Bank), it became Synchrony Financial in 2014 and went public on the NYSE. For consumers, Synchrony is primarily known for two products: its high-yield savings accounts with consistently competitive APYs, and the branded credit cards it issues for over 100 retail partners including Amazon, TJX (TJ Maxx, Marshalls), PayPal, and Venmo. Here is how it works, what rates it currently offers, and who should use it.

Synchrony Bank at a Glance#

Savings Account: Rate and Terms#

Synchrony's High Yield Savings Account is its flagship consumer product. Key terms as of September 2026:

• APY: 4.65%
• Minimum balance: $0 to open, $0 to earn the advertised rate
• Fees: No monthly maintenance fee
• Withdrawals: Standard federal limits apply (previously Reg D limited to 6/month; Synchrony does not impose its own withdrawal cap beyond what federal rules require)
• ATM card: Synchrony provides an ATM card for cash withdrawals; reimburses up to $5/month in ATM fees

The 4.65% rate places Synchrony among the top-tier high-yield savings providers nationally, competitive with Ally, Marcus by Goldman Sachs, and Marcus Bank. The rate is variable and changes with the federal funds rate — historically, Synchrony has tracked Fed rate movements closely, adjusting within 2–4 weeks of Federal Open Market Committee decisions.

CD Rates (September 2026)#

No-Penalty CD (11 months): Synchrony's 11-month No-Penalty CD allows early withdrawal after 6 days from opening without a penalty. The tradeoff is a slightly lower rate than the standard 11-month CD — useful for savers who want flexibility but higher rates than a savings account.

Early withdrawal penalties: For standard CDs, Synchrony applies:

• Terms ≤12 months: 90 days of simple interest
• Terms 12–48 months: 180 days of simple interest
• Terms >48 months: 365 days of simple interest

What Synchrony Does NOT Offer#

No checking account: Synchrony has no checking or debit account with bill pay. This is the most commonly cited limitation. Customers must maintain a checking account at another bank for direct deposits, bill pay, and everyday transactions.

No branches: Entirely digital. Customer service is phone and chat only (24/7 phone support for savings, limited hours for credit card support).

No mortgage or personal loan products: Synchrony is savings and credit card only. For borrowing, you use other institutions.

Synchrony's Retail Credit Cards#

The other major arm of Synchrony's consumer business is co-branded and private-label retail credit cards. These include cards for:

These are separate products from Synchrony's savings accounts — the bank that issues the cards is the same institution, but the products are independent. Having a Synchrony credit card has no bearing on your savings account.

If you receive a rejection notice, billing statement, or credit limit change from a "Synchrony Bank" store card, that is Synchrony acting as the card issuer — not a signal about your savings relationship.

Who Synchrony Bank Is Best For#

Best fit:

• Savers who want one of the highest federally insured APYs available without minimum balance requirements
• Investors looking to ladder CDs with no-minimum entry
• People comfortable with entirely digital banking and who already have a checking account elsewhere

Not ideal if:

• You want a full banking relationship (checking, mortgage, loans) in one place
• You need branch access
• You regularly need ATM cash withdrawals (ATM reimbursements are capped at $5/month)

How Synchrony Compares to Top Alternatives#

Synchrony's rate advantage is meaningful at large balances. On $100,000 in savings, a 0.10 percentage point APY difference is $100/year — worth the inconvenience of not having a checking account for some savers, but not all.

Accessing and Managing Your Synchrony Account#

• Website: synchronybank.com
• Mobile app: Available on iOS and Android; rated 4.8/5 on App Store
• ATM card: Works at Mastercard ATM network locations (over 1 million ATMs)
• Account linking: Connect external checking accounts via ACH for deposits and withdrawals; transfers take 1–3 business days
• Customer service: 1-866-226-5638 (24/7 for savings customers)

Related Comparisons#

Looking at savings alternatives? See Ally vs. Marcus by Goldman Sachs for two of Synchrony's main online banking competitors. For tax-advantaged savings decisions, see Roth IRA vs. Traditional IRA.