Synchrony Bank has no minimum balance requirement on any personal deposit account. High Yield Savings, Money Market, and CDs all require $0 to open and $0 to maintain. There is no monthly fee and no low-balance penalty on any account. Synchrony does not offer a checking account; its product lineup is limited to savings, money market, and CD accounts.
Synchrony Bank Account Minimums at a Glance
| Account | Minimum to Open | Ongoing Minimum | Monthly Fee |
|---|---|---|---|
| High Yield Savings | $0 | $0 | $0 |
| Money Market Account | $0 | $0 | $0 |
| CDs (all terms) | $0 | $0 after opening | $0 |
No Minimum Balance on Any Account
Because Synchrony charges no monthly fee, there is no balance threshold to maintain. Every account can be opened with $0 and held at any balance, including $0, without consequence. Interest accrues daily on any balance above $0 and is credited monthly.
Synchrony’s CD product is distinctive for requiring no minimum deposit. Most banks require $500 to $2,500 to open a CD. Synchrony and Ally are among the few notable banks that allow CD opening with $0, making it possible to start a CD ladder with small amounts.
High Yield Savings
Synchrony High Yield Savings pays a competitive APY on all balances with no tiered rate structure. There is no minimum balance to earn the full rate. For current rates, see the Synchrony savings account guide.
The account does not include check writing. Funds are accessed via ACH transfer to a linked external checking account, wire transfer, or ATM withdrawal with the Synchrony ATM card.
Money Market Account
The Synchrony Money Market Account has no minimum balance and no monthly fee. It provides the same interest-earning structure as the savings account with the addition of check writing privileges. This is useful for customers who occasionally need to write checks directly from a savings product.
Synchrony CDs
Synchrony CDs have no minimum deposit requirement. Terms range from 3 months to 5 years. Once opened, no ongoing minimum balance is required. Early withdrawal penalties apply and vary by term length. A Synchrony Bump Rate CD allows the customer to request one rate increase during the CD term if Synchrony raises its CD rate, without penalty.
What Synchrony Does Not Offer
Synchrony Bank does not offer a checking account or a debit card for purchases. Customers who need integrated checking and savings must maintain accounts at two institutions. Synchrony is best used as a dedicated savings or CD account linked to an existing checking account at another bank.
For a full overview of Synchrony Bank products, see the Synchrony Bank complete guide.
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