Synchrony Bank is a solid online savings bank in 2026: 3.30% APY (late September), no fees, and an ATM card for cash access. It is not a full-service bank and has no checking account. Here is who should and should not use Synchrony.
Rate note (updated October 15, 2026): The Motley Fool listed Synchrony’s High Yield Savings at 3.30% APY, as of the date in the Sources box. Synchrony’s CD page loads its APYs dynamically, so we could not read CD rates, and this site lists none. Confirm the current rate directly at synchronybank.com before relying on any figure.
Synchrony Bank Overview
Synchrony Bank is an online-only bank headquartered in Draper, Utah. It is FDIC insured (Certificate #27314) and is primarily known for its High Yield Savings Account and CD products. Synchrony has no physical branches and no checking account — it is designed to be used as a savings hub alongside a separate primary bank.
Pros and Cons
| Pros | Cons |
|---|---|
| 3.30% APY on HYSA, with an ATM card | No checking account |
| No minimum balance | Online only — no branches |
| No monthly fee | Customer service wait times can be long |
| Optional ATM card (Allpoint, 55,000+ ATMs) | No mortgage, auto loan, or credit card (bank-only) |
| No-penalty CD option available | CD early withdrawal penalties |
| FDIC insured | No Zelle or P2P payment integration |
Savings and CD Rates (2026)
| Product | APY | Minimum |
|---|---|---|
| High Yield Savings | 3.30% | $0 |
| CDs | Not readable when we checked; see Synchrony CD rates | None per its page |
Rates change frequently — verify current rates at synchronybank.com.
What $20,000 Earns at Synchrony vs Traditional Banks
| Bank | APY | Annual interest on $20,000 |
|---|---|---|
| Synchrony HYSA | 3.30% | $660 |
| Ally HYSA | 3.10% | $620 |
| Marcus HYSA | 3.50% | $700 |
| Chase Savings | ~0.01% | ~$2 |
| Wells Fargo Savings | ~0.01% | ~$2 |
ATM Access
Synchrony’s optional ATM card provides access to the Allpoint network (55,000+ ATMs) at no fee. The daily ATM withdrawal limit is $1,000. Synchrony also reimburses up to $5/month in non-Allpoint ATM fees. This is a significant differentiator from Marcus (American Express), which has no ATM access on its savings account.
Who Should Use Synchrony
Good fit:
- Anyone who wants maximum savings interest with zero fees
- Customers who already have a checking account elsewhere
- Those who want CD laddering with no-penalty options
- Customers who need occasional ATM access from their savings
Not a good fit:
- Anyone who needs a checking account in the same bank
- Customers who prefer in-person banking
- Those who need Zelle or bill pay from a savings account
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