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Synchrony Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Synchrony Bank suits savers who want US dollar savings paying interest at a variable rate, which can move either way. The 3.3% headline rate clears the site median of 3%, the account carries no monthly charge and a $0 minimum deposit, and deposits are covered by FDIC up to USD 250,000.

Key facts

Best for
US savers who want a variable dollar rate with no monthly charge.
Headline rate
3.3%↗
Rate type
Variable↗
Minimum deposit
$0↗
Deposit protection
FDIC up to USD 250,000↗
Access terms
On-demand access via optional ATM card, online banking, mobile app and ACH transfers; no checks issued↗
Monthly fee
$0↗
Account kind
Easy access↗
Legal entity
Synchrony Bank↗
Headquarters
United States↗
Support channels
Chat, Phone, Help-centre↗
Pricing model
No monthly fee
Official website
synchronybank.com

Facts checked September 26, 2026, 5 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

Pros

  • Headline rate of 3.3% sits above the site median of 3%.
  • Ahead of 3.01% at bunq and 3.29% at Wise.
  • Deposits are covered by FDIC up to USD 250,000.

Cons

  • The rate is variable, so the headline figure can move up or down.
  • Support runs on chat, phone and help centre only.
  • Access runs through the optional ATM card, online banking, the mobile app and ACH transfers.
Synchrony Bank

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Scored 9.2 / 10 by SumCue.

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Who it suits

  • US savers who want a variable rate on dollar cash and can live with the rate moving.
  • Households building a cash buffer, since the minimum deposit is $0 and the monthly fee is $0.
  • People who bank and transfer by app rather than over a counter, given access is on demand.

Who should look elsewhere

  • Savers after a fixed rate, since this one is variable and the figure can move either way.
  • Finteres customers, whose 0% to 36% range reaches higher at the top end than this rate pays.

Rates and terms

The headline rate is 3.3% and the rate type is variable. A variable rate means the advertised figure can rise or fall over the life of the balance, so the number that matters is the one shown at the point of opening and the one that follows on statements. Savers who want a rate locked for a set period will want to check a fixed-rate account instead.

How Synchrony Bank compares

Where Synchrony Bank is available

Available
United States
Licence in United States
FDIC (FDIC cert 27314), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What interest rate does Synchrony Bank pay, and can it change?+

The headline rate is 3.3% and the rate type is variable, so the advertised figure can rise or fall rather than staying locked. The account kind is easy access, which means there is no term to serve and no penalty for taking the money back early.

Is my money safe in a Synchrony Bank savings account?+

The balance sits with Synchrony Bank and is covered by FDIC up to USD 250,000, so deposits are insured in the US rather than held outside a supervised system. Because any protection scheme has a ceiling, larger savings are usually split across more than one institution.

How much do I need to open it, and are there fees?+

The minimum deposit is $0, so there is no floor to clear before the account is funded, and the monthly fee is $0 under the no monthly fee model. A balance can sit open without a monthly charge taking a slice of it.

How do I deposit and withdraw money?+

The account is easy access, so money moves in and out on demand. Access runs through an optional ATM card, online banking, the mobile app and ACH transfers, which suits savers who pay and withdraw from the same app rather than a branch.

How do I get help from Synchrony Bank?+

Support runs on chat, phone and help centre, so help is available by chat, by phone and through a help centre for routine questions. The provider named on the account is Synchrony Bank, so the same institution holds the balance and handles the queries.

Who runs the account and which regulator supervises it?+

The account is provided by Synchrony Bank, which is based in the United States. Its regulator is the FDIC and the certificate number is FDIC cert 27314, which ties the savings to a supervised bank rather than an informal arrangement, with deposit cover on top.

How does the rate compare with the alternatives?+

The headline rate is 3.3% here, against 3.01% at bunq and 3.29% at Wise, while Finteres is quoted as a 0% to 36% range. The gap is small, so the account type, access and deposit cover decide the choice.

Who is this savings account for?+

It suits savers in the US who want dollars at a variable rate and can accept the figure moving. Deposits of $0 start the account, support runs on chat, phone and help centre, and the balance earns 3.3% for as long as it stays put.

Sources

Compiled from 5 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term.

Synchrony Bank

Synchrony Bank

US savers who want a variable dollar rate with no monthly charge.

9.2/10See alternatives