ATM Card for Savings and Competitive APYs

Insider’s experts select the best products and services for you to make smart financial decisions.here’s how). In certain cases, we are paid a commission Our partnersHowever, we are free to express our opinions. All offers on this page are subject to the following terms and conditions

Overall rating

Both the pros and cons

The Savings account Synchrony High YieldThe rate is competitive. Synchrony does not require an account opening deposit or minimum balance. It also doesn’t charge monthly fees.

The Synchrony Savings Account with High YieldIt is unique because it is not like any other. Most savings accountsIt comes with an ATM Card, which allows you to access your savings quickly.

Synchrony Bank CDThe terms can be three months up to five years. CDs have higher interest rates than other online and brick-and-mortar banks.

This Money market accountIt offers a competitive rate. It does not require an initial deposit nor a minimum account balance. There is also no monthly fee.

An ATM card and paper checks are included with the account. This makes it easy to access your funds. Synchrony will reimburse $5 per month for ATM fees that are not in the ATM network.

How Synchrony bank works

Synchrony is an online only bank. There are no branch locations. Its website is easy-to-use. The mobile app received 4.8 stars from the Apple store and 4.6 stars from the Google Play store.

Chat with customer service online 24/7 if you have any questions. Initially, you will be connected to a virtual assistant. If the virtual assistant is unable to answer your question, you will be transferred to a live agent. You can also call an agent between 8 a.m. ET and midnight ET.

Synchrony does NOT offer a checking or savings account. However, it does offer an ATM card. This card can be used at any NYCE, Plus, STAR or STAR ATM. Synchrony will also reimburse up to $5 per monthly in fees for ATMs that are not within its network.

FDIC Insurance covers synchrony accountsFor as high as $250,000 (or $500,000 if you have joint accounts).

BBB rating and trustworthiness of Synchrony

Synchrony is offered by the Better Business Bureau Rating A+. A company that has a high BBB rating means it is transparent in its business dealings, responds quickly to customer complaints and is honest with its advertising. BBB ratings don’t guarantee smooth relationships with banks. Online customer reviews and conversations with current customers are good ways to find out if the bank might be a good match for you.

Banks such Wells Fargo Bank of AmericaThere have been scandals about their treatment of people with disabilities and racial minorities. Synchrony has not been subject to any public scandals so you can feel confident storing your money here.

Synchrony review vs. Synchrony review vs.

Both Synchrony and AllyOffer savings accounts, money-market accounts, and CDs. Synchrony offers higher rates for savings and CDs, while Ally offers higher interest rates on money market accounts.

Ally might be better for you if that is what you desire Open a checking accountBecause Synchrony does not offer one. 

Synchrony has an ATM card that comes with its savings account. Ally does NOT. But Ally provides a debit card with the money market account, not just an ATM card — this means you can use your debit card to make regular purchases.

Synchrony review vs. Synchrony review vs.

You’ll love it Find out moreSynchrony is your best choice if you need a checking account. The Check out our Cashback Debit Account
If you’re looking for a cash-back checking account, this could be an option. For purchases of up to $3,000 per monthly, you’ll get 1% cashback with your Discover debitcard

You may prefer Synchrony if you don’t have $2,500 for a Discover money market account. There is no minimum deposit needed to open a Synchrony money market account.