It might not be much of a stretch to say that saving is more important than ever these days.
If those funds can continue to grow, even better.
Thats where Synchrony Bank shines.
However, Synchrony Bank is an online bank, with no physical locations.
Are the strong savings accounts worth having to potentially bank with multiple institutions?
You will have to be the judge and our review should help you make that decision.
Synchrony Checking Account
Synchrony Banks biggest downside is that it doesnt offer a checking account.
The closest youll get is the Money Market account.
Synchrony Savings Accounts
Savings accounts and their variations aretheprimary products Synchrony Bank offers.
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Its also easy to get money into your High Yield Savings account, despite the lack of physical locations.
Another convenient option is mobile check deposit using the Synchrony bank app.
However, we dont anticipate that being a major problem for most people.
However, it also earns more interest than a typical checking account.
That said, its not really a true substitute, so youll need to keep that in mind.
This makes your money even more accessible.
Like the other Synchrony Bank accounts, there are no fees with your Money Market account.
CDs are relatively safe investments, with fixed rates and a predictable return.
Synchrony also offers two other different CD accounts than their vanilla option.
Synchrony BankBump-Up CD
Synchronys Bump-Up CD has the same perks as a lot of Synchrony bank accounts.
It requires no minimum balance and offers a solid interest rate 3.70% right now.
During these two years, you are allowed to increase the rate once.
It also allows you to withdraw your money at any time after six days of funding the account.
Oddly enough, after 19-months, the next available term is 24 months with a of 4.30%.
This lower interest rate from the 18 or 19-month term is available for up to 60 months.
The chart below provides all the current terms with their current interest rates including the two other unique.
Synchrony CD Interest Rates
Credit Cards
Synchrony is also known for its credit card offerings.
It partners with hundreds of retailers to provide credit options.
If you have a branded credit card, theres a good chance its through Synchrony.
The credit options are nice if you want to keep as many accounts as possible under one umbrella.
Just ensure to followsmart credit card practices.
Theyre all solid options for a retirement account.
Convenience
Synchrony is a bit of a mixed bag when it comes to convenience.
While this wont be an issue for many, its definitely worth noting.
Mobile Banking
The Synchrony Bank mobile app is quite good.
Fees
One of the best aspects of Synchrony is the almost complete lack of fees.
Its not especially difficult to get approved for credit with Synchrony Bank.
Synchrony was originally owned by GE Capital Retail Bank, and as such fell under the GE umbrella.
It separated from GE in 2015.
That means its now a separate financial institution.
However, if an online bank with a powerful savings account is what youre after, Synchrony is fantastic.
It has several excellent savings account options such as the High Yield Savings account with its 3.75% APY.
In fact, for savings specifically, Synchrony is one of our favorite options.
It also offers several credit card options that are worth looking at.
Synchrony is as safe as any other bank.
Not at this time, no.
That said, there is the potential that Synchrony might offer checking in the future.
If thats the only thing holding you back, its worth checking in from time to time.
No, Synchrony Bank doesnt charge fees for any of its savings accounts or Money Market accounts.
It even reimburses ATM fees from other financial institutions.
Freelancer Dennis Lynch contributed to this report.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
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