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Synchrony Bank
synchrony.comSummary
Synchrony Bank is an online bank offering various savings products, including high-yield savings accounts, money market accounts, and Certificates of Deposit (CDs). They provide competitive interest rates, FDIC insurance, and mobile banking access for managing accounts.
Feature Matches3/12
See all3/12
Must Have
1 of 5
Early Direct Deposit
Instant P2P Transfers
Prepaid Debit Card (Cash App Card)
Commission-Free Stock Trading
Bitcoin Trading
Other
2 of 7
Fraud Monitoring & Security
High-Yield Savings
Round-Up Savings
Pay Over Time (Afterpay)
Instant Discounts & Offers
Customizable Card Designs
ATM Access & Fee Reimbursement
PricingTiered
See allTiered
Money Market Account
$2.00 yearly
- Checks and Withdrawals (online, phone, ATM)
- Electronic Transfers
- Mobile Check Deposit
- Direct Deposit
- Online & Mobile App Banking
- ATM fee reimbursement up to $5.00 per statement cycle (unless Diamond status)
- Outgoing Wire Transfer fee of $25.00
- Mobile daily deposit limit of $2,000.00
High Yield Savings
$3.80 yearly
- ATM Access
- Electronic Transfers
- Mobile Check Deposit
- Direct Deposit
- Online & Mobile App Banking
- No checks available
- ATM fee reimbursement up to $5.00 per statement cycle (unless Diamond status)
- Outgoing Wire Transfer fee of $25.00
- Mobile daily deposit limit of $2,000.00
Certificate of Deposit (CD) - 15 Month
$4.25 yearly
Popular- Fixed interest rate for chosen term
- Online & Mobile App Banking
- Early withdrawal penalties apply
- Cannot add additional funds during term
Bump-Up CD - 24 Month
$3.00 yearly
- One-time rate increase option
- Fixed interest rate for chosen term
- Online & Mobile App Banking
- Early withdrawal penalties apply
- Cannot add additional funds during term
Certificate of Deposit (CD) - Other Terms
$4.15 yearly
- Fixed interest rate for chosen term
- Online & Mobile App Banking
- Early withdrawal penalties apply
- Cannot add additional funds during term
IRA Certificate of Deposit (IRA CD)
$4.15 yearly
- Tax-advantaged (Traditional or Roth options)
- Fixed interest rate for chosen term
- Cannot be opened online (must call)
- Early withdrawal penalties apply
IRA Money Market Account
$2.00 yearly
- Tax-advantaged
- Cannot be opened online (must call)
Rationale
Synchrony Bank offers high-yield savings accounts and money market accounts, which align with the 'High-Yield Savings' feature. They also mention direct deposit options and fraud monitoring. However, they do not offer peer-to-peer transfers, a prepaid debit card for general spending, or investment options in stocks or bitcoin, which are core to the Cash App concept.
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