Synchrony Bank Money Market Account review September 2019 |

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Synchrony Bank Money Market Account review

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This digital bank offers a consistent 1.2% APY — plus access to perks and rewards.

Synchrony Bank’s Money Market Account doesn’t require a minimum deposit to open, making it easy to grow your spare change at a reliable APY. But if your top priority is interest, look elsewhere for stronger rates.






Minimum deposit to open


Minimum deposit to open$0
Interest compoundingMonthly
Fee per transaction over the limit$0

What are the benefits of Synchrony Bank’s Money Market Account?

Standard benefits of money market accounts include 24/7 access, automatic deposits, checkwriting abilities and flexible withdrawals online, by phone or through a network of Plus and Accel ATMs. Your savings are also protected by the FDIC for up to $250,000

Perks of the Money Market Account with Synchrony include:

  • A consistent APY. Earn 1.2% on your savings, no matter your balance.
  • No maintenance fees. You won’t pay a monthly fee to use your account.
  • Loyalty perks. All accounts contribute to tiered rewards, benefits and discounts.

What is Synchrony Bank Perks?

Synchrony is the rare bank that rewards you for saving your money, rather than spending, say, on a credit card. As an account holder, you’re automatically enrolled in the tiered Synchrony Bank Perks based on both your total balances and how long you’ve been a customer.

Rewards include:

  • Domestic ATM fee refunds
  • Travel and leisure discounts
  • Waived wire transfer fees
  • Free ID theft services
  • Discounted rates
  • Dedicated support

To see your current rewards tier, log in to your online account and click Perks.

BalanceLess than $10,000$10,000 – $49,999.99$50,000 – $99,999.99$100,000 – $249,999.99$250,000
Minimum TenureLess than 1 year1+ Years2+ years3+ years5+ years

What should I look out for?

But for two physical branches, Synchrony Bank embraces digital transactions and support, among other potential drawbacks:

  • Two physical branches. The bank supports only two branches for in-person support — one in Utah and another in New Jersey.
  • Weak APY. With many banks offering APYs of 2% or higher, you can find stronger growth potential for your savings elsewhere.
  • Transaction limit. As with similar accounts, you’re limited to six withdrawals and transfers outside of ATMs monthly.

Compare with other money market accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$10 per month
(can be waived)
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
$25 per month
(can be waived)
Earn 2.02% APY for 6 months on an MMA. Conditions apply.
A high-interest, fee-free online bank account that helps you save.
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.

Compare up to 4 providers

How do I open an account?

Easily open your Money Market Account with this digital bank online:

    1. Go to Synchrony Bank’s website and click Open an Account. Then click Get Started if you’re a new customer.
    2. Click Money Market, indicate whether you’re applying for an individual or joint account and select how you heard about it. If you have a code, enter it. Otherwise, click Next: Select Options.
    3. Enter your initial deposit, then select whether you want an ATM card or checks. Click Next: What You Will Need.
    4. Complete next steps by providing basic personal and financial information, identifying any beneficiaries, and agreeing to your account’s terms and conditions. Submit your application.

If you’re approved, Synchrony deposits money from the account you specified in your application, contacting you with any next steps.


You must meet standard eligibility requirements to open an account with Synchrony:

  • You’re a US citizen residing in the US.
  • You’re at least 18 years old.
  • You have a Social Security number.

Required information

    Have the following information ready to complete your application:
  • Your primary US home address.
  • Your Social Security number and date of birth.
  • Your government-issued ID, like a driver’s license or passport.
  • The account and routing number of your funding account.
  • Your occupation and employment details.

How do I deposit or withdraw my money?

    Access your money in a handful of ways:
  • Online. Transfer money electronically to and from an external account.
  • Mobile check. Upload a photo of your check through an app for fast deposits.
  • ATMs. Withdraw cash at Plus or Accel ATMs. If you’re charged a fee, get a refund of up to $5 each statement cycle.
  • Checks. Write a check to pay for rent, groceries and utilities.
  • Wire transfer. Call 866-226-5638 during call center hours to talk to a banker.

What other savings options does Synchrony Bank offer?

    Synchrony Bank forgoes the typical suite of checking accounts to focus on savings through:
  • CDs. Rates range from 0.75% for three months to 3.10% APY for 60 months, and you can withdraw interest at any time.
  • High-yield savings. An award-winning savings-only account offers 2.25% APY with no minimum balance.
  • IRA CDs. Earn 2.80% APY on your deposit of $2,000 or more with a traditional or Roth IRA account.

Bottom line

Synchrony Bank earns a solid reputation for security among the online banking community. Still, if your top goal is raking in interest, the APY on the money market account isn’t the hottest thing happening.

Check out Synchrony’s High Yield Savings account or shop around to see what else is out there.

Frequently asked questions.

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