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Synchrony Bank Money Market Account review

Synchrony Bank Money Market Account
4.4
★★★★★
Finder score
APY
2.25%
Fee
$0
Minimum deposit to open
$0

Our verdict

This check-writing savings account offers a consistent 2.25% APY — plus access to perks and rewards.

The Synchrony Bank Money Market account offers competitive perks compared to other money market accounts available. It earns a steep 2.25% APY regardless of your balance, over seven times higher than the national average rate of 0.65% for money market accounts.

Synchrony also offers a rewards program that offers ATM fee reimbursements and travel discounts. The rewards are based on your account balance or how long you’ve stayed with Synchrony. These perks are rare for a money market account.

Keep in mind that Synchrony is an online-only bank, so you can’t visit a branch in person. Not having the overhead costs of in-person branches means that Synchrony can offer you more rewards and a higher APY than other banks.

One major drawback is that you can’t deposit cash in to the account—you either need to convert it to a check or transfer from another account. You also should use this account regularly or Synchrony will close your account after 60 days.

Pros

  • Competitive APY
  • Loyalty perks
  • Opt for an IRA money market account

Cons

  • Two physical branches
  • No checking accounts
  • Closing inactive accounts
  • No cash deposits
  • Mobile deposit limit

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How to open a Synchrony Bank Money Market Account

Open your Money Market Account with this digital bank online. If you’re approved, Synchrony will deposit money from the external account that you specify on your application, contacting you with any next steps.

  1. Go to the provider’s site and follow the steps to apply.
  2. From Synchrony Bank’s website, select Open an Account. Then choose Get Started if you’re a new customer.
  3. Hit 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, choose Next: Select Options.
  4. Enter your initial deposit, then select whether you want an ATM card or checks. Select Next: What You Will Need.
  5. 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.

Eligibility

You should meet these standard eligibility requirements to open a money market account with Synchrony.

  • US citizen and resident
  • At least 18 years old

Required information

Have this key information ready to complete your application.

  • Primary US home address
  • Social Security number and date of birth
  • Government-issued ID, like a driver’s license or passport
  • Account and routing number of your funding account
  • Occupation and employment details

The benefits of Synchrony Bank Money Market Account

Standard benefits of this money market accounts include no monthly maintenance fee and check-writing abilities. Your savings are also protected by the FDIC for up to $250,000. Other perks of Synchrony Bank Money Market Account:

  • Competitive APY. Earn 2.25% on your savings, no matter your balance, a rate that’s 3.46x higher than the national average for money market accounts.
  • Loyalty perks. All of your Synchrony Bank accounts contribute to tiered rewards, such as ATM fee reimbursements and travel discounts. You can earn these rewards based on a high account balance or how long you’ve stayed with Synchrony.
  • Opt for an IRA money market account. Skip adding IRA funds through a financial adviser and Choose this account. The account will take advantage of tax breaks while allowing you to add to your account at any time. You’ll also have access to those funds, though you should understand how withdrawing affects your retirement savings ahead of time.

How Synchrony Perks rewards program works

Synchrony is the rare bank that rewards you for saving your money instead of spending it. As an account holder, you’re automatically enrolled in the tiered Synchrony Bank Perks program based on both your total balances and how long you’ve been a customer. There are five tiers in the program: Basic, Silver, Gold, Platinum and Diamond. The below table shows a breakdown of the tiers and their requirements.

TierBalance and Tenure RequirementsRewards
BasicLess than $10,000 and one year
  • $5 in ATM fee reimbursements per statement cycle
  • One free order of checks for money market accounts
  • Complementary identity theft resolution services
Silver$10,000-$49,999.99 or 1+ yearsBasic tier rewards plus:
  • Discounted hotel stays
Gold$50,000-$99,999.99 or 2+ yearsSilver tier rewards plus:
  • Discounted car rentals
Platinum$100,000-$249,999.99 or 3+ yearsGold tier rewards plus:
  • Discounts at restaurants, theme parks and other venues
Diamond$250,000+ or 5+ yearsPlatinum tier rewards plus:
  • Three free wire transfers per statement cycle
  • Unlimited rebates on domestic ATM fees
  • Access to VIP events

How much interest you can earn

Check out how much you could earn while parking your money in this high-yield account.

APYAmount in savingsInterest earned in 12 months
2.25%$1,000$11.01
2.25%$5,000$54.83
2.25%$10,000$110.61
2.25%$20,000$219.15

What to look out for

Synchrony Bank embraces digital transactions and support, but you can’t deposit cash directly in the account. Other potential drawbacks to think about:

  • Two physical branches. The bank supports only two branches for in-person support — one in Utah and another in New Jersey.
  • No checking accounts. Synchrony Bank forgoes the typical checking accounts offerings to focus on savings. You can’t house all of your banking accounts under one roof.
  • Closing inactive accounts. If you leave your money market account inactive for longer than 60 days, Synchrony Bank will close the account. You’ll want to check on your account and move funds in and out regularly.
  • No cash deposits. If you receive cash on a regular basis, you’ll need to convert the cash to a personal or cashier’s check to deposit directly into this money market account. Otherwise, you can transfer funds from another bank account.
  • Mobile deposit limit. You can make mobile deposits of up to $2,000 per check per Synchrony account, making deposits a hassle if you need to deposit a higher amount in your account.

If you don’t mind locking up your savings for three months to five years, you could go for one of Synchrony’s CD options with APYs from 2.05% to 4.80%. However, the Quontic Bank Money Market account offers one of the highest APYs we’ve seen at 5%, and it doesn’t charge fees for overdrafts.

    Compare Synchrony Bank Money Market Account with other accounts

    See how other money market accounts compare based on their interest rates, fees and minimum opening deposits.

    $
    Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
    Hanover Bank MMDA through Raisin
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    $0
    $1
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    Patriot Bank High-Yield Money Market Deposit Account
    Money market

    5.22%

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    $0
    $1
    $1,052.20
    Quontic Bank Money Market
    Finder Rating: 4.6 / 5: ★★★★★
    Quontic Bank Money Market
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    5.00%

    Up to $250,000
    $0
    $100
    $1,050
    CIT Bank Money Market
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    CIT Bank Money Market
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    1.55%

    Up to $250,000
    $0
    $100
    $1,015.50
    Great Lakes FCU MMA through Raisin
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    Great Lakes FCU MMA through Raisin
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    2.40%

    Up to $250,000
    $0
    $1
    $1,024
    Key Select Money Market Savings®
    Finder Rating: 3.3 / 5: ★★★★★
    Key Select Money Market Savings®
    Money market
    Up to

    2.91%

    Up to $250,000
    $0
    $5,000
    Earn 4.00%-4.50% Interest Rate (2.40%-2.91% blended APY) for 6 months. Rate available on balances of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000.
    N/A
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    How to deposit or withdraw my money

    Gain access to your money from Synchrony Bank For reference, Synchrony Bank’s routing number is 021213591.

    Deposits

    Money should arrive in your account on the third business day after you initiate a transfer.

    • Online. Transfer money online from another Synchrony savings account or from an external account.
    • Mobile check. Upload a photo of your check through an app for fast deposits.
    • Direct deposit. Set up a deposit from a third party.
    • Wire transfer. Initiate a wire transfer from an external bank to top up your Synchrony account.
    • Mail a check. Fill out a deposit slip and mail your personal or cashier’s check to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972.

    Withdrawals

    As with most savings accounts, you’re limited to six withdrawals and transfers outside of ATMs monthly. However, check with Synchrony Bank to see if it’s lifted this limit because the federal law on savings withdrawals currently is suspended. The bank may close your account if you go over this limit repeatedly.

    • Online. Transfer money electronically from your Synchrony Money Market account to an external bank account.
    • ATMs. Withdraw cash at Plus or Accel ATMs. If you’re charged a fee, get a refund of up to $5 each statement cycle.
    • Automated phone transfers. Call 1-866-226-5638 to set up a transfer to another account via your phone.
    • Checks. A mainstay feature of a money market account, you can write a check to pay for rent, groceries and utilities. You’ll need to request checks from Synchrony Bank ahead of time.
    • Wire transfer. To withdraw money through this method, call 1-866-226-5638 to speak with a representative during normal business hours.

    How to contact Synchrony Bank about my savings account

    If you have questions or need help with your account, you can contact a support specialist by:

    • Phone. Call 1-866-226-5638 on weekdays from 7 a.m. to midnight ET and on weekends from 8 a.m. to 5 p.m. ET.
    • Mail. Send a letter to Synchrony Bank, P.O. Box 105972, Atlanta, GA 30348-5972.
    • Chat. Go to synchronybank.com/contact-us/ to chat with a representative.
    • Social media. Synchrony Bank has a presence on Facebook and Instagram.

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