We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.
But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
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.
As the assistant publisher of banking and investing at finder.com, Ryan Brinks melds more than a decade of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.
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.
Domestic ATM fee refunds
Travel and leisure discounts
Waived wire transfer fees
Free ID theft services
To see your current rewards tier, log in to your online account and click Perks.
Less than $10,000
$10,000 – $49,999.99
$50,000 – $99,999.99
$100,000 – $249,999.99
Less than 1 year
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
How do I open an account?
Easily open your Money Market Account with this digital bank online:
Go to Synchrony Bank’s website and click Open an Account. Then click Get Started if you’re a new customer.
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.
Enter your initial deposit, then select whether you want an ATM card or checks. Click Next: What You Will Need.
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.
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.
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.
Money should arrive in your account on the third business day after you initiate a transfer.
Synchrony doesn’t charge a fee for exceeding your transaction limits. But if it happens frequently, the bank may close your account.
Call 866-226-5638. Any unposted interest you’ve accrued will be included when you get your money back.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.