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Synchrony Bank Money Market Account review

This digital bank offers a consistent 0.35% APY — plus access to perks and rewards.’s rating: 4.4 / 5.0


The Synchrony Bank 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


Annual percentage yield (APY)0.35%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingMonthly
Fee per transaction over the limit$0
More info

More Info


Review by

Ryan Brinks melds decades 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.

Expert review

The Synchrony Bank money market account is one of the best accounts available. It’s not perfect for everybody, but it’s a good choice if you’re looking for security and a consistent interest rate. It also has a rewards program, which is rare for money market accounts, and it earns a 0.35% APY regardless of your balance.

One drawback is that Synchrony is an online-only bank, so you won’t ever be able to visit a branch. However, most of the best money market accounts exclusively exist online. If that’s not a big deal to you, this account is definitely worth considering.

How do I open a Synchrony Bank Money Market Account?

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

  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.

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.

  • US citizen and resident
  • At least 18 years old

Required information

Have the following 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

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

Standard benefits of money market accounts include 24/7 access, automatic deposits, check-writing 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 0.35% 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 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
Basic< $10,000 and < 1 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+ yearEverything from the Basic tier plus:
  • Discounted hotel stays
Gold$50,000-$99,999.99 or 2+ yearsEverything from the Silver tier plus:
  • Discounted car rentals
Platinum$100,000-$249,999.99 or 3+ yearsEverything from the Gold tier plus:
  • Discounts at restaurants, theme parks and other venues
Diamond> $250,000 or 5+ years Everything from the Platinum tier plus:
  • Three free wire transfers per statement cycle
  • Unlimited domestic ATM-fee rebates
  • Access to VIP events

What should I look out for?

Synchrony Bank embraces digital transactions and support, but there are some potential drawbacks.

  • Two physical branches. The bank supports only two branches for in-person support — one in Utah and another in New Jersey.
  • Transaction limit. As with similar accounts, you’re limited to six withdrawals and transfers outside of ATMs monthly. Although Regulation D is currently suspended, so check with Synchrony to see if it’s temporarily waiving this limit.

If you prefer a high-interest savings account, you’ll want to keep looking. As always, or compare your options when looking for a money market account.

Compare Synchrony Bank’s Money Market account with other accounts

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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Axos Bank High Yield Money Market account
Finder Rating: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
Offers the security of traditional savings with the advantage of high interest rates and limited transactions.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
Competitive rates, no monthly fees, user-friendly online banking platform
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
UFB Direct Premium Money Market Account
Finder Rating: 2.9 / 5: ★★★★★
UFB Direct Premium Money Market Account
$10 per month
(can be waived)
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
Discover Money Market
Finder Rating: 3.9 / 5: ★★★★★
Discover Money Market
This money market account offers a competitive APY.

Compare up to 4 providers

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 on this bank’s certificates of deposit range from 0.15% for three months to 0.85% APY for 60 months, and you can withdraw interest at any time.
  • High-yield savings. This award-winning savings-only account offers 0.5% APY with no minimum balance.
  • IRA CDs. Earn 0.15% APY on your deposit of $2,000 or more with a traditional or Roth IRA account.

How to contact Synchrony Bank

If you have questions or need help with your account, you can contact a support specialist in the following ways.

  • Phone. Call 1-866-226-5638 on weekdays from 8 a.m. to 10 p.m. 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 to chat with a representative.
  • Social media. Synchrony Bank has a presence on Facebook and Instagram.

Frequently asked questions.

What is Synchrony Bank’s routing number?
Synchrony Bank’s routing number is 021213591.

How long will it take for funds to transfer into my account?
Money should arrive in your account on the third business day after you initiate a transfer.

What happens if I go over six withdrawals or transfers in a statement cycle?
Synchrony doesn’t charge a fee for exceeding your transaction limits. Usually it closes your account if you repeatedly go over this limit, but it may be waiving this rule due to the coronavirus pandemic. Contact Synchrony to check on its current policy.

How do I close my Synchrony Bank account?
Call 866-226-5638. Any unposted interest you’ve accrued will be included when you get your money back.

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