Synchrony Bank Money Market Account 2024 Review
Synchrony is an award-winning bank offering money market accounts, high-yield savings accounts, and CDs. The Synchrony Money Market account has no minimum deposit or balance requirements and no monthly fees, with a solid APY to help you grow your money.
The Synchrony Money Market account is a convenient way to save online. You can open an account in minutes, with no minimum deposit requirement, and earn an APY that's well above the national average.
You may consider banking with Synchrony if you:
- Want a money market account with no monthly maintenance fees or minimum balance requirements
- Already have accounts with Synchrony
- Are comfortable with an online savings account
- Would like to have ATM access and paper checks
Synchrony's other savings products pay competitive rates and you won't pay monthly fees. You can open an IRA money market account or an IRA CD if you'd like to save for retirement. The only thing Synchrony doesn't offer is a checking account.
Synchrony Bank Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
TAB Bank Money Market Account
The TAB Bank Money Market account earns interest but the APY is below what you could get with Synchrony. There are no monthly maintenance fees and you need just $25 to open an account. You won't get a debit card or checks but you can still access your money through online and mobile banking.
Read our full editorial review of the TAB Bank Money Market account.
TotalBank Money Market Account
TotalBank's money market account pays one of the highest rates of any online money market account when you maintain a minimum balance of $2,500 or more. This account has no monthly maintenance fees but there is one potential snag. The minimum deposit requirement to open an account is $25,000.
Read our full editorial review of the TotalBank Money Market account.
CFG Bank Money Market Account
CFG Bank offers a high-yield money market account that earns an exceptional APY. You'll need $1,000 to open this account but you get the convenience of online and branch banking. There are no checks offered with this account and you won't get an ATM card or debit card either, which may be a drawback for some.
Read our full editorial review of the CFG Bank Money Market account.
Interest Rates
When comparing money market accounts, the rates may be the first thing you focus on.
Synchrony's money market account earns an APY that surpasses the national average rate and easily beats out traditional banks. However, it's not the highest rate you could get with a money market account.
On the other hand, Synchrony doesn't make you jump through any extra hoops to earn interest. There's no minimum opening deposit requirement or minimum balance requirement. And you'll earn the same APY across all balance tiers, with no limits on how much interest you can earn.
Other banks may require you to keep $1,000 or more in your account to earn the advertised APY. Or they may limit you to earning a higher rate up to a certain balance threshold.
If you're still interested in banking with Synchrony, you might check out the high-yield savings account or CDs offered instead.
Fees
Online banks like Synchrony have a reputation for being fee-friendly. Lower overhead costs allow them to pass savings on to customers in the form of fewer fees.
Here's what you'll pay for this money market account.
Other Service Fees - Synchrony Bank Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Excess transaction fee | $0.00 |
| Paper statements | $1.99 |
| Stop payment | $0.00 |
| Returned item fee | $0.00 |
| Nonsufficient funds fee | $0.00 |
| Incoming wire transfers (domestic and international) | $0 |
| Outgoing wire transfers (domestic and international) | $25.00 |
Synchrony is one of the best banks for low fees. The only fees you really have to worry about are paper statement fees or wire transfer fees if you're sending a transfer from your account to another bank.
ATM Access
Synchrony money market accounts come with an ATM card for convenience. You can use your card to withdraw cash at any ATM with the Accel or Plus logo, in the U.S. or internationally.
You won't be charged a fee for using an out-of-network ATM. However, the bank that owns the machine could charge a foreign ATM fee.
Synchrony refunds foreign ATM surcharges, up to $5 per month. If you need to find a fee-free ATM near you, you can use the locator tool on the Synchrony website or in the mobile app.
Account Management
Synchrony Bank doesn't have branch locations but you can manage your account through online and mobile banking. You'll also be able to visit ATMs and write paper checks from your account.
If you need to deposit funds, you can:
- Schedule an ACH transfer from a linked bank account
- Set up an incoming wire transfer
- Use mobile check deposit
- Mail a paper check
There are no fees for these transactions.
You can use your ATM card to make purchases if you set up a PIN. The daily purchase limit is $500; the daily ATM cash withdrawal limit is $1,000.
Synchrony Bank is not listed in the Zelle network but you can still link your account to the Zelle app to make person-to-person transfers. It's free to use and standard Zelle transfer limits apply.
FDIC Insurance
FDIC insurance provides coverage for deposit accounts at member banks. If a bank fails, the FDIC works to help depositors get their money back.
Synchrony is an FDIC-insured bank, so your money is protected. The current coverage limit is $250,000 per account owner.
FDIC coverage is automatic; you don't need to enroll or sign up for anything to benefit from this insurance.
What to Look for in a Savings Account
Money market accounts can be an attractive alternative to savings accounts or CDs. The most important thing to remember is that they're not all the same and you may need to do some comparison shopping to find the right one.
Consider these questions as you look at different money market options.
- Does the bank have branches or is this an online-only money market account?
- Is there a minimum opening deposit requirement? If so, what is it?
- Is there a minimum balance requirement to earn interest or avoid a monthly fee?
- What's the APY? Does the same rate apply to all balances?
- Are there limits on how much interest you can earn?
- Is there a monthly fee?
- Is there an excess withdrawal fee?
- Is the bank FDIC-insured?
You may find it helpful to check money market account reviews to see what people are saying about a specific bank or account. In the end, the best money market account for you is one that offers the features you want, with the lowest fees.
Frequently Asked Questions
Is Synchrony a good bank?
Synchrony has a reputation for being a top online bank. You might consider banking here if you're interested in high-yield savings accounts, money market accounts, CDs, or IRA savings accounts. Synchrony offers outstanding rates on deposit accounts and charges minimal fees.
Who should open a money market account?
Money market accounts may be right for someone who's looking for a solid rate, with multiple ways to access funds. Synchrony's money market account is attractive because you get an ATM card and paper checks, as well as online and mobile banking access. If you don't need those features, you might consider a savings account or a CD account instead.
Can you lose money in a money market account?
Money market accounts are safe places to keep your money, especially if you open an account at an FDIC-member bank. A money market fund, on the other hand, is an investment product that lets you put your money into the market. While the name might sound similar, money market funds are riskier than money market savings accounts.
