Synchrony Bank

With no monthly fees and the best rates available, Synchrony offers certificates of deposit and online savings accounts. There are no checking accounts or budgeting tools offered by the online-only bank; instead, it concentrates on accounts intended for savings. A money market account offers greater withdrawal options—including the ability to write checks—in exchange for a lower interest rate than a typical savings account. The credit cards that Synchrony also provides are not taken into account in this analysis.

No monthly cost and a strong rate. With a 3.50% annual percentage yield, Synchrony's high-yield savings account offers one of the highest rates on the market without any fees. To start an account or be eligible for the interest rate, there is no minimum balance requirement. Free use of ATMs. For ATMs with the Plus or Accel brands that accept Synchrony's optional ATM card, there are no costs. However, the proprietors of ATMs may impose a fee. Synchrony Bank gives a $5 monthly refund for such fees from domestic ATMs.

Best for: Customers of digital banking who are primarily interested in high savings rates but do not require customized savings tools or a checking account with the same bank.

Pros:

• High rates on savings and CDs.
• No monthly fees.
• Reimburses $5 per month for out-of-network ATM access.

Cons:

• No personalized savings tools, such as for tracking goals.

Website: https://www.synchronybank.com/

NerdWallet rating: 5.0/5.0