Synchrony Bank is best known for private label credit cards but they also have a popular online bank offering that has competitive interest rates in checking, savings, CDs, and money market accounts.
From time to time, they will run some bank bonuses so it’s always good to keep an eye out if you’re looking to open an account.
Here’s what they have available right now:
💵 U.S. Bank – up to $700
Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
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Synchrony Bank Bonus – No Cash Bonus
In the past, Synchrony Bank may have offered a bank bonus but there is currently no active bonus available. When one is made available, we will update this site with the pertinent details.
Until then, the best Synchrony Bank has to offer is “special” rates on their deposit products. (they’re not that special)
High Yield Savings – 4.75% APY 🤷
The high yield savings currently offers a yield of 4.75% APY, which is about average for online savings accounts right now (surprisingly). There are no minimums, no monthly fees, and is a pretty standard offer.
15-Month Certificate of Deposit – 4.40% APY 🤷
If you’re looking for a CD, then they are offering a “Special Offer” on their 16-month term CD with a 4.40% APY and no minimum balance. It’s a good rate – by comparison, Ally Bank is paying 4.10% APY on an 18 month CD.
Also, right now Series I bonds are paying out close to 10% so it’s really not as appealing if you can hold it for at least a year. Series I bonds are not CDs but they are a comparable product for this comparison.
Personally, I’d rather go with a Series I bond than a 15-month CD. (the only hard restriction is that you can’t withdraw money from a Series I bond in the first 12 months, no exceptions)
What Other Offers Are There?
While Synchrony Bank doesn’t have any offers, there are several out there that can put hundreds of dollars into your pocket. Some require you to set up and receive a direct deposit while others simply require a sizable deposit.
Here are some of the better known offers available right now:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
