Synchrony Bank Money Market Account
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| APY (Annual Percentage Yield) |
0.35% (Verified 08/04/2023) |
| Minimum Balance to Earn APY | $0.01 |
| Minimum Opening Deposit | Starting at $5,000 |
Synchrony Bank Money Market Account Review
Synchrony Bank Money Market Account is offered by Synchrony Bank, a bank founded in 1932 and based in Bridgewater, NJ. Synchrony Bank money market are available in 50 states (and Washington, DC).
Key Takeaways
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.35%, which is much higher than the national average for a money market account. However, you must keep a minimum balance of $0.01.
- $0 monthly fee. This account does not charge any monthly account fees.
- High minumum opening deposit. You must deposit a minimum of $5,000, which is high compared to most money market accounts.
Pros & Cons of Synchrony Bank Money Market Account
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Synchrony Bank Money Market Account FAQ
Are money market accounts from Synchrony Bank federally insured?
Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #27314). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Synchrony Bank money market rates?
| Rates | Amount |
|---|---|
| APY | 0.35% |
Synchrony Bank money market offers an APY of up to 0.35% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $0.01.
What are the fees for Synchrony Bank Money Market Account?
Synchrony Bank Money Market Account does not charge a monthly maintenance fee.
| Fees | Amount |
|---|---|
| Monthly Fee | $0 |
| Paper Statement Fee | N/A |
What is the minimum balance for Synchrony Bank money market?
Minimum deposit of $5,000. You must make an initial deposit of at least $5,000 to open this account.
Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.
What features and perks does Synchrony Bank money market offer?
This account includes the following features:
- Check Writing - Synchrony Bank money market includes check writing privileges. This is convenient method to pay bills and transfer money from your account.
- Fraud monitoring - Synchrony Bank monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - Synchrony Bank money market allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.
What is the customer service phone number?
The customer service number for this account is (866) 226-5638.
What is the support contact email?
The support contact email for this business credit card is customer.service@mail.synchronybank.com.
How to open an account with Synchrony Bank
- Visit the Synchrony Bank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
Contact
- Headquarters
-
200 Crossing Blvd Suite 101
Bridgewater, NJ 08807 USA - (866) 226-5638
- Visit Site
- Email Support
Other Services by Synchrony Bank
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
| Minimum Balance to Avoid Monthly Fee | Starting at $0 |
| Minimum Balance to Earn APY | $0.01 |
| Minimum Opening Deposit | Starting at $5,000 |
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