Synchrony Bank review (2025): Earn more on your savings with this top-rated online bank

Summary: Based in Connecticut, Synchrony Bank is an online bank that offers consumer savings and credit products, including savings accounts, money market accounts (MMAs), certificates of deposit (CDs), credit cards, and more. Synchrony also provides business banking products and services.
Synchrony's high-yield savings account ranks as one of our top 10 high-yield savings accounts available today. It's a free online savings account with no minimum balance requirements or monthly fees. This account currently boasts an annual percentage yield (APY) of 4.00% and offers an optional ATM card for easy access to your funds. Synchrony Bank will refund domestic ATM fees charged by other financial institutions, up to $5.00 per statement cycle.
Synchrony's money market account, which ranks among our 10 best high-yield money market accounts, is also free to open with no minimum deposit or minimum balance required. This account currently offers 2.00% APY and no monthly fees. An IRA money market account is also available for your retirement savings.
Synchrony Bank's CDs come in several term lengths, ranging from three months to five years. CDs do not have a minimum balance requirement and offer rates as high as 4.25% APY. Synchrony also offers IRA CD accounts for customers who are focused on saving for retirement.
Synchrony currently offers a range of cash back and retail credit cards, as well as financing through popular merchants such as Rooms To Go, Sam's Club, JCPenney, Belk, QVC, Lowes, and more. It also offers Synchrony Pay, a buy now, pay later (BNPL) service.This embedded content is not available in your region.
If you're considering banking with Synchrony, here are some of the fees you should be aware of:
Here's a closer look at some of the major pros and cons of banking with Synchrony:
Pros:
Competitive interest rates on deposit products: Synchrony's bank accounts come with rates as high as 4.25% — well above national averages.
No minimum opening deposit: Synchrony does not require a minimum deposit amount to open an account. It also doesn't require customers to maintain a minimum balance.
Cons:
Does not offer a checking account: Synchrony does not currently offer a checking account, only savings products and credit cards.
Does not have any physical branches: Synchrony is an online-only bank with no physical branches for customers to visit.
Synchrony Bank representatives are available via live chat and telephone Monday through Friday from 8 a.m. to 10 p.m. ET and weekends between 8 a.m. and 5 p.m. ET. There is also a 24/7 automated telephone service. You can also contact the bank via secure message and mail.
Synchrony customers can bank directly from their mobile phones by downloading the Synchrony mobile app, which is available on the App Store and Google Play and has an average rating of 4.8 and 4.6 stars, respectively.
On the app, customers can transfer money between accounts, check balances, deposit checks, chat with customer support, and more.
Synchrony focuses on a few key areas to make the greatest impact in the communities it serves. This includes volunteering time and skills to serve communities in need, supporting nonprofit organizations that benefit small businesses, donating to charitable organizations, and closing the financial knowledge gap through its 'Education as an Equalizer' initiative.
Through this initiative, Synchrony has committed to investing $50 million into the program to fund grants to academic institutions, nonprofits, and skills credentialing organizations.
Synchrony has also worked to reduce its consumption, lower emissions, and waste, and improve efficiency through the implementation of more energy-efficient buildings, reducing waste from paper, food, electronics, and more.
Yes, Synchrony is a Fortune 500 company with a history that spans more than 80 years.
While Synchrony Bank operates primarily online, it does have one branch location in each of the following states: Georgia, Kansas, New Jersey, North Carolina, and Utah.
Formerly known as GE Capital Retail Bank, Synchrony Bank is owned by Synchrony Financial, based in Stamford, Connecticut.
Yes, Synchrony Bank is an FDIC-insured bank. All of the accounts offered by Synchrony are insured up to $250,000 per depositor, per insured bank, for each ownership category.
Synchrony Bank's routing number is 021213591.
No. Synchrony Bank currently offers savings and credit card products. It does not offer a checking account.

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Logan Ridge Finance Corporation Announces Adviser Funded Cash Payment to Shareholders in Connection with its Merger with Portman Ridge Finance Corporation

The Company's Investment Adviser Will Finance an Incremental $0.47 Per Share Payment to Logan Ridge Shareholders Immediately Prior to Closing. Payment Effectively Results in Logan Ridge Shareholders Receiving 100% of NAV as of March 31, 2025 Adjusted for Estimated Transaction Costs. NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) -- Logan Ridge Finance Corporation (NASDAQ: LRFC) ('Logan Ridge' or 'LRFC'), today announced that it has entered into an agreement with Mount Logan Management LLC, LRFC's investment adviser ('Mount Logan' or 'Investment Adviser'), in connection with its previously announced merger with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) ('Portman Ridge' or 'PTMN' and the 'Merger'). Pursuant to the terms of the agreement, and contingent upon the closing of the Merger, LRFC's Investment Adviser will finance a pre-closing cash payment of $0.47 per share to LRFC shareholders of record as of May 6, 2025. This payment, when combined with the previously announced Tax Distribution of no less than $1,000,000, or $0.38 per share, and the 1.5x PTMN shares received for each LRFC share outstanding, will equal 100% of Logan Ridge's net asset value ('NAV'), based on both Logan Ridge's and Portman Ridge's respective NAVs per share as of March 31, 2025 adjusted for estimated transaction costs. All terms and conditions of the Merger remain unchanged and in full effect. The Mount Logan funded payment outlined above represents a commitment by Mount Logan to the combined company and was designed to further align the Merger with shareholder feedback, while maintaining the core strategic and financial rationale for the combination. Management Commentary Ted Goldthorpe, President and Chief Executive Officer of LRFC and PTMN, and Head of the BC Partners Credit Platform, stated, 'We are pleased to announce this agreement, which will provide enhanced value to Logan Ridge shareholders through an additional $0.47 per share payment. We appreciate our shareholders' support and constructive engagement throughout this process and we look forward to successfully closing the Merger.' Special Meeting of Shareholders The LRFC special meeting is scheduled for June 20, 2025, at 10:30 am ET. LRFC urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of LRFC can also access the virtual meeting and vote by going to the following website: or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received. Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies' proxy solicitor, Broadridge, at 1-833-218-3962. About Logan Ridge Finance Corporation LRFC is a business development company (a 'BDC') that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit About Portman Ridge Finance Corporation PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN's middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN's investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC ('Sierra Crest'). PTMN's filings with the Securities and Exchange Commission (the 'SEC'), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge's website at About BC Partners Advisors L.P. and BC Partners CreditBC Partners Advisors L.P. ('BC Partners') is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm's offices in North America and Europe. For more information, please visit BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners. Cautionary Statement Regarding Forward-Looking Statements Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as 'anticipate,' 'believe,' 'expect,' 'seek,' 'plan,' 'should,' 'estimate,' 'project' and 'intend' indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. 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No Offer or Solicitation This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates. Additional Information and Where to Find It This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the 'Proposals'). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the 'Registration Statement') that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the 'Joint Proxy Statement') and has mailed the Joint Proxy Statement to its and LRFC's respective shareholders. 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