Rakuten's $100 Synchrony Savings Bonus: A Low-Effort $1,000 Deposit

A hundred bucks for moving $1,000 into a savings account isn't going to change your life, but it's about as painless as bank bonuses get. Rakuten is paying $100 (or 10,000 points, if you prefer) when you open a Synchrony High Yield Savings account through their portal and fund it with at least a grand. No direct deposit, no debit card swipes, no hoops to jump through beyond the initial deposit. Here's what you need to know before you click.

The basic mechanics of the deal

You start by clicking through from Rakuten to Synchrony's site. That tracking step is non-negotiable—if you open the account directly with Synchrony, Rakuten has no way to know you came from them, and you'll forfeit the bonus.

Once you're in, open a new Synchrony High Yield Savings account and deposit at least $1,000 within 55 days. That's the whole requirement. There's no minimum holding period mentioned, so in theory you could move the money out once the deposit clears, though I'd let it sit until the cash back posts just to avoid any headaches.

• Click through from Rakuten before applying—no exceptions.
• Deposit $1,000+ within 55 days of account opening.
• Keep the money there until the bonus lands, just to be safe.

Who actually qualifies

This is for new Synchrony deposit customers only. If you already have an active Synchrony savings, CD, or money market account, you're out of luck. The deposit also has to come from outside Synchrony—you can't shuffle money from an existing Synchrony account into the new one and call it a day.

One more thing worth flagging: Synchrony runs a ChexSystems inquiry when you apply, and readers have reported they're picky about Chex history. If you've been opening a lot of bank accounts lately, this one might get denied. It's not a hard credit pull, so it won't ding your credit score, but a Chex rejection is still annoying.

• No existing Synchrony deposit accounts allowed.
• Funds must come from an external bank.
• ChexSystems inquiry required; Synchrony is reportedly sensitive to recent activity.

Points vs. cash, and the tax angle

Rakuten lets you take the $100 as a statement credit, PayPal payout, or check—or as 10,000 Membership Rewards points if you have a card that earns them (or Bilt points, depending on your linked accounts). If you're deep into the points game, 10,000 MR points can easily be worth more than $100 when transferred to airline partners. For everyone else, cash is fine.

On taxes: Synchrony won't send a 1099 for this bonus since they're not the ones paying it. Rakuten might send a form, but generally only if you rack up $2,000 or more in total Rakuten bonuses in a calendar year. Either way, the IRS considers this taxable income, so keep a mental note.

• 10,000 MR/Bilt points may beat $100 cash if you know how to use them.
• No bank 1099; Rakuten may issue one at the $2,000 threshold.
• Bonus is taxable regardless of whether you get a form.

Is the Synchrony account itself worth keeping?

Synchrony's High Yield Savings isn't going to top the charts—there are plenty of accounts paying more at any given moment. But it's consistently decent, and the rate doesn't tend to crater the way some promotional accounts do. If you don't already have a solid high-yield savings option, this isn't a bad place to park an emergency fund after the bonus posts.

That said, if you're only here for the $100, you can always move the money elsewhere once Rakuten pays out. Just check the current rate before you decide.

• Rates are competitive but rarely the absolute best.
• Good option if you lack a high-yield savings account.
• Feel free to move funds after the bonus is paid.

A couple of pitfalls to avoid

The biggest mistake people make with Rakuten bank bonuses is opening the account without clicking through first. Rakuten's tracking isn't always perfect, so take a screenshot of the offer page before you apply and keep your confirmation email. If the cash back doesn't show up in your Rakuten account within a few weeks, you'll need that evidence to file a missing cash back claim.

Also, don't close the Synchrony account immediately after the bonus posts. Some banks claw back bonuses if you close too soon, and while Synchrony's terms here don't mention a clawback, it's not worth the risk for a hundred dollars.

• Always click through from Rakuten before applying.
• Save screenshots and confirmation emails in case tracking fails.
• Don't close the account right after the bonus posts.

Bottom Line

• Easy $100 for a $1,000 deposit—no direct deposit or debit card requirements.
• Must be a new Synchrony deposit customer and fund from an external bank.
• ChexSystems inquiry and sensitivity could trip up frequent account openers.
• 10,000 MR points may be more valuable than $100 cash if you transfer to partners.
• Click through from Rakuten first or you'll lose the bonus entirely.

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