Synchrony High Yield Savings Review
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Synchrony's high-yield savings account has a high APY with no fees. But they also have more to offer than just that. Read on to know all the details.
Overall Score | 4.5 | ||
Savings | 5.0 | ||
Fees | 5.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Solid APY
- $0 monthly fees
- No opening deposit
- No physical branches
Bottom Line
High-yield savings account with an impressive APY
Synchrony's High Yield Savings account currently offers an impressive 4.10% APY, higher than most brick-and-mortar banks.
This is ideal for those wanting better rates to boost their savings.
And, there is no minimum balance required, giving account holders more legroom with their funds.
Synchrony High Yield Savings Features
Here are its stand-out features that can provide more flexibility with your money.
- ATM Access
Synchrony's High Yield Savings comes with an optional ATM card giving you more options to access, spend, and withdraw your money domestically or abroad.The bank also does not charge for ATM usage, though some operators may impose an ATM fee for each transaction. However, domestic ATM fees can be refunded up to $5 per statement cycle.[1]
- Mobile Banking
Synchrony's mobile app allows you to transfer money, deposit checks, track your balance, and chat with customer support wherever you (and your phone) are.The downside is that, unlike other online banks, Synchrony has no budgeting tools to help you get the most out of your account.
Synchrony Bank: High Yield Savings - 4.10% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
How Much Can You Earn?
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Find out how much your funds can grow in Synchrony's High Yield Savings using this convenient calculator.
Fees To Look Out For
Synchrony High Yield Savings gives you virtually no fees to think about. It has:[2]
- No minimum balance
- No opening deposit
- No monthly maintenance fees
But, if you maintain a $0 balance on the account for over 60 days, it may be subject to closure.
Yes, it does. You're allowed only 6 transactions or withdrawals per statement cycle, which includes preauthorized or automatic transfers, phone transfers, checks, or point-of-sale purchases using your ATM card. Withdrawals made through ATMs do not count towards this limit, but you cannot exceed the ATM withdrawal limit of $1,000 per day.[3]
Pros and Cons
Pros:
- Competitive APY
- No monthly charges
- No minimum balance or opening deposit
- Optional ATM card
- Mobile check deposits
- Daily compounding interest credited monthly
Cons:
- Limited to 6 transactions per statement cycle
- No physical branches
- No checking account option
- No cash deposits
- No digital savings tools
Who Can Open An Account?
To open a Synchrony High Yield Savings Account, you must meet the following criteria:
- Must be a U.S. citizen with a valid U.S. address
- Must be at least 18 years old
- Must have a valid Social Security or Tax Identification number
When you apply for an account, you will also be asked to provide your personal information and IDs like a driver's license or other identifying documents.[4]
How To Open An Account?
If you want to open a Synchrony high-yield savings account online, here's how to do it:
- Visit Synchrony's website and click "Open an Account".
- Select "Open A Synchrony Bank Account" and fill out the application form.
- Choose the product you want (High Yield Savings).
- Fund your account with your desired amount.
How Do I Deposit and Withdraw Money?
If you want to deposit money into your Synchrony savings account, you can do any of the following:
- ACH transfer
- Mobile check deposit
- Direct deposit
- Wire transfer
- Mail a personal/cashier's check
On the other hand, to make a withdrawal, you can use an ATM, do a wire transfer, or request a check.
Who Is It Best For?
Synchrony's High Yield Savings account is best for individuals who want a secure and flexible place to store and grow their funds. Particularly ideal for those wanting to earn a high APY.
It is also good for those who prefer to have their money within reach because they have both ATM access and simple mobile banking services.
Is Synchrony Bank Safe?
Yes, it is because Synchrony Bank is a member of the FDIC (Cert #27314). This means that deposits are insured up to $250,000 per depositor, per ownership category.
How Synchrony Bank Savings Compares
Synchrony Bank: High Yield Savings - 4.10% APY | Ally Bank: Online Savings Account - 3.80% APY | Discover Bank: Online Savings Account - Earn 3.75% APY | |
|---|---|---|---|
| APY | |||
| Minimum Deposit to Open | |||
| Monthly Fee | |||
| Balance Requirement | |||
| Get Deal | Get Deal | Get Deal |
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High-Yield Savings Account - 4.52% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Bottom Line
Synchrony Bank's High Yield Savings account pays a competitive APY rate without any hidden fees.
The optional ATM card can get you better access to your funds. But they are still an online-only bank so you can't visit any physical branches.
If these features sound appealing to you, consider opening a savings account with Synchrony.
References
- ^ Synchrony. FAQ/General: Which ATMs can I use and are there any fees?, Retrieved 11/11/2023
- ^ Synchrony. FAQ/Savings Accounts: Are there minimum balance requirements or fees?, Retrieved 11/11/2023
- ^ Synchrony. FAQ/General: Are there daily limits to ATM card usage?, Retrieved 11/11/2023
- ^ Synchrony. Consumer Deposit Account Agreement, Retrieved 10/19/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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