December 12, 2023

Synchrony High Yield Savings Review

Read more about Synchrony Bank
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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.

5-point scale (the higher, the better)

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 4.00% 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.

How Much Can You Earn?

Find out how much your funds can grow in Synchrony's High Yield Savings using this convenient calculator.

Savings 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.

Does Synchrony High Yield Savings have withdrawal limits?
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

What do you value most in a high-yield savings account besides APY?

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:

  1. Visit Synchrony's website and click "Open an Account".
  2. Select "Open A Synchrony Bank Account" and fill out the application form.
  3. Choose the product you want (High Yield Savings).
  4. Fund your account with your desired amount.

If you need help, you may call their hotline (1-866-226-5638) to open an account. You can also fill out the application form on paper and mail it to their address.

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

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

Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 4/16/2025
  • 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 Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/11/2025

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 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, see FAQs on Discover.com/Bank. See advertiser website for full details.

Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Expires 5/31/2025
  • 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 05/31/2025.
  • 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
Member FDIC

U.S. Bank Business Essentials - $500 Bonus

Expires 6/30/2025

Promo code Q2AFL25 MUST be used when opening a U.S. Bank Business Essentials, Silver, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

Earn your $500 Business Checking bonus by opening a new U.S. Bank Business Essentials or Silver Business Checking account between 4/3/2025 and 6/30/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.

Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.

New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.

Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.

Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.

All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC

CIT Bank
Member FDIC

CIT Bank Platinum Savings - $300 Bonus

  • Transfer a one-time deposit of $50,000+ for a Bonus of $300
  • 4.10% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • No monthly maintenance fee
  • Member FDIC
Terms and Conditions

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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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