The Synchrony High Yield Savings Account is a great choice if you want to maximize your earnings with minimum hassle. It pays an interest rate of 4.00% and doesn't charge any fees.
However, Synchrony Bank (Member FDIC) doesn't have a checking account. It could take up to a few business days to move money to an external checking account. If you're looking for an all-in-one banking solution, it might not be the best option.
Synchrony High Yield Savings Rate
Synchrony pays 4.00% APY.
Interest compounds daily and is deposited into your account monthly. Depending on your balance size, earnings can add up quickly — a $2,000 balance increases by around $100 in 12 months, while a balance of $10,000 earns around $500.
Overview of the Synchrony High Yield Savings Account
With no monthly service fee and a $0 minimum deposit, the bank is an excellent pick for savers who want to earn more.
Synchrony also offers an optional ATM card. You can use it to make purchases at stores when you enter your PIN, or for free withdrawals at ATMs with Plus or Accel logos. If an out-of-network ATM operator charges a fee, Synchrony reimburses up to $5 per month.
Key Features and Benefits of the Synchrony High-Yield Savings Account
Current Synchrony Savings Rate and How It Compares
One of the main benefits of Synchrony High Yield Savings is that it has a competitive APY.
The Synchrony High Yield Savings Account has a higher APY than average savings accounts at brick-and-mortar banks. It's even higher than other high-yield savings accounts at popular banks like Ally or Marcus.
You might find a handful of smaller financial institutions with 5% interest savings accounts, but keep in mind that local banks might not have technology or customer service availability that's as strong as national brands.
Synchrony High Yield Savings Account Requirements and Fees
There are minimal Synchrony High Yield Savings Account fees.
The online bank doesn't charge monthly bank maintenance fees for any of its bank accounts. It also doesn't have minimum balance requirements to earn interest or avoid fees. You won't be charged for using an ATM by another provider, and it will refund up to $5 per month in domestic ATM fees charged by other financial institutions.
How to Open a Synchrony High Yield Savings Account
To open a Synchrony High Yield Savings Account, you must apply online through the bank's website. The online application states that owners have to be at least 18 years old. You'll also need a Social Security number or tax identification number as well as a U.S. address to complete the form.
To add money to the online high yield savings account, transfer money from another bank account, make a mobile check deposit, set up direct deposit, initiate a wire transfer from another bank, or mail a check to Synchrony.
Managing Your Synchrony High Yield Savings Account
Synchrony High Yield Savings Account Accessibility
You can deposit money by making an ACH transfer, mobile check deposit, direct deposit, or wire transfer. Synchrony gives you an ATM card to make purchases at stores or withdraw money at ATMs.
You can't deposit or withdraw money at any physical branches because Synchrony is an online-only bank.
Synchrony Online and Mobile Banking
You'll need to be comfortable with online and mobile banking to manage your high yield savings account. Through online and mobile banking, you'll able to view your transaction history, get customer support through live chat, manage bank account beneficiaries, and link external bank accounts to make transfers.
The bank's mobile app is rated 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.
Synchrony Customer Service and Support
Synchrony customer service is available by phone from 8 a.m. to 10 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on weekends. The bank also has a live chat feature online and through the mobile app. You'll initially be connected to a virtual assistant if you're on the bank website, but you can be transferred to a live assistant.
Synchrony High Yield Savings Pros and Cons
Synchrony High Yield Savings Account Pros
- High interest rate
- No monthly fee
- $0 minimum opening deposit
- Optional ATM card
- Reimburses up to $5 per month in out-of-network ATM fees
Synchrony High Yield Savings Account Cons
- No physical locations
- Lacks advanced savings tools
- Doesn't have a checking account
Should You Get a Synchrony High Yield Savings Account?
With a 4.00% APY and no fees, the Synchrony High Yield Savings Account is a well-rounded option overall. It's an excellent choice for savers who want to take advantage of a competitive online high-yield savings account from a popular online financial institution.
You also might like Synchrony for its other accounts. Synchrony CD rates also pay great rates overall, and the bank's money market account gives you the ability to write checks.
But if you want to open a checking account to do all of your banking at one place, you may want to consider one of the best online banks instead.
Synchrony High Yield Savings Account Alternatives
Synchrony High Yield Savings vs. Ally Savings
The Ally savings rate is 3.80% APY. The online-only savings account has similar features to Synchrony's account, like a $0 minimum deposit and no monthly service fee. But even though the rate difference is small, it can add up — especially if you have a large savings balance.
Ally's extensive list of financial products sets it apart. The Ally Savings Account includes the option to open multiple buckets within one account for different savings goals. You can also open checking accounts, retirement accounts, investment accounts, CDs, credit cards, and loans all at one bank. If you prefer full-service banking, Ally is a better pick.
Synchrony High Yield Savings vs. Capital One 360 Performance Savings
Capital One 360 Performance Savings pays 3.70% (rate as of 02/06/25) APY. Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner.
Capital One allows customers to open multiple savings buckets to save for separate goals. Capital One is primarily an online bank but offers a few in-person branches and Capital One Cafés in select locations, making it a better option for customers who live nearby and value access to physical locations.
Synchrony High Yield Savings vs. Apple Savings
Apple Savings Account might be worth considering if you have an Apple Card and iPhone. The Apple Savings Account pays 3.90% APY, and has no monthly service fee. But if you're interested in earning the best savings rate, Synchrony's savings account is a bit higher.
You'll also prefer Synchrony for other types of bank accounts. It has money market accounts and CDs.
Why You Should Trust Us: How We Reviewed the Synchrony Bank High Yield Savings Account
Business Insider uses our bank account methodology to review savings accounts. We rate categories from 0 to 5 to determine an account's overall rating.
Categories include minimum opening deposit requirements, monthly service fees, miscellaneous features, and current interest rates. We also rate customer support, mobile app ratings, security, and ethics.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Our total star rating for a bank account can be anywhere from one to five stars, with a one-star rating indicating a low score and five stars indicating a high score.
Synchrony High Yield Savings FAQs
The Synchrony high-yield savings rate is 4.00% APY.
There are minimal fees associated with the Synchrony High Yield Savings Account. You won't have to worry about monthly service fees or out-of-network ATM fees. Synchrony reimburses up to $5 per month in domestic ATM fees charged by other financial institutions.
You can open a Synchrony High Yield Savings Account online. To apply, you will need to include a Social Security number or tax identification number. You cannot open a kid's savings account with Synchrony.
Synchrony has a strong high-yield savings account with a variety of impressive features, including a high interest rate and zero monthly fees. It also offers an ATM card, which is a rare feature in a savings account that makes it easy to access your savings quickly.
Yes, Synchrony is a Member FDIC bank. The FDIC insures high-yield savings accounts for up to $250,000 per owner, per ownership category. It will reimburse up to the maximum amount if Synchrony fails.
Even though the Synchrony High Yield Savings Account is a great option, you can't open a checking account with the bank. Synchrony only offers money market accounts, high yield savings accounts, certificates of deposit (CDs), and credit cards.
