December 12, 2023

Synchrony High Yield Savings Review

Read more about Synchrony Bank
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

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 3.65% 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® - $400 Bonus

Expires 4/15/2026
  • New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
  • Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
  • Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
  • 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*
  • Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
  • Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
  • Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
  • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo

Wells Fargo Everyday Checking Account - $325 Bonus

Expires 4/14/2026
  • Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
  • Wells Fargo Bank, N.A. Member FDIC
Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Expires in 4 days
  • The cash offer up to $500 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 1/31/2026.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
    Cash BonusTotal Qualifying Direct Deposits
    $100$2,000
    $300$5,000
    $500$10,000+
  • If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
  • Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • 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 - $400 Bonus

Expires 3/31/2026

Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.

Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.

Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.

New money is defined as funds 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 may reduce the required daily balance during the qualifying period.

Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.

Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.

All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by 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

Expires Tomorrow
  • Qualify for a $300 cash bonus with a minimum deposit of $50,000
  • This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
Overview
Disclosures

Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Subscribe to CreditDonkey: Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime

Compare:

Bask Bank Review

Bask Bank

Looking to earn a competitive APY? Interested in earning miles as you save? Bask Bank offers enticing savings options to meet your needs.

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.

*Terms and conditions apply. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. Please review the merchant's website for terms and conditions.

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.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
© 2026 CreditDonkey Inc. All Rights Reserved.