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 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.
Synchrony Bank: High Yield Savings - 3.65% 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 - 3.65% APY | Ally Bank: Online Savings Account - 3.30% APY | |
|---|---|---|
| APY | ||
| Minimum Deposit to Open | ||
| Monthly Fee | ||
| Balance Requirement |
CIT Bank Platinum Savings - $300 Bonus
- 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.
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% 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® - $400 Bonus
- 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 Everyday Checking Account - $325 Bonus
- 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 Advantage Banking - Up to $500 Cash Offer
- 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 Bonus Total 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 Business Essentials - $400 Bonus
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 Platinum Savings - $300 Bonus
- 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.
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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.
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