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The Synchrony Bank High Yield Savings account impresses with its lack of fees and high APY, but that's only the beginning of what it offers. It also includes an ATM card with monthly out-of-network ATM fee reimbursements and some impressive mobile tools. Check out our full Synchrony Bank High Yield Savings account review below to learn if it's the right choice for you.
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Synchrony Bank High Yield Savings
The Synchrony Bank High Yield Savings account has no minimum deposit and one of the highest APYs on our radar. It not only provides an ATM card with access to your cash at tens of thousands of free ATMs, but Synchrony will even reimburse a certain amount of out-of-network ATM fees. With a top-rated app and no maintenance fees, the Synchrony High Yield Savings account could certainly be worth a look.
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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Account | APY | Minimum Deposit |
---|---|---|
Synchrony Bank High Yield Savings | 4.75% | $0 |
Synchrony Bank will pay you 4.75% on your saved cash, and you don't even need to meet a minimum deposit to open the account or earn the APY, which is among the highest we've encountered. That could make this account a great fit for those just getting started with saving.
This savings account is an excellent choice for many -- but not everyone. Here are the pros and cons to pay attention to.
High APY: The Synchrony Bank High Yield Savings APY is among the highest offered by high-yield savings accounts we've found.
No minimum deposit or balance: Not only does Synchrony's generous APY apply to all accounts, regardless of balance, but there is also no required minimum to open an account.
No maintenance fee: As with many online-based savings accounts, the Synchrony Bank High Yield Savings account has no maintenance fee. In contrast, many brick-and-mortar banks set conditions (such as a direct deposit each month or maintaining a certain balance) to avoid monthly maintenance fees.
Easy ATM access: Synchrony Bank High Yield Savings customers get a debit card that allows them to withdraw money for free at machines with Plus or Accel® logos. Not only that, but Synchrony will reimburse customers for up to $5 of out-of-network ATM fees each month. This is common among checking accounts, but it's somewhat of a rarity among online-based savings accounts, as many only allow withdrawals to a linked checking account. Those with Diamond status in its Perks Rewards program get unlimited monthly ATM fee reimbursements.
Mobile functionality: The Synchrony Bank mobile app works on Apple and Android devices. It lets you transfer funds, check your balance, deposit checks, and more. It is highly rated, with a 4.8 out of 5 star rating in the App Store
FDIC insured: Just like a traditional bank account, a Synchrony savings account is covered by the FDIC. Your funds are protected up to $250,000 per depositor, per institution, in the unlikely event of bank failure.
Wire transfer fee: Synchrony charges a $25 fee for an outgoing wire transfer to other U.S. banks. This is by no means excessive in relation to the competition, but some online savings accounts don't charge any fees for wire transfers.
You can deposit and withdraw money from your Synchrony Bank High Yield Savings account in any of these ways.
Here are your choices for depositing funds into your Synchrony Bank High Yield Savings account:
Synchrony gives you the following options for withdrawing money from your Synchrony Bank High Yield Savings account:
Synchrony charges a $25 outgoing wire fee. ATM withdrawals are possible (and free) at machines with Plus or Accel® logos. If you can't find an ATM in one of those networks, Synchrony will reimburse customers for up to $5 of out-of-network ATM fees each month. Diamond status customers get unlimited ATM reimbursements, which can be an especially valuable benefit if you travel often to places with high-fee ATMs.
The Synchrony Bank High Yield Savings account is a good fit for those who value convenience and affordability. It packs in many of the wallet-friendly perks we covet in a savings account -- namely, convenience, a high yield, and fees that match or beat the competition. The latter may be most important for savers, as high fees can quickly wipe out interest earnings.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
Synchrony Bank is an FDIC-member financial institution, which means that deposits are protected, up to $250,000 per person, per institution. The bank is well-capitalized and has plenty of liquidity to cover customer withdrawals, even if there was turbulence in the banking industry.
The Synchrony Bank High Yield Savings account pays interest monthly on the statement date, and it is compounded on a daily basis.
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