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Synchrony Bank High Yield Savings Review: High APY and More

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Matt Frankel, CFP®
Reviewer: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Fact Checked: Ashley Maready
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The Synchrony Bank High Yield Savings account might be for you if: You're looking for a savings account with a high APY and few fees. It's also a great fit for those who want to withdraw cash without first transferring it to a checking account.

Ratings Methodology
Rates as of Dec 06, 2024

Synchrony Bank High Yield Savings

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
4.75% Rate info Circle with letter I in it. Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • ATM access
  • ATM fee reimbursement
  • FDIC Insured
  • No branch access; online only

The Synchrony Bank High Yield Savings account has no minimum deposit and offers 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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.90%
Rate info Circle with letter I in it. 3.90% annual percentage yield as of December 12, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full Synchrony Bank High Yield Savings review

This savings account is an excellent choice for many -- but not everyone. Here's what you need to know about it.

Synchrony Bank High Yield Savings interest rate

Account APY Minimum Deposit
Synchrony Bank High Yield Savings 4.75% $0
Data source: Synchrony Bank.

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.

Fees

Synchrony Bank doesn't charge a monthly maintenance fee on its Synchrony Bank High Yield Savings account. It also doesn't have out-of-network ATM fees, though the ATM owner could charge you a fee. Customers get $5 in monthly out-of-network ATM fee reimbursements and those who have Diamond status in the Perks Rewards program get unlimited ATM fee reimbursements.

There's also a $25 wire transfer fee, though Diamond status account holders get up to three free wire transfers per statement cycle.

Minimum balance

The Synchrony Bank High Yield Savings account doesn't have a minimum balance required to earn interest. It also doesn't require a certain initial deposit to open the account.

Withdrawal limit

Your Synchrony Bank High Yield Savings account ATM card has a $1,000 daily withdrawal limit. There is no limit to the number of times you can use the ATM card.

However, you are limited to six free transfers or withdrawals from your account per statement cycle. Exceed this limit, and the bank could deny the transfer or charge you an additional fee.

Mobile app

Synchrony Bank offers mobile apps for Android and iOS devices. The iOS app has received favorable reviews from over 20,000 customers. However, Android users are less impressed with their app's capabilities.

How to access your money

You can deposit and withdraw money from your Synchrony Bank High Yield Savings account in any of these ways.

Deposit options

Here are your choices for depositing funds into your Synchrony Bank High Yield Savings account:

  • Electronic funds transfer
  • Internal transfer from another Synchrony account
  • Mobile check deposit
  • Direct deposit
  • Wire transfer
  • Mail a physical check

Withdrawal options

Synchrony gives you the following options for withdrawing money from your Synchrony Bank High Yield Savings account:

  • Electronic funds transfer
  • ATM withdrawal
  • Wire transfer

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 you 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.

Online user reviews

Though customers appear happy with its APY, overall reviews of the bank's customer service aren't favorable. It has a 1.1 out of 5 Trustpilot rating from over 500 customers and it's not rated by the Better Business Bureau. This may not concern you if you rarely deal with human representatives, but if you're worried about potential problems, you may want to explore other account options.

Top perks

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. Its Android app has received only average reviews, but its iPhone app 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.

What could be improved

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.

Is Synchrony Bank High Yield Savings FDIC insured?

Yes, Synchrony Bank is FDIC insured. Any money you put into its Synchrony Bank High Yield Savings account is protected up to $250,000 per person. Those who open a joint savings account with another person will have higher insurance limits.

Synchrony Bank High Yield Savings is right for you if:

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.

Keep reading about Synchrony Bank

Our savings account methodology

At Motley Fool Money, 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:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

Our latest bank reviews

Motley Fool Money is committed to covering most of the banks you may evaluate when making financial decisions. Here are a few of our most recent bank reviews:

FAQs

  • 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 is 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.

  • The Synchrony Bank High Yield Savings account offers a competitive APY and few fees. It also comes with up to $250,000 of FDIC insurance. If it falls short in one area, it's customer service, but not everyone cares about this, especially when working with an online bank.