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Synchrony Bank High Yield Savings Review: High APY and More

Review Updated
Kailey Hagen
Matt Frankel, CFP®
By: Kailey Hagen and Matt Frankel, CFP®

Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

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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Ratings Methodology
Rates as of Feb 20, 2024
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
  • Competitive APYs
  • No savings account minimum balance
  • No monthly fees
  • ATM fee reimbursements
  • No checking account option
  • No physical branch locations

High-yield savings account comparison

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 Promotion Next Steps
up to 4.60%
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
N/A
5.25%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A

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.

Full Synchrony Bank High Yield Savings review

This savings account is an excellent choice for many -- but not everyone. Here are the pros and cons to pay attention to.

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. 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.

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.

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 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.

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 The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.

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 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.

Our Banking Experts