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Synchrony Bank High Yield Savings Review: High APY and More

Many or all of the products here are from our partners that pay us a commission. 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.

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.

Rates as of Sept. 30, 2022

Synchrony Bank High Yield Savings

Member, FDIC
Rating image, 5.00 out of 5 stars.
Info Icon 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
5.00/5
APY
1.65%
Min. To Earn APY
$0
  • Competitive APYs
  • No savings account minimum balance
  • No monthly fees
  • ATM fee reimbursements
  • No checking account option
  • No physical branch locations

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: Synchrony Bank's High Yield Savings APY is among the highest offered by online 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 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's 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. 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.

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 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.

Online savings account comparison

The Synchrony Bank High Yield Savings account has a lot to offer. But it's always worth shopping around. Here are a few other online savings account options from our partners.

Rates as of Sept. 30, 2022
Offer
 
 
 
Account
Rating
Rating image, 5.00 out of 5 stars.
Info Icon 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
5.00/5
Rating image, 4.00 out of 5 stars.
Info Icon 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
4.00/5
Rating image, 4.25 out of 5 stars.
Info Icon 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
4.25/5
APY 1.65% 2.00% 2.15%
Min. to earn APY $0 $1 $100
Next Steps

The Synchrony Bank High Yield Savings account 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.

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