Synchrony Bank High-Yield Savings Review
I consider Synchrony Bank High-Yield Savings a best-in-class savings account for people looking to secure a high interest rate. What's more, Synchrony's savings account tackles common fees head-on, bringing the cost of maintaining an account down to $0 for routine account needs. These are a few reasons why we picked it as one of the top savings accounts among the popular offers we cover.
What I like about Synchrony Bank High-Yield Savings
High APY -- 1.75% is among the highest interest rates we know of for a high-yield online savings account. Keep in mind that Synchrony doesn't tier its interest rates according to your savings balance, which means the "headline" interest rate applies uniformly to all balances.
$0 minimum deposit -- Banking customers have a wealth of high-yield online savings accounts to choose from, and many don't require a minimum opening deposit, including Synchrony Bank High-Yield Savings.
$0 monthly maintenance fee -- This savings account is as fee-savvy as online savings accounts get, and there's no maintenance fee each month.
$0 withdrawal limit fee -- Many competing banks charge a fee when account holders exceed six qualifying withdrawals each month, but Synchrony Bank High-Yield Savings bucks that trend.
Free convenience card -- Account holders can access savings via ATM with the provided convenience card. There are no fees for in-network ATMs bearing the Plus, NYCE, or STAR logos. Synchrony rebates $5 per month for out-of-network ATM fees.
Mobile convenience -- Synchrony includes a mobile app that allows for easy account management and mobile check deposits.
What could be improved
Bonus -- Some banks on the market provide a new-member bonus, a perk that would put this savings account among the few that cut fees and offer a cash bonus.
Customers can make deposits to their accounts through standard methods, including electronic transfer from an external account, mobile check deposit, direct deposit, wire transfer, and mailing a physical check. ATM deposits are not accepted, as Synchrony isn't a traditional brick-and-mortar bank.
Funds can be withdrawn via electronic transfers to an external account, at ATMs, through an outgoing wire transfer ($25 fee), or mailing a physical check.
Synchrony Bank High-Yield Savings packs in many the wallet-friendly perks we covet -- namely, convenience, a yield that's among the higher rates we know of, and fees that match or beat its competitors'. The latter may be most important for savers, as high fees can quickly wipe out interest earnings.