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.

Rates as of Aug. 14, 2018
Offer APY Best For… Next Steps
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APY: 1.85% Best For: High APY Apply Now

What I like about Synchrony Bank High-Yield Savings

High APY -- 1.85% 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.

Funding options

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.

Withdrawal options

Funds can be withdrawn via electronic transfers to an external account, at ATMs, through an outgoing wire transfer ($25 fee), or mailing a physical check.

Online savings account comparison

Rates as of Aug. 14, 2018
Offer Synchrony Bank High-Yield Savings Member, FDIC
American Express Personal Savings Member, FDIC
Marcus Savings by Goldman Sachs Goldman Sachs Bank USA Member, FDIC
Rating
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our card ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
APY

APY: 1.85%

APY: 1.75%

APY: 1.85%

Best For…

Best For: High APY

Best For: High APY and low fees

Best For: High APY and low fees

Min. for APY

Min. for APY: $0

Min. for APY: $1

Min. for APY: $1

Next Steps Apply Now Synchrony Bank High-Yield Savings Review Apply Now American Express Personal Savings Review Apply Now Marcus Savings by Goldman Sachs Review

Final take

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.