Synchrony High Yield Savings Review
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Synchrony's high-yield savings account has a high APY with no fees. But they also have more to offer than just that. Read on to know all the details.
Overall Score | 4.5 | ||
Savings | 5.0 | ||
Fees | 5.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Solid APY
- $0 monthly fees
- No opening deposit
- No physical branches
Bottom Line
High-yield savings account with an impressive APY
Synchrony's High Yield Savings account currently offers an impressive 4.75% APY, higher than most brick-and-mortar banks.
This is ideal for those wanting better rates to boost their savings.
And, there is no minimum balance required, giving account holders more legroom with their funds.
Synchrony High Yield Savings Features
Here are its stand-out features that can provide more flexibility with your money.
- ATM Access
Synchrony's High Yield Savings comes with an optional ATM card giving you more options to access, spend, and withdraw your money domestically or abroad.The bank also does not charge for ATM usage, though some operators may impose an ATM fee for each transaction. However, domestic ATM fees can be refunded up to $5 per statement cycle.[1]
- Mobile Banking
Synchrony's mobile app allows you to transfer money, deposit checks, track your balance, and chat with customer support wherever you (and your phone) are.The downside is that, unlike other online banks, Synchrony has no budgeting tools to help you get the most out of your account.
Synchrony Bank: High Yield Savings - 4.75% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
How Much Can You Earn?
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Find out how much your funds can grow in Synchrony's High Yield Savings using this convenient calculator.
Fees To Look Out For
Synchrony High Yield Savings gives you virtually no fees to think about. It has:[2]
- No minimum balance
- No opening deposit
- No monthly maintenance fees
But, if you maintain a $0 balance on the account for over 60 days, it may be subject to closure.
Yes, it does. You're allowed only 6 transactions or withdrawals per statement cycle, which includes preauthorized or automatic transfers, phone transfers, checks, or point-of-sale purchases using your ATM card. Withdrawals made through ATMs do not count towards this limit, but you cannot exceed the ATM withdrawal limit of $1,000 per day.[3]
Pros and Cons
Pros:
- Competitive APY
- No monthly charges
- No minimum balance or opening deposit
- Optional ATM card
- Mobile check deposits
- Daily compounding interest credited monthly
Cons:
- Limited to 6 transactions per statement cycle
- No physical branches
- No checking account option
- No cash deposits
- No digital savings tools
Who Can Open An Account?
To open a Synchrony High Yield Savings Account, you must meet the following criteria:
- Must be a U.S. citizen with a valid U.S. address
- Must be at least 18 years old
- Must have a valid Social Security or Tax Identification number
When you apply for an account, you will also be asked to provide your personal information and IDs like a driver's license or other identifying documents.[4]
How To Open An Account?
If you want to open a Synchrony high-yield savings account online, here's how to do it:
- Visit Synchrony's website and click "Open an Account".
- Select "Open A Synchrony Bank Account" and fill out the application form.
- Choose the product you want (High Yield Savings).
- Fund your account with your desired amount.
How Do I Deposit and Withdraw Money?
If you want to deposit money into your Synchrony savings account, you can do any of the following:
- ACH transfer
- Mobile check deposit
- Direct deposit
- Wire transfer
- Mail a personal/cashier's check
On the other hand, to make a withdrawal, you can use an ATM, do a wire transfer, or request a check.
Who Is It Best For?
Synchrony's High Yield Savings account is best for individuals who want a secure and flexible place to store and grow their funds. Particularly ideal for those wanting to earn a high APY.
It is also good for those who prefer to have their money within reach because they have both ATM access and simple mobile banking services.
Is Synchrony Bank Safe?
Yes, it is because Synchrony Bank is a member of the FDIC (Cert #27314). This means that deposits are insured up to $250,000 per depositor, per ownership category.
How Synchrony Bank Savings Compares
Synchrony Bank: High Yield Savings - 4.75% APY | Ally Bank: Online Savings Account - 4.20% APY | Discover Bank: Online Savings Account - Earn 4.25% APY | |
|---|---|---|---|
| APY | |||
| Minimum Deposit to Open | |||
| Monthly Fee | |||
| Balance Requirement | |||
| Get Deal | Get Deal | Get Deal |
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Bottom Line
Synchrony Bank's High Yield Savings account pays a competitive APY rate without any hidden fees.
The optional ATM card can get you better access to your funds. But they are still an online-only bank so you can't visit any physical branches.
If these features sound appealing to you, consider opening a savings account with Synchrony.
References
- ^ Synchrony. FAQ/General: Which ATMs can I use and are there any fees?, Retrieved 11/11/2023
- ^ Synchrony. FAQ/Savings Accounts: Are there minimum balance requirements or fees?, Retrieved 11/11/2023
- ^ Synchrony. FAQ/General: Are there daily limits to ATM card usage?, Retrieved 11/11/2023
- ^ Synchrony. Consumer Deposit Account Agreement, Retrieved 10/19/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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