December 12, 2023

Synchrony High Yield Savings Review

Read more about Synchrony Bank
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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.

5-point scale (the higher, the better)

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.

How Much Can You Earn?

Find out how much your funds can grow in Synchrony's High Yield Savings using this convenient calculator.

Savings 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.

Does Synchrony High Yield Savings have withdrawal limits?
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


  • Competitive APY
  • No monthly charges
  • No minimum balance or opening deposit
  • Optional ATM card
  • Mobile check deposits
  • Daily compounding interest credited monthly


  • Limited to 6 transactions per statement cycle
  • No physical branches
  • No checking account option
  • No cash deposits
  • No digital savings tools

What do you value most in a high-yield savings account besides APY?

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:

  1. Visit Synchrony's website and click "Open an Account".
  2. Select "Open A Synchrony Bank Account" and fill out the application form.
  3. Choose the product you want (High Yield Savings).
  4. Fund your account with your desired amount.

If you need help, you may call their hotline (1-866-226-5638) to open an account. You can also fill out the application form on paper and mail it to their address.

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

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.


Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • 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
  • 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*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, 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.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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