Synchrony Bank High Yield Savings review September 2019 |

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Synchrony High Yield Savings account review

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Earn 2% APY on an online account that comes with ATM access.’s rating: 4.9 / 5.0


Looking for a safe place to store your hard-earned cash? A high-yield savings account can help you meet your financial goals more quickly than a traditional account.

Here’s a savings account option offered by the online Synchrony Bank.






Minimum deposit to open


Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6

What are the benefits of a Synchrony High Yield Savings savings account?

All Synchrony Bank savings accounts are FDIC insured for up to $250,000 with easy access at an ATM, online or by phone. You can easily manage your balance and set up same-day payments, future payments or autopay online. And a flexible app helps you deposit checks from your mobile phone.

Unlike other products, the Synchrony High Yield Savings Account comes with a high savings rate and benefits that include:

  • 2% APY. Earn more than with other accounts offered by many competitors.
  • No minimum daily balance. Save as much or as little as you want with interest accrued on your full balance.
  • No fees. Pay no associated maintenance fees, keeping more of your money in your account.
  • Free ATM card. Unlike other online accounts, Synchrony’s comes with ATM access for easy withdrawals. The bank refunds up to $5 in outside ATM fees each statement.
  • Customer rewards. Earn access to ATM fee reimbursements, free wire transfers and other perks just for being a Synchrony customer.
  • No fees for 6+ transactions. Unlike many other banks, Synchrony won’t charge you if you exceed a monthly 6-transaction limit.

What should I look out for?

Synchrony High Yield Savings account offers several ways to save, but watch out for potential drawbacks that include:

  • Limited transactions. You won’t pay a fee for exceeding six transactions monthly, but doing so repeatedly could result in Synchrony closing your account.
  • High wire fees. Outgoing wire transfers are subject to a $25 fee for each.
  • Limited in-person support. Synchrony operates only one brick-and-mortar branch in Bridgewater, New Jersey.
  • Withdrawal limits. You’re limited to accessing $1,000 from ATMs and $500 for point-of-sale withdrawals daily.

Compare Synchrony to other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Betterment Everyday Savings
Betterment Everyday Savings
At a 2.38% APY if you join the waitlist for Betterment Everyday Checking or 2.13% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
Earn 20x the national savings account average with no fees or minimums.
Earn one of the highest interest rates without the fees.

Compare up to 4 providers

How do I apply?

1. Go to Synchrony’s website and click Open an Account.
2. Click Get Started to begin your application.
3. Select High Yield Savings and indicate whether you’re interested in an Individual or Joint account. Tell Synchrony how you heard about its products from the drop-down menu. Click Next: Select Options.
4. Enter your opening deposit, and indicate whether you would like to receive an ATM card. Click Next: What you will need.
5. Review the required information to open an account. When you’re ready, click Next: Provide Owner Information.
6. Complete the required fields with your full name, your Social Security number, your date of birth and your email address. Click Next: Provide Address Information.
7. Provide your address. Click Next: Verify Identity.
8. Verify your identity by providing your phone number, a secret question and answer, your employment information and either your driver’s license number, military ID or state ID. To add a beneficiary, select Next: Add Beneficiaries. Or click Skip/Add Beneficiaries Later.
9. Indicate your funding method and source of funds, then provide your banking information, including your routing number, account number and account type. Click Next: Review Selections.
10. Review your account information and the Terms and Agreements, and submit your application.

Eligibility requirements

To open a Synchrony online savings account, you must:

  • Be a US citizen.
  • Have a valid US residence.
  • Have a valid SSN or tax ID number.
  • Have a US driver’s license, state ID or military ID.

Required information

To open a Synchrony savings account, you’ll submit your:

  • Full name and contact information.
  • Date of birth and Social Security number.
  • Driver’s license or state ID number.
  • Bank account details for your external funding account.

How do I deposit or withdraw money?

Although Synchrony Bank is online only, it offers flexible ways to access your money.

  • Eligible ATM
  • Mail
  • Direct deposit
  • Internal transfer from another Synchrony account
  • Electronic funds transfer from a registered external account
  • Mobile check deposit
  • Wire transfer
  • Eligible ATM or point of sale
  • Transfer to an external bank account by phone or online
  • Wire transfer
  • Request a check

How do I get in touch with customer service?

If you need assistance, reach out by:

  • Online chat
  • Phone at 866-226-5638
  • Mail

What other savings options does Synchrony Bank offer?

In addition to its high-yield savings account, Synchrony also offers:

  • Money market account. Easily access your funds with no minimum balance, no service fees, an ATM card and an APY of up to 1.15%.
  • CDs. Terms range from three to 60 months, with APYs of 0.75% to 3.00%. A minimum deposit of $2,000 is required.
  • IRA CDs. Sign up for Roth and traditional IRA CDs with terms of three to 60 months and 0.75% to 3.00% APYs. A minimum deposit of $2,000 is required.

Bottom line

The Synchrony High Yield Savings Account offers a competitive 2% APY, no fees and access to ATM withdrawals. Plus, you get access to perks like ATM fee reimbursement and FDIC deposit insurance.

But transfers are limited, and you won’t get the extensive in-person support of traditional banks.

Before committing your money to an account, compare savings accounts to find the best one you’re eligible for.

Common questions about Synchrony Bank

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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