Synchrony High Yield Savings account review
Earn 0.4% APY on an online account that comes with ATM access.
finder.com’s rating: 4.9 / 5.0
The Synchrony High Yield Savings account gives you a safe place to store your hard-earned cash, and the optional ATM card makes it easy to access your money, but there are few other bells and whistles.
Minimum deposit to open
How do I open a Synchrony High Yield Savings account
You can open a Synchrony High Yield Savings account by following these steps.
- Go to the provider’s site and follow the steps to apply.
- From the navigation menu on Synchrony’s website, select Savings then High yield savings then Start saving now.
- If this is your first Synchrony account, select Yes, open a Synchrony Bank account.
- Enter your name, address, phone number, email address, Social Security number and date of birth, then select Next step.
- Choose your country of citizenship then select a security question and enter your employment details.
- Choose High yield savings and select either an individual or joint account, and designate a funding source.
- Confirm your personal details and select Next step, then review and agree to the terms and conditions.
- Create a username and password, then enter the details related to your funding source.
- Make your initial deposit of any amount.
To open a Synchrony online savings account, you must meet the following requirements:
- US citizen
- US residence
- Valid SSN or tax ID number
- US driver’s license, state ID or military ID
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
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 and are accessible online, over the phone or at an ATM. 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.
- Competitive interest rate. This account earns 0.4% APY, which is a better rate than many other banks offer.
- No fees. Pay no associated maintenance fees, keeping more of your money in your account.
- Free ATM card. When you open an account, you can choose to receive a Synchrony ATM card, which allows for easy withdrawals. Synchrony will refund up to $5 in out-of-network ATM fees each statement period.
What should I look out for?Synchrony High Yield Savings account offers several ways to save, but watch out for potential drawbacks that include:
- No branches. Synchrony Bank only exists on the internet, so you can’t meet with a banker in person. To speak with a Synchrony support specialist, call 866.226.5638.
- No integrated checking. Synchrony offers savings and credit accounts but no checking accounts, so you can’t use this bank as an all-in-one solution.
Compare Synchrony High Yield Savings to similar accounts
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Aspiration Spend & Save Account
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Minimum deposit to open
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Synchrony’s ATM network and fees
When you open a Synchrony High Yield Savings account, you can choose to receive an ATM card linked to the account. You can use your Synchrony ATM card at any ATM with the Plus or Accel logos.
If you use an ATM outside of that network, Synchrony Bank won’t impose any fees, but the owner of the ATM might. However, during each statement cycle Synchrony will refund up to $5 in domestic ATM fees charged by other financial institutions. You can receive unlimited domestic ATM fee refunds if you attain Platinum status in Synchrony’s Perks rewards program, which requires a $250,000 account balance.
How do I deposit or withdraw money?
Although Synchrony Bank doesn’t have any brick-and-mortar branches, it offers flexible ways to access your money.
- Eligible ATM
- 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 Synchrony’s customer service?
If you need assistance, reach out by:
- Online chat
- Phone at 866.226.5638
What other savings options does Synchrony Bank offer?
In addition to its high-yield savings account, Synchrony also offers:
- Money market account. Synchrony’s flat-rate money market account lets you earn 0.35% no matter what your balance is.
- CDs. Synchrony also offers certificates of deposit with interest rates up to 0.8% on terms up to 60 months. 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 0.15% to 0.80% APYs. A minimum deposit of $2,000 is required.
The Synchrony High Yield Savings account offers a competitive 0.4% APY, no fees and access to ATM withdrawals. However, there are few other perks and no integration with a checking account. If you’re looking for a simple, standalone savings solution, this might be the account for you. But if you want to keep all of your money with one bank, consider Axos, Chime or Discover, which each offer a comparable interest rate with integrated checking accounts.
Before committing your money to an account, compare savings accounts to find the best one you’re eligible for.
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