Synchrony Bank High Yield Savings account review October 2018

Earn 1.9% APY on an online account that comes with ATM access.

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.

What are the benefits of a Synchrony Bank High Yield 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 Bank High Yield Savings Account comes with a high APY and benefits that include:

• 1.9% 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 Bank 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.

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.

How do I deposit or withdraw money?

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

How do I get in touch with customer service?

If you need assistance, reach out by:

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

Compare Synchrony to other savings accounts

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

Synchrony’s High Yield Savings Account offers a competitive 1.9% 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

• Will I pay a fee for using my Synchrony savings account ATM card?

  You might at select ATMs. Use your ATM card at any machine displaying the Plus or Accel logos. But note any fees the bank or operator advertises for accessing your cash.

  To help out, Synchrony offers to refund up to $5 for these fees each statement cycle.

• How do I contact customer service?

  Reach Synchrony’s 24/7 automated telephone service at 866-226-5638.

• Does Synchrony offer mobile banking?

  Yes. Go online or download the app to manage your account balance, transfer funds, deposit checks and view your account statements.

• Which transactions count toward my six monthly transactions limit?

  Transactions that qualify for your six monthly transactions include:

  • Depositing checks.
  • Swiping your card for purchases.
  • Sending wire transfers.
  • Moving money among accounts — with Synchrony or otherwise.