The Synchrony Bank High Yield Savings offers a rich annual percentage yield (APY) of 4.50%, significantly higher than the national average and one of the best high-yield savings accounts. You’ll also avoid minimum deposit requirements and monthly fees, though there is no checking account available.
It is a digital-only bank, though, meaning you’ll have to be comfortable banking completely online.
Account details and APYs are accurate as of September 11, 2024.
Are Synchrony Bank savings account interest rates worth it?
As a saver at Synchrony, you have only one traditional savings account (the one featuring a very competitive 4.50% APY), but plenty of other interest-earning options, including the Synchrony Bank Money Market Accountwith 2.25% APY and more than a dozen CD terms to choose from. The current highest-yielding term on the Synchrony Bank certificates of depositis the nine-month term that offers a 4.80% APY.
The high-yield savings account comes with some perks, too. Unlike with most other savings accounts, you can request a linked debit card and use it to make purchases and do basic transactions at any ATM that displays the Plus or Accel logos. (Though this should only be used in an emergency; you shouldn’t make it a habit to dip into your savings account to meet daily needs.)
Synchrony doesn’t charge fees for using an ATM and will refund you up to $5 per statement cycle for third-party domestic ATM fees. Customers with Diamond status in Synchrony’s Perks Rewards program receive unlimited ATM fee refunds each statement cycle.
While you can’t deposit cash directly into the savings account, you’ve got other ways to manage your money. In addition to your debit card and ATM access, you can:
- Log into your account online and electronically transfer your money to and from other accounts, whether they’re at Synchrony or other institutions.
- Transfer money using the bank’s automated phone system.
- Request a wire transfer.
- Deposit checks, each with a $2,000 limit, through the mobile app.
- Set up direct deposit from a third party.
- Mail a personal or cashier’s check to the bank.
One potential drawback is the transaction limit, which applies to both the high-yield savings account and the money market account (MMA). With each account, you can make up to six transfers or withdrawals during each statement cycle. ATM cash withdrawals don’t count toward this limit.
Another downside is the lack of a branch network. Synchrony is an online-only financial institution, which means you can’t get in-person help. However, there’s live customer support online during extended business hours and weekend hours, plus automated phone support 24/7.
Some individuals open multiple savings accounts to meet different needs. So if you want the ability to write checks, for instance, you might consider opening a money market account with Synchrony. The MMA comes with a much less attractive yield on all balances; plus there are no minimum deposits, no minimum balances and no monthly fees.
Overview of Synchrony Bank interest rates
Synchrony Bank’s savings account provides a competitive APY of 4.50%, while its money market account slashes that rate to 2.25% APY on all balances. Neither account charges a monthly maintenance fee or requires a minimum deposit or balance.
| ACCOUNT | APY | MIN. DEPOSIT | MONTHLY MAINTENANCE FEE |
|---|---|---|---|
High Yield Savings | 4.50% | $0 | $0 |
Money Market Account | 2.25% | $0 | $0 |
How much can you earn with a Synchrony Bank savings account?
The deposit APYs offered through Synchrony Bank compounds daily and are credited to your account monthly. Here’s how much your savings could grow.
| ACCOUNT | INITIAL DEPOSIT AMOUNT | MONTHLY CONTRIBUTION | APY | INTEREST EARNED AFTER 5 YEARS | INTEREST EARNED AFTER 10 YEARS |
|---|---|---|---|---|---|
High Yield Savings | $10,000 | $100 | 4.50% | $3,232.51 | $8,789.74 |
Money Market Account | $10,000 | $100 | 2.25% | $1,533.78 | $3,963.73 |
How does Synchrony Bank compare?
Even with Synchrony’s solid savings option, it’s always a good idea to see what’s available. For instance, you can earn 4.25% APY with the Capital One 360 Performance Savings. And some online-only banks, like UFB Direct, provide APYs north of 5% on its UFB Portfolio Savings account.
| ACCOUNT | APY | MIN. DEPOSIT | MONTHLY MAINTENANCE FEE |
|---|---|---|---|
Synchrony Bank High Yield Savings | 4.50% | $0 | $0 |
UFB Portfolio Savings | Up to 5.15% | $0 | $0 |
Capital One 360 Performance Savings | 4.25% | $0 | $0 |
Other savings options at Synchrony Bank
In addition to its high-yield savings account and money market account, Synchrony offers three types of certificates of deposit with different term lengths for each.
- Standard CDs come in terms ranging from three months to five years, with rates varying based on the length you pick. The highest rate is 4.80% APY for a nine-month term.
- The Synchrony Bank Bump-Up CD allows you to raise your APY one time during the 24-month term. This CD earns a 3.25% APY.
- The Synchrony Bank No-Penalty CD has an 11-month term and comes with a 0.25% APY. Once the CD has been open for at least six days, you can withdraw funds at any time without losing interest that’s already accrued.
For Synchrony’s Bump-Up and standard CDs, you’ll pay an early withdrawal penalty if you need to take money out before the CD matures. The penalty is calculated based on the CD term and how long the account’s been open.
About Synchrony Bank
Synchrony Bank is a division of Synchrony Financial, which started as an arm of General Electric (GE) in 1932. In 2015, it separated from GE as an independent company, becoming one of the largest providers of private-label credit cards in the U.S. today. It operates fully online and offers high-yield savings accounts, money market accounts, CDs and credit cards.
Frequently Asked Questions (FAQs)
The Synchrony Bank High Yield Savings Account has a 4.50% APY and comes with no monthly maintenance fee, no minimum deposits and no balance requirements.
You can open a savings account online at SynchronyBank.com if you’re at least 18 years old and a U.S. citizen or resident. After clicking the “Open an Account” button on the homepage, you’ll either log into your existing account or create one to get started. The application is relatively short, and you’ll need to include your:
- First and last name.
- Social Security number.
- Date of birth.
- Phone number.
- Mailing address.
- Email address.
- Occupation and employer.
Once you review the account terms and conditions, you’ll finalize your profile and add money to your new account. There’s no minimum deposit, but Synchrony may close your account if there are no funds in it within 60 days of account opening.
You’ll currently earn 4.50% APY on the Synchrony Bank High Yield Savings Account.
