Synchrony High-Yield Savings Account Review 2024

We've analyzed Synchrony Bank's rates, fees, and pros and cons to give you an up-close view of its high-yield savings account.
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Written by Rebecca Lake
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Managing Editor
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synchrony bank high yield savings account review

Synchrony Bank is one of several financial institutions offering online savings accounts in addition to credit cards.

Compared to a brick-and-mortar bank, Synchrony Bank’s savings interest rate is quite competitive. It offers a higher APY because online banks can afford to pass on higher rates to savers compared to traditional financial institutions owing to their lower overhead costs.

Factors such as how easy it is to open an account, whether you’ll pay monthly maintenance fees, and how easy it is to access your money are also important to consider when choosing an online bank.

Synchrony Savings Pros & Cons


  • Competitive APY is much higher than the national average
  • ATM access for savings customers
  • Refunds for some ATM fees, though there is a limit
  • Other banking services, like money market accounts, are offered
  • Improved mobile app


  • Online banking only, Synchrony does not have bank branches
  • There are no dedicated ATMs
  • Checking accounts are not offered

Synchrony Bank High-Yield Savings Account Top Features

Check out the main highlights of opening a high-yield savings account from Synchrony:

  • Earn a competitive APY with no minimum balance requirement
  • Make withdrawals online, by phone, or at an ATM
  • Manage your account from anywhere with your computer or mobile device
  • No monthly maintenance fee
  • Get refunded up to $5 of domestic ATM withdrawal fees per month

Like other online savings accounts, the Synchrony Bank high-yield savings account comes with an annual percentage yield (APY) that’s well above the national average.

Like other FDIC-insured online banks that offer high-yield savings options, Synchrony features competitive rates for savers who want to grow their money as quickly as possible.

Which Savings Accounts Offer the Best Interest Rates?

Compare rates, fees, and features of some of the best savings accounts to see how Synchrony Bank’s Savings account stacks up.

Compare Synchrony to Other Savings Accounts

Synchrony Bank has shaken up the banking industry with a fresh and consumer-friendly take on online savings accounts, but they continue to have stiff competition.

The banks below offer similar online savings accounts that you should take a look at.

Ally Bank Savings Account

Unlike Synchrony Bank, the Ally Online Savings Account does not provide access to ATMs for savings customers. However, Ally is like Synchrony in that branch banking isn’t available. Customers must rely on online and smartphone app tools to manage their accounts and do important things like depositing checks.

Like Synchrony, the Ally savings account also has no monthly fees. And even though it doesn’t offer ATM access, there are some other cool features geared toward people who are intent on saving as much money as possible.

Ally’s “Surprise Savings” program is a fun tool that can get you hooked on saving money. Ally reviews your checking account to find more ways for you to save your money. When more ways are found, that money is then transferred into your savings account.

Marcus by Goldman Sachs Savings

Like Synchrony Bank, Marcus offers one of the higher interest rates you’ll find at an online bank. You should check both banks because they are often neck-in-neck with their APYs.

Like Synchrony, there are no maintenance fees and no minimum deposit to open the account.

While Marcus offers online banking and a robust mobile banking app that’s easy to use, so does Synchrony.

Where Synchrony comes out ahead is that it gives savings customers access to their money via ATMs. Synchrony also wins in the fact that savings customers can also open a money market account to get access to check writing.

Because both banks offer highly competitive savings rates, you should Learn more about Marcus by Goldman Sachs savings.

Synchrony Bank High-Yield Savings Account Monthly Fees

Synchrony Bank charges no monthly maintenance fees for high-yield savings accounts. No monthly fee is a very good thing since that means no added costs eating into your interest earnings.

You’re more likely to run into monthly maintenance fees with brick-and-mortar banks and credit unions. While they can offer workarounds to avoid fees, such as maintaining a minimum balance or scheduling direct deposits, saving with online financial institutions like Synchrony means you don’t have to worry about any of that.

Other Savings Account Fees

Synchrony Bank is fairly light on fees. As far as other account fees you might pay go, there are few.

For example, Synchrony doesn’t charge you any fees for ATM access, though you might pay a service charge to the bank that owns the machine. If that happens, Synchrony Bank refunds up to $5 in domestic ATM fees you pay for eligible savings customers every statement cycle.

There’s a $25 fee for outgoing wire transfers, though. However, if you don’t typically transfer money from savings that way, you shouldn’t have to worry about that.

Besides that, there are no other service fees. You should keep in mind that even though there’s no minimum balance requirement, keeping a balance of $0 for 60 days or longer could result in your account being closed.

More Synchrony Bank High-Yield Savings Account Features & Benefits

This high-yield savings account doesn’t come with many extra bells and whistles. For example, you don’t get an interest rate boost for having other accounts at Synchrony the way some banks offer.

But you do get one thing that a lot of other online banks don’t have, and that’s ATM access to your savings.

When you open a high-yield savings account or a money market account with Synchrony, you have the option to get an ATM card. This card can be used anywhere in the U.S. or abroad at ATMs displaying the Plus or Accel logos.

Remember, Synchrony won’t charge you an ATM fee, but the ATM operator might. If you’re enrolled in Synchrony’s Perks Rewards program and have Diamond status, you can take advantage of the $5 monthly refund on ATM fees.

Aside from that, there are a couple of other ways to access your money:

  • Schedule electronic ACH transfers online
  • Schedule electronic ACH transfers by phone
  • Wire transfer money from your account to another bank

Keep in mind that you’re limited to six withdrawals per month under federal regulations. Synchrony won’t charge an excess withdrawal fee if you exceed that limit; but if you make it a habit, the bank can close your account.

Are There Other Ways to Save with Synchrony Bank?

Aside from the high-yield savings account option, there are other ways to manage your money with Synchrony Bank, including:

  • Certificates of deposit
  • IRA CDs
  • Money market accounts
  • IRA money market accounts

Synchrony Bank CDs

Synchrony provides certificates of deposit (CDs) that come with varying terms, ranging from three to 60 months. The interest rates on these CDs increase as the length of the term increases.

Opening a CD with Synchrony does not require any minimum deposit, and there are no monthly maintenance fees to worry about. However, withdrawing money from a CD before its maturity date incurs an early withdrawal penalty. The penalty amount is determined by a percentage of the interest earned and varies based on how long the CD has been open and the term chosen.

Synchrony Bank IRA CDs

IRA CDs combine the security of a CD with the tax advantages of an IRA. Synchrony Bank offers IRA CDs at competitive rates, again with a $2,000 minimum deposit. The same early withdrawal penalty applies to IRA CDs, plus making early withdrawals could also subject you to IRS tax penalties.

Synchrony Bank Money Market Account

While Synchrony doesn’t offer checking accounts, you can get check-writing abilities with a money market account. The APY on money market accounts isn’t as high as the APY for high-yield savings, but it’s still better than what you could get with most brick-and-mortar banks.

There is no minimum balance requirement to open a money market and no monthly maintenance fees. And you’re still subject to the six withdrawals per month rule, the same way you would be with a high-yield savings account.

Synchrony Bank IRA Money Market Account

The IRA money market account is similar to the IRA CD in that it’s a money market account with the tax benefits of an IRA.

This one has no minimum deposit or monthly maintenance fees, plus you can choose between a traditional or Roth IRA account based on your needs. With a traditional IRA CD or money market, your contributions are generally tax-deductible. A Roth IRA CD or money market would allow for tax-free distributions in retirement.

How to Open a Synchrony Bank High-Yield Savings Account

If you’re ready to start saving with Synchrony Bank, the process is fairly straightforward. Here’s what you need to open an account:

  • Your name
  • Address
  • Phone number
  • Email number
  • Social security number
  • Date of birth
  • Account number and routing number for the bank from which you want to transfer your initial deposit

You can open an account online, which may be the fastest and easiest way to do it. You can also open your account over the phone if necessary.

Once your account is open and you’ve made your initial deposit, you’ll start earning interest right away.

You can check your account balance, make a balance transfer between your Synchrony accounts, view your transaction history, and schedule transfers to accounts at other banks through the mobile app or online banking.

Customer service is available by live chat, phone, or snail mail if you need help or have questions about your account.

Bottom Line: Is a Synchrony Bank High-Yield Savings Account Right for You?

The Synchrony Bank high-yield savings account could be a solid choice for saving if you want to earn a great rate with no monthly maintenance fees.

There are some online banks that offer higher rates on savings; but Synchrony is still worth considering, especially if you’re interested in opening a money market account or CDs to grow your savings as well. You’d just have to keep your checking accounts at a separate bank since Synchrony doesn’t offer them.

The fact that you can access your savings via an ATM card is a nice benefit you don’t always get with savings accounts, either online or from brick-and-mortar banks.

As you compare other banks to what Synchrony has to offer, remember to consider convenience as well as the APY and fees.

Frequently Asked Questions

Get answers to some of the most common questions our readers ask about Synchrony Bank and savings accounts in general.

Is Synchrony Bank FDIC insured?

Yes, even though Synchrony is an online bank, it is a member of FDIC, and therefore your money is insured at the same level it would be if you kept it in a traditional brick-and-mortar bank.

Does Synchrony offer a mobile app?

Yes, and you can access it through Google or Apple. You’ll need to set up your account online first, and then download the app and sign into it.

Which is better, a Synchrony savings account or a CD account?

Both are good and used together, they are even better. The CD account offers a higher interest rate than the savings account, but you don’t have immediate access to your money as you do with a savings account. The best-case scenario is to put money in your savings account that you may need within the next six months or sooner. For money you want to put away for longer, open a CD account and earn a higher interest on that amount.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.