Synchrony Bank High Yield Savings Account Review

Whether you’re saving up an emergency fund or for holiday gifts, a savings account with a robust interest rate and convenience features is important. Unfortunately, many banks offer subpar rates and have limited ways you can access your funds in a pinch.

With mobile app access, optional ATM card and a 1.85% APY, the Synchrony Bank High Yield Savings account is among the best savings accounts nationwide. Here’s how the account matches up against competitors and what you can expect from this high-yield savings option.

Synchrony Bank High Yield Savings Account Review

When it comes to finding the best savings account, opt for simplicity. “Savings accounts should be simple. They should be easy to access, readily available and FDIC insured not to lose money,” said Daniel Zajac, CFP and writer for Finance & Flip Flops. “The goal here is a safe and liquid place to stow away money. It shouldn’t be more complicated than that.”

The Synchrony Bank High Yield Savings account offers you ease of access to your account funds. While you likely won’t be able to make a trip to the bank’s sole branch in Bridgewater, N.J., you can manage your money online or by phone. With mobile app access, you can also keep tabs on your funds.

Yet, while Synchrony Bank offers some of the best savings account rates — 1.85% APY — you do face minimum opening deposit and minimum balance requirements. To open an account, for instance, you’ll need to make a minimum deposit of $30. If your balance falls below $30, expect to pay a $5 monthly service charge.

Here’s an overview of what’s good and what’s bad with Synchrony Bank’s savings account.

Pros and Cons

Synchrony Bank’s High Yield Savings comes with an impressive 1.85% APY, a rate few online banks can beat. The bank also offers convenient access to your funds, with options to withdraw your funds online, by phone or with a convenient ATM card.


Synchrony Bank reviews are quick to note one major fault in this high-yield savings account: a $5 monthly service charge if you can’t maintain an average daily balance of $30 or more. In addition to this fee, your savings won’t earn dividends while your account balance is below $30.


Current and Typical Savings Rates

The average savings account interest rate is 0.06% APY, according to data released by the FDIC in December 2015. But you don’t need a certificate of deposit or a money market account with a high minimum balance requirement to receive competitive rates.

Who It’s Best For

Due to the bank’s $30 minimum balance requirement, you’ll want to ensure that no matter how you use your account, you can always maintain a high enough balance to avoid any monthly service charges. Thanks to the optional ATM card, this savings account is easy to access in a pinch, making it a good option for storing emergency funds.

How to Open Your Synchrony High Yield Savings Account

To open your Synchrony High Yield Savings account, you’ll need to provide basic information, such as:

In order to open your account, you will need to make a minimum opening deposit of $30. To electronically fund your new account, you will need to provide a bank account number and routing number.

Synchrony Bank is a solid option for customers who can avoid the monthly service charge while cashing in on the account’s high rate. With mobile app access, online banking and optional ATM card, this savings account can help you get ahead of savings goals while allowing you to maintain easy access to your funds.

Valencia Higuera contributed to the reporting for this article.