Synchrony Savings Account Review: High Rates to Build Savings

Is Synchrony Bank's high-interest savings account right for you?

Synchrony Bank, as part of Synchrony Financial, specializes in savings products like certificates of deposit, money market accounts and a high-interest savings account with competitive rates and other perks. The bank has earned several awards plus a GOBankingRates Best Savings Account designation.

Read on to learn more about how to choose a high-yield savings account.

Synchrony Savings Account Review

Synchrony Bank high-yield savings accounts offer great rates plus privacy protection, mobile banking and a rewards program. Keep reading to find out if these benefits make a Synchrony savings account the best choice for you.

Synchrony High-Yield Savings Account Overview

Savings account rates are one factor to consider when choosing a bank, but they’re not the only one. Here’s a look at major features of Synchrony savings accounts:

High-Yield Savings Account Interest Rate

Synchrony’s 1.75 percent interest rate is over 10 times the national average. It’s also significantly higher than the rates of the “big four” banks.

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Account Minimums and Fees

A minimum deposit of $0.01 is required to open the account, but there is no balance requirement. There are no fees except on ATM withdrawals, but customers receive up to $5 in ATM rebates per statement cycle.

Know: 13 Banking Fees You Should Never Pay

Managing Funds

Because Synchrony has no physical branches, you’ll deposit and withdraw money electronically or by mail. Here are your options:


  • Transfer from another Synchrony or other bank account
  • Mobile check deposit
  • Direct deposit
  • Plus and ACCEL ATMs
  • Wire transfer
  • Mailed check and deposit slip


  • Transfer from another Synchrony or other bank account
  • ATM and point-of-sale terminals
  • Wire transfer
  • Check request

Find Out: Pros and Cons of Online Savings Accounts

Account Perks

Customers are automatically enrolled in the Synchrony Bank Perks program, which offers five reward tiers based on account balance and how long you’ve had the account. Higher tiers earn better rewards. Possible rewards include:

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  • Travel and leisure discounts
  • Free identify theft resolution
  • ATM fee reimbursements
  • Access to finance webinars
  • Three free wire transfers per statement cycle
  • Discounted loan rates

Opening an Account

U.S. citizens and green-card holders who are 18 and older and have a permanent U.S. address can apply. The online application asks for contact and identifying information. Plus, you’ll need an existing account and routing number to fund your new savings account.

Find Out: Best Savings Account Rate in Every State

Synchrony Savings Account Pros and Cons

High interest rates and other benefits make the Synchrony savings account an attractive option. But the account also has some drawbacks.


  • High rates
  • No deposit or balance minimums
  • No maintenance fees
  • $5/month ATM fee reimbursement for all savings accounts
  • Perks
  • Secure banking
  • Comprehensive electronic banking options
  • FDIC insured
  • Positive reviews from the Better Business Bureau website and an A+ rating


  • No physical branches
  • Live customer service not available 24/7
  • Few perks for accounts newer than one year with balances below $10,000

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Is a Synchrony High-Interest Savings Account Right for You?

Synchrony savings accounts are an excellent choice for individuals who care more about high yields than bells and whistles, and who don’t mind using a separate bank for checking and other financial services. Customers who need 24/7 access to live customer service or maintain too low a balance to take advantage of Synchrony’s perks might find better options elsewhere.

Up Next: 10 Best Online Banks

Rates are accurate as of July 9, 2018.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

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About the Author

Daria Uhlig

Daria Uhlig is a personal finance, real estate and travel writer and editor with over 25 years of editorial experience. Her work has been featured on The Motley Fool, MSN, AOL, Yahoo! Finance, CNBC and USA Today. Daria studied journalism at the County College of Morris and earned a degree in communications at Centenary University, both in New Jersey.

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