Synchrony Bank High Yield Savings Account Review

See if Synchrony Bank offers the best savings account for your needs.

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 1.55% 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 — 1.55% 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 1.55% 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.


  • 1.55% APY
  • Withdraw funds with ATM card
  • Manage funds with online banking portal or by phone
  • Mobile app access
  • FDIC insurance

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.


  • $30 minimum opening deposit
  • $30 minimum balance requirement
  • One branch location
  • $5 monthly fee if you do not meet the minimum balance requirement
  • No dividends earned if balance is less than $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:

  • Your name
  • Physical address
  • Date of birth
  • Social security number

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.

  • Stephanie Barbaran

    Sounds like they offer a good APY and accessibility, but I wonder what the bank’s customer service is like. If I’m never or rarely going to see a bank’s representative in person, I want to know what kind of phone/online customer service I’m signing up for.

  • Blaine

    I use a third party provider to monitor my credit and balances on my account. Synchrony is the only bank that does not allow this provider access to my account. When I contacted their customer service, this is the response I received: “At this time, we do not provide access to Synchrony Bank account(s) via these third-party tools. Please know that protecting any personal information provided to us is one of our primary objectives, and we continue to work closely with these third-party service providers to ensure they meet data security standards and are fully compliant with regulatory requirements before enabling these sites to access your account details.”

    I have accounts with four of the top ten largest market share credit card issuers. They sync fine with my credit monitor company. Synchrony is a farce if they think that their standards are any higher than the other companies that hold 98.7% of the market share.

    And when presented with my issue, their customer service instructed me to send a fax or a letter. They refused to direct a manager speak to me. Lowes should sever all business ties with this company.