Synchrony Bank High Yield Savings Account Review

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Quick Take: The Synchrony Bank High Yield Savings account is a great alternative to a traditional savings account. Its interest rate is orders of magnitude higher than those offered by many of its brick-and-mortar competitors. There are no minimum balance requirements and no monthly maintenance fees, making Synchrony Bank High Yield Savings even more attractive. However, as with all good things, there is one potential downside: less convenient access to customer service.
  • APY
  • Fees
  • Perks
  • Ease of Use
How did we calculate this?


  • High annual percentage yield
  • No monthly fees
  • No minimum deposit or balance
  • Debit card with out-of-network ATM fee reimbursement


  • No physical branches
  • No option to deposit cash
  • No 24/7 customer service line
  • Synchrony Bank does not offer a paired checking account for quick and easy transfers of savings

Synchrony High Yield Savings Overview

Synchrony Bank is an FDIC-insured online bank that offers a high-yield savings account with a competitive rate and no monthly fees. As an online-only financial institution, Synchrony Bank does not offer savings account holders the option to deposit cash or the convenience of in-person customer service. Additionally, customers do not have the option to open a paired checking account.

Key Features

Here are some key features of the Synchrony Bank High Yield Savings account.  


One of the biggest draws of the Synchrony Bank High Yield Savings account is its interest rate, which is currently one of the highest on the market. This means your savings will grow faster with Synchrony Bank than with many other banks. Synchrony Bank offers a  annual percentage yield on funds deposited in a High Yield Savings account.


The Synchrony Bank High Yield Savings account has no monthly maintenance fees and no minimum balance or minimum deposit requirements. This means you can open an account with any amount of money, and you won’t be charged any fees for having a low balance.

Synchrony Bank charges no fees for withdrawals made through in-network ATMs. Providers of out-of-network ATMs may charge Synchrony Bank customers their own fees. Synchrony Bank will refund fees incurred at ATMs in the U.S. up to the amount of $5 per month. Eligible customers can also receive additional ATM fee refunds each month.

While there are no fees for keeping a low balance, be aware that if your account has a $0 balance for a period of more than 60 days, Synchrony Bank may close it.


Synchrony Bank does not offer savings account holders an extensive array of perks. Instead, it focuses on offering a high APY and no monthly fees. However, it does offer unlimited ATM fee refunds each month for account holders who have Diamond status in the bank’s Perks Rewards program.

Ease of Use

Customers can manage their funds and view their banking information on the Synchrony Bank website or use the bank’s mobile app on their iOS or Android devices.

Synchrony also offers several ways for customers to get in touch with customer service, including online chat and a telephone help line that is open Monday through Friday from 8 a.m. to 10 p.m. ET and Saturday through Sunday from 8 a.m. to 5 p.m. ET.

How Synchrony High Yield Savings Stands Out

Synchrony’s focus on high returns and no monthly fees sets it apart from its competition. Many customers are happy to give up conveniences and perks for an increased return on investment. For these customers, Synchrony Bank is one of the best options available.

Comparable High-Yield Savings Account Options

To help you compare your options, here are two possible alternatives for high-yield savings accounts.

UFB Best Savings

UFB Direct’s Best Savings account offers a higher APY of . It also gives customers the option to deposit cash at participating ATMs in its network.

American Express® High Yield Savings Account

The American Express High Yield Savings account offers a lower annual percentage yield (APY) of . However, unlike Synchrony, American Express National Bank, Member FDIC, offers 24/7 customer service by phone.

How To Open an Account

You can apply for a Synchrony High Yield Savings account on the Synchrony Bank website. Click the “Start Saving Now” button at the top right of the screen to begin. You’ll need to fill in your information, choose the type of account you would like to open and follow the provided instructions to the end. To apply, you’ll need to provide a Social Security number, as well as your physical address, email address, occupation, employer and source of funds.

Who Synchrony High Yield Savings Is Best For

Synchrony High Yield Savings is best for customers who are internet savvy and are comfortable with not having the convenience of physical branches or in-person customer service. These customers will enjoy a high APY and a smooth online experience.

Final Take

If you’re looking for a high-yield savings account with a competitive APY, no monthly fees, a sleek online experience and ATM access, look no further than Synchrony Bank. For many users, these pros outweigh the cons of no direct cash deposits or physical branches.


Here are the answers to some of the most common questions about Synchrony Bank savings accounts.
  • Is Synchrony Bank's high-yield savings account a good option?
    • Synchrony Bank's high-yield savings account is good for those who don't need the ability to make direct cash deposits or access a physical branch. Synchrony Bank offers a high rate and no monthly fees, making it a great choice for many people.
  • Is there a downside to a high-yield savings account?
    • Some high-yield savings accounts may have downsides in the form of expensive monthly maintenance fees and transaction limits. However, these depend on the bank, and there are no inherent downsides to a high-yield savings account.
  • Is the Synchrony High Yield Savings account FDIC insured?
    • The Synchrony Bank High Yield Savings account is FDIC insured. This means that any money you deposit with Synchrony Bank, up to the $250,000 FDIC insurance limit, will be insured if the bank fails.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 13, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

All information about American Express High Yield Savings has been collected independently by GOBankingRates. American Express High Yield Savings is not available through GOBankingRates.


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