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The Synchrony High Yield Savings Account is a great choice if you want to maximize your earnings with minimum hassle. It pays an interest rate of 4.75% and doesn't charge any fees.
However, Synchrony Bank (Member FDIC) doesn't have a checking account. It could take up to a few business days to move money to an external checking account. If you're looking for an all-in-one banking solution, it might not be the best option.
Synchrony High Yield Savings Rate
Synchrony pays 4.75% APY, making it one of the best high-yield savings accounts out there. With no monthly service fee and a $0 minimum deposit, the bank is an excellent pick for savers who want to earn more.
Interest compounds daily and is deposited into your account monthly. Depending on your balance size, earnings can add up quickly — a $2,000 balance increases by around $100 in 12 months, while a balance of $10,000 earns around $500.
Synchrony also offers an optional ATM card. You can use it to make purchases at stores when you enter your PIN, or for free withdrawals at ATMs with Plus or Accel logos. If an out-of-network ATM operator charges a fee, Synchrony reimburses up to $5 per month.
Synchrony High Yield Savings Pros and Cons
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Synchrony High Yield Savings FAQs
Is Synchrony Bank good for a high-yield savings account?
Yes, Synchrony has a strong high-yield savings account. It pays a high interest rate and doesn't charge monthly fees. It also offers an ATM card, which is a rare feature in a savings account that makes it easy to access your savings quickly.
Is Synchrony high-yield savings safe?
Yes, Synchrony is a Member FDIC bank. The FDIC insures high-yield savings accounts for up to $250,000 per owner, per ownership category. It will reimburse up to the maximum amount if Synchrony fails.
What is the high-yield savings rate at Synchrony?
The Synchrony high-yield savings rate is 4.75% APY, one of the best rates available right now.
What are the disadvantages of Synchrony Bank?
Even though the Synchrony High Yield Savings Account is a great option, you can't open a checking account with the bank. Synchrony only offers money market accounts, high yield savings accounts, certificates of deposit (CDs), and credit cards.
How Synchrony High Yield Savings Compares
Synchrony High Yield Savings vs. Ally Savings
The Ally savings rate is 4.20% APY. The online-only savings account has similar features to Synchrony's account, like a $0 minimum deposit and no monthly service fee. But even though the rate difference is small, it can add up — especially if you have a large savings balance.
Ally's extensive list of financial products sets it apart. The Ally Savings Account includes the option to open multiple buckets within one account for different savings goals. You can also open checking accounts, retirement accounts, investment accounts, CDs, credit cards, and loans all at one bank. If you prefer full-service banking, Ally is a better pick.
Ally Bank Review
Synchrony High Yield Savings vs. Capital One 360 Performance Savings
Capital One 360 Performance Savings pays 4.25% APY. Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner.
Capital One allows customers to open multiple savings buckets to save for separate goals. Capital One is primarily an online bank but offers a few in-person branches and Capital One Cafés in select locations, making it a better option for customers who live nearby and value access to physical locations.
Capital One Bank Review
Why You Should Trust Us: How We Reviewed the Synchrony Bank High Yield Savings Account
Insider uses our bank account methodology to review savings accounts. We rate categories from 0 to 5 to determine an account's overall rating.
Categories include minimum opening deposit requirements, monthly service fees, and current interest rates. We also rate customer support, mobile app ratings, and ethics. Each category is weighted equally and receives a score. We then average the scores to create a final rating between 0 and 5.
Freelance Writer
Taylor Milam is a California-based personal finance writer and educator who recently paid off $14,000 of student loans in less than a year. She's passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found reading on the beach or hiking with her dog.
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Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
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Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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