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If you’re looking for a new savings account, the current Synchrony Bank High Yield Savings rate makes this account well worth considering.
Without the cost of maintaining brick-and-mortar branch locations, the 100% online Synchrony Bank is able to pay generous interest rates, giving deposits a nice boost. And with few fees to eat into your earnings, no minimum balance requirements and full mobile accessibility, there aren’t many drawbacks to Synchrony Bank High Yield Savings account.
Continue reading for a more detailed look at Synchrony’s savings account rates. Annual percentage yields (APYs) are accurate as of May 1, 2024.
Current Synchrony Bank Savings Rate
Synchrony Bank has a limited number of account options when it comes to savings—in fact, the High Yield Savings account is Synchrony’s only regular savings account option. Here’s an overview of the bank’s savings rates.
| Account Name | APY | Minimum Deposit |
|---|---|---|
High Yield Savings | 4.75% | $0 |
Synchrony also offers certificates of deposit (CDs) and money market accounts (MMAs) in its suite of savings products. Synchrony’s current CD savings rates range from 0.25% to 4.90% APY, and the Synchrony Bank Money Market Account earns 2.25% APY. This article will focus on Synchrony’s High Yield Savings account.
Overview of Synchrony Bank Savings Accounts
Synchrony Bank’s High Yield Savings account currently offers an interest rate of 4.75% APY. Interest compounds daily and is credited to your account monthly.
In addition to its competitive savings rate, Synchrony’s High Yield Savings has no minimum initial deposit or minimum balance requirements. The account has no monthly fees, either. You’ll only pay fees in a handful of circ*mstances, as outlined below.
| Synchrony Bank Savings Accounts Fees | Fees |
|---|---|
Outgoing wire fee | $25 |
Stop payment fee | $25 |
Overnight check fee | $25 |
You may also be charged fees for excessive transactions using transfers, checks or point-of-sale purchases (no more than six permitted per statement cycle) or by a third party for out-of-network ATM charges. But Synchrony will reimburse up to $5.00 each statement cycle for out-of-network ATM fees.
Because Synchrony is an online bank, you can’t fund your savings account by heading to a local branch. But that doesn’t mean there aren’t a variety of convenient ways to fund your account. You can add money to your Synchrony savings account with the following:
- Transfer from another Synchrony account
- ACH/electronic transfer from a linked external bank account
- Mobile check deposit
- Direct deposit
- Wire transfer
- Personal or cashier’s check
Similarly, you can’t head to the bank to withdraw money from your Synchrony High-Yield Savings account. But you can access your funds through ATM withdrawal, electronic transfer and wire transfer.
The Synchrony High Yield Savings account provides an ATM card upon request. Note that Synchrony doesn’t currently offer a checking account. This may be a drawback for those who like the seamless integration between checking and savings you get by opening both these accounts at the same institution. But for those who want their savings to be less accessible, keeping these accounts at separate banks can be beneficial.
While the accessibility of an online savings account may be a concern for some customers, Synchrony Bank’s mobile app, MySynchrony, allows you to manage your account from anywhere. The app has moderate ratings on Google Play and high ratings on the App Store.
If needed, you can chat online anytime or speak with a customer service representative over the phone Monday through Friday from 8 a.m. to 10 p.m. EST.
How Much Can You Earn With a Synchrony Bank Savings Account?
While Synchrony’s High Yield Savings rate isn’t necessarily going to outperform your investments, you can earn a decent amount—especially when compared to traditional savings accounts.
To see how much you can earn with the current Synchrony Bank savings account rate, plug your initial deposit amount into a savings calculator. Add the current interest rate, 4.75% APY, and your planned monthly contributions. Then choose a timeline, and see what you can earn.
How the Synchrony Bank Savings Account Stacks Up
When it comes to savings rates, Synchrony Bank’s High Yield Savings account outranks a lot of the competition and is well above national average rates according to the FDIC. With a rate of 4.75%, Synchrony’s savings rate is more than 10 times the current average.
While Synchrony Bank may not offer a checking account or in-person banking, the high savings rates, minimal fees and mobile accessibility make it an attractive savings account.
Other Synchrony Bank Savings Options
Synchrony only offers one regular savings account—the High Yield Savings account—but there are a few other savings products are available. These include the following:
- Certificates of deposit (CDs)
- Money market accounts
- Synchrony IRA CDs
- Synchrony IRA Money Market Account
Depending on your financial situation and goals, you may benefit from one or more of these other savings products either on their own or in combination with the High Yield Savings account. Like the Synchrony Bank High Yield Savings rate, all Synchrony Bank savings rates are subject to change.
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Frequently Asked Questions (FAQs)
Does Synchrony Bank offer checking accounts?
Not currently. While Synchrony Bank offers a suite of savings products and credit cards, no checking accounts are currently on offer. If you prefer keeping your checking and savings accounts within the same financial institution, Synchrony may not be the best place for your savings.
Is Synchrony Bank insured?
Synchrony is an FDIC-insured bank (FDIC #27314), meaning the government protects your deposits up to per depositor per account ownership category.
How do I open a Synchrony Bank High Yield Savings account?
You can open any Synchrony Bank account in one of three ways: by filling out and mailing a paper application, by calling 1-866-226-5638 or by applying online. You’ll just need your personal information, identification and the information for an external bank account to fund your new savings account.
