Review: Synchrony High Yield Savings Account

Synchrony Bank is an Internet-only bank, which means it can afford to offer high interest rates and maximum value to consumers. No access to a brick-and-mortar branch may be off-putting to some, but the bank is FDIC insured. Instead of pouring money into tangible branches, Synchrony is enticing customers with its High Yield Savings Account.

Synchrony’s High Yield Savings Account offers 1.55% APY. No Minimum Balance to open and the account has no monthly service fee. There is no minimum daily balance required for the 1.55% APY because the interest is valid on all balances from $1 and up.

To open a High Yield Savings account with Synchrony Bank, you will need:

The account can be opened online, and should take no longer than 10 minutes.

Once you have opened your Synchrony Bank High Yield Savings account, you can make deposits in several ways including: transferring funds electronically, direct deposit, through the mail, or by setting up wire transfers or automated deposits.

There is no minimum balance required to take advantage of the 1.55% APY or to open an account.

Federal regulations limit the number of withdrawals per month from a savings account to 6 per monthly statement cycle. There is no fee for the first 6 withdrawals from your Synchrony Bank High Interest Savings Account. For each withdrawal over 6 during a monthly statement cycle a $20 fee will be charged.

You will be issued an ATM card upon opening a Synchrony Bank High Interest Savings account, which can be used at any ATM displaying the Plus, NYCE, or STAR Logos. You may use this card to withdraw either your account balance or $1,000 whichever is lower. If you use an ATM that does not have the Plus, NYCE, or STAR logo, you may be charged a fee.

Synchrony Bank’s APY is competitive, but there are other banks paying high rates.

You can now earn a 1.50% APY from our advertiser Goldman Sachs Bank USA, and you only need a $1 minimum deposit to open the account.

Member FDIC

Synchrony Bank offers one of the best rates in the market. In addition, it has a unique feature for online savings accounts – access to an ATM card. If you are looking to earn a good yield, Synchrony is an excellent option.