Business Insider's personal finance team compared Synchrony High Yield Savings Account to the best high-yield savings accounts and found that it ranks just below industry leaders.
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 4.00% 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.
Compare Synchrony's Savings Rate
- Synchrony High Yield Savings Account: 4.00% APY
| Account Name | APYs (Annual Percentage Yields) are accurate as of 03/28/2025 | Minimum Account Opening Balance |
| Axos ONE Savings and Checking Bundle | up to 4.86%* | $0 |
| LendingClub LevelUp Savings Account | up to 4.40%** | $0 |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025*** | $100 |
| Forbright Growth Savings | 4.25% | $0 |
Current Synchrony High Yield Savings Rate
Synchrony Bank pays 4.00% APY on the Synchrony High Yield Savings Account. The Synchrony High Yield Savings Account has a higher APY than average savings accounts at brick-and-mortar banks. It's even higher than other high-yield savings accounts at popular banks like Ally or Marcus.
You might find a handful of smaller financial institutions with savings accounts above 4% APY but keep in mind that local banks might not have technology or customer service availability that's as strong as national brands.
Interest compounds daily and is deposited into your account monthly. Depending on your balance size, earnings can add up quickly.
Overview of the Synchrony High Yield Savings Account
Synchrony Bank is an excellent pick for savers who want to earn more. Synchrony Bank has a high-yield savings account, money market account, and CDs. You can choose to put money in one bank account or select multiple accounts if you prefer.
The online bank doesn't charge monthly bank maintenance fees for any of its bank accounts. It also doesn't have minimum balance requirements to earn interest or avoid fees.
Synchrony Bank 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.
To open a Synchrony High Yield Savings Account, you must apply online through the bank's website. The online application states that owners have to be at least 18 years old. You'll also need a Social Security number or tax identification number as well as a U.S. address to complete the form.
To add money to the online high-yield savings account, transfer money from another bank account, make a mobile check deposit, set up direct deposit, initiate a wire transfer from another bank, or mail a check to Synchrony.
Synchrony User Experience and Accessibility
You can deposit money by making an ACH transfer, mobile check deposit, direct deposit, or wire transfer. Synchrony gives you an ATM card to make purchases at stores or withdraw money at ATMs.
You can't deposit or withdraw money at any physical branches because Synchrony is an online-only bank.
You'll need to be comfortable with online and mobile banking to manage your high yield savings account. Through online and mobile banking, you'll able to view your transaction history, get customer support through live chat, manage bank account beneficiaries, and link external bank accounts to make transfers.
The bank's mobile app is rated 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.
Synchrony Bank customer service is available by phone from 8 a.m. to 10 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on weekends. The bank also has a live chat feature online and through the mobile app. You'll initially be connected to a virtual assistant if you're on the bank website, but you can be transferred to a live assistant.
Synchrony Savings Security
Synchrony Bank was established in 1988 as a limited purpose credit card bank. In 2003, it became a federally charted savings association.
Synchrony Bank is an FDIC-insured financial institution, meaning if the bank fails up to $250,000 per depositor, per account ownership category is protected.
The bank has overall good ratings from Bauer Financial, Moody's and Fitch. It also has standard bank security features and recommends calling if you believe you're a victim of fraud.
Synchrony High Yield Savings Pros and Cons
Synchrony High Yield Savings Account Pros
- High interest rate
- No monthly fee
- $0 minimum opening deposit
- Optional ATM card
- Reimburses up to $5 per month in out-of-network ATM fees
Synchrony High Yield Savings Account Cons
- No physical locations
- Lacks advanced savings tools
- Doesn't have a checking account
Synchrony High Yield Savings Account Alternatives
Synchrony High Yield Savings vs. Ally Savings
The Ally savings rate is 3.60% 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.
Synchrony High Yield Savings vs. Capital One 360 Performance Savings
Capital One 360 Performance Savings pays 3.70% (rate as of 02/06/25) 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.
Synchrony High Yield Savings vs. Apple Savings
Apple Savings Account might be worth considering if you have an Apple Card and iPhone. The Apple Savings Account pays 3.75% APY, and has no monthly service fee. But if you're interested in earning the best savings rate, Synchrony's savings account is a bit higher.
You'll also prefer Synchrony Bank for other types of bank accounts. It has money market accounts and CDs.
Synchrony High Yield Savings vs. Synchrony Money Market Account
The Synchrony Money Market Account pays 2.00% APY, making the Synchrony High Yield Savings Account a more attractive option if you're looking to get a better savings account interest rate.
The Synchrony Money Market Account still may be worth considering if you want more ways to access your account. You can write checks, and it also offers an ATM card option like the Synchrony High Yield Savings Account.
The Synchrony Money Market Account also pays a better interest rate than the average money market account. The best money market accounts, though, pay above 4% APY.
Synchrony High Yield Savings vs. Synchrony CDs
Synchrony CD rates are 0.25% to 4.35% APY depending on the term. With a Synchrony Bank CD you're also locking in the interest rate for the term you choose, so it may be ideal if you don't plan on needing your cash anytime soon.
If you're worried about early withdrawal penalties and need access to your money, the Synchrony High Yield Savings Account will be better for accessibility. While the rate may fluctuate over time, you won't have fees eat away at your earnings during a standard withdrawal.
Is a Synchrony High Yield Savings Account Right For You?
With a 4.00% APY and no fees, the Synchrony High Yield Savings Account is a well-rounded option overall. It's an excellent choice for savers who want to take advantage of a competitive online high-yield savings account from a popular online financial institution.
You also might like Synchrony Bank for its other accounts. Synchrony CD rates also pay great rates overall, and the bank's money market account gives you the ability to write checks.
But if you want to open a checking account to do all of your banking at one place, you may want to consider one of the best online banks instead.
Why You Should Trust Us: How We Reviewed the Synchrony Bank High Yield Savings Account
Business 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, miscellaneous features, and current interest rates. We also rate customer support, mobile app ratings, security, and ethics.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Our total star rating for a bank account can be anywhere from one to five stars, with a one-star rating indicating a low score and five stars indicating a high score.
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. You can learn more about how we review products through our editorial standards page.
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FAQs
What is the current interest rate for Synchrony High Yield Savings?
The Synchrony Bank high-yield savings rate is 4.00% APY.
Are there any fees associated with Synchrony High Yield Savings?
There are minimal fees associated with the Synchrony High Yield Savings Account. You won't have to worry about monthly service fees or out-of-network ATM fees. Synchrony reimburses up to $5 per month in domestic ATM fees charged by other financial institutions.
How do I open a Synchrony High Yield Savings Account?
You can open a Synchrony High Yield Savings Account online. To apply, you will need to include a Social Security number or tax identification number. You cannot open a kid's savings account with Synchrony.
What features are included with Synchrony High Yield Savings?
Synchrony Bank has a strong high-yield savings account with a variety of impressive features, including a high interest rate and zero 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 Bank 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 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 Bank only offers money market accounts, high yield savings accounts, certificates of deposit (CDs), and credit cards.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
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.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: Earn 4.86% APY on your savings account balance and 0.51% APY on yoaur checking account balance by getting at least $1,500 in monthly direct deposits by the 25th of each month and by maintaining an average daily balance of $1,500. If you don't meet those requirements, you'll earn 1.00% APY on savings account balances and no interest on checking account balances.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
