Synchrony Bank High Yield Savings

The Synchrony Bank High Yield Savings Account is a powerhouse for pure savers who want high rates and ATM access without the hassle of minimum balance requirements. While its mobile app isn't as feature-rich as some competitors, the inclusion of an optional ATM card, a rarity for savings accounts, makes it a top-tier choice for emergency funds.

Is It Right for You?

Best For:

• Emergency Fund Builders: The optional ATM card provides instant liquidity in a crisis, avoiding the 1-3 day transfer wait.
• Fee-Averse Savers: With $0 monthly fees and $0 minimum opening deposits, it’s accessible to everyone.
• "Set It and Forget It" Savers: High, consistent APY that doesn’t require you to jump through hoops (like direct deposit requirements) to earn.

Not Great For:

• Checking Account Bundlers: Synchrony does not offer a traditional checking account, so you can’t manage all your daily finances in one app.
• Cash Depositors: As an online-only bank, we do not accept physical cash.
• Detailed Budgeters: The app is functional but lacks the advanced "savings buckets" or visualization tools found with competitors like Ally.

At a Glance

APY (Annual Percentage Yield): 3.65% APY

Minimum Opening Deposit: $0 Minimum Deposit

Minimum Balance to Earn APY:$0

Monthly Maintenance Fee: $0 Monthly Fee

Compounding Frequency: Daily

Crediting Frequency: Monthly

ATM Access: Yes (Optional ATM card available)

Checks: No (Available on Money Market only)

Mobile Check Deposit: Yes

Interest Rate & Earnings

Synchrony consistently sits near the top of the market for interest rates. Unlike some "teaser" accounts that require you to make 10 debit card purchases or set up direct deposit to unlock the high rate, Synchrony’s rate applies to every penny in the account, from $1 to $1 million.

• Compounding: Interest is compounded daily and credited monthly. This is the gold standard for savings accounts, allowing your money to grow faster than accounts that compound monthly or quarterly.
• Rate Context: While Synchrony is rarely the highest rate on the market (usually beaten by smaller fintechs), it consistently ranks in the top 5–10% of nationally available rates and has a history of raising rates quickly when the Fed raises benchmarks.

Fees & Minimums

Synchrony is extremely friendly to new savers.

• No Monthly Fees: There are no "gotcha" maintenance fees.
• No Minimum Balance: You do not need to maintain a specific balance to keep the account open or avoid fees.
• Excessive Withdrawal Fee: None listed explicitly for the savings account, but Synchrony enforces a limit of 6 withdrawals per statement cycle. If you consistently exceed this, they may close your account or convert it to a different product.

Access & Liquidity

This is Synchrony’s "killer feature." Most online savings accounts lock your money away, requiring a 1–3 day ACH transfer to get it back to your checking account.

Synchrony offers an optional ATM card specifically for the savings account.

• ATM Fees: Synchrony does not charge for ATM usage.
• Reimbursements: They refund up to $5 per statement cycle for domestic ATM fees charged by other bank owners.
• Diamond Status: If you maintain a high balance or long tenure (Perks Rewards Program), you may qualify for unlimited domestic ATM fee reimbursements.

Transfers & Deposits

• Mobile Deposit: You can deposit paper checks via the mobile app. The standard daily limit is typically around $2,000, though this can vary based on customer history.
• Wire Transfers:
  • Incoming: $0 (Free)
  • Outgoing: $25 (Fee waived for Diamond tier customers)
• ACH Transfers: Standard transfer speeds are 1–3 business days.