Synchrony High Yield Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Synchrony High Yield Savings
APY Savings
Minimum Deposit
Our Rating
Fees
The Synchrony online savings account is a solid option for those who are looking for decent returns and good access to their funds.
Interest is compounded daily and credited to your account monthly, so you can watch your balance grow. However, the account does have limited savings tools and the bank has no checking account options, so you’ll need to link a third party checking account.
You can request an ATM card for the account, and Synchrony will credit you up to $5 per month for domestic ATM fees. However, there is no branch support, so you’ll need to rely on the phone helpline and online support if you run into any issues.
Table Of Content
Main Features
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The Synchrony High Yield Savings offers a variety of features for savers:
- Strong Rates: The Synchrony savings account is a high-yield account, so when comparing savings accounts, it's easy to see that it offers some of the best savings rates on the market.
- No Minimum Balance Requirements: The account has no minimum balance requirements to open an account. Additionally, there are no balance requirements to access the standard Synchrony savings account rate. This is not typical, as many accounts require at least a certain amount in the account to receive the higher APYs.
- Free ATM Access: The optional Synchrony ATM card can be used with ATMs that feature an Accel or Plus logo with no Synchrony fees. However, you may still incur a fee from the ATM owner. Fortunately, Synchrony bank will cover up to $5 per month for domestic ATMs, which you’ll receive as a refund credit into your account.
- No Maintenance Fees: While they are becoming less common, particularly with savings accounts, a monthly maintenance fee can quickly compromise your savings plans. However, with the Synchrony savings account, you don’t need to worry. There are no fees or complicated fee waiver criteria to think about.
- Multiple Withdrawal Methods: Unlike many online savings accounts, Synchrony offers customers a variety of ways to access their funds and withdraw from savings accounts.
- Savings Goal Calculator: Although Synchrony does not have a massive selection of savings tools, there is a useful savings goal calculator. This can help you to plan your savings to reach a particular goal, which can be a great motivator.
Benefits | Limitations |
|---|---|
Strong Rates | Limited to Six Withdrawals Per Month |
No Minimum Balance Requirements | No Personalized Saving Tools |
Free ATM Access |
No Checking Account |
No Maintenance Fees | Fully Online |
Multiple Withdrawal Methods | |
Savings Goal Calculator |
Limitations To Consider
No financial product is perfect, and there are some potential limitations associated with the Synchrony savings account. These include:
- Limited to Six Withdrawals Per Month: Although this is a standard feature with high yield savings accounts, it is important to recognize that this could be a limitation for some customers. If you tend to make frequent withdrawals from your account, this is not the right product for you.
- No Personalized Saving Tools: We’ve touched on the savings goals calculator as a plus point for this account, but Synchrony lacks the personalized savings tools that some competitors offer. This means that you can’t use customized features, such as goal tracking or creating sub accounts for different goals, as you may be able to with other savings accounts.
- No Checking Account: If you are looking for a savings account with the intention of moving all of your day-to-day finances to another bank, you won’t be able to accomplish this with Synchrony. Although Synchrony does offer savings and credit card products, one of Synchrony bank drawbacks is that there is no checking account option.
- Fully Online: Synchrony is a fully online bank, so there is no physical branch network. If you prefer to deal with any issues face to face, you’ll find Synchrony lacking.
Synchrony High Yield Savings vs Marcus Savings Account
Marcus is another online financial institution, so comparing the Marcus savings and Synchrony accounts is logical. Both financial institutions offer an attractive HYSA, but currently, Synchrony has a higher APY. Both accounts have no minimum initial deposit, balance requirements or monthly maintenance fees.
However, there is a crucial difference between these accounts. While Marcus does facilitate same day transfers, the account does not have an ATM card. This means that if you need to access your funds from a Marcus savings account, you’ll need to transfer them into another account and then withdraw the cash from there.
Synchrony High Yield Savings | Marcus Savings | |
|---|---|---|
APY | 4.75% | 4.40% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Synchrony High Yield Savings vs Capital One Savings
Another online bank offering a similar account to Synchrony is Capital One. The Capital One 360 Performance savings account offers a similar, albeit slightly lower APY. Both accounts have no minimums or monthly fees to worry about.
The key difference between the accounts is that Capital One does have some physical locations, where you can pay in funds or make a withdrawal. This does come at the cost of no ATM card, which you do get with Synchrony.
Capital One also has more savings tools including the ability to open multiple accounts to cover different savings goals and auto savings plans. Additionally, Capital One offers checking account options, which makes it a more viable possibility for those who want a new bank to cover all their day to day financial needs.
Synchrony High Yield Savings | Capital One Savings | |
|---|---|---|
APY | 4.75% | 4.35% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
How to Deposit and Withdraw Money From Synchrony Online Savings
Although Synchrony is an online bank, there are a variety of ways to deposit funds into your account. This includes electronic transfers, wire transfer, direct deposit, or mailing a check to Synchrony.
You can also mobile check deposit via the app. However, the maximum amount for mobile check deposit is currently limited to $2,000 per account.
There are also numerous ways to access your funds in your Synchrony account. This includes electronic transfer, wire transfer or check. You can also request an optional ATM card for your account.
This will allow you to make a withdrawal or perform basic account transactions at machines which display the Plus or Accel logo.
Should I Open a Synchrony High Yield Online Savings?
As we’ve discussed, there are both plus points and potential drawbacks associated with the Synchrony savings account. To determine if you should open an account, there are several questions you will need to ask yourself.
- Do you need a checking account? For many people, opening a savings account is also accompanied by a new checking account. But, this is not a possibility with Synchrony, as this bank does not offer checking accounts. So, if you need both a savings and a checking account, you’ll need to look elsewhere.
- Do you need lots of savings tools? If you have a financial goal in mind and simply want to stash money into an account to work towards this goal, you’re likely to find this account more than sufficient. However, if you need more help with various savings tools, you may find the Synchrony savings account a little lacking.
- Do you need cash? If you prefer dealing in cash and want to be able to withdraw cash from your savings account, you can request an ATM card with this account. This is becoming more unusual, as many online high yield savings accounts don’t provide ATM access.
- Do you need to make frequent withdrawals? Finally, you need to be realistic about how many withdrawals you will need to make in a typical month. If it is more than six, you’ll need to consider savings accounts that are not high-yield since these have withdrawal restrictions.
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How To Open a Synchrony Online Savings Account?
Since Synchrony is an online bank, opening an account can be done online from the comfort of your home. You can open an account in a few simple steps:
- Visit the Synchrony Site: The official Synchrony website has all the links for its products. From the main website, you’ll need to click the “Savings” tab on the top bar and select “High Yield Savings.”
- Click the Blue Button: Once you’re on the High Yield Savings account page, you will be able to review all the account details. When you’re ready to proceed with opening an account, simply click the blue “Start Saving” button.
- Confirm Your Customer Status: The first thing you’ll need to do is confirm if you’re an existing Synchrony customer. Synchrony will prefill many of the mandatory application fields for existing customers.
- Complete the Application: This is fairly standard, but you’ll need to provide basic details including your name, date of birth, phone number, email and Social Security Number.
- Review the Terms: Once you have completed the application form, you will need to review the account terms and submit. You will then be directed to set up your online access and complete the optional step of funding your new account.
Can I Open a Synchrony Savings Joint Account?
Yes, Synchrony allows up to three co-owners on its savings account. You can add co-owners during the application stage.
You’ll need to indicate that you want to open a joint account and provide all the same details for the other person, including their full name, date of birth and Social Security Number.
FAQs
How do you close Synchrony Online Savings?
If you want to close your Synchrony account by calling the customer support line. A Synchrony rep can guide you through the process.
How much can I withdraw from Synchrony Online Savings?
There are no official withdrawal limits for this account, but you are restricted to a maximum of six withdrawals per calendar month.
Can I transfer my IRA to a Synchrony Online Savings account?
Yes, you can transfer your IRA to this account, but it is important to investigate all of the financial implications to ensure it is the right choice for your financial future.
Can you direct deposit into a Synchrony savings account?
Yes, you can arrange to have your salary or other payments direct deposited into your Synchrony savings account.
Does Synchrony offer a health savings account?
Synchrony does not currently offer a HSA.
Does Synchrony offer an IRA savings account?
No Synchrony does not have an IRA savings account at this time.
How We Rate And Review Savings Account: Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
