Synchrony Bank High-Yield Savings Review

We consider Synchrony Bank High-Yield Savings a best-in-class savings account for people looking to secure a higher interest rate than most national brick-and-mortar banks offer. Savers can expect to earn more than 10 times the nation’s average rate with a high-yield online savings account, including Synchrony Bank High-Yield Savings. What’s more, Synchrony’s savings account tackles common fees head-on, bringing the cost of maintaining an account down to $0 for routine account needs.

These are a few reasons why we picked Synchrony Bank High-Yield Savings as one of the top savings accounts among the popular offers we cover (see our full list of picks for all of the best high-yield savings accounts). Let’s dive in to learn why.

Bank NameAPYMin. Opening DepositKey Features
Synchrony Bank High-Yield Savings

APPLY NOW

1.45%$0-$0 monthly maintenance fee

-Free convenience card

-Mobile app

-Mobile deposit

What we like about Synchrony Bank High-Yield Savings

  • High APY — 1.45% is among the highest interest rates we know of for a high-yield online savings account. Keep in mind that Synchrony doesn’t tier its interest rates according to your savings balance, which means the “headline” interest rate applies uniformly to all balances.
  • $0 minimum deposit — Banking customers have a wealth of high-yield online savings accounts to choose from, and many don’t require a minimum opening deposit, including Synchrony Bank High-Yield Savings.
  • $0 monthly maintenance fee — This savings account is as fee-savvy as online savings accounts get, and there’s no maintenance fee each month.
  • $0 withdrawal limit fee — Many competing banks charge a fee when account holders exceed six qualifying withdrawals each month, but Synchrony Bank High-Yield Savings bucks that trend.
  • Free convenience card — Account holders can access savings via ATM with the provided convenience card. There are no fees for in-network ATMs bearing the Plus, NYCE, or STAR logos. Synchrony rebates $5 per month for out-of-network ATM fees.
  • Mobile convenience — Synchrony includes a mobile app that allows for easy account management and mobile check deposits.

What could be improved for Synchrony Bank High-Yield Savings

  • Bonus — Some banks on the market provide a new-member bonus, a perk that would put this savings account among the few that cut fees and offer a cash bonus.

How to fund a Synchrony Bank High-Yield Savings account

Customers can make deposits to their accounts through standard methods, including electronic transfer from an external account, mobile check deposit, direct deposit, wire transfer, and mailing a physical check. ATM deposits are not accepted, as Synchrony isn’t a traditional brick-and-mortar bank.

How to withdraw funds

Funds can be withdrawn via electronic transfers to an external account, at ATMs, through an outgoing wire transfer ($25 fee), or mailing a physical check.

Other high-yield online savings accounts to consider

Synchrony Bank High-Yield Savings checks many of the boxes for what we value in a savings account, but you should always do additional research to find the right solution for you. We suggest visiting our banking center to compare hundreds of high-yield savings accounts and also researching a handful of accounts that offer both low fees and a cash bonus to see if one is a better fit.

FeatureSynchrony Bank High-Yield SavingsDiscover SavingsCIT Bank Premier High Yield Savings
APY1.45%1.40%1.55%
Min. opening deposit$0$0

(Deposit requirements must be met to use offer code)

$100
Bonus$0Up to $200 using code FOOL1217 with qualifying deposit*$0
Monthly maintenance fee$0$0$0
Withdrawal limit fee$0$15$0
ATM cardYesNoNo
Free ATMs$5 rebate monthlyN/AN/A
Mobile appYesYesYes
Mobile depositYesYesYes
Next stepsAPPLY NOWAPPLY NOWAPPLY NOW
Bank reviewDiscover Savings full reviewCIT Bank Premier Savings full review

*TO GET YOUR BONUS: APPLY FOR YOUR FIRST DISCOVER ONLINE SAVINGS ACCOUNT BY 2/28/18. ENTER OFFER CODE FOOL1217 WHEN APPLYING. DEPOSIT A TOTAL OF AT LEAST $15,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $150 BONUS OR DEPOSIT A TOTAL OF AT LEAST $25,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $200 BONUS. MAXIMUM BONUS ELIGIBILITY IS $200 PER ACCOUNT.
WHAT TO KNOW: OFFER NOT VALID FOR EXISTING OR PRIOR DISCOVER SAVINGS CUSTOMERS. ACCOUNT MUST BE OPEN WHEN BONUS IS CREDITED. BONUS WILL BE CREDITED TO THE ACCOUNT BY 3/28/18. BONUS IS CONSIDERED INTEREST AND WILL BE REPORTED ON IRS FORM 1099-INT. OFFER MAY BE MODIFIED/WITHDRAWN WITHOUT NOTICE.

Final take

Synchrony Bank High-Yield Savings packs in many the wallet-friendly perks we covet — namely, convenience, a yield that’s among the higher rates we know of, and fees that match or beat its competitors’. The latter may be most important for savers, as high fees can quickly wipe out interest earnings.