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 1.05% APY. No Minimum Balance to open and the account has no monthly service fee. There is no minimum daily balance required for the 1.05% APY because the interest is valid on all balances from $1 and up.
How To Open The Account
To open a High Yield Savings account with Synchrony Bank, you will need:
- A valid US residence
- Social Security number (or Tax Identification Number)
- US Driver’s License, state-issued ID, or Military ID
The account can be opened online, and should take no longer than 10 minutes, or you can open the account by calling Synchrony Bank at 1-866-226-5638.
If you wish to convert an existing Synchrony Bank Savings account to a High-Yield Savings account, you may do so by calling 1-866-226-5638.
Funding The Account
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.
The Fine Print
There is no minimum balance required to take advantage of the 1.05% 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.
- 1.05% APY, a competitive interest rate
- No minimum balance required for 1.05% APY
- Online and/or phone support
- ATM card can be used for free at ATMs bearing the Plus, NYCE, or STAR Logo
- Can withdraw up to $1,000 per day from an ATM
- Mobile deposits available
- $20 fee for each withdrawal over 6 per month (common at almost all banks)
- The account is entirely online, which means no physical locations to visit
How It Stacks Up
Synchrony Bank’s 1.05% APY is competitive, but not the highest.
Another option for those with a couple thousand dollars is Radius Bank. This account has a $10 minimum balance, however that won’t earn you the 1.10% APY. You need at least $2,500 to earn 1.10% APY on your daily balances.
Synchrony Bank’s High Interest Savings isn’t the highest APY on the market and also charges a few fees its competitors don’t. However, 1.05% APY is still quite competitive, which may make it a good choice for your high-interest savings account.