Looking for a high-yield savings account to grow your money? If so, you may want to check out this newcomer to the online banking world: Synchrony Bank.
Synchrony currently offers one of the highest APYs in online savings at an impressive 0.75%, with no minimum opening deposit, no minimum balance and no associated maintenance fees on the account.
What Is A Synchrony Bank High-Yield Savings Account?
Synchrony Bank is now offering a new FDIC insured, high-yield savings account with a competitive 0.75% APY and the ability to earn perks and rewards just for saving at their bank.
What is the the APY for a Synchrony Bank High-Yield Savings Account?
The current annual percentage yield (APY) for a Synchrony Bank High-Yield Savings Account is 0.75% with interest compounded daily.
What is the minimum deposit to open a Synchrony Bank High-Yield Savings Account?
There is currently no minimum deposit required to open a Synchrony High-Yield Savings Account.
How Do I Deposit and Withdraw Money From A Synchrony Bank High-Yield Savings Account?
Here are the ways you can deposit and withdraw money from a Synchrony Bank online savings account.
- Mail Synchrony Bank a physical check
- An ETF (electronic funds transfer) from a connected external bank account
- Internal transfer from another Synchrony account
- Mobile check deposits
- Direct deposit
- ATM deposits through certain Plus or ACCEL-network ATMs that accept deposits
- and finally, wire transfers
- Request a physical check be mailed to you
- Transfer money to a connected external bank account (online or over phone)
- ATM withdrawals are possible (and free) at machines with Plus, NYCE, or STAR logos. Good news is – if you can’t find an ATM in one of those networks, Synchrony will reimburse customers for up to $5 of out-of-network ATM fees each month
- Outgoing wire transfer — Note: $25 outgoing wire fee applies
What Are Synchrony Bank High-Yield Savings Account Fees?
Here is a breakdown of fees associated with Synchrony Bank High-Yield Savings Accounts:
|Outgoing Wire Transfer||$25|
|Incoming Wire Transfer||$0|
|Non-Synchrony ATM||Fee depends on ATM, but you get a $5 rebate per billing cycle from Synchrony.|
What Are The Benefits of A Synchrony Bank High-Yield Savings Account?
- First of all, they have a Competitive, high APY (0.75% as of August 2020)
- No minimum deposit or balance
- No maintenance fees
- ATM access to your money, and they’ll even reimburse you $5 per month for out-of-network ATMs
- No fees for excess withdrawals
- User-friendly online access portal
- Access to free identity theft resolution services
What Are The Disadvantages of A Synchrony Bank High-Yield Savings Account?
- No accompanying checking account
- No physical branch locations or in-person support
- Expensive wire transfer fee ($25/transfer)
- Furthermore, there is no mobile app access for the high-yield savings account
- Although you won’t pay a fee for exceeding 6 withdrawals monthly . Consequently, if you do it repeatedly, it could result in Synchrony closing your account
Although 0.75% APY is one of the highest in the market, there are a few banks that offer higher rates or better perks.
As of August 2020, here are some rates from competitors that you may want to check out:
- First Foundation Bank Online Savings – 1.20% APY
- Vio Bank – 1.11% APY
- Citi Accelerate – 1.10% APY
- CIBC Bank – 1.05% APY
- Goldman Sachs – Marcus Account – 1.05% APY
- Ally Bank – 1.00% APY
- American Express Personal Savings – 1.00% APY
- Aspiration Bank – 1.00% APY
- Capital One 360 Performance Savings – 1.00% APY
- Citizens Access – 1.00% APY
- CIT Bank Savings Builder – 0.95% APY
- Discover – 0.95% APY
- TAB Bank – 0.90 % APY
- Barclays Bank – 0.80% APY
- Synchrony Bank – 0.75% APY
- HSBC Direct – 0.70% APY
- MySavingsDirect – 0.65% APY
- TIAA Bank – 0.65% APY
Is A Synchrony Bank High-Yield Savings Account FDIC-Insured?
Yes. Synchrony Bank is a FDIC member. Therefore, funds deposited in a Synchrony High-Yield Savings Account is insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. As a result, the FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). Furthermore, the current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A Synchrony Bank High-Yield Savings Account?
To open a Synchrony online savings account, you must:
- Be a US citizen
- Have a valid US residence
- A valid SSN or tax ID number
- and likewise, have a valid ID
You’ll also need to let them know the following personal details:
- Full name and contact information
- Date of birth and Social Security number
- Driver’s license or ID number
- and certainly, your bank account details for your external funding account
To open an account:
1. Firstly, Go to Synchrony’s website and click Open an Account.
2. Then, Click Get Started to begin your application.
3. Select High Yield Savings and indicate whether you’re interested in an Individual or Joint account. Tell Synchrony how you heard about its products from the drop-down menu. Click Next: Select Options.
4. After that, Enter your opening deposit, and indicate whether you would like to receive an ATM card. Click Next: What you will need.
5. Next, review the required information to open an account. When you’re ready, click Next: Provide Owner Information.
6. After that, complete the required fields with your full name, your Social Security number, your date of birth and your email address.
Click Next: Provide Address Information
7. Provide your address. After that, click Next: Verify Identity.
8. Then, verify your identity by providing your phone number, a secret question and answer, your employment information and either your driver’s license number, military ID or state ID. To add a beneficiary, select Next: Add Beneficiaries. Or click Skip/Add Beneficiaries Later.
9. Indicate your funding method and source of funds, then provide your banking information, including your routing number, account number and account type. After that, Click Next: Review Selections.
10. Finally, review your account information and the Terms and Agreements, and submit your application.
How To Access Your Synchrony Bank High-Yield Savings Account:
Online: Upon enrollment, access your account by logging in with your username and password on: https://www.synchronybank.com/
Contact Synchrony Bank About Your Account:
- Online chat at synchronybank.com
- Call Synchrony’s automated line 24/7 at 866-226-5638
- Synchrony Bank
PO Box 105972
Atlanta, GA 30348-5972
- Synchrony Bank
In conclusion, Synchrony offers a non-traditional banking experience . In other words, it doesn’t have branches or offer checking accounts. But most noteworthy, it is FDIC-insured and provides a secure platform for customers to access and manage their accounts. And, you get the best of both worlds with easy ATM access to your money when you need it. Therefore, if you want great interest rates on savings products and prefer banking online – this could be the fit for you.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
Synchrony – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 4.2 out of 5 stars
- BauerFinancial Star Rating: 4 out of 5 stars
- BankTracker Troubled Asset Ratio: 10.80
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.