Synchrony offers a high-yield savings account with zero maintenance fees and an optional ATM card to access savings (2024)

Synchrony Bank offers a high-yield savings account with a 4.30% annual percentage yield (APY)—more than nine times the national average. On top of that, the savings account is low-cost. There’s no monthly service fee to whittle down your savings or earned interest.

All rates and fees below are current as of October 10, 2024, and are subject to change.

Synchrony Bank savings account rates at a glance

High-yield savings account4.30%
National average savings rate0.46%
Minimum opening deposit$0
High-yield savings account
4.30%
National average savings rate
0.46%
Minimum opening deposit
$0

Synchrony savings rates vs. popular banks

Synchrony savings accounts offer customers higher interest rates than many popular banks, including Capital One, Ally, and Discover, which are known for their high APYs.

InstitutionAPYMinimum opening depositMonthly feesLearn more
Synchrony4.30%$0NoneView offer
at MoneyLion
Capital One4.10%$0$0View offer
at Bankrate
Discover4.10%$0$0View offer
at MoneyLion
American Express4.25%$0$0View offer
at Bankrate
SoFi®
Member FDIC
Up to 4.30%*$0$0View offer
at SoFi
Chase0.01%$0$5View offer
at MoneyLion
Ally Bank4.00%$0$0View offer
at MoneyLion
PNC Bank0.01%$0$5View offer
at MoneyLion
Bank of America0.01%$100$8View offer
at MoneyLion
SynchronyView offer
at MoneyLion
APY4.30%
Minimum opening deposit$0
Monthly feesNone
Capital OneView offer
at Bankrate
APY4.10%
Minimum opening deposit$0
Monthly fees$0
DiscoverView offer
at MoneyLion
APY4.10%
Minimum opening deposit$0
Monthly fees$0
American ExpressView offer
at Bankrate
APY4.25%
Minimum opening deposit$0
Monthly fees$0
SoFi®
Member FDIC
View offer
at SoFi
APYUp to 4.30%*
Minimum opening deposit$0
Monthly fees$0
ChaseView offer
at MoneyLion
APY0.01%
Minimum opening deposit$0
Monthly fees$5
Ally BankView offer
at MoneyLion
APY4.00%
Minimum opening deposit$0
Monthly fees$0
PNC BankView offer
at MoneyLion
APY0.01%
Minimum opening deposit$0
Monthly fees$5
Bank of AmericaView offer
at MoneyLion
APY0.01%
Minimum opening deposit$100
Monthly fees$8

*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.

Synchrony’s savings rates compared to the national average

Synchrony’s high-yield savings account rate outranks several other banks’ rates and is much higher than the national average. According to the Federal Deposit Insurance Corp. (FDIC), the national average savings rate is 0.46%. Synchrony offers nine times more than that on all balances.

Synchrony’s savings rates compared to current top rates

Even with Synchrony Bank’s high interest rates, it’s always good to see what other banks provide. For instance, you can earn up to 5.25% APY on a savings account with online-only banks, such as Newtek Bank, UFB Direct, and Quontic Bank. Also, traditional banks, such as Western Alliance and Capital One, offer as high as 5.01% APY, but usually with eligibility requirements.

Synchrony Bank savings account fees

Synchrony’s savings account has no monthly fee. It lets you transfer funds to and from other bank accounts using your device. You can also obtain an optional ATM card to access the money in your savings account. However, you won’t get any checks, and each outgoing wire transfer costs $25.

How to open a Synchrony savings account

Synchrony Bank makes opening a savings account easy, but you must be at least 18 years old and a United States citizen or permanent resident. You can open an account by applying online, mailing a paper application, or calling an agent to help you through the process, which takes only a few minutes once you've prepared all the necessary documents and information.

Here’s how to open a Synchrony account online:

  1. Visit Synchrony Bank’s website. Click “OPEN AN ACCOUNT” at the top-right corner of the homepage.
  2. Indicate whether you’re a new or existing customer.
  3. Provide your personal information and identification details, such as your first and last name, Social Security number, date of birth, phone number, email address, mailing address, occupation and employer, and a government-issued ID.
  4. Review and accept the account terms and conditions.
  5. Fund your account. This step is optional but note that an account with a $0 balance for more than 60 days is subject to closure.

Other deposit products from Synchrony Bank

Synchrony Bank offers other deposit products to help you save more. You can open a money market account (MMA) to earn as high as 2.25% and enjoy check writing, funds transfer, and ATM card privileges. Synchrony also offers three- to 60-month certificates of deposit (CDs) with interest rates ranging between 0.25% to 4.50%.

But that’s not all—individual retirement account (IRA) CDs and an IRA MMA are available for those looking to save for retirement.

APYMinimum deposit requirementMonthly fees
MMAUp to 2.25%NoneNone
CDs0.25% to 4.50%NoneNone
MMA
APYUp to 2.25%
Minimum deposit requirementNone
Monthly feesNone
CDs
APY0.25% to 4.50%
Minimum deposit requirementNone
Monthly feesNone

Learn more: Read our full Synchrony Bank review

Frequently asked questions

What are the pros and cons of Synchrony Bank savings?

The perks of saving money with Synchrony Bank include high APYs, zero monthly maintenance fees, and no opening deposit or minimum balance requirement. Drawbacks include the absence of branch access and lack of a checking account.

Are Synchrony Bank savings accounts worth it?

While Synchrony Bank doesn’t offer in-person banking or a checking account, its high savings account interest rates, zero fees, optional ATM card, and mobile and nationwide accessibility make opening a savings account with Synchrony worth considering.

Is Synchrony Bank’s savings account insured?

FDIC protects Synchrony Bank customers in case of a bank failure. Your savings accounts are insured up to $250,000.00 per ownership category.

Read more

  • To earn the max on your deposit, check our ranking of the best CD rates.
  • Our ranking of the best jumbo CD rates can help you maximize your earnings on big deposits.
  • Short-term deposit investors can find a great rate on our list of the best 3-month CDs.
  • The best 1-year CD rates ranking can help you earn a tidy return on a 12-month deposit.
  • Choose one of the best high-yield savings accounts to boost your APY.
Synchrony offers a high-yield savings account with zero maintenance fees and an optional ATM card to access savings (2024)
Top Articles
Latest Posts
Recommended Articles
Article information

Author: Stevie Stamm

Last Updated:

Views: 5893

Rating: 5 / 5 (80 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Stevie Stamm

Birthday: 1996-06-22

Address: Apt. 419 4200 Sipes Estate, East Delmerview, WY 05617

Phone: +342332224300

Job: Future Advertising Analyst

Hobby: Leather crafting, Puzzles, Leather crafting, scrapbook, Urban exploration, Cabaret, Skateboarding

Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.