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 account | 4.30% |
---|---|
National average savings rate | 0.46% |
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.
Institution | APY | Minimum opening deposit | Monthly fees | Learn more |
---|---|---|---|---|
Synchrony | 4.30% | $0 | None | View offer at MoneyLion |
Capital One | 4.10% | $0 | $0 | View offer at Bankrate |
Discover | 4.10% | $0 | $0 | View offer at MoneyLion |
American Express | 4.25% | $0 | $0 | View offer at Bankrate |
SoFi® Member FDIC | Up to 4.30%* | $0 | $0 | View offer at SoFi |
Chase | 0.01% | $0 | $5 | View offer at MoneyLion |
Ally Bank | 4.00% | $0 | $0 | View offer at MoneyLion |
PNC Bank | 0.01% | $0 | $5 | View offer at MoneyLion |
Bank of America | 0.01% | $100 | $8 | View offer at MoneyLion |
Synchrony | View offer at MoneyLion |
---|---|
APY | 4.30% |
Minimum opening deposit | $0 |
Monthly fees | None |
Capital One | View offer at Bankrate |
APY | 4.10% |
Minimum opening deposit | $0 |
Monthly fees | $0 |
Discover | View offer at MoneyLion |
APY | 4.10% |
Minimum opening deposit | $0 |
Monthly fees | $0 |
American Express | View offer at Bankrate |
APY | 4.25% |
Minimum opening deposit | $0 |
Monthly fees | $0 |
SoFi® Member FDIC | View offer at SoFi |
APY | Up to 4.30%* |
Minimum opening deposit | $0 |
Monthly fees | $0 |
Chase | View offer at MoneyLion |
APY | 0.01% |
Minimum opening deposit | $0 |
Monthly fees | $5 |
Ally Bank | View offer at MoneyLion |
APY | 4.00% |
Minimum opening deposit | $0 |
Monthly fees | $0 |
PNC Bank | View offer at MoneyLion |
APY | 0.01% |
Minimum opening deposit | $0 |
Monthly fees | $5 |
Bank of America | View offer at MoneyLion |
APY | 0.01% |
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:
- Visit Synchrony Bank’s website. Click “OPEN AN ACCOUNT” at the top-right corner of the homepage.
- Indicate whether you’re a new or existing customer.
- 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.
- Review and accept the account terms and conditions.
- 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.
APY | Minimum deposit requirement | Monthly fees | |
---|---|---|---|
MMA | Up to 2.25% | None | None |
CDs | 0.25% to 4.50% | None | None |
MMA | |
---|---|
APY | Up to 2.25% |
Minimum deposit requirement | None |
Monthly fees | None |
CDs | |
APY | 0.25% to 4.50% |
Minimum deposit requirement | None |
Monthly fees | None |
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.