It can already be established that Synchrony Bank is no ordinary bank, but that doesn’t necessarily make it a bad thing. Since they’re an internet-oriented bank, they can handle offering consumers the higher rates they want with a Savings or Money Market. It’s worth noting that their lack in the checking account department also contributes towards them making viable CDs, Savings, MMAs at a much higher than national average standard rate.Now, if you’re in the market for a High Yield Savings account, then Synchrony Bank’s got just what you need! 2.25% APY on a high yield and all you have to do is click on the sign up button below. From there, there’s no minimum deposit and no monthly fees as long as you’re able to maintain $30 in your savings account each month. Guaranteed interest post to your account at at least $.01, and let me tell you, it doesn’t get any better than 2.25% APY with little requirements attached.
Synchrony Bank Savings Account Summary:
- Click on the Start Savings button above to get started
- Account Type: High Yield Savings account
- Rate: 2.25%
- Availability: Nationwide
- Expiration Date: None
- Soft/Hard Pull: Soft pull
- Direct Deposit Requirement: None
- Additional Requirements: For interest to post to your account you must maintain a minimum balance that would earn you at least $.01.
- Monthly Fee: $5, waivable with $30 in maintainable balance
- Early Termination Fee: None
Synchrony Savings Breakdown |
|
Advantages |
Disadvantages |
2.25% APY Rate | No physical locations |
No minimum balance required for 2.25% APY | Only one branch location, in Bridgewater, New Jersey |
Can withdraw up to $1,000 per day from an ATM | $20 fee for each withdrawal over 6 per month |
Mobile deposits available | No chat line for customer support |
No fees for ATMs in its network | No checking accounts |
Synchrony Bank Savings Account Rates:
Balance | Annual Percentage Yield (APY) |
No minimum | 2.25% |
Synchrony Bank Savings Account Features:
- Award-winning rates — that go beyond the national average+
- Easy withdrawals online, over the phone or with an ATM card
- Control of your money through our online banking portal or by speaking with one of their Banking Representatives.
- No minimum balance requirement or monthly service fee
- Peace of mind through FDIC insurance up to $250,000 per depositor, per insured bank, for each ownership category
Opening A Savings Account
In order to open a Synchrony Bank High Yield Savings, all you need is:
- A valid US residence
- Social Security number (or Tax Identification Number)
- US Driver’s License, state-issued ID, or Military ID
This could be done online or in-person at their one branch in Bridgewater, New Jersey. I recommend just opening online since the process should only take you 10 minutes. In regards to funding your account, you can make the deposit transferring electronically, direct deposit, via mail, or setting up wire transfers or ACH. There's no minimum balance requirement to earn the APY, but the more in deposit value you have, the more you'll earn in returns.
Author's Verdict:
A High Yield Savings account with no minimum deposit requirement to earn interest is rather hard to find these days, which is why I fully recommend Synchrony's 2.25% APY High Yield Savings account. Be sure to check out the table above if you're interested in Synchrony's Savings. Note that the more in deposit value you have, the more you'll earn in returns. Account is FDIC Insured up to the maximum allowed by state. Note that fees ($20) can accrued if you exceed the withdrawal limit. Find all the Best savings rates from our exclusive list nationwide!