Last Updated: 04/18/2025
SuperMoney User Recommendation Score -57
Strongly not recommended7 total votes
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Highlights
Community Rating
Strongly not recommended
APY (Annual Percentage Yield)
0.40%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $5,000
Minimum Balance to Earn APY
$0.01
Number of Reviews
Synchrony Bank High Yield Savings Account Review
Synchrony Bank High Yield Savings Account is offered by Synchrony Bank, a bank founded in 1932 and based in Stamford, CT. Synchrony savings are available in 50 states and Washington, DC.
Key Takeaways
- Higher than average APY. Synchrony Bank High Yield Savings Account has an annual percentage yield of up to 0.40%, which is higher than the average interest rate for savings accounts. Note that you must keep a minimum balance of $0.01 to earn that interest rate.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Large minimum initial deposit. You need a minimum deposit of $5,000 to open an account. This is a relatively large minimum initial deposit when compared to the other accounts that we track.
- No ATM fees. Synchrony Bank High Yield Savings Account does not charge fees on ATM transactions .
- ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
Synchrony savings Pros & Cons
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Synchrony savings FAQ
Are savings accounts from Synchrony Bank federally insured?
Yes, your Synchrony Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #27314). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Synchrony Bank offer a signup bonus?
Synchrony savings has a bonus of $0 .
What is the minimum initial deposit for Synchrony savings?
The minimum deposit to open a Synchrony savings is $5,000.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Synchrony Bank High Yield Savings Account offer?
Synchrony savings offers an APY of 0.40% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Synchrony savings charge?
Synchrony savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.
- Outgoing domestic bank transfers come with a $25 fee.
- Outgoing international bank transfers come with a $25 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
What features and perks does Synchrony savings offer?
This savings account includes the following features:
- ATM reimbursement - This account provides ATM access and will reimburse you for the ATM fees charged by other networks.
- Fraud monitoring - Synchrony savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
- Mobile Banking Services - Synchrony savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Synchrony savings?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Synchrony savings?
The customer support email for Synchrony savings is customer.service@mail.synchronybank.com.
How do people rate the customer service and user experience of Synchrony savings?
Overall, Synchrony savings is strongly not recommended based on community reviews that rate customer service and user experience.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
8:00AM - 12:00AM
Monday
8:00AM - 12:00AM
Tuesday
8:00AM - 12:00AM
Wednesday
8:00AM - 12:00AM
Thursday
8:00AM - 12:00AM
Friday
8:00AM - 12:00AM
Saturday
8:00AM - 12:00AM
Other Services by Synchrony Bank
SuperMoney Net Recommendation Score
SuperMoney users don't recommend this product, giving it a user recommendation score of -57, or 1.9 on a 5-point rating scale.
-57
-1000+100
No one recommends
Everyone recommends
Synchrony Bank High Yield Savings Account Community Reviews
Would you recommend Synchrony Bank High Yield Savings Account to your friends?
MC
Michael C.
Oct 23, 2023
May or may not recommend
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push notification with Credit Karma.
I am more so concerned about the Levin account. I called into customer service and the first representative I spoke with was extremely rude. He told me a letter was sent to ...Show More
CW
Charlotte W.
Sep 9, 2019
May or may not recommend
I am looking for a loan that I can possibly pay my car off here and do some remodeling and home
JL
Jeremy L.
Apr 24, 2019
May or may not recommend
I received a motorcycle loan through them and as I live in Oklahoma we have to have our titles to register the vehicle and get the tag. They refused to send me my title until the loan was paid in full. 2 years and the bike has 90 miles on it because of this. Never dealing with them again. Savanah was their rep I spoke with and was very rude.
David Enrique D.
Apr 3, 2019
May or may not recommend
I've dealt with Synchrony Bank twice. Both times have been a terrible experience.
Once year ago for a Yamaha Waverunner Loan and the second time for a Suzuki Outboard Engine loan... because it was the only option for financing through the Suzuki Dealer.
I have 700+ credit score.
First ... They are a little Mickey Mouse lender … without an online platform… so you can’t login to make payments … no email ...Show More
Marty J.
Sep 23, 2016
May or may not recommend
Very poor customer service. Call center agents are friendly but not empowered to resolve any issues that are not trivial. Supervisors never seem to be available to accept escalated calls. I have not receive any supervisor call backs after being assured I would be contacted within 24 hours on four separate occasions. The rates are great, the service is not. Not the balance most people likely want.
Sara Ramirez
Sep 23, 2016
May or may not recommend
Synchrony Bank has the best interest rates for savings accounts. I've been with them for about a year now and I now get all of these special discounts on different places because I'm a "loyal customer." I don't mind that! And the interest rate for my savings account is at about 1.05% which is higher than anywhere else I've seen.
Blaine V.
Dec 24, 2014
May or may not recommend
I use a third party provider to monitor my credit and balances on my account. Synchrony is the only bank that does not allow this provider access to my account. When I contacted their customer service, this is the response I received: "At this time, we do not provide access to Synchrony Bank account(s) via these third-party tools. Please know that protecting any personal information provided to ...Show More
Showing 7 of 7 reviews
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