Synchrony Bank High Yield Savings Account Review

Where does Synchrony Bank High Yield Savings Account do business?

Synchrony Bank is based in Bridgewater, NJ. It was founded in 1932 and offers savings accounts in 50 states (and Washington, DC).

Synchrony Bank High Yield Savings Account is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits in checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts up to $250,000 per depositor if a member institution fails.

What APY does Synchrony Bank offer?

Synchrony Bank High Yield Savings Account offers an APY of 2.25% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What features and perks does Synchrony Bank High Yield Savings Account offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks. Typically there is a limit to how much you can claim for these costs, so check the fine print if you plan to make multiple withdrawals within one month.
• Fraud monitoring - Synchrony Bank High Yield Savings Account 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.
• Nationwide ATM network - Withdraw money and check your balance from wherever you are.

What fees does Synchrony Bank High Yield Savings Account charge?

Synchrony Bank High Yield Savings Account does not charge a monthly maintenance fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $25 fee.
• Outoing 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.