Synchrony Overview

Synchrony Bank’s High Yield Savings Account is designed for savers seeking competitive interest earnings without monthly maintenance fees or minimum balance requirements. As an FDIC-insured online bank, Synchrony combines above-average APY rates¹, ATM access, and a straightforward fee structure. The absence of minimum deposit requirements and monthly fees makes it accessible for new savers, while daily compounding interest supports long-term growth.

Synchrony Bank is an FDIC member (FDIC Certificate #27314), meaning deposits are insured up to $250,000 per depositor, per ownership category, as regulated by the Federal Deposit Insurance Corporation.

Pros & Cons

Synchrony at a Glance

Fees?

Synchrony High Yield Savings Account has no monthly maintenance fees and no minimum balance requirements. There is also no minimum deposit required to open the account. Excess transaction fees are not typically charged since federal Regulation D limits were removed in 2020, though banks may still monitor transaction activity.

Security

Deposits are FDIC insured up to $250,000 per depositor, per ownership category. Synchrony uses 128-bit or higher SSL encryption, multi-factor authentication, and offers account alerts. Biometric login is available through the mobile app on supported devices.

Online Experience

Synchrony operates as an online bank, meaning all banking functions are available digitally. Users can open an account online, transfer funds, monitor balances, set alerts, and manage beneficiaries. The website clearly discloses rates and terms before account application.

Mobile App

The Synchrony Bank mobile app is available for iOS and Android. It allows account monitoring, transfers, mobile check deposit, and biometric login. The app supports account alerts and transaction history tracking.

Customer Support

Customer service is available by phone Monday through Friday (typically 8 AM to 10 PM ET) and weekends (hours may vary). Synchrony also offers an automated phone system 24/7. Secure messaging is available via online banking.

Suitable For?

The Synchrony High Yield Savings Account is structured for:

• Individuals building emergency funds
• Savers seeking competitive interest without fees
• Customers comfortable with online-only banking
• Those who do not require branch access

It may be less suitable for individuals who require in-person service or frequent cash deposits.

Features & Highlights

Advantages Over Traditional Banks

Traditional brick-and-mortar banks often maintain lower savings APYs due to higher operational overhead costs. Online banks such as Synchrony operate without extensive branch networks, which allows for potentially higher variable interest rates and fewer maintenance fees.

The Synchrony High Yield Savings Account has no monthly service fees and no minimum balance requirement. Many traditional savings accounts require minimum balances to avoid monthly fees, which may range between $5–$15 per month depending on the institution.

Additionally, Synchrony offers ATM access through affiliated networks, giving customers liquidity options typically associated with checking accounts, which is less common among online-only savings products.

Cutting-Edge Banking Services

Synchrony supports digital-first banking features including:

• Mobile check deposit
• Electronic transfers
• Account alerts
• Beneficiary designation online
• Secure messaging

The mobile app includes biometric login (fingerprint/face recognition on compatible devices), which enhances user security and convenience.

Daily compounding interest is another key feature, meaning interest is calculated daily and paid monthly, which can support incremental growth over time.

Traditional Banking Services

While Synchrony does not offer checking accounts under this review focus, the savings account does include:

• ATM access (via Plus or Accel network)
• ATM fee reimbursement up to a monthly limit
• Electronic transfers (ACH)
• Wire transfer capabilities

Fund availability generally follows ACH processing timelines, typically 1–3 business days depending on the originating bank.

Interest Rates and Fees

Synchrony High Yield Savings Account offers a variable Annual Percentage Yield (APY).

As of verification (2026), Synchrony advertises a competitive variable APY. Because savings rates fluctuate based on Federal Reserve benchmark rates and market conditions, APY is subject to change at any time.

Interest is compounded daily and credited monthly.

Savings Account Fees Table

There are no overdraft fees, as this is not a checking account.

Customer Service and Online Experience

Synchrony’s online platform is structured for clarity and ease of navigation. Rates, disclosures, and FAQs are displayed prior to application. Account opening can typically be completed in approximately 10–15 minutes, depending on identity verification.

Customer support channels include:

• Phone support (weekday & weekend hours)
• Automated 24/7 phone system
• Secure online messaging
• FAQ and knowledge base

Public ratings indicate that Synchrony Bank holds an A rating with the Better Business Bureau (BBB), though BBB ratings are not endorsements of product quality.

Mobile App

The Synchrony Bank mobile app is available via Apple App Store and Google Play.

Features include:

• Account balances
• Transfers
• Mobile check deposit
• Alerts
• Biometric login

The app supports real-time account visibility, which may assist customers in tracking savings progress.

Security

Security measures include:

• FDIC insurance (up to $250,000 per depositor)
• 128-bit or higher SSL encryption
• Multi-factor authentication
• Fraud monitoring systems
• Account alerts

Synchrony also provides a dedicated fraud support team to assist customers with suspicious activity.

Application Process

• Visit Synchrony banking website
• Select High Yield Savings Account
• Complete online application
• Provide personal identification (SSN, address, DOB)
• Fund account via ACH transfer

Identity verification is conducted electronically, consistent with U.S. banking regulations under the USA PATRIOT Act.

Synchrony Summary

Synchrony High Yield Savings Account offers a fee-free structure, no minimum balance requirement, and competitive variable interest rates within a fully digital banking model. FDIC insurance provides deposit protection up to federal limits, and daily compounding interest supports savings growth. ATM access adds liquidity flexibility uncommon among some online savings accounts.

For individuals comfortable with online-only banking and seeking a straightforward high-yield savings solution without maintenance fees, Synchrony presents a structured and accessible option.

Physical Address

Synchrony Bank

170 West Election Road

Suite 125

Draper, UT 84020

United States

Customer Service Phone: 866-226-5638

Hours: Typically Monday–Friday 8 AM–10 PM ET; weekend hours vary.

Disclaimers

Having explored the features and benefits of this product, you might be curious about how it stacks up against its competitors. We encourage you to visit our comprehensive comparison chart for a broader perspective. This chart offers a detailed juxtaposition of this product with other leading brands, highlighting differences in features, pricing, and customer ratings. It’s an invaluable resource for contrasting your options and making an informed decision that best suits your needs. Don’t miss out – take a moment now to view our comparison chart and see how your chosen product compares in the wider market.

¹Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.

AI was used in the creation of this content, along with human validation and proofreading.