3 Reasons to Get a Synchrony Savings Account Before the End of August

If your savings account currently has a 0.01% annual percentage yield (APY), you could be leaving hundreds of dollars on the table. The best high-yield savings accounts are paying at rates around 5.00% APY. If you kept $10,000 in a savings account with a 5.00% APY, you would have $500 within a year.

On the flip side, the savings accounts with the best rates are also the least accessible. This is probably the strongest argument to having a savings account with a low APY -- they're usually offered by big national banks with a large branch presence. You might not be earning the highest APY, but you'll at least be able to withdraw cash easily.

But what if I said you could have the best of both worlds? Both a strong APY and quick access to cash? That, in a nutshell, is what makes the Synchrony Bank High Yield Savings account stand out as one of the best. If earning more interest without sacrificing cash accessibility is important to you, here's why the Synchrony Bank High Yield Savings could be a great fit.

1. Get a strong APY before it's too late

The Synchrony Bank High Yield Savings account currently has a 4.75% APY, making it one of the best high-yield savings accounts.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

However, like other savings accounts, the Synchrony Bank High Yield Savings account has a variable savings rate. In other words, Synchrony Bank reserves the right to change your account's APY at any time without notifying you in advance. This might occur if ongoing interest rates declined across the board, thereby leading Synchrony Bank to lower its own rates.

This isn't a hypothetical scenario. By the looks of it, interest rates could start falling soon. Everything hinges on the Federal Reserve's monetary policy, which has been in favor of keeping rates high to cool off inflation. Now that annual inflation is starting to fall, it might not be long before the central bank cuts its federal funds rate, which banks use to set their own savings rates.

It'll take some time before banks, including Synchrony Bank, will cut their rates. But if you want to earn more interest, it's prudent to start now before that happens.

2. Withdraw cash with an ATM card

The Synchrony Bank High Yield Savings account comes with an ATM card, allowing you to withdraw up to $1,000 per day from an ATM.

This is a rare perk for an online savings account. Most digital banks limit your withdrawals to electronic transfers. At most, many banks require you to open a linked checking account if you want greater access to your money. While the Synchrony Bank High Yield Savings account also lets you make electronic transfers, the ATM card gives it a leg up over other accounts.

3. No fees, no minimums

The Synchrony Bank High Yield Savings account has no minimum required opening deposit, no monthly service fees, and no minimum balance requirements to continue earning at this strong APY. Although most online savings accounts don't charge fees, it's good to know you won't be charged to use this account.

For the convenience of withdrawing from an ATM, plus the high yield on your savings, the Synchrony Bank High Yield Savings account is a strong contender for best online savings account. While other high-yield savings accounts have strong APYs, few can match this account's accessibility. Compare it with other top-rated savings accounts, then grab a high interest rate before it's too late.