Synchrony Bank High Yield Savings Review: High APY and More
Review
Updated
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The Synchrony Bank High Yield Savings account might be for you if: You're looking for a savings account with a high APY and few fees. It's also a great fit for those who want to withdraw cash without first transferring it to a checking account.
Synchrony Bank High Yield Savings
The Synchrony Bank High Yield Savings account has no minimum deposit and offers one of the highest APYs on our radar. It not only provides an ATM card with access to your cash at tens of thousands of free ATMs, but Synchrony will even reimburse a certain amount of out-of-network ATM fees. With a top-rated app and no maintenance fees, the Synchrony High Yield Savings account could certainly be worth a look.
Annual 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.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
This savings account is an excellent choice for many -- but not everyone. Here's what you need to know about it.
| Account | APY | Minimum Deposit |
|---|---|---|
| Synchrony Bank High Yield Savings | 4.00% | $0 |
Synchrony Bank will pay you 4.00% on your saved cash, and you don't even need to meet a minimum deposit to open the account or earn the APY, which is among the highest we've encountered. That could make this account a great fit for those just getting started with saving.
Synchrony Bank doesn't charge a monthly maintenance fee on its Synchrony Bank High Yield Savings account. It also doesn't have out-of-network ATM fees, though the ATM owner could charge you a fee. Customers get $5 in monthly out-of-network ATM fee reimbursements and those who have Diamond status in the Perks Rewards program get unlimited ATM fee reimbursements.
There's also a $25 wire transfer fee, though Diamond status account holders get up to three free wire transfers per statement cycle.
The Synchrony Bank High Yield Savings account doesn't have a minimum balance required to earn interest. It also doesn't require a certain initial deposit to open the account.
Your Synchrony Bank High Yield Savings account ATM card has a $1,000 daily withdrawal limit. There is no limit to the number of times you can use the ATM card.
However, you are limited to six free transfers or withdrawals from your account per statement cycle. Exceed this limit, and the bank could deny the transfer or charge you an additional fee.
Synchrony Bank offers mobile apps for Android and iOS devices. The iOS app has received favorable reviews from over 20,000 customers. However, Android users are less impressed with their app's capabilities.
You can deposit and withdraw money from your Synchrony Bank High Yield Savings account in any of these ways.
Here are your choices for depositing funds into your Synchrony Bank High Yield Savings account:
Synchrony gives you the following options for withdrawing money from your Synchrony Bank High Yield Savings account:
Synchrony charges a $25 outgoing wire fee. ATM withdrawals are possible (and free) at machines with Plus or Accel® logos. If you can't find an ATM in one of those networks, Synchrony will reimburse you for up to $5 of out-of-network ATM fees each month. Diamond status customers get unlimited ATM reimbursements, which can be an especially valuable benefit if you travel often to places with high-fee ATMs.
Though customers appear happy with its APY, overall reviews of the bank's customer service aren't favorable. It has a 1.1 out of 5 Trustpilot rating from over 500 customers and it's not rated by the Better Business Bureau. This may not concern you if you rarely deal with human representatives, but if you're worried about potential problems, you may want to explore other account options.
High APY: The Synchrony Bank High Yield Savings APY is among the highest offered by high-yield savings accounts we've found.
No minimum deposit or balance: Not only does Synchrony's generous APY apply to all accounts, regardless of balance, but there is also no required minimum to open an account.
No maintenance fee: As with many online-based savings accounts, the Synchrony Bank High Yield Savings account has no maintenance fee. In contrast, many brick-and-mortar banks set conditions (such as a direct deposit each month or maintaining a certain balance) to avoid monthly maintenance fees.
Easy ATM access: Synchrony Bank High Yield Savings customers get a debit card that allows them to withdraw money for free at machines with Plus or Accel® logos. Not only that, but Synchrony will reimburse customers for up to $5 of out-of-network ATM fees each month. This is common among checking accounts, but it's somewhat of a rarity among online-based savings accounts, as many only allow withdrawals to a linked checking account. Those with Diamond status in its Perks Rewards program get unlimited monthly ATM fee reimbursements.
Mobile functionality: The Synchrony Bank mobile app works on Apple and Android devices. It lets you transfer funds, check your balance, deposit checks, and more. Its Android app has received only average reviews, but its iPhone app is highly rated, with a 4.8 out of 5 star rating in the App Store
FDIC insured: Just like a traditional bank account, a Synchrony savings account is covered by the FDIC. Your funds are protected up to $250,000 per depositor, per institution, in the unlikely event of bank failure.
Wire transfer fee: Synchrony charges a $25 fee for an outgoing wire transfer to other U.S. banks. This is by no means excessive in relation to the competition, but some online savings accounts don't charge any fees for wire transfers.
Yes, Synchrony Bank is FDIC insured. Any money you put into its Synchrony Bank High Yield Savings account is protected up to $250,000 per person. Those who open a joint savings account with another person will have higher insurance limits.
The Synchrony Bank High Yield Savings account is a good fit for those who value convenience and affordability. It packs in many of the wallet-friendly perks we covet in a savings account -- namely, convenience, a high yield, and fees that match or beat the competition. The latter may be most important for savers, as high fees can quickly wipe out interest earnings.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
Motley Fool Money is committed to covering most of the banks you may evaluate when making financial decisions. Here are a few of our most recent bank reviews:
Synchrony Bank is an FDIC-member financial institution, which means that deposits are protected, up to $250,000 per person, per institution. The bank is well-capitalized and has plenty of liquidity to cover customer withdrawals, even if there is turbulence in the banking industry.
The Synchrony Bank High Yield Savings account pays interest monthly on the statement date, and it is compounded on a daily basis.
The Synchrony Bank High Yield Savings account offers a competitive APY and few fees. It also comes with up to $250,000 of FDIC insurance. If it falls short in one area, it's customer service, but not everyone cares about this, especially when working with an online bank.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
