Kudos has partnered with CardRatings and Red Ventures for our coverage of credit card products. Kudos, CardRatings, and Red Ventures may receive a commission from card issuers. Kudos may receive commission from card issuers. Some of the card offers that appear on Kudos are from advertisers and may impact how and where card products appear on the site. Kudos tries to include as many card companies and offers as we are aware of, including offers from issuers that don't pay us, but we may not cover all card companies or all available card offers. You don't have to use our links, but we're grateful when you do!
Synchrony Savings Account Review: High-Yield Savings with No Minimum Balance (2024)
Looking for a high-yield savings account that doesn't require a minimum balance? Synchrony Bank might be your answer. In this comprehensive review, we'll explore everything you need to know about Synchrony's savings account options, including rates, features, and whether they're right for your financial goals.
What Is a Synchrony Savings Account?
A Synchrony savings account is an FDIC-insured, online-only savings account that consistently offers some of the highest annual percentage yields (APY) in the banking industry. As a division of Synchrony Financial, which has been in business for over 80 years, Synchrony Bank specializes in providing competitive savings products without the overhead costs of traditional brick-and-mortar banks.
Key features of Synchrony savings accounts include:
- Competitive high-yield APY
- No minimum balance requirement
- No monthly maintenance fees
- FDIC insurance up to $250,000
- 24/7 online and mobile banking access
- ATM card available upon request
Synchrony Savings Account Pros & Cons
Let's examine the advantages and disadvantages of opening a Synchrony savings account.
Pros:
- Consistently competitive APY among online banks
- No minimum deposit requirement
- No monthly maintenance fees
- User-friendly mobile app and online banking platform
- Optional ATM card for easy access to funds
- FDIC insured up to $250,000
- Multiple account options available
Cons:
- No physical branch locations
- Limited banking products compared to traditional banks
- No cash deposits accepted
- ATM fee reimbursements capped at $5 per month
- Mobile check deposit limits may be restrictive for some users
Who Is the Synchrony Savings Account For?
Synchrony savings accounts are ideal for:
- Rate-conscious savers: If you're looking to maximize your interest earnings, Synchrony consistently offers competitive rates.
- Digital-first banking customers: Those comfortable with online-only banking will appreciate Synchrony's user-friendly digital platforms.
- Emergency fund builders: The lack of minimum balance requirements makes it perfect for starting an emergency fund.
- Fee-averse customers: With no monthly maintenance fees, you keep more of your money.
- Hands-off savers: People who prefer to set up automatic savings and let their money grow with minimal intervention.
Comparing Synchrony Savings With Other Banks
Let's see how Synchrony stacks up against other popular online banks:
Synchrony vs. Ally Bank
- Similar competitive APYs
- Both offer no minimum balance
- Ally offers more comprehensive banking services
- Synchrony typically has slightly higher rates
Synchrony vs. Marcus by Goldman Sachs
- Both focus primarily on savings products
- Similar APYs and no minimum balance requirements
- Marcus offers personal loans
- Synchrony provides ATM access
Synchrony vs. Capital One 360
- Capital One has physical branches
- Both offer competitive rates
- Capital One has more comprehensive banking services
- Synchrony typically offers slightly higher APYs
Consider Using Kudos To Maximize Your Savings
While choosing the right savings account is crucial, maximizing your credit card rewards can significantly boost your savings potential. This is where Kudos comes in – a free AI-powered browser extension that helps you optimize your credit card rewards whenever you shop online.
By using Kudos alongside your Synchrony savings account, you can:
- Automatically identify which credit card offers the best rewards for each purchase
- Earn up to 5X rewards during special Flash Boost events
- Discover new credit cards that align with your spending habits
- Save more money to deposit into your high-yield savings account
Currently, Kudos is offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
Synchrony Bank's savings account stands out for its consistently competitive rates, no minimum balance requirements, and zero monthly fees. While the lack of physical branches might deter some customers, the bank's robust online platform and optional ATM card provide convenient access to funds. For those comfortable with digital banking and seeking high yields on their savings, Synchrony is an excellent choice.
Synchrony Savings Account FAQ
What is the current APY for Synchrony savings accounts?
Synchrony Bank offers competitive rates that vary based on market conditions. Check their website for the most current rates.
Is there a minimum deposit required to open a Synchrony savings account?
No, there is no minimum deposit required to open or maintain a Synchrony savings account.
How do I deposit money into my Synchrony savings account?
You can deposit funds through direct deposit, mobile check deposit, wire transfer, or by mailing a check.
Is my money safe with Synchrony Bank?
Yes, Synchrony Bank is FDIC-insured up to $250,000 per depositor, per account ownership category.
Can I withdraw money from an ATM with my Synchrony savings account?
Yes, Synchrony offers an optional ATM card for savings account holders, allowing withdrawals at any ATM that accepts Visa cards.
Does Synchrony offer joint savings accounts?
Yes, you can open a joint savings account with one or more co-owners.
How long does it take to transfer money from a Synchrony savings account to another bank?
External transfers typically take 3-5 business days, though the exact timing may vary depending on the receiving bank.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
