[📌 Update January, 2023: Synchrony Bank bumped up their online savings account rate by 0.25% to the current 3.75% APY (annual percentage yield). This is up from 3.50% APY in December. See more account details below.]

Synchrony Bank is a well known online-only, FDIC-insured bank that regularly offers high yields on both their fixed rate CDs and their variable rate high yield online savings account.

On top of the high yields, Synchrony Bank doesn’t impose any minimum deposit requirements or daily average balance requirements to earn the advertised yield.

Unlike many online savings accounts, Synchrony Bank also offers an ATM card. This card comes with zero withdrawal fees (from Synchrony Bank) and reimbursements up to $5.00 per month on fees charged by ATM owners.

To see if Synchrony Bank’s high yield savings account is right for you, continue reading our review below.

Synchrony Bank High Yield Savings Account Rate + Details

The Synchrony Bank High Yield Savings account is a straightforward, FDIC-insured account that has no minimum balance requirements and no monthly maintenance fees.

High Yield Savings Account Rate

To put this yield into perspective, the current national average for a savings account sits at just 0.30% APY according to recent FDIC data. However, there are a handful of institutions now paying over 4.00% APY (annual percentage yield) following another FED prime rate hike of 0.50% on December 14th.

Compounding Interest

Synchrony Bank’s high yield savings account compounds interest daily and pays it monthly on your statement date.

Synchrony Bank pays interest based on balance tiers. In the past, rates have varied by tiers, but today they pay a flat 3.50% APY across all balance amounts.

For future reference, the average daily balance tiers are broken up into the following groups:

• <$4,999,
• $4,999.01 – 24,999, and
• >$24,999.01

As mentioned, there are no minimum balances to maintain or worry about, however, Synchrony Bank may close your account if it is inactive for more than 60 days.

Accessing Your Funds

With this savings product, you will have cash access via:

• phone,
• ATM, and
• online banking.

You can manage your Synchrony Bank high yield savings account through their Android app or IOS app.

Also, remember if you opt for the free bank card tied to your savings account you can use it at any Plus and ACCEL ATMs free of charge. Plus, Synchrony Bank gives you $5 in monthly reimbursements for out of network ATM usage.

ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).

📌 Please Note: There is no check writing capability with Synchrony Bank’s high yield savings account. You will need to open the money market account for that feature.

Money Market Rate + Account Details

Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.

Money Market Account Rate

To put this yield into perspective, the current national average for a money market account sits at just 0.29% APY according to FDIC data.

Compounding Interest

Interest is compounded daily and credited monthly.

Accessing Funds

Money market accounts come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.

Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.