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Synchrony Bank Savings Rate: High-Yield Account Review 2024

  • You can earn an impressive 4.75% APY with an online savings account from Synchrony Bank.
  • Synchrony Bank doesn’t charge maintenance fees for its high-yield savings account, and you also don’t need a minimum deposit or balance.
  • You can get an optional ATM card for your Synchrony Bank savings account, making it easier to access your money when you need it.
  • Synchrony also offers other savings options, including CDs and money market accounts.
  • You could earn from 2.05% to 4.00% interest on non-IRA CD accounts, and 2.25% APY on Money Market.

Synchrony Bank savings rates are relatively high, coming in toward the top of the range for online savings account APYs when no minimum balance or deposit is required. The fact that this online savings account also comes with an optional ATM card makes it a flexible savings choice for many.

To learn more about the Synchrony Bank savings account and whether it might be the best savings account for you, delve deeper into this review and learn:

  • How much you can save with a Synchrony Bank savings account
  • How to open this type of account
  • What other savings options Synchrony Bank offers

Our top picks for savings accounts

Synchrony Bank savings rate

Synchrony Bank offers a high-yield savings account with a lot of attractive features for individuals of all financial situations. The 4.75% APY is more than nine times the?current average?—??and almost four times the average even with a rate cap adjustment applied.

Some savings accounts work by only letting you earn a fraction of a percentage, so the takeaway here is that you get a high yield with Synchrony’s account versus many other options. Interest earnings are credited as a single total amount to your account once per month.

Many high-yield checking and savings accounts have barriers to entry. They require a minimum deposit amount to get started that may be out of many people’s reach, or they require you to keep a certain balance in the account to avoid fees. The Synchrony online savings account doesn’t have minimum deposit or balance requirements. It also doesn’t charge monthly fees, ensuring your interest earnings don’t get whittled down by such expenses. You may pay fees for optional services if you elect them.

Synchrony doesn’t set a withdrawal limit for its savings account, so you have flexible access to your money. You might also be able to get an optional ATM for immediate access to your funds when you need them, which isn’t an option for many online-only savings accounts.??

Synchrony Savings Account Interest Rate & Fees

APY Monthly Fee Minimum Deposit
4.75% $0 $0

How much can I earn with a Synchrony Bank savings account?

Interest on your Synchrony banking account is compounded daily. However, the bank tallies up the interest you’ve earned over the course of the month and credits it in one total each statement cycle. So, you’ll only see one interest deposit monthly.

The amount you can earn with a Synchrony Bank savings account depends on a variety of factors. The amount you deposit initially, whether you make continuing deposits to add to your savings and how long you leave the funds in the account all impact how much you earn in interest. The more you deposit and the longer you leave it, the more interest you earn.

Synchrony savings account earnings in the short-term

To understand how much you can hear with a Synchrony savings account versus other options, check out the table below.?

It reflects the amount of interest you would earn if you deposited $5,000 and left it without adding additional funds.

Interest Earned on $5,000 Initial Deposit

Amount of time funds are invested Interest earnings in an account paying 0.02% APY Interest earnings in an account paying 0.52% APY, which is around the national average Interest earnings for a Synchrony online savings account
6 months $1 $0 $13
1 year $1 $1 $26
2 years $2 $1 $52
3 years $3 $2 $79

?As you can see, a high-yield savings account certainly puts your month to work more efficiently than other savings and checking options, but maximizing your earnings requires long-term, consistent savings.

Long-term, consistent savings interest earnings example

Here’s a look at how much you can earn if you deposit $1,000 to start with and then deposit $200 per month into your savings account over time.

Interest Earned on $1,000 Initial Deposit and Additional Deposit of $200 per Month

Number of years funds are invested Total savings amount Interest earned
1 $3,502 $102
2 $6,125 $325
3 $8,876 $676
4 $11,761 $1,161
5 $14,786 $1,786
6 $17,958 $2,558
7 $21,285 $3,485
8 $24,773 $4,573
9 $28,431 $5,831
10 $32,267 $7,267

To calculate how much you could earn with a Synchrony Bank savings rate, try using our savings calculator. Read our complete guide on?savings calculator.

Compound Interest Calculator With Monthly Contributions - Synchrony

Estimated Future Balance
0

Important Note: The savings estimates provided on this platform are meant for general information purposes only and should not be considered financial advice. We strongly encourage you to check with the specific financial institution for an accurate estimate before applying for any financial product.

How the Synchrony Bank savings rate compares

The Synchrony Bank savings rate compares favorably to the national average as well as other high-yield savings accounts.?

As of January 2024, the average national deposit rate reported by the FDIC for savings accounts was 0.47% APY. The rates tend to range right around that amount on average, so the Synchrony APY is nine times higher.

Even if you account for rate cap adjustments — the FDIC lists an average of 1.21% in that case — Synchrony’s online savings account beats the average by a factor of more than three.

For the most part, high-yield savings accounts tend to offer APYs in the 4% to 4.80% range, putting the Synchrony figures at the high end of the range. To earn more with a bank-based savings vehicle, you typically have to delve into certificates of deposit, which aren’t as flexible as savings accounts in providing access to funds.

How The Synchrony Savings Account Rate Compares to Other Banks

Bank Interest Rate
American Express 4.25%
Barclays 4.35%
Capital One 4.25%
Discover 4.25%
Marcus 4.50%
Synchrony 4.75%


If you’re interested in higher interest rates and which banks give 7% interest rate on savings accounts, you can find more information in our guide.

Is a Synchrony savings account right for me?

A high-yield Synchrony online account may be a good choice for those who want a convenient way to save money and desire to earn more in interest than they’d get with an average local savings account. It can also be a good option for risk-averse investors who want to put a bit of money away for a rainy day and who are already invested in CDs and other similar products.

Some online savings accounts that offer similar savings rates don’t provide convenient access to your funds. However, Synchrony makes it possible to withdraw funds via electronic and wire transfers, as well as an optional ATM card. You will incur ATM fees for this benefit, but the peace of mind knowing you can easily get to your funds may make it worth a few dollars in fees.

This is an online account. Synchrony only has a few branches throughout the entire United States, which makes it unlikely that you will have access to one. For some people, the lack of face-to-face customer service options at a teller window may make this account a lackluster choice. However, for those used to managing accounts via mobile apps already, this is likely not a huge downside.

Consider these pros and cons before opening a Synchrony savings account.

Pros of a Synchrony savings account
  • High-yield interest earnings let you earn much more than you might be able to with other accounts.
  • Access to your funds via ATMs allows for flexible withdrawals without wait times.
  • No minimum deposit or balance requirements provides easy entry into this savings option.
  • Synchrony doesn’t charge a monthly maintenance fee.
  • Multiple ways to deposit to your account, including mobile deposits up to $2,000.
Potential downsides of a Synchrony savings account.
  • Synchrony doesn’t offer a way to make cash deposits into your savings account.
  • The vast majority of account holders will not have branch access, making this an online-only account.
  • Synchrony doesn’t offer checking accounts, so you can’t use this as a comprehensive banking solution.

How to apply for a Synchrony savings account

Opening a savings account with Synchrony is pretty easy. You can do it online in a matter of a few minutes as long as you’ve done a bit of prep work first.?

To get ready to apply, gather personal information and documentation such as:

Once you have all that information, you can create a user account with Synchrony Bank online. Then, you can review account options and choose which one you want to open. Enter all the necessary information following the prompts offered by the website. After that, your account is usually set up in less than a couple of days, and you start earning interest on your deposits right away.

How can you make deposits to your Synchrony savings account?

Synchrony offers a variety of deposit methods for its online savings account. You can transfer money into the account from another Synchrony account, such as CDs or money market accounts. You can also use ACH to transfer money from an external linked account, but this process might take two to three business days to complete. Wire transfers may also be an option.

You can use the Synchrony Bank mobile app to deposit checks and money orders. You can deposit a check written for up to $2,000 via this method. If you need to deposit a larger check or a check that isn’t accepted via mobile deposit, you can mail it to the Synchrony Bank lock box for a manual deposit.??

Direct deposits are also allowed. You can direct deposit part of your paycheck into your savings account if your employer allows deposit splitting, for example.

Other savings options at Synchrony Bank

While Synchrony doesn’t offer a checking account option, it does offer multiple banking options for those looking to save.?

In addition to the high-yield savings account, you can invest in:

1

Certificates of deposit (CDs)

Synchrony offers three types of CDs. With traditional CDs, you invest the money in the CD for the required term and earn the posted APY. There are penalties if you withdraw funds early, so you do need to plan ahead for this type of savings. The bank also offers a bump-up CD product. This is a 24-month CD that provides you with an option to bump up to a new APY if rates change while you’re holding the CD. A third option is the no-penalty CD, which has an 11-month term and doesn’t charge you penalties if you need access to your money early. Synchrony CD interest rates depend on the product and CD term.

See More See Less
2

Money market accounts (MMAs)

The Synchrony money market account provides a return of 2.25% APY. It doesn’t require a minimum deposit to open, and you don’t need to carry a minimum balance. Synchrony also doesn’t charge a monthly transaction fee for this account. One benefit of the money market account is that you can order optional checks to use with it. You can also get an ATM card so you can make withdrawals via local ATMs, but you may pay a fee for doing so.

See More See Less

If you’re interested in long-term savings for retirement, Synchrony also offers IRA CDs and money market accounts. These types of savings accounts may provide some tax advantages related to retirement contributions.

Our top picks for savings accounts

FAQ: Synchrony savings account interest rate

Is Synchrony Bank insured?

Yes, Synchrony deposit accounts are FDIC-insured. This means they are backed by a federal insurance program that covers up to $250,000 per account per depositor. The insurance is meant to protect your savings in the event the bank itself experiences a failure.

How do I open a Synchrony Bank high-yield Savings account?

You can open an account online. You simply need to set up a Synchrony web account, choose the product you want and complete the application process. While you’ll need some personal information, the process only takes a few minutes if you are prepared.

Is Synchrony Bank an online-only bank?

For most people, Synchrony will be essentially an online bank. That’s because the bank only has a few locations in the United States. The majority of account holders will have no access to a branch location and will need to manage their accounts entirely online and via mobile app and ATM use.

Is interest on Synchrony Bank's high-yield savings compounded daily?

Yes, Synchrony compounds interest daily on savings accounts. However, it only posts a single total amount to each account once per month. Daily compounding is important to some people because it can mean your funds earn a little more interest than they would if compounding occurred only monthly.

Sarah Stasik
Sarah Stasik Personal Finance

Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.

With more than a dozen years of writing experience, Sarah has tackled niches that range from technical advances in fintech to personal budgeting challenges. She has covered topics such as insurance and the economics of private healthcare, small business management and accounting, and credit and savings. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful and relevant resources for readers.

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