Synchrony High Yield Savings Rate: Earn 4.75% APY

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The Synchrony High Yield Savings Account - Product Name Only is a great choice if you want to maximize your earnings with minimum hassle. It pays an excellent interest rate and doesn't charge any fees.

However, Sychrony Bank (Member FDIC) doesn't have a checking account. It could take up to a few business days to move money to an external checking account. If you're looking for an all-in-one banking solution, it might not be the best option.

Here's everything you need to know about Synchrony high-yield savings.

Synchrony High Yield Savings Rate

Synchrony pays Synchrony High Yield Savings Account - APY APY, making it one of the best high-yield savings accounts out there. With Synchrony High Yield Savings Account - Fees Display and a Synchrony High Yield Savings Account - Minimum Deposit minimum deposit, the bank is an excellent pick for savers who want to earn more. 

Interest compounds daily and is deposited into your account monthly. Depending on your balance size, earnings can add up quickly — a $2,000 balance increases by around $100 in 12 months, while a balance of $10,000 earns around $500.

Synchrony also offers an optional ATM card. You can use it to make purchases at stores when you enter your PIN, or for free withdrawals at ATMs with Plus or Accel logos. If an out-of-network ATM operator charges a fee, Synchrony reimburses up to $5 per month.

Synchrony High Yield Savings Pros and Cons

Synchrony High Yield Savings FAQs

Is Synchrony Bank good for a high-yield savings account?

Yes, Synchrony has a strong high-yield savings account. It pays a high interest rate and doesn't charge monthly fees. It also offers an ATM card, which is a rare feature in a savings account that makes it easy to access your savings quickly.

Is Synchrony high-yield savings safe?

Yes, Synchrony is a Member FDIC bank. The FDIC insures high-yield savings accounts for up to $250,000 per owner, per ownership category. It will reimburse up to the maximum amount if Synchrony fails. 

What is the high-yield savings rate at Synchrony?

The Synchrony high-yield savings rate is Synchrony High Yield Savings Account - APY APY, one of the best rates available right now.

What are the disadvantages of Synchrony Bank?

Even though the Synchrony High Yield Savings Account - Product Name Only is a great option, you can't open a checking account with the bank. Synchrony only offers money market accounts, high yield savings accounts, certificates of deposit (CDs), and credit cards.

How Synchrony High Yield Savings Compares

Synchrony High Yield Savings vs. Ally Savings

The Ally savings rate is Ally Savings Account - APY APY. The online-only savings account has similar features to Synchrony's account, like a Ally Savings Account - Minimum Deposit minimum deposit and Ally Savings Account - Fees Display. But even though the rate difference is small, it can add up — especially if you have a large savings balance.

Ally's extensive list of financial products sets it apart. The Ally Savings Account - Product Name Only includes the option to open multiple buckets within one account for different savings goals. You can also open checking accounts, retirement accounts, investment accounts, CDs, credit cards, and loans all at one bank. If you prefer full-service banking, Ally is a better pick. 

Ally Bank Review

Synchrony High Yield Savings vs. Capital One 360 Performance Savings

Capital One 360 Performance Savings - Product Name Only pays Capital One 360 Performance Savings - APY APY. Both banks have a Capital One 360 Performance Savings - Minimum Deposit minimum deposit and Capital One 360 Performance Savings - Fees Display, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner.

Capital One allows customers to open multiple savings buckets to save for separate goals. Capital One is primarily an online bank but offers a few in-person branches and Capital One Cafés in select locations, making it a better option for customers who live nearby and value access to physical locations. 

Capital One Bank Review

Why You Should Trust Us: How We Reviewed the Synchrony Bank High Yield Savings Account

Insider uses our bank account methodology to review savings accounts. We rate categories from 0 to 5 to determine an account's overall rating.

Categories include minimum opening deposit requirements, monthly service fees, and current interest rates. We also rate customer support, mobile app ratings, and ethics. Each category is weighted equally and receives a score. We then average the scores to create a final rating between 0 and 5.