Synchrony Bank Savings Rate: High-Yield Account Review 2024

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

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

 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

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.

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

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.

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:

• Your ID. You’ll need your driver’s license or another official ID. You may need images of it to upload to prove your identity.
• Your address and contact information. This includes your phone number and email. You may also need this information for any joint applicants.
• Bank routing and account numbers for a separate account. You may want to use to these accounts to fund your savings account.

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:

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.