For savers looking for a safe place to stash their cash that leaves the door open, the … That would make it much easier to withdraw and deposit cash. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. Check out NerdWallet’s best high-yield online savings accounts. 25%. That’s why Synchrony Bank offers an industry-leading APY on its savings accounts. 1. Online banks like Synchrony Bank often differentiate themselves from other banks through their interest rates. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. In this Synchrony Bank Savings Account review we'll compare rates, fees and services to other national and online banks. » Want to see more options? These offers do not represent all deposit accounts available. Therefore, Synchrony Bank’s high-yield savings account is ideal for true savers. A good interest rate can be the difference between losing money to inflation and growing your savings. If you ever need assistance with your account, you can contact Synchrony Bank 24 hours a day, 7 days a week, 365 days a year. 4. But ATM owners might charge a fee. Synchrony Bank is an FDIC-insured online financial institution offering high-interest savings products in the United States. You can also make transfers, view your statements, and deposit up to $5,000 per day.
Absolute horrible customer service and sleazy practices. However, its money market account is a little underwhelming in the interest rate department. The good news is that Synchrony Bank has no monthly fee for its high-yield savings account. You’ll also be refunded up to $5 per statement for ATM fees if you ever need to make a withdrawal from an ATM that does charge you. Even after letting your interest compound for five years, your ending balance will be only $7,024.35. Compare APY rates to other online savings accounts: Savings accounts are supposed to be a safe place to store your money. Synchrony Bank account also charges other fees that are common at all banks, such as payment fees, overnight check fees, or wire transfer fees. This example will illustrate the power that interest can have on growing your savings. 14%. There are no … Synchrony Bank only accepts payments drawn from a U.S. bank account and does not allow cash payments. Ratings are rounded to the nearest half-star. Facebook Tweet Pin LinkedIn Email. Another strategy would be to have another account at a local bank, so you can easily transfer funds between the two. So how do we make money? Our partners cannot pay us to guarantee favorable reviews of their products or services. This may influence which products we write about and where and how the product appears on a page. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. But ATM owners might charge a fee. The last thing that you want is for the bank to take your savings from you with fees. Spencer Tierney … You can withdraw up to $1,000 per day from an ATM, making it easy to get access to large sums of cash when you need it. All financial products, shopping products and services are presented without warranty. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Many or all of the products featured here are from our partners who compensate us. Synchrony Bank (Member FDIC) pays competitive rates on savings, CDs, and money market accounts. Synchrony Bank accepts direct deposits, electronic fund transfers, check by mail, and mobile check deposit. Synchrony Bank Review: Savings and CDs Synchrony is an online bank with relatively high rates on savings and CDs, but it doesn't have checking products or branches. After six months, you’ve saved $1,600. If you need more cash than that fast, you’ll be in a tough spot. For those charges, Synchrony Bank offers a monthly $5 refund. You’ll never be charged a fee just for keeping the account open. If you make more than six withdrawals or transfers in a single statement, you’ll be charged a fee. 5. I'm really surprised by some of these one star reviews. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at. It … The stars represent ratings from poor (one star) to excellent (five stars). There's no minimum deposit for a savings or money market account, but a CD … This site may be compensated through the bank advertiser Affiliate Program. Synchrony Bank's offerings are less extensive than some other banks and focus primarily on savings, but most standard options are available. Synchrony Bank Fees & … Across each of its banking products, Synchrony … Reimburses $5 per month for out-of-network ATMs. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. Compare that to a savings account that offers 0.01% APY, which is common at many traditional banks. Most people don’t use these services often and won’t encounter any fees with their high-yield savings account. In his spare time, TJ enjoys thinking up new ways to optimize my own finances, in addition to cooking, reading, playing games (of the board and video variety), soccer, ultimate frisbee, and hockey. Many of the best … Easily access your funds with no … Most Recent Most Useful. Additionally, the lack of a mobile app can be a slight inconvenience -- we hope that it is on the way. We may mention or include reviews of their products, at times, but it does not affect our recommendations, which are completely based on the research and work of our editorial team. These include certificates of deposit (CDs), a savings account, a money market account and individual retirement accounts (IRAs). Synchrony Bank is the online consumer banking division of Synchrony Financial, a publicly-traded financial institution (NYSE: SYF).. Synchrony Financial is a massive financial services company that specializes in retail-focused financing and lending programs. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. You don’t even have to meet a minimum balance to avoid the fee. This content is not provided or commissioned by the bank advertiser. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. Ally Bank Savings Accounts Review, Save for a Home Down Payment Faster With 3 Lesser-Known Savings Accounts, Best Savings Accounts for First Time Home Buyers, American Express® National Bank High Yield Savings Account Review, CIT Bank High Yield Savings Account Review, Is Radius Bank the Best Alternative to Big Banks, Synchrony Bank High-Yield Savings Account, giving you an ATM card that you can use to make withdrawals, Increased discounts at partnered hotels and car rental agencies, Plus discounts and offers on theme parks, spas, golf, and restaurants. Bottom line. While our articles may include or feature select companies, vendors, and products, our approach to compiling such is equitable and unbiased. 1 comment. Read more. 17%. A huge perk is that you get an ATM … patty prescott. You can enjoy low fees, easy access to your cash, and a generous interest rate on the money in the account. Synchrony Bank Savings Accounts Reviews. Get refunded up to 3 wire transfers per statement cycle. It's normal though, just looks weird. He has also contributed to publications and companies such as Investment Zen and Echo Fox. One of the most important aspects of a savings account is its interest rate. Because Synchrony Bank is an online bank, it can offer a higher interest rate APY compared to the national average. ATM card with savings or money market accounts. It also isn’t the best choice for storing your emergency fund due to its $1,000 daily cash withdrawal limit. Ally and Synchrony can earn you more interest than you'd get with a traditional bank. The listings that appear on this page are from companies from which this website receives compensation, … His work has been featured by USA Today and the Los Angeles Times. Synchrony is an online bank with relatively high rates on savings and CDs, but it doesn't have checking products or branches. If all you want is a safe place to store your excess cash and to earn some interest, Synchrony Bank is a great choice. MyBankTracker generates revenue through our relationships with our partners and affiliates. For phone support, you can work with Synchrony Bank’s automated system anytime. In addition to its high-yield savings account, Synchrony also offers: Money market account. The Synchrony Bank High-Yield Savings account is right for you if: The Synchrony Bank High-Yield Savings account is a good fit for those who value convenience and affordability. Synchrony Bank does not yet offer a dedicated mobile banking app for its customers. No minimum balance is required to open an account or qualify for the interest rate. Sticking with Synchrony Bank can pay off if you’re looking for a long-term banking relationship. There is no minimum opening deposit required. They don't offer checking or loan … Synchrony doesn't charge fees for using ATMs that accept its bank card — those with Plus or Accel logos. 3.2. APY. The loyalty rewards at Synchrony Bank require both a minimum balance and a minimum amount of time since account opening but can save you a lot of money. And, if you happen to live near Bridgewater, NJ, Synchrony Bank has its physical branch there. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Make sure the envelope is postmarked by 5 p.m. EST on the due date for it to be considered on time. For those charges, Synchrony Bank offers a monthly $5 refund. All in all, Synchrony Bank’s high-yield savings account is a good choice for many consumers, but it falls short of being perfect. If you expect that you may need to make regular withdrawals, you may be served at a better bank. There is no account minimum and no service fees. No minimum balance is required to open an account or qualify for the interest rate. No monthly service fees. TJ Porter has in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions. Discover Vs. Here is a list of. The Synchrony Bank High-Yield Savings Account is a great place to store your cash. Even a minor $1 or $5 per month fee can completely erase any interest you earn. There is no minimum opening deposit required. Here is a list of our partners. NerdWallet strives to keep its information accurate and up to date. You cannot open a … Pre-qualified offers are not binding. Synchrony Bank High-Yield Savings earns one of the best APYs in the industry. When evaluating offers, please review the financial institution’s Terms and Conditions. Find out whether the interest rates, fees, and benefits of Synchrony Bank‘s high-yield savings account is worth your consideration in this detailed review. 261 reviews. However, this does not influence our evaluations. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Reasons to Bank with Synchrony Bank. 13%. Unfortunately, many banks have apply fees to even their most basic accounts in an effort to increase their revenue. Synchrony Bank Review 2021 Synchrony Bank is a popular online bank with competitive rates on savings accounts and CDs. A $7 gain doesn’t seem like much, but interest compounds, meaning that you earn interest on your interest. It’s also easy to deposit money to your account or to transfer it from one account to another. January 26, 2020 • @prescottpatty. Synchrony Bank is a newcomer to the online banking market, and it offers an interesting blend of old-fashioned and high-tech banking. You can even use ATMs overseas to make withdrawals. MyBankTracker and CardRatings may receive a commission from card issuers. As of today, Synchrony Bank … He aims to provide actionable advice that can help readers better their financial lives. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. I had SYNCB/PPC and was surprised to see it because I didn't know it stood for Synchrony Bank / PayPal Credit! Though Synchrony Bank’s high-yield savings account does not have a monthly fee, there are other fees to be aware of. Earn high competitive rates compared to other banks. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. You can access your money in your High Yield Savings and (non-IRA) Money Market accounts these ways: ATM: With the optional ATM card available with a High Yield Savings or Money Market account, you can get cash and perform basic transactions either in the U.S. or abroad, at any ATM displaying the Plus or Accel logos.Synchrony Bank … Plus the best discounts and offers on the above categories and black car service. Synchrony Bank Products In addition to credit cards, Synchrony Bank offers a high-yield savings … Synchrony Bank only offers savings products. While customer service is not their strong suit, the accounts are … View our list of partners. Representatives are available six days a week: 8AM to 10PM on weekdays, and 8AM to 5PM on Saturdays. When evaluating offers, please review the financial institution’s Terms and Conditions. You can still manage your accounts through the bank's website on a mobile web browser. I've had CDs with Synchrony since the GE Retail Bank days and haven't had any problems. Publicly traded on the NYSE under their parent company Synchrony Financial (SYF), their products include a High Yield Savings … Plus, there's no minimum balance required to earn the highest interest tier.