The Synchrony Bank High Yield Savings account is fantastic since there are no fees and the annual percentage yield (APY) is high, but that’s not all it offers. In addition, it includes a debit card that reimburses out-of-network ATM costs regularly and several handy mobile applications. By reading our full review, we can determine whether the Synchrony Bank High Yield Savings account is perfect.
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Synchrony Bank High Yield Savings Overview: Website
Synchrony Bank is an FDIC-insured online bank with more than 80 years of experience in consumer banking, and its customer service is well-regarded.
With the slogan “Reach for the stars. The bank provides competitive annual percentage yield (APY) rates on high-yield savings accounts, certificates of deposit (CDs), and money market accounts. Synchrony is neither a startup nor a novice to the banking industry; it is a subsidiary of a Fortune 500 firm that is the leading producer of private-label credit cards in the United States.
If you have doubts about the longevity of fintech startups and would rather preserve your funds with an established online bank, Synchrony’s extensive history as a financial services provider may be a selling feature. Previously known as GE Capital Retail Bank, Synchrony Bank is a subsidiary of Synchrony Financial.
Deposit & Withdrawal Options
You may make deposits and withdrawals from your Synchrony Bank High Yield Savings account using the following methods.
Deposit Options
The options for adding money to your Synchrony Bank High Yield Savings account are as follows:
- Electronic funds transfer
- Internal transfer from another Synchrony account
- Mobile check deposit
- Direct deposit
- Wire transfer
- Mail a physical check
Withdrawal Options
The following alternatives are available to you from Synchrony for taking money out of your High Yield Savings account:
- Electronic funds transfer
- ATM withdrawal
- Wire transfer
Benefits and Drawbacks of Synchrony Bank High Yield Savings
Benefit
- High APY
- No minimum deposit or balance
- No maintenance fee
- Easy ATM access
- Mobile functionality
- FDIC insured
Drawbacks
- Wire transfer fee
Benefit
- High APY
The High Yield Savings APY given by Synchrony Bank is among the best for online savings accounts.
- No minimum deposit or balance
The substantial APY offered by Synchrony applies to all accounts, regardless of balance, and there is no need to create an account.
- No maintenance fee
The Synchrony Bank High Yield Savings account features no monthly maintenance fees, like many other online-based savings accounts. In contrast, many physical banks have requirements (such as monthly direct deposits or a minimum amount maintained) to avoid monthly maintenance costs.
- Easy ATM access
Customers of Synchrony Bank’s High Yield Savings account get a debit card that enables free cash withdrawals at ATMs with the Plus or Accel® branding. In addition, Synchrony would refund clients up to $5 per month for out-of-network ATM costs. This standard checking account feature is relatively uncommon among online savings accounts. Those with a Diamond membership in its Perks Rewards program get reimbursed for unlimited monthly ATM fees.
- Mobile functionality
Apple and Android mobile devices are compatible with the Synchrony Bank app. You may use it to deposit checks, check your balance, and transfer money.
- FDIC insured
FDIC-insured Synchrony savings account functions similarly to a conventional bank account. In the unusual case of a bank collapse, your savings are insured up to $250,000 per depositor, per institution.
Drawbacks
- Wire transfer fee
An outward wire transfer to another U.S. bank from Synchrony costs $25. Compared to the competition, this is by no means enormous, but other online savings accounts don’t charge any fees for wire transfers.
Is Synchrony a Worth Savings Account to Get?
The High Yield Savings account from Synchrony Bank is ideal for consumers who prioritize simplicity and cost. It offers many budget-friendly features we want in a savings account, including ease, a high return, and fees comparable to or lower than the competition. This may be of the utmost importance to savers since hefty costs may rapidly negate interest gains.
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Source: Fool