Synchrony savings account review

Do you want to know all the features of the Synchrony savings account? Responsible Economy analyzes the interest rate offered by the Synchrony savings account, its requirements, commissions and all its conditions. We also show you a comparison with the best savings accounts. Welcome!

Video Synchrony savings account

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YouTube video
Video Synchrony savings account

Features

In this section we show you all the features of the Synchrony savings account:

Rates

The interest rate offered by Synchrony is 4.35% APY. This yield is one of the highest we can achieve in the United States in 2023.

Fees

It does not have opening fees nor monthly maintenance. Opening the account is free and you don’t have to pay anything.

Minimum deposit

One of the best features of this savings account is that it is not necessary to make a minimum deposit to open the account or have a minimum balance.

Terms

There is no minimum or maximum time that you should have the money. You can withdraw the money whenever you want without any penalty.

Best banks to open a savings accounts in 2023

We have made a comparison of the Synchrony savings account with the best savings accounts. You can see in the ranking the characteristics of each account:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Best saving accounts in 2023

Here you have a video with the best savings account that you can open in 2023:

Best savings account 2023

Pros and Cons

After seeing the characteristics of the Synchrony savings account and comparing the best savings accounts, we are in a position to see a table with all the advantages and disadvantages:

ProsCons
High yieldsHigher Interest Savings Accounts
No fees
No minimum balance
Pros and Cons Synchrony

Requirements

Here you have a list with all requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American Phone
  • Open savings account online: Synchrony only has 5 branches in the United States

How to open the savings account?

These are the 5 steps you must follow to open a Synchrony savings account:

  1. VISIT MYSYNCHRONY.COM AND REGISTER.
  2. COMPLETE ACCOUNT VALIDATION.
  3. REVIEW ACCOUNT.
  4. ONLINE PROFILE – USER NAME AND PASSWORD.
  5. GET STARTED.

How much money can I earn with this savings account?

The money you can earn with the Synchrony savings account directly depends on the terms and the money you have in mind. The more money and more time, the more money you will earn. Remember that the Synchrony Savings account has a yield of 3.75% APY.

Frequent questions

It’s time to answer all the questions about the synchrony savings account:

Conclusion and opinion

After the review, our opinion is that Synchrony is one of the best savings accounts we can open in the United States because the interest rate it offers is very high, it has no monthly fees and there is no minimum deposit required. On the other hand, being an online bank we cannot make cash deposits.

More information about Synchrony

We have made a table con interest information about Synchrony:

InformationDescription
Websitehttps://www.synchronybank.com/
Facebookhttps://www.facebook.com/SynchronyBank
Instagramhttps://www.instagram.com/synchronybank/
Phone1-866-226-5638.
More information about Synchrony

Another products

In addition to the savings account, you can also contract other products such as certificates of deposits. Here is a review of the Synchrony CD.

Related posts

Finally, you can read related content about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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Alfredo Barandiarán
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