Synchrony High Yield Savings
Synchrony's High Yield Savings pays a 3.40% APY with no minimum balance and no monthly fee, from a long-established online bank. The rate trails the top of the market, but the no-minimum structure and Synchrony's track record make it a dependable, verified choice.
Is the Synchrony High Yield Savings worth it?
Synchrony Bank is one of the longest-running online banks, and its High Yield Savings account is a dependable, no-friction option. It pays a 3.40% APY (as of 05/30/2026) with no minimum balance and no monthly fee, plus an optional ATM card — unusual for a savings account.
Deposits are held at Synchrony Bank. We confirmed with the FDIC that it is an active insured institution — certificate #27314, Draper, Utah — with coverage up to $250,000 per depositor, per ownership category.
The honest trade-off is the rate: at 3.40%, Synchrony trails the top of the market, and the APY is variable. But the combination of no minimum, no fee, an optional ATM card, and a long track record makes it a solid, low-stress choice. Rates are variable and can change; this is not financial advice. Confirm the current APY before opening.
How does a high-yield savings account work?
A high-yield savings account holds cash and pays interest, quoted as an annual percentage yield (APY). The bank can change a variable APY at any time, and federal rules may limit certain withdrawals. Interest compounds — usually daily or monthly — and is taxable income in the year you earn it.
How much could you earn with the Synchrony High Yield Savings?
At a 3.4% APY, a $10,000 balance in the Synchrony High Yield Savings earns about $340 in interest over a year, before taxes. Double the balance and you roughly double the interest; your real return depends on how long the rate holds.
Illustrative estimate based on the figures on this page, not an offer. Your results will differ.
What are the pros and cons of the Synchrony High Yield Savings?
The Synchrony High Yield Savings stands out for no minimum balance and no monthly fee, though 3.40% APY trails the highest verified rates.
- No minimum balance and no monthly fee
- Optional ATM card for access
- FDIC-insured through Synchrony Bank (verified with the regulator)
- 3.40% APY trails the highest verified rates
- APY is variable and can change without notice
- Online-only — no branches
Who should get the Synchrony High Yield Savings?
The Synchrony High Yield Savings is best for savers who want a no-minimum account from an established online bank.
- Savers who want a no-minimum account from an established online bank
- People who value an optional ATM card with savings
- Anyone who prefers a known brand over the absolute top rate
How does the Synchrony High Yield Savings compare?
Among the 29 high-yield savings accounts we track, the Synchrony High Yield Savings ranks #23 with a money8020 score of 82/100.
| Product | Score | Tier | Provider |
|---|---|---|---|
| Marcus by Goldman Sachs Online Savings | 96 | Essential | Marcus by Goldman Sachs |
| Bread Savings High-Yield Savings | 94 | Essential | Bread Savings |
| Pibank Savings | 94 | Essential | Pibank |
| Poppy Bank High Yield Savings | 94 | Essential | Poppy Bank |
| Vio Bank High Yield Online Savings | 94 | Essential | Vio Bank (a division of MidFirst Bank) |
See all high-yield savings accounts, ranked →
Common mistakes to avoid with a high-yield savings account
- Chasing a teaser rate without checking the ongoing APY or any balance tier needed to earn it.
- Leaving an emergency fund in a 0.01% big-bank account instead of a high-yield account.
- Assuming the APY is fixed — it is variable and can drop after you open.
- Overlooking transfer times: moving money to a linked bank can take one to three business days.
Key takeaways
- Synchrony High Yield Savings earns a money8020 score of 82/100, ranking #23 of 29 high-yield savings accounts.
- No minimum balance and no monthly fee
- At a 3.4% APY, a $10,000 balance in the Synchrony High Yield Savings earns about $340 in interest over a year, before taxes.
- Best for savers who want a no-minimum account from an established online bank.
- Rate and FDIC status fetched from Synchrony Bank and corroborated against a regulator.
Frequently asked questions about the Synchrony High Yield Savings
Does Synchrony High Yield Savings have a minimum or monthly fee?
No. Per Synchrony, there is no minimum balance and no monthly fee, and the account pays a 3.40% APY (as of 05/30/2026). An optional ATM card is available. The rate is variable and can change without notice, so confirm the current APY before opening.
Is Synchrony Bank FDIC insured?
Yes. We confirmed with the FDIC that Synchrony Bank is an active insured institution (certificate #27314, Draper, Utah). Deposits are insured up to $250,000 per depositor, per ownership category.
Can the rate on the Synchrony High Yield Savings change?
Yes. A high-yield savings APY is variable, so the bank can raise or lower it at any time, often following moves in the federal funds rate. Check the rate before you open and review it periodically.
How is interest from the Synchrony High Yield Savings taxed?
Savings interest is taxable as ordinary income in the year you earn it. If you earn more than $10, the bank sends a Form 1099-INT, and you report it on your federal return.
Sources
We fetched these figures from the provider and corroborated them against a regulator, last checked May 30, 2026. Primary sources: