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Synchrony Bank’s High Yield Savings Account Joins the 1% Club


Synchrony Bank increased the rate of its Optimizer+plus High Yield Savings Account. The APY went up by 5 basis points to 1.00%. It’s nice to see another internet savings account join the 1% club. This "club" has been slowly growing this year. Hopefully, we’ll see this club growing much faster in 2015.

The High Yield Savings Account isn’t a free account, but it only requires a $30 minimum balance to avoid a $5 monthly service charge. The 1.00% APY applies to all balances.

4.15%--Synchrony Bank12 Month CD
3.25*%--Synchrony BankHigh Yield Savings
Rates as of December 8, 2022.

This High Yield Savings Account became competitive about a year ago when the rate increased from 0.15% to 0.90%. It has remained very competitive ever since. The last rate change was in March when the rate increased to 0.95%.

Synchrony Bank offers an online bank-to-bank transfer service that allows you to initiate ACH transfers to and from your external account that you hold with another financial institution. According to the bank’s FAQs, you can register up to ten accounts at other financial institutions that sync up with your High Yield Savings Account.

In addition to online transfers, you can access your money over the phone or with an optional ATM card.

Money Market Account

If you want to write checks, you’ll need to open the Optimizer+plus Money Market Account. This offers limited check writing. The downside with this account as compared to the savings account is a lower rate and a higher minimum balance requirement ($1,500) to avoid a monthly fee.

Certificates of Deposit

Synchrony Bank also has a history of very competitive CD and IRA CD rates. In addition to the savings account rate increase, Synchrony Bank made its 1-year CD more appealing by lowering the minimum balance to get the 1.10% APY from $25K to $2,000.

Unfortunately, Synchrony Bank lowered its top 5-year CD APY from 2.30% to 2.25%, but this is still a competitive rate, especially when you consider the mild early withdrawal penalty (an amount equal to 180 days simple interest on the amount withdrawn).

Synchrony Bank also has a competitive 15-month CD rate that’s only available online. As of 11/17/2014, it has a 1.20% APY for a minimum balance of $2,000.

Free Identity Theft Protection

Synchrony Bank provides deposit account holders with complimentary Identity Theft Resolution Services through Identity Theft 911®. If you are ever a victim of Identity Theft, you'll have the assistance you need to help you get your life back to normal as quickly and easily as possible. A DA reader had told me he maintained the savings account just for this service.

Application Process

You can apply for an Optimizer+plus account with an online application (To open an IRA or Trust Account a call to the bank is required). Accounts are available to people in any state. At the end of the application process, the bank requires that you sign and mail the new account form.

Bank Overview

Synchrony Bank has gone through three name changes in the last two years. Before 2013, it was named MetLife Bank. In January 2013 MetLife Bank officially became GE Capital Retail Bank. Then in June 2014, GE Capital Retail Bank became Synchrony Bank.

Synchrony Bank is part of Synchrony Financial which was spun off from GE as a public company.

Synchrony Bank is an internet bank, but it also has a branch office where you can visit in person. It’s located at 200 Crossing Blvd, Bridgewater, NJ.

The bank has an overall health grade at DepositAccounts.com of an "A+" with a Texas ratio of 6.55% (excellent) based on June 30, 2014 data. Please refer to our financial overview of Synchrony Bank for more details.

Related Pages: Synchrony Bank, savings account, CD rates

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  |     |   Comment #1

It's now a $30 minimum balance to avoid a $5 monthly charge.
  |     |   Comment #2
That's for both the savings and the money market accounts.
  |     |   Comment #7
This is the correct URL:
Ken Tumin
  |     |   Comment #8
I contacted the Synchrony CSRs about the discrepancy on the website. Their High Yield Savings Account page currently says $50, but the disclosure says $30. According to the CSR, $30 is the correct one. I made the updates to the post. Thanks.
  |     |   Comment #3
Anyone know how to take advantage of the loyalty perks (eg, get an access code for the travel website?


I meet the balance minimum for some tiers but can find no sign of the program or perks on the website besides on the pages that advertise its existance (even after being logged in).
  |     |   Comment #4
Synchrony needs to update its website pages, which still show its old minimum balances.  #1 is correct that the minimum balance is now $30 for both savings and MMA, under new disclosures effective 11/13, which you need to click the link for to find the correct info.
  |     |   Comment #5
Anyone care to comment on Synchrony's service quality? Good, bad, or indifferent?
  |     |   Comment #6
have been a customer for most of this year..haven't really had to interact with them, the website does most things you'd expect of an Internet bank.
For the loyalty perks, I did a hotel rate comparison once, they weren't that great compared to what you get on Priceline/Kayak.
  |     |   Comment #9
I am about to contact them to dispute a ridiculous amount. The promotional they gave me expired on 12/03/14 and of course they do not remind their customers. However, I am fine with the penalty but my remaining balance was $800 and now became $1400, additional $600 and why I don't know what interest rate they incurred. Absolutely upsetting...taking advantage on their customers. I swear after this, I will shred the card and never going back to use it.

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