Is a high-yield savings account FDIC insured?

Yes. High-yield savings accounts at FDIC-member banks are insured up to $250,000 per depositor. Your principal cannot decrease due to market movements — a key difference from money market funds, which are not FDIC insured.

Does the advertised APY require a minimum balance?

It depends on the institution. Some high-yield savings accounts pay the same rate on all balances (no tiers), while others require a minimum daily balance to earn the top rate. Check the bank's disclosure page before opening.

How often does a savings APY change?

High-yield savings rates are variable — they move in response to Federal Reserve policy. Rates typically adjust within weeks of a Fed decision. SwitchWize tracks rates daily; the figure on this page reflects the most recently observed rate.

Can I lose money in a high-yield savings account?

No. Your deposited principal is protected by FDIC insurance up to $250,000. The APY is variable and will change over time, but that only affects future interest earned — never your principal.

How does a high-yield savings account differ from a money market account?

Both pay competitive variable rates and are FDIC insured, but money market accounts sometimes include check-writing or a debit card. High-yield savings accounts typically offer fewer transaction features but often pay a higher APY. Compare current rates for both before deciding.

Is the interest taxable?

Yes. Interest earned in a high-yield savings account is fully taxable at both federal and state levels. You'll receive a 1099-INT for any year you earn $10 or more. Unlike Treasury money market fund income, savings interest has no state-tax exemption.

High Yield Savings Account

Synchrony Bank High Yield Savings Review 2026

Synchrony stands out because it offers optional ATM access on a high-yield savings account, which is unusual among HYSAs.

APY

3.30%

Updated Jul 28, 2026

Monthly fee

Clean fee setup

Minimum

Opening or balance minimum

Confidence

83/100

Verified

FDIC insuredNo monthly fee$0 minimumStrong for an HYSAElectronic transfer, wire, direct deposit, and mailed checks

Open account

We may earn a commission when you open an account through this link.

Your cash estimate

Synchrony Bank earnings

Savings balance

Current APYTax rate

Need ATM cash access?

Estimated interest

$825

Before tax at 3.30% APY

After-tax estimate

$561

Uses your tax-rate input

Gap vs current account+$725

Gap vs top comparable HYSA$0

Fit score92/100

Synchrony Bank can be a strong move if you are leaving a low-rate savings account.

SwitchWize Rating

Fair(2/5)

Best for

No-fee saversNo-minimum openingSynchrony online bankingEmergency fund

Below leading alternatives. Check other options on SwitchWize.

Rating reflects rate competitiveness and product terms for Synchrony High Yield Savings Account. Updated quarterly.

SwitchWize verdict

Good for savings with optional atm access. Watch the catch.

Best for

Savers who want ATM access
No monthly fee savings
Online-only cash parking
People who want more withdrawal flexibility

Skip if

Full-service checking
Branch banking
People who deposit cash often
Unlimited ATM-fee reimbursement without status

Main catch

Synchrony is not a full checking replacement and its ATM reimbursements are capped unless you qualify for higher rewards status.

Synchrony is the access outlier: it behaves more like a cash-access HYSA than most standalone savings accounts.

Pros & cons

Pros

You can get up to $5 worth of ATM fees reimbursed with this account.
You’ll earn a competitive yield with Synchrony’s savings account.
There are no monthly service fees.

Cons

Some banks pay a higher yield on their savings accounts.
All tiers have the same APY, so customers are not rewarded for depositing more money

Derived from the current rate, fees, and terms we track for this product. Confirm the latest details on the provider’s site.

Cash product truth label

Rate strengthCompetitive, access-forward

Fee cleanlinessClean: no monthly fee observed

Minimum balance$0

AccessOnline transfers plus optional ATM card

ATM / debitStrong for an HYSA

Transfer speedElectronic transfer, wire, direct deposit, and mailed checks

Brand familiaritySynchrony Bank, Member FDIC

Biggest catchSynchrony is not a full checking replacement and its ATM reimbursements are capped unless you qualify for higher rewards status.

Cash access map

Online transfer

Yes

ATM card

Optional

ATM refunds

Up to $5 per statement cycle

Direct deposit

Yes

Wire transfer

Yes

Branches

Why SwitchWize ranks this page this way

Rate, access, confidence, and fit all matter.

Ranking drivers

Optional ATM card
ATM fee refunds up to stated monthly limit
Electronic transfers
Direct deposit and wire options
FDIC insured

Points lost

No checking account bundle
Online-only banking
ATM owner fees may apply
Not ideal for cash deposits

Transfer timeline

1Open

Open the online high-yield savings account.

2Fund

Use electronic transfer, direct deposit, wire, mobile check, or mailed check.

3Access

Request the optional ATM card if direct cash access matters.

4Watch

Track ATM fee reimbursement limits and whether the APY stays competitive.

Rate Decay Watch

Will this APY stay competitive after you open?

Set an alert if Synchrony Bank falls 25, 50, or 100 basis points behind the top comparable HYSA. This turns a one-time review into an ongoing cash monitor.

Set rate alert

Compare alternatives

Do not compare APY alone.

Synchrony Bank

3.30%

Strong for an HYSA

Synchrony is not a full checking replacement and its ATM reimbursements are capped unless you qualify for higher rewards status.

American Express

3.20%

Compare transfer and ATM rules

Higher APY may come with lower brand familiarity, access differences, or data confidence tradeoffs.

Ally

3.00%

Compare transfer and ATM rules

Higher APY may come with lower brand familiarity, access differences, or data confidence tradeoffs.

Alto Bank

3.00%

Compare transfer and ATM rules

Higher APY may come with lower brand familiarity, access differences, or data confidence tradeoffs.

HYSA

Simple, FDIC-insured, variable APY. Best for emergency funds and idle cash.

Treasury bills

Potential state-tax advantage, but less bank-like access and more purchase/rollover friction.

Money market account

May add checks or debit access, but compare fees, rate tiers, and insurance status.

Your decision receipt

Recommended if

savers who want atm access and no monthly fee savings.

Skip if

full-service checking or branch banking.

Best alternative

Capital One if you want branch/cafe support; Ally for savings tools; Marcus for same-day transfer strength.

Next step

Run the calculator above, compare the top-rate gap, then set a rate watch if you open the account.

Source-backed notes

Synchrony says an optional ATM card is available for High Yield Savings and Money Market accounts.
Synchrony says it refunds domestic ATM fees up to $5 per statement cycle, with unlimited refunds for Diamond status.
Synchrony states deposit accounts are FDIC insured up to $250,000 per ownership category.

Always confirm final terms on the provider site before opening. APYs are variable and can change before or after account opening.

Related calculators and guides

HYSA calculator Short-term savings calculator Money Market Fund vs. High-Yield Savings: When the Lower Rate Wins Savings vs. Money Market Fund vs. CD: Matching Cash to the Clock HYSA vs CD: Which Earns More on Your Cash in 2026?Best High Yield Savings Account 2026: Top Picks Compared

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