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Synchrony doesn’t fit the banking mold — it doesn’t have branches or offer a checking account. Still, it’s worth considering if you want great interest rates on savings products and prefer banking online.
Maybe a separation from your checking account is just what your rainy-day fund needs to prosper.
Ratings methodology | Updated Feb. 19, 2020
Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.50% APY. No minimum balance is required to open an account or qualify for the interest rate. Synchrony doesn't charge fees for using ATMs that accept its bank card — those with Plus or Accel logos. But ATM owners might charge a fee. For those charges, Synchrony bank offers a monthly $5 refund.
Want to see more options? Check out NerdWallet’s best high-yield online savings accounts