This savings account is an excellent choice for many — but not everyone. Here are the pros and cons to pay attention to:
0.50% APY. The Synchrony Bank High-Yield Savings account’s APY is among the highest offered by online savings accounts.
No minimum deposit or balance. Not only does Synchrony’s generous APY apply to all accounts, regardless of balance, but there is also no minimum to open an account.
No maintenance fee. As with many online-based savings accounts, the Synchrony Bank High-Yield Savings account has no maintenance fee. In contrast, many brick-and-mortar banks set conditions (such as a direct deposit each month or maintaining a certain balance) in order to avoid monthly maintenance fees.
Easy ATM access. Synchrony Bank’s High-Yield Savings customers get a debit card that allows them to withdraw money for free at machines with Plus or Accel® logos. Not only that, but Synchrony will reimburse customers for up to $5 of out-of-network ATM fees each month. This is common among checking accounts but it’s somewhat of a rarity among online-based savings accounts. Synchrony even allows ATM deposits through certain ATMs, which isn’t common among banks without their own ATMs.
Mobile functionality. The Synchrony Bank mobile app works on Apple and Android devices. It enables you to transfer funds, check your balance, deposit checks, and chat with a Synchrony banker if you need help.
FDIC insured. Just like a traditional bank account, a Synchrony savings account is covered by the FDIC. Your funds are protected up to $250,000 per depositor, per institution, in the unlikely event of bank failure.
View more information: https://www.fool.com/the-ascent/banks/savings-accounts/synchrony-bank-high-yield-savings-review/