Synchrony Bank High Yield Savings Review (September 2026): 3.30% APY, No Minimum
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates checked against synchrony.com on September 24, 2026 · Updated
Synchrony High Yield Savings pays 3.30% APY with no minimum balance (all APYs accurate as of September 24, 2026, per Synchrony). Synchrony's money market pays 2.00%, and its CDs pay up to 4.35% on the 60-month term.
Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 4.00%, the top online savings rate we tracked (bank sites, September 24, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $116,604 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $9,531 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Synchrony High Yield Savings at a glance
| Feature | Synchrony High Yield Savings |
|---|---|
| APY | 3.30% (variable) |
| Money Market APY | 2.00% |
| Minimum deposit / balance | None |
| Monthly fees | None |
| ATM access | ATM card available |
| Best CD | 60-month, 4.35% APY |
| FDIC | Synchrony Bank, Draper, Utah, cert 27314 |
How 3.30% compares
| Option | Rate | Source / as of |
|---|---|---|
| Synchrony High Yield Savings | 3.30% APY, variable | synchrony.com, as of 9/24/2026 |
| Synchrony 60-month CD | 4.35% APY, fixed | synchrony.com, as of 9/24/2026 |
| Marcus by Goldman Sachs Online Savings | 3.50% APY, variable | marcus.com, as of Sept 24, 2026 |
| American Express High Yield Savings | 3.10% APY, variable | americanexpress.com, as of 9/24/2026 |
| Capital One 360 Performance Savings | 3.10% APY, variable | capitalone.com, effective 9/24/2026 |
| Ally Bank Savings | 3.00% APY, variable | ally.com, as of 09/24/2026 |
| A-rated-or-better 5-year MYGAs | ~5.50%-6.05%, fixed for the term | public carrier rate sheets, October 14, 2026 |
Rates expire like milk.
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What we like
- No minimum balance.
- 3.30% beats Amex, Capital One and Ally on the same day.
- Full CD ladder at the same bank, up to 4.35%.
What to watch
- Marcus paid more (3.50%) on September 24, 2026.
- The money market pays less (2.00%) than the savings account.
- The rate is variable and interest is taxed every year.
Synchrony High Yield Savings vs. a 5-year MYGA
A savings account is the right home for emergency money. For money you will not need for three to five years, a multi-year guaranteed annuity fixes the rate for the term and defers the tax.
| $250,000 for 5 years | Synchrony High Yield Savings | 5-yr MYGA at 5.50% |
|---|---|---|
| Rate | 3.30% APY, variable (assumed to hold all 5 years) | 5.50% fixed for the term |
| Tax on interest | Every year (1099-INT) | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$283,000 | ~$308,300 (tax paid at the end) |
| Protection | FDIC, $250K per ownership category | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting money out | No penalty; the rate can change any day | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $25,300 more after tax on the MYGA if the savings rate never moved (24% federal bracket, state tax ignored). Savings rates are variable, so the real gap depends on where the rate goes. Emergency money belongs in savings; a MYGA is for money you will not need for the full term. Fixed annuity benchmark: carriers rated A or better topped out around 5.50% to 6.05% on 5-year compound-interest MYGAs, per public carrier rate sheets, October 14, 2026. Rates vary by state, premium and carrier.
Annuity vs CD · Current MYGA rates · HYSA or MYGA for 3-year money
Related: Synchrony CD rates · Marcus vs Synchrony
Synchrony High Yield Savings: FAQ
What is the Synchrony savings rate?
3.30% APY on High Yield Savings, accurate as of September 24, 2026, per Synchrony. The rate is variable.
Is Synchrony Bank FDIC insured?
Yes. Synchrony Bank (Draper, Utah) is FDIC cert 27314, FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category.
Does Synchrony have a minimum balance or fees?
No minimum deposit, no minimum balance and no monthly fees on High Yield Savings, per Synchrony. An ATM card is available.
Does Synchrony have CDs?
Yes. As of September 24, 2026, CDs range from 0.25% (3 months) to 4.35% (60 months), with 4.30% on 16- and 36-month terms. No minimum.
How does Synchrony compare to Marcus?
Marcus Online Savings paid 3.50% APY on September 24, 2026, 0.20 points more than Synchrony's 3.30%.
Synchrony savings or a MYGA for longer money?
For 3-to-5-year money a MYGA fixes the rate and defers tax: A-rated-or-better insurers paid about 5.50%-6.05% on 5-year MYGAs on October 14, 2026.
My take
Synchrony High Yield Savings is a solid no-minimum account at 3.30% APY. Its 60-month CD (4.35%) is among the better big-bank long CDs. For three-to-five-year money, compare a MYGA.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with Synchrony Bank. He does not sell or earn anything on bank accounts. Rates are copied from the sources named, with the as-of date each source prints; savings rates are variable, so confirm the current rate before opening. MYGA figures are illustrations, not quotes.
Run the MYGA vs savings math for your situation
Talk to Hans Goldstein, a licensed independent insurance producer.
Synchrony High Yield Savings pays 3.30% APY, variable (accurate as of September 24, 2026). A-rated 5-year MYGAs were paying about 5.50%-6.05% on October 14, 2026, fixed for the term and tax-deferred.
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Disclosure
This review reflects publicly available product materials and rates as of the dates stated above. HYSA APYs are variable and change frequently. Confirm current values directly with the bank before opening an account. FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category. MYGA rates referenced are illustrations dated September 24, 2026 and depend on state, carrier appointment, and product approval; not all MYGAs are available in every state. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers across the annuity market; Hans is not a banking representative and does not earn compensation on HYSA or CD products. Tax discussion reflects federal law as of 2026 and is subject to change. State tax treatment varies. Always read the actual bank disclosure and consult a licensed advisor or CPA before reallocating retirement-bound funds.