This is the best high-yield savings account for easy access to your cash

Select ’ s column team works independently to review fiscal products and write articles we think our readers will find useful. We earn a commission from consort partners on many offers, but not all offers on Select are from consort partners. Editor ‘s bill : APYs listed in this article are up-to-date as of the time of publication. They may fluctuate ( up or down ) as the Fed rate changes. CNBC will update as changes are made public. A key factor in setting aside cash in a bank account is knowing that you ‘ll be able to access it whenever you need to. possibly you run into a checkup hand brake or an unexpected expense on your car. possibly your checking account is low and you want to transfer money from your savings before you get hit with overdraft fees.

While on-line high-yield savings accounts offer some of the highest interest rates, they are besides by and large harder to access your money than when you bank at a brick-and-mortar institution. federal jurisprudence limits high-yield savings account holders to a utmost of six withdrawals or transfers of money ( including electronic transfers, checks and cable transfers ) out of their report each calendar month without any penalties. This limit, presently waived during the coronavirus outbreak under Regulation D, helps when you ‘re trying to grow an emergency fund because it prevents you from frequently dipping into your savings. But if it seems nerve-racking to have limit access to your savings, a savings account that offers an ATM tease for commodious withdrawal options may be a smart theme. Synchrony Bank High Yield Savings ranked as the “ best for easily access to your cash ” on CNBC Select ‘s top high-yield savings account list because customers can make inexhaustible transactions with the account-provided ATM card. Below, we take a close attend at the Synchrony Bank High Yield Savings by breaking down its annual percentage output ( APY ), access to your cash, perks and fees so you can decide if this high-yield savings account is veracious for you .

Synchrony Bank High Yield Savings review

Synchrony Bank High Yield Savings

Learn More Synchrony Bank is a Member FDIC .

  • Annual Percentage Yield (APY)

    0.85 %

  • Minimum balance

    none

  • Monthly fee

    none

  • Maximum transactions

    up to 6 exempt withdrawals or transfers per statement motorbike *The 6/statement cycle withdrawal restrict is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    none, but may result in report closure

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    Yes

See our methodology, terms apply .

Pros

  • Strong APY
  • No minimum balance
  • No monthly fees
  • Up to 6 free withdrawals or transfers per statement cycle*
  • Easy ATM access
  • 1 physical branch (in Bridgewater, New Jersey)

Cons

  • Account could close if you make more than 6 transactions in a statement cycle
  • No option to add a checking account

Learn More View More

Synchrony Bank High Yield Savings APY

The current APY is 0.50 %. Users of the Synchrony Bank High Yield Savings can start earning interest right away, with no minimum balances required in their report. Synchrony Bank compounds matter to on your savings daily and credits it monthly on the instruction date .

Access to your cash

Withdrawing money is flying and easy when you have a Synchrony Bank High Yield Savings account. Synchrony Bank offers an optional ATM batting order to its savings account holders that gives you unlimited access to withdraw your money at an in-person ATM. When you use your ATM card, you can make inexhaustible monthly withdrawals at an ATM ( up to $ 1,000 per day ). The bank ‘s ATM network gives customers access to thousands of machines displaying the Visa Plus and Accel son, both in the U.S. and overseas. merchant locations where you can find an ATM include restaurants, appliance stores and drugstores. You can besides make withdrawals at the bank ‘s one physical branch in Bridgewater, New Jersey. other than ATM access, you can withdrawal money via wire transfer ( up to three release per statement motorbike ) or through an electronic transfer to accounts you have at other banks. These will be submit to the federal limit of six transactions ( waived during the coronavirus outbreak under Regulation D ). To deposit money into your savings account at Synchrony Bank, you can make an electronic transfer from an external bank score that you ‘ve linked, do direct deposit, make a telegram transfer, mail a check or use the bank ‘s mobile app to deposit a assay .

Perks

Synchrony Bank ‘s customer service line is available seven days a workweek by call or on-line chat, a well as 24/7 through its app so you can manage your account on-the-go. extra customer perks include complimentary identity larceny aid, travel discounts and loose webinars .

Fees

There is no minimal counterweight requirement and no monthly fees with the Synchrony Bank High Yield Savings account. Synchrony bank wo n’t charge an ATM tip, but the ATM provider may. For these charges, Synchrony Bank has a fee reimbursement policy : It will refund ATM fees in the U.S. up to $ 5 per statement cycle. You should still be leery how much you withdraw from an ATM because the fees, even with a $ 5 refund, can add up cursorily. ATM operators load customers an average tip of $ 3.09, found Bankrate. Just two visits to the ATM in one month would already put you over the refundable amount .

Bottom line

Our methodology

To determine which high-yield savings accounts offer the best fall on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by on-line and brick-and-mortar banks, including big credit rating unions. We narrowed down our ranking by lone considering those savings accounts that offer an APY around 1 %, no monthly maintenance fees and low ( or no ) minimal balance requirements. While the accounts we chose in this article systematically rank as having some of the highest APY rates, we besides compared each savings account on a range of features, including rest of habit and score handiness, a well as factors such as policy policies and customer reviews when available. We besides considered users ‘ down payment options and each report ‘s colonial frequency.

All of the accounts included on this list are FDIC-insured up to $ 250,000. note that the rates and tip structures for high-yield savings accounts are not guaranteed constantly ; they are subject to change without notice and they much fluctuate in accordance with the Fed rate. Your earnings depend on any associate fees and the balance you have in your high-yield savings account. To open an history, most banks and institutions require a deposit of new money, meaning you ca n’t transfer money you already had in an score at that bank. Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff ’ second alone, and have not been reviewed, approved or otherwise endorsed by any third base party .

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Category : Finance

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