You can open a Synchrony savings account online in about 10 minutes without visiting a branch
Synchrony Bank is an online-only bank, so there is no physical location to walk into. You start at synchronybank.com, click "Open an Account," and choose between a High Yield Savings Account or a Money Market Account. The process is entirely digital: you provide your name, address, Social Security number, and employment information; verify your identity; and link a bank account to fund your new Synchrony account. Most people are approved and can start using their account the same day.
You do not need a minimum deposit to open the account, though you will need to fund it before you can use it. The funding transfer typically takes one to three business days to arrive from your linked bank account.
Key Takeaways
- The entire account opening process happens online at synchronybank.com and takes about 10 minutes from start to finish.
- You will need your Social Security number, a valid government ID, proof of address, and a bank account at another institution to link for funding.
- Synchrony verifies your identity electronically during signup; you do not mail in documents or call to confirm.
- Your account is usually ready to use the same day you open it, though money you transfer from another bank takes one to three business days to arrive.
- Synchrony savings accounts have no monthly maintenance fees and no minimum balance requirement to keep the account open.
What documents and information you need before you start
Have your Social Security number, date of birth, and current address ready. Synchrony will ask for a government-issued ID — a driver's license, passport, or state ID card — to verify who you are. You do not upload the ID itself; instead, you answer security questions based on your credit history and personal records, and Synchrony checks your identity against databases they have access to.
You will also need a bank account at another financial institution — a checking or savings account at a different bank, credit union, or online bank. Synchrony uses this account to verify your identity a second time and to receive your initial deposit. If you do not have another bank account, you can fund your Synchrony account by mailing a check or using a wire transfer, but the online process is faster.
The step-by-step process to open your account
Go to synchronybank.com and select "Open an Account." You will see two options: High Yield Savings Account or Money Market Account. Choose the one that fits your needs, then click to begin.
Enter your personal information: full name, date of birth, Social Security number, current address, phone number, and email address. Synchrony will ask about your employment status and annual income, but these questions are optional. Next, you will answer security questions based on your credit file — questions like "Which of these addresses have you lived at?" or "Which of these is your correct middle name?" These questions verify your identity without requiring you to upload documents.
Once your identity is confirmed, you will link a bank account from another institution. Enter the routing number and account number from your checking or savings account. Synchrony will make two small test deposits (usually under $1 each) to that account within one to two business days. You then return to Synchrony's website, enter the amounts of those two deposits, and confirm the account is yours. This is called microdeposit verification.
After your linked account is verified, you can set up your initial deposit. You can transfer money immediately from your linked account, though it will take one to three business days to arrive in your Synchrony account. Once the transfer completes, your Synchrony account is fully active and you can begin earning interest on your balance.
How long approval takes and when you can use your account
Most people receive approval within minutes of completing the online form. Your account number and login credentials are usually available the same day. However, you cannot withdraw or transfer money out of your account until your linked bank account is verified through the microdeposit process, which takes one to two business days.
Money you transfer into your Synchrony account from your linked bank account arrives within one to three business days. During that time, your account exists and is earning interest, but the funds are in transit. Once the transfer lands, you can move money out whenever you want.
Fees and minimum balance requirements
Synchrony savings accounts have no monthly maintenance fee, no minimum balance to keep the account open, and no minimum deposit required to open it. You will not be charged for transfers, withdrawals, or account closures.
The only limitation is the number of withdrawals you can make per month. Federal rules previously capped savings account withdrawals at six per month, but that rule was suspended. Synchrony's current policy allows unlimited transfers and withdrawals, though they reserve the right to limit excessive activity. For most people saving money rather than using the account as a checking account, this is not a practical concern.
What happens if your application is denied
Synchrony may deny your application if they cannot verify your identity, if you have a history of fraud or unpaid debts with Synchrony, or if you do not meet their banking standards. If your application is denied, Synchrony will send you a notice explaining the reason. You can call Synchrony customer service at the number on their website to ask for more details or to dispute the decision if you believe the information is incorrect.
If you were denied because of a linked bank account issue — for example, the account number you entered was wrong — you can reapply and provide corrected information. If you were denied because of identity verification, you may need to wait a few months before trying again, as Synchrony's system may need time to update.
Transferring money into and out of your Synchrony account
Once your account is open and verified, you can transfer money in from your linked bank account at any time. Transfers initiated before 8 p.m. ET on a business day typically arrive within one to three business days. Transfers initiated after 8 p.m. ET or on weekends are processed the next business day.
To move money out, you can transfer it back to your linked bank account, which takes one to three business days. You can also set up external transfers to a different bank account, though Synchrony may require additional verification the first time you do this. You cannot withdraw cash directly from a Synchrony account — there are no ATMs — so you must transfer money to another bank and withdraw from there if you need physical cash.
Frequently Asked Questions
Do I need to have direct deposit set up to open a Synchrony savings account?
No. Direct deposit is not required to open or use a Synchrony savings account. You can fund your account by transferring money from another bank account, and you can receive paychecks at a different bank if you prefer.
What if I do not have another bank account to link during signup?
You can still open a Synchrony account, but you will need to fund it by mailing a check or arranging a wire transfer instead of linking an account online. Call Synchrony customer service for instructions on how to mail a check or set up a wire transfer. This process takes longer than the online method.
Can I open a Synchrony savings account if I have had problems with banks before?
It depends on the reason. Synchrony may deny applications from people with a history of fraud, unpaid overdrafts, or previous accounts closed by Synchrony. If you were denied by another bank for a different reason — like a mistake on your credit report — Synchrony may still approve you. You will not know until you apply.
How much money do I need to deposit when I open my account?
There is no minimum deposit required. You can open your account with zero dollars and deposit money later. However, you will not earn interest until money is actually in the account.
Can I open a Synchrony savings account on my phone?
Yes. The Synchrony Bank website and mobile app both support account opening. The process is the same on either device, and it takes about 10 minutes.