You can open a Synchrony savings account online in about 10 minutes, with no minimum deposit required

Synchrony Bank operates entirely online, so there is no branch to visit. You start at synchronybank.com, click "Open an Account," and choose between their High Yield Savings Account or Money Market Account. The process asks for your Social Security number, date of birth, address, and employment information. Synchrony runs a soft credit check (which does not affect your credit score) and verifies your identity through questions about your credit history. Once approved, you link a bank account to fund your new savings account, and the account opens when ready.

The entire process takes place on your computer or phone. You do not need to print anything, mail anything, or call anyone. Synchrony funds the account electronically from whatever checking account you link during signup.

Key Takeaways

  • Synchrony savings accounts open online with no minimum deposit, and the account is active the same day you complete the process.
  • You will need your Social Security number, a government-issued ID, proof of address, and a bank account to transfer money from.
  • Synchrony uses soft credit checks and identity verification questions, but does not require a credit score above any particular level.
  • Money deposited from an external bank account typically arrives within one to two business days, though transfers out of Synchrony take longer.

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 number (driver's license or passport) but does not ask you to upload an image of it during the online process. You will also need the routing and account number of a bank account you own at another institution — this is how you fund your Synchrony account initially.

If you do not have a bank account elsewhere, you cannot open a Synchrony account. Synchrony does not accept cash deposits, checks mailed in, or wire transfers from third parties. The only way money gets into your account is through an electronic transfer from a bank account in your name.

The step-by-step process from start to account opening

Go to synchronybank.com and select "Open an Account." Choose whether you want the High Yield Savings Account or Money Market Account — both open the same way, and you can change your mind later. Enter your email address and create a password.

Fill in your personal information: full name, date of birth, Social Security number, current address, phone number, and employment status. Synchrony asks whether you are employed, self-employed, or retired, but does not require you to be working. Answer the identity verification questions, which pull from your credit history and ask things like "which of these addresses have you lived at" or "which lender have you borrowed from." These questions have no wrong answer if your information is correct — Synchrony is confirming you are who you say you are, not judging your financial history.

Once identity verification passes, you will see your account number. At this point, link an external bank account by entering its routing number and account number. Synchrony will make two small test deposits (usually under $1 each) to that account within one to two business days. You then log back in and confirm the amounts to verify you own the account. After confirmation, your Synchrony account is fully open and you can transfer money.

How long money takes to move in and out

Deposits from your external bank account to Synchrony typically arrive within one to two business days. Withdrawals from Synchrony back to your external account take three to five business days. This delay exists because Synchrony is not connected to the real-time payment networks that some newer banks use — all transfers go through the ACH (Automated Clearing House) system, which batches transfers and processes them overnight.

If you need money quickly, plan ahead. Do not transfer money to Synchrony on a Friday expecting to use it Monday. The weekend does not count as business days, so a Friday transfer typically arrives Wednesday or Thursday.

What happens if your process is denied

Synchrony rarely denies applications outright. The most common reason for denial is a mismatch between the information you provide and what appears in your credit file — for example, if your address is different from what the credit bureaus have on file. If this happens, Synchrony sends you a letter explaining the reason and tells you how to contact them to resolve it.

You can reapply after fixing the issue. If you have been flagged by the Office of the Comptroller of the Currency (OCC) for fraud or money laundering, Synchrony will deny you, but this is rare and you would typically know if this applied to you.

Moving money between Synchrony and other accounts

After your account opens, you can add more external bank accounts to transfer from and to. Log into your Synchrony account, go to "Transfers," and add a new account using its routing and account number. You will go through the same two-deposit verification process. Once verified, you can transfer money between that account and Synchrony anytime.

Synchrony limits the number of transfers out of your savings account to six per month (this is a federal rule, not a Synchrony choice). Transfers in have no limit. If you need to move money out more than six times in a month, you can withdraw cash at an ATM using a Synchrony debit card, which does not count against the transfer limit.

Fees and what they cover

Synchrony charges no monthly maintenance fee, no overdraft fees (because you cannot overdraft a savings account), and no fees for transfers. There is no minimum balance requirement. The only fees you might encounter are ATM fees if you use an out-of-network ATM — Synchrony reimburses ATM fees charged by other banks, so you will not pay anything, but some ATMs may still show a fee on your receipt.

If your account sits inactive for a long time, Synchrony does not close it or charge you. You can leave money there indefinitely with no activity and no cost.

Frequently Asked Questions

Can I open a Synchrony account if I have bad credit?

Yes. Synchrony does not check your credit score and does not care about your credit history. The soft credit check is only used to verify your identity, not to judge your creditworthiness. People with no credit history, poor credit, or bankruptcy can open an account.

What is the difference between the High Yield Savings Account and Money Market Account?

Both earn interest on your balance. The High Yield Savings Account has no minimum balance and no withdrawal limits beyond the federal six-per-month rule. The Money Market Account requires a higher minimum balance (currently $2,500) but may offer a slightly higher interest rate. You can switch between them anytime.

Do I need a Synchrony debit card?

No. A debit card is optional. You can open an account and transfer money without ever requesting one. If you want a card for ATM withdrawals or in-store purchases, you can request it after your account opens, and it arrives by mail in about five to seven business days.

What if I enter the wrong routing number when linking my bank account?

Synchrony will attempt the two test deposits anyway. If the routing number is wrong, the deposits will fail and you will see an error message. You can then delete that account and add the correct one. There is no penalty for entering incorrect information — you just try again.

Can I open a joint account with someone else?

No. Synchrony savings accounts are individual accounts only. Each person must open their own account. You cannot add another person as an authorized user or joint owner.