Review: 5 Impressive Features of Synchrony Bank’s Savings Account

A checking account might be your preferred bank account; however, there are several reasons to also invest in a good savings account. Saving money is harder when all your cash is in a checking account, especially because bank debit cards are directly tied to these accounts.

To reach your financial goals, you need a savings account — but not just any type of account. For a higher yield and convenient access, you need an Optimizer^+plus High Yield Savings account from Synchrony Bank.

5 Financial Benefits of Opening a Savings Account

From CDs to money markets, Synchrony Bank offers a variety of financial products. One of its most useful products for those looking to grow their savings is its Optimizer^+plus High Yield Savings account. Below are five ways this savings account can benefit you:

1. Save and Reach Your Personal Financial Goals Easily

Whether you’re saving up for a house, retirement, vacation or other personal goal, it’s much easier to reach these goals when your cash isn’t easily accessible and when you don’t have the temptation to dip into your stash whenever you feel the urge to spend.

In case you do need to withdraw some money, you have up to six times per monthly statement cycle to take out some cash without a fee (the bank charges a $20 fee per every withdrawal over six) — encouraging you to keep some savings set aside. You can easily withdraw over the phone, with an ATM card or by transferring funds online from the Optimizer^+plus High Yield Savings account.

2. Earn a Return on Your Money

Earning interest can maximize your savings and help you achieve goals sooner; however, when you keep cash in a regular checking account or under your mattress, you’re denying yourself this opportunity. Although interest rates vary by bank, the Optimizer^+plus High Yield Savings account offers 1.05% APY* for all deposit tier amounts.

3. Safely Build Your Savings

You undoubtedly worked hard to save money, and at the end of the day, you need to keep your personal funds safe. You can’t replace stolen cash, but if you deposit your cash cushion into a Synchrony Bank Optimizer^+plus High Yield Savings, your funds are FDIC-insured up to $250,000 per depositor. You can, therefore, rest assured knowing that your funds are safe.

4. Get Started With Minimum Cash

The minimum deposit to open a savings account varies by bank or credit union. But typically, you can open a savings account with a minimum deposit between $1 and $25. In many cases, you can avoid monthly maintenance fees by maintaining a minimum balance each month. The Optimizer^+plus is no different. As long as you maintain a $30 minimum balance, you won’t pay the $5 monthly service charge.

5. Stepping Stone to Bigger Goals

A savings account is also a safe place to keep cash until you’re ready to explore other savings options, such as money market accounts, certificates of deposit or IRAs.

Read: Use This Trick to Reach Your 2015 Savings Goals

Why You Need a Synchrony Bank Savings Account

Again, it isn’t enough to open a savings account. You need an account that will exceed your expectations. An Optimizer^+plus High Yield Savings account from Synchrony Bank is an excellent choice. This account can take your savings to another level. For example:

• You’ll earn a highly competitive 1.05% APY*.
• You can manage your account from your mobile device using mobile banking.
• Simply use your ATM card at any U.S. or overseas ATM with the Plus, NYCE or STAR logos.

Customers will not be charged a fee at a Synchrony Bank ATM located in Bridgewater, N.J. Some ATMs could assess a fee, which is payable to the service provider and is therefore non-refundable.

Requirements for Optimizer^+plus High Yield Savings

It doesn’t take much to get started with Synchrony Bank. To open an Optimizer^+plus High Yield Savings account, visit the bank’s website and complete an application. You’ll need a Social Security number or a taxpayer identification number and a driver’s license or state identification card number, among other things.

Synchrony Bank is a client of GOBankingRates.

*Annual Percentage Yield (APY). All APYs are accurate as of 04/28/2015.

This article originally appeared on GOBankingRates.com: Review: 5 Impressive Features of Synchrony Bank’s Savings Account

This article by Valencia Higuera first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.