馃攳
Synchrony Bank Savings: Best High Yield Savings Account? (REVIEW) - YouTube
Channel: Money Growth Academy
[0]
all that glitters is it gold another
online savings count paying over two
[4]
percent annual percentage yield but is
it right for you welcome to the money
[9]
growth Academy my name is Dee and this
is where you learn to master your wealth
[13]
to free yourself
we give you real practical and tactical
[16]
knowledge and skills to improve your EKG
that's your ability to earn keep and
[22]
grow your money first of all who is
Synchrony Bank and how come you've never
[26]
probably heard of them synchrony Bank is
actually owned by sacred e financial
[31]
formerly part of GE Capital finance
before it was actually sold so Saint
[35]
pretty financial is an eighty five plus
year old consumer finance services
[39]
company with over sixty four billion in
deposits and about fourteen point eight
[43]
billion in revenue and if you hold a
retail store or gas station credit card
[47]
well there's a good chance it's the same
Kearney financial credit card they're
[51]
the largest provider of private label
credit cards in the US so you may not
[57]
know synchrony financial but there's a
good chance they may know you and that's
[61]
who owned the st. Kearney bank let's dig
into the pros and cons of a synchrony
[64]
high-yield online savings account so you
can decide if it's right for you we'll
[69]
start with the pros first and the reason
why we've even started talking about
[73]
synchrony high-yield savings account and
their 2.25 APY that's annual percentage
[80]
yield and look you're not going to get
rich saving at 2.25 annual percentage
[85]
yield but what it will do is allow you
to earn a moderate return and maintain a
[89]
reasonable level of liquidity without
the worry of a risk of losing the money
[93]
you set aside for your emergency fund
the next vacation a car or house and
[99]
it's safer than under your mattress and
it pays you interest because if your
[104]
money is sitting under your mattress or
in some shoebox under the bed or in the
[108]
closet you're actually losing money
because of inflation a simplified
[112]
definition of inflation it's a general
sustained increase and the prices of
[116]
goods and services resulting in a
decrease in the purchasing power of your
[120]
money in other words everything costs
more thus your hard-earned dollars buys
[125]
less think about it the average rate of
inflation in the u.s. in 2018 with two
[131]
point five four percent
that means for every dollar you stuck
[135]
under your mattress last year it was
effectively only worth 97 cents at the
[139]
end of the year
ouch now there is some good news the
[142]
early part of this year inflation was
slightly down averaging around right
[147]
about 1.7 6% so let's look at the impact
inflation has on the two most popular
[153]
places people normally save their money
mattresses or at a local bank or credit
[158]
union
if you said your money under your
[160]
mattress over the course of the first
five months of this year every dollar
[164]
saved under your mattress is now only
worth ninety eight cents per dollar if
[168]
you saved your hard-earned dollars at a
local bank or credit union savings
[172]
account early earning only 0.1 zero and
a percentage yield inflation is still
[177]
getting the best of you right because
inflation is running at one point seven
[181]
six percent and you're only earning
point zero one that means every dollar
[186]
in your bank or savings account that is
earning point one zero percent is really
[190]
only worth ninety eight cents about the
same as your mattress but at least is
[195]
safe you get a debit card and access to
an ATM machines and if you need cash
[200]
well you can't do that with a mattress
there's no mattress app well I guess
[204]
there is it's called a purse or a wallet
anyways it actually costs you money to
[210]
save your money last year now you know
why it's so hard for the average
[214]
American to get ahead let me move on to
some of the other pros offer by
[218]
synchrony Bank your money is FDI insured
up to 250,000 it's easy to set up your
[224]
synchrony online account you simply go
to synchrony bank.com you're going to
[229]
click open account at the top right
corner of the screen and you're gonna
[232]
follow the remaining prompts and it'll
get you there opening up a synchrony
[236]
high-yield savings account is very very
easy so let me just show you kind of how
[240]
to do that as you go online here you
there's a number of different links that
[245]
you'll see here you don't want that you
want this one that says synchrony Bank
[249]
high-interest savings CDs and money
markets we're gonna give that a click
[254]
okay and when we get to the home page
here you're gonna hit open account and
[259]
then if you're a new customer you're
gonna click get started if you're
[263]
already a customer you'll hit one of
these but let's assume it's a new
[266]
customer
and as we click that then it's going to
[271]
give us some products to select and
we're looking right now we're talking
[274]
about high-yield savings accounts we're
gonna click that we're gonna and so
[278]
we've selected high-yield savings
accounts and you'll have to decide
[282]
whether you have an individual or joint
account
[284]
I'm gonna click individual how did you
hear about us and I'm just gonna put
[288]
referral as a means because you know
maybe you saw it online as we're talking
[293]
about it
there's no promo code so I'm not going
[296]
to worry about that and then I'm gonna
hit next select options and then here
[302]
let's say opening deposit I'm gonna put
25 dollars in there to open the account
[308]
and yes let's say I want an ATM card
because you know I can get up to $1,000
[316]
per day if I want to out of there and
then I'm just going to click on this
[320]
rates and terms and you can see those
deposit amounts the APY the interest
[325]
rate now the APY says to 0.25 and then
the interest rate says 2.2 3 now you
[332]
want to understand this this is pretty
simple and that is interest rates are
[336]
those are calculated without compounding
so it doesn't take in an account the
[341]
compounding interest that takes place
APY it factors and compounding so this
[347]
is what you're actually getting is this
a py and then when we take a look at
[353]
that we're gonna go what will you need
so we hit that next button there and so
[358]
these are some of the things you're
gonna need as you get ready to fill out
[361]
this online application you know you're
gonna have your name address physical
[366]
address date of birth taxpayer ID or
social security number also you're going
[371]
to need your driver's license or state
ID card you also want to make a decision
[376]
again about whether it's going to be a
joint account if it is a joint account
[380]
there's some effort some things here
that you want to be aware of right in
[384]
terms of citizenship u.s. permanent
resident address and having to be at
[389]
least 18 years old now when you make
that initial deposit and that's gonna be
[394]
handled electronically that's just right
down here and you're going to need your
[398]
bank account number and
your or transit number you're going to
[403]
need need both of those so and then down
here we're gonna go next provide our
[407]
owner information and then here we go so
now we're into completing the rest of
[414]
the owner and you're the owner you're
the one that owns the account you're
[417]
gonna fill out your name first and last
social security number date of birth
[420]
email address and then it's just gonna
walk you through each one of these so
[425]
I'm not gonna walk through the remainder
of these but you'll just hit it we'll
[429]
ask you some questions about
beneficiaries so in the event something
[432]
happens to you and you know who's the
money to be left to you want to make
[436]
sure you complete that opening deposit
so how much the amount was going to be
[440]
and that's where those routing numbers
that comes to the account and the bank
[444]
account numbers become important to have
so and then for kind of review the
[449]
overall application as you've assembled
it online and then you want to walk
[454]
through the terms and agreements to get
that finer detail of things that you'll
[460]
want to know before you open the account
so I would love that those terms and
[464]
agreements were available somewhere else
to to kind of look at now you can go
[469]
down to disclosures and look at some of
those things but make sure you go
[472]
through those terms and agreements you
can actually go through those fairly
[475]
fast it might look complicated but they
aren't but I sure would encourage you to
[479]
do so hey so guys it's just that easy to
open a account and to do that it really
[486]
should take you no more about 10 or 12
minutes to complete it that's how easy
[490]
it is more pros to having a synchrony
high-yield savings account are you have
[495]
access to your account by phone or ATM
up to $1,000 per day now this is
[500]
something few online savings accounts
provide which could be a positive or it
[504]
could be a negative so you have to
decide if that much access to your
[507]
savings account is a plus or not there's
a mobile app available to help you
[512]
manage your money quickly and easily
from virtually well anywhere this
[517]
includes depositing checks
transferring funds and ordering deposit
[521]
slips all from your mobile devices there
are no minimum balance requirements but
[525]
I will tell you this if your account is
left with zero balance for more than 60
[529]
days
well sankunni bank they'll close that
[532]
puppy down because you know
well if there's no money in it is it
[535]
really a savings account there are no
fees associated with your synchrony
[538]
savings account so you don't have to
worry about that getting Knick Knack
[541]
with all these fees it does also have
integration with mint.com if you use
[546]
that service they have a phone number
you can call for customer service and
[550]
that chat line option even so for some
people having someone that you can talk
[555]
to over the phone makes it feel like
yeah well like you're a little closer to
[558]
your money anyway now let's jump into
the cons you don't have the ability to
[562]
write checks and like most savings
accounts the APY is variable meaning it
[567]
can change up or down you know depending
on the Fed fund rate and as an example
[572]
we recently released a video review of
Marcus Goldman Sachs high-yield savings
[576]
account and if you haven't seen it make
sure you go back and go watch that
[580]
before you make a decision on which
online bank to choose and at that time
[584]
Marcus was offering to 0.25 percent and
a percentage yield and as of at least as
[590]
of this release Marcus has lowered that
rate to two point one five APY interest
[596]
is calculated daily rather than monthly
and if you want to understand that the
[600]
difference between the two make sure you
go back and watch our video wealthfront
[604]
high-yield savings accounts video where
I explain the difference there'll also
[609]
be a link in our show notes below that
will take you exactly to that spot on
[614]
that video this is not a pro or con but
it's actually worth noting you only get
[620]
six withdrawals or transfers during a
statement cycle which includes
[623]
electronic transfers checks and wire
transfer and if you find yourself having
[628]
to take out more than six withdrawals
and then a month more occasionally well
[632]
they'll close your account at least they
have the option to do that synchrony
[636]
provides six ways to make a deposit into
your synchrony savings account you can
[640]
transfer money from a synchrony bank
account if you have an existing account
[644]
or you can use electronic transfer or
ACH there's also mobile check deposit
[650]
that you can use this direct deposit
from a third party like an employer so
[655]
you can have that set up and you can
wire transfer you know so you can
[660]
transfer and those wire transfers must
be initiated by the sending bank of
[664]
course and you can use
so checks or cashier's checks and
[669]
obviously if they make it that easy to
put money in you want multiple ways to
[674]
get your money out and synchrony
provides three ways to access your money
[678]
you can get the optional ATM card
there's no limit to the number of
[682]
transactions up to five dollar
reimbursement per month for those ATM
[687]
fees you can also this electronic
transfer there's no fee or no charge by
[693]
synchrony on a transfer if there is a
fee is coming from the transferring bank
[697]
and you can use a wire transfer you'll
have to call synchrony and you only get
[703]
up again only up to six withdrawals per
month
[705]
look banks are in business to make money
they're not a 501c3 organization so be
[711]
aware and be smart about where you
decide to put your money we do our best
[716]
to give you information that can be
helpful in making a better informed
[719]
decision be careful and look over any
additional services these institutions
[724]
offer you to achieve wealth you must
become a student of money right and you
[731]
have to also be a great steward of your
money don't be afraid to dig in and ask
[736]
a few questions make that phone call get
some clarifications the questions that
[741]
you might have of that financial
institution do you have a safe or any
[745]
high yield savings account if so let us
know in the comments below what your
[749]
experience has been like using
synchronous online savings account let
[753]
us know in the comments below your
favorite high-yield savings account or
[756]
one you would like us to take a look at
we'd be glad to do that oh yeah if you
[760]
liked this video well click the thumbs
up if you haven't already done so please
[764]
subscribe and hit the notification
button to be notified of our upcoming
[768]
videos designed to help you earn more
keep more and grow what you keep we'll
[773]
see you next time
Most Recent Videos:
You can go back to the homepage right here: Homepage