Transcript:
A high yield savings account is a product that lets you deposit and hold your money.
Over time, the money you keep in the account grows by earning interest.
Traditional savings accounts also pay interest…
…but a high yield savings account usually offers a higher interest rate…
…because they are often provided by online banks with less overhead and costs...
...meaning they can give more competitive rates to their customers.
If you have information like your social security number, a driver's license, address, and phone number…
…it's not unusual to open up an online account in minutes.
Then, you can transfer money into it from an existing checking account or bank account.
After that, just watch your money grow.
So that's a high yield savings account. Find more ways to know and grow your money at Synchronybank.com.
LEARN MORE: Synchrony High Yield Savings
