My Banking Direct vs. Synchrony Bank
Comparing My Banking Direct and Synchrony Bank for high-yield savings: My Banking Direct's High Yield Savings Account pays 4.02% APY while Synchrony Bank's High Yield Savings pays 3.50% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? My Banking Direct pays $52 more than Synchrony Bank annually ($402 vs $350).
Choose My Banking Direct if getting the best rate matters most, or you want Zelle for quick transfers.
| Metric | My Banking DirectHigh Yield Savings Account Feb 21, 2026 | Synchrony BankHigh Yield Savings Feb 21, 2026 |
|---|---|---|
| APY | 4.02% | 3.50% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$175 $10,000+$350 $25,000+$875 |
Min Deposit | $500 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing My Banking Direct vs. Synchrony Bank
Executive Summary
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the clear winner compared to Synchrony Bank's High Yield Savings account, which has an APY of 3.50%. My Banking Direct's account stands out for its simplicity, requiring no direct deposit and having no maintenance fees, while also allowing a minimum deposit of $500. In contrast, Synchrony Bank provides a lower yield but has no minimum deposit or balance requirements. Both accounts are online-only and FDIC insured.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 3.50%) on all balances
- ✓Fast transfers via Zelle®
Why Synchrony Bank?
No distinct advantages found vs My Banking Direct.
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $350/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $875/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Synchrony BankSynchrony Bank offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.5 (vs. 4.3)
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $52 more interest on a $10,000 balance than Synchrony Bank's High Yield Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
My Banking Direct vs. Synchrony Bank Savings Calculator
You earn $52 more with My Banking Direct than Synchrony Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$350.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,350.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $349 per year in interest.
Both My Banking Direct and Synchrony Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | My Banking Direct | Synchrony Bank |
|---|---|---|
| APY | 4.02% Verified: 2/21/2026 Stable (90d) | 3.50% Verified: 2/21/2026 ↘︎ 0.15%90d Change |
| Product Name | High Yield Savings Account | High Yield Savings |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of Flagstar Bank's branches. | N/A |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | Not Rated | Not Rated |
| Next Steps | Visit SiteVerify at My Banking Direct Non-sponsored link to official site | Visit SiteVerify at Synchrony Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | My Banking Direct | Synchrony Bank |
|---|---|---|
| High Yield Savings Account | High Yield Savings | |
Current APY | 4.02% | 3.50% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | -3.9 |
Days Since Change | 98 | 25 |
12-Month High | 4.45% | 4.00% |
12-Month Low | 4.02% | 3.50% |
Adjustments / Mo | 0.41 | 0.25 |
Volatility Score | 0.037 | 0.040 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Axos Bank | 4.21% | $0 |
| My Banking Direct vs Bank of America | 0.01% | $100 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs CIT Bank | 3.75% | $100 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Newtek Bank | 4.20% | $0.01 |
| My Banking Direct vs Openbank | 4.09% | $500 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs SoFi Bank | 4.00% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |