Originally Posted by audreyh1
Well I have had no problems with transfers into a Synchrony bank high yield savings account. Hopefully I won't have problems with transfers out.
I usually initiate a transfer from my brokerage - so maybe that helps.
Yesterday afternoon (before 4pm ET) at Fidelity, I initiated a transfer of a large amount from my Synchrony account to my Fidelity brokerage. A couple of hours later I got an email from Fidelity showing that the transfer went through.
They told me the funds wouldn't be available for withdrawal for 4 business days when I initiated the transfer, but it looks like the funds were made available for trading as soon as I got the email.
Then today I got the email from Synchrony notifying me of the transfer, and Fidelity still shows the funds available for trading.
So this worked as well as I expected it to. I was a little nervous after reading some of the comments here. Which is why I made the transfer yesterday (Dec 30) instead of waiting until today. I'm getting ready to do my annual withdrawal and rebalancing next week.
I use my Synchrony account to hold most of what used to be my cash reserves in my brokerage account. To me the one day trading delay is more than made up for by the 1.05% interest rate paid and the FDIC insurance. I trade very infrequently.
It may well be that things worked cleanly and relatively fast, because I initiated the transfer from my Fidelity brokerage account. I initiate all transfers - deposits and withdrawals - from the Fidelity side.