Hello, I opened a savings account at https://securelogin.synchronybank.com/myaccount/loginUserActionGetOnly and now they have sent me a w-9 form? why? Please be clear.

[pammi-8807]

I opened the account because they give 1.01% interest rate but wasnt expecting a w-9 form. What does this mean? Do i have to pay money to IRS now? If yes, then how much on a 20K? 

[VolvoGirl]

Didn't you give them your ssn when you opened the account?  They need it to report any interest you earn on it.

[Critter]

If you don't send them the W-9 as requested then they must withhold 30% in federal taxes from your interest income. Comply with the request.

[pammi-8807]

thats weird. i did give them my SSN when signing up. My only concern is that i dont want to pay any money or put this in my taxes otherwise earning any interest rate in that account will be useless.

[jerry2000]

They sent you a W-9 to get your Social Security number that they need to report interest that you earn on the account. Just fill out the W-9 and send it back to them.