Synchrony Bank
Fees
Minimum Deposit
Current Promotion
APY Savings
Synchrony Bank boasts of being a member of Synchrony Financial, a Fortune 500 company with more than 80 years of experience in consumer finance. The bank has positioned itself as a pure online bank to channel its operating costs back to its customers through higher deposit rates.
Depending on your status, whether you reach the Silver, Gold, Platinum, or Diamond tier, you can enjoy certain benefits you won’t always find in your bank accounts. Like most online banks and credit unions, customer service touchpoints rely on a digital interface. Still, Synchrony Bank limits access only by chat, an automated voice-response phone line, and live agents.
Customers can access their accounts online, via mobile app, or through the thousands of ATMs that carry the Visa Plus or Accel logos. This is free, although some ATM operators may charge a fee.
Synchrony Bank can be a perfect fit if:
- You want higher savings/CDs rates
- You need a credit card
- You would like to minimize account fees
- No monthly fees
- High Deposit Rates
- No-Fee ATM Access
- No checking accounts
- No Loans
- Limited physical branches
What Synchrony Bank products are inflation proof?
Synchrony has a limited product line and none of the products are particularly inflation proof. While you can access decent savings rates and there are some excellent CD rates, these are at a fixed rate. So, if you sign up for a five year CD and the interest rates go up, the real value of your investment will diminish.
However, the high yield savings account does offer a great rate and you’re not tied in for a set term. So, if interest rates do go up and there is a better deal elsewhere, you could move your money.
Synchrony Bank Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Benefits & Drawbacks
- High Deposit Rates
This is often what most people look for when choosing a bank, and this bank offers some of the highest savings rates in the market.
Synchrony’s strategy to keep itself among the top banks that offer good rates to customers without imposing heavy conditions is a good advantage.
It makes keeping one’s account in this bank worthwhile.
- Stability Of The Parent Company
When it comes to money, you want to sleep peacefully at night knowing that your bank won’t just crumble overnight. This is the assurance that the Synchrony Group communicates to the bank depositors.
With their full backing, the bank stands proud with the bigger and older stable banks in the country.
- No-Fee ATM Access
It’s plain insanity when you have to pay your bank to get your own money.
Synchrony does not charge customers for taking money from the ATM and this is good news. So, free ATM access plus wide ATM network – that’s a winning formula for this bank.
- No Checking Account
Synchrony Bank doesn't offer a checking account and focuses only on deposit products. The lack of checking accounts makes its banking products too thin compared to other banks.
If you're looking to get a savings account and still have an option for a checking account, check out Ally bank checking account or SoFi savings and checking account – both offer high savings rate with checking account options.
- Cash Deposit Inconvenience
For traditional customers who may need to deposit cash into their accounts, this could be a major drawback with this bank. Since there is no physical branch you can go to, the options are very, very limited.
- No Debit Card
Many customers prefer to use a debit card, and this option is not available with Synchrony Bank.
- No Loans
The bank doesn't provide an access to credit such as personal loan, home loans ot government mortgage options.
- No Promotions
If you're a new customer looking for a promotion, Synchrony Bank may not be the right place for you. You can check out Citibank savings account promotions or other banks such as SoFi, Chase, US Bank, and Axis bank which tend to offer bonuses and promotions from time to time.
Savings Account
The most important feature of the High Yield Savings is the APY. It’s one of the highest in the market today. For example, unlike other banks that would have several options in savings accounts alone, Synchrony Bank offers only one type of savings account. And don’t even bother to ask for a checking account because that one didn’t make it on their list for whatever reason.
The good thing about it is that their high rates merited the bank several awards from a few groups. That gives a little assurance that customers can expect above-average rates even if the bank does adjust from time to time.
There is no minimum balance, and the account comes with an ATM card for easy access, although their online and mobile banking apps are convenient too. The high rates make synchrony one of the best options for a savings account.
Certificate Of Deposits (CDs)
The minimum term is 3 months which may be a long time for some customers. Some banks offer a minimum term of 30 days and there are even banks that allow you to park your money for just 7 days.
Customers who want more flexibility with their CDs might not want to wait for 90 days to be able to get their interest or principal. The APY, again, is the highlight of the product. Obviously, if you put in more money, you can get higher interest. In general, their average rates are still higher than the national average rates.
Money Market Account
Initial Deposit
Minimum Balance
APY
This account is for people who have some funds they can deposit for a time but do not know exactly when they will need them. The money market accounts let them earn interest for their money while giving them the flexibility to withdraw their money any time should it be necessary.
Synchrony Bank’s APY for money market is still above the national average so this is another benefit for the customers.
Also, there is no minimum balance requirement for this account which is good for those who are just starting out on their saving journey.
Customer Experience
Synchrony has a 24-hour automated phone service, but if you want to speak with an agent, the lines are only open from 8 a.m. to 10 p.m. on weekdays and 8 a.m. to 5 p.m. on weekends.
You can use the Synchrony app to not only transfer funds and manage your transactions, but also to access support and manage your card. Both Apple and Google users have given the app a rating of 4.8 out of 5 stars.
Synchrony Bank | |
|---|---|
App Rating (iOS)
| 4.7 |
App Rating (Android) | 4.5 |
BBB Rating (A-F) | A+ |
WalletHub (+1,000 reviews) | 3.4 |
Contect Options | phone/chat |
Credit Cards
Synchrony has a few options right now. The Premier World card provides 2% cash back with no annual fee. Synchrony clients can get access to the Synchrony HOME credit card, which gives you the option to pay over time with 6 months special financing on purchases of $299 or more when combined with HomeAdvisor.
However, the bank is promoting a couple of other Mastercard credit cards that will be available “soon.” These new cards will also have no annual fee, but they will provide fewer rewards. For example, the Plus World card will provide 1% cash back.
Bottom Line
If your banking needs are simple enough and you are comfortable doing your transactions without human interface, this could be your bank. After all, for many bank customers, the deposit rates are of utmost importance and not whether the branches and tellers are nice.
But if you want a wide range of products to choose from and do not feel comfortable dealing with machines when it comes to your money, you may want to look for a brick-and-mortar bank.
FAQ
What promotion does Synchrony Bank offer?
Unfortunately, Synchrony Bank doesn't offer a promotion on its savings products. If you're looking for banking promotions, there are many other banks that do provide them.
What Synchrony Bank products are inflation proof?
Synchrony has a limited product line and none of the products are particularly inflation proof. While you can access decent savings rates and there are some excellent CD rates, these are at a fixed rate. So, if you sign up for a five year CD and the interest rates go up, the real value of your investment will diminish.
However, the high yield savings account does offer a great rate and you’re not tied in for a set term. So, if interest rates do go up and there is a better deal elsewhere, you could move your money.
How's Synchrony Bank physical coverage?
Because Synchrony is an entirely online bank, it lacks any physical branch coverage. You may manage every aspect of your account online using the dashboard or companion app.
However, if you stumble into a problem that you're having trouble fixing, there is a chat feature on the website and a hotline you may call. You can utilize the ATM finder on the website or app to locate a machine in your neighborhood because the bank has access to a sizable ATM network.
Therefore, if you are thinking about using Synchrony, you must be okay with the thought of not having branch support.
Can you buy/invest in gold products via Synchrony Bank ?
There is no investment division at Synchrony that gives users access to stocks, bonds, and gold products. Therefore, you might think about using a third party investment platform to execute your trades if you're interested in becoming a Synchrony user and want to invest in gold.
Banking Alternatives
 |  |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.20%
| 4.85%
| 4.00% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $100 | $50 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.6/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.7/5 on Android |
BBB Rating | A+ | B
| A
|
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Marcus vs Synchrony Bank
Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing.
Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.
Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?
