Synchrony Bank is an FDIC-insured online bank that offers high rates and loyalty perks to its customers. It is backed by Synchrony Financial, a Fortune 500 financial services company that offers branded Synchrony Bank credit cards. If you are considering opening an online Synchrony savings account, check out this review and find out why GOBankingRates named it the bank with the best savings account of 2018.
Synchrony Bank Review
Synchrony Bank has no brick-and-mortar locations, but your accounts can be accessed at any time from any place via your computer, smartphone or tablet. Although Synchrony Bank only offers high-yield savings accounts, you have the option of opening a debit card linked to your High Yield Savings and Money Market accounts. Funds from these accounts can be accessed for free via any ATM displaying the Plus or Accel logos, both in the U.S. and abroad. Synchrony offers automated telephone customer service 24/7, and bankers are available by phone Monday through Friday, 7 a.m. to midnight EST, and Saturday to Sunday, 8 a.m. to 5 p.m. EST.
Outside of its banking services, Synchrony gives its members additional perks, including complimentary identity theft resolution services. Perks increase with the amount of money you have in your account and the length of time you are a customer. Perks for higher tier members include travel and leisure discounts, a dedicated customer service phone number, access to Synchrony Bank’s webinar series, three free wire transfers per statement cycle and unlimited ATM reimbursements.
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Synchrony Products and Services
Synchrony Bank online offers various savings products and services to fit different needs:
- Certificate of Deposit: Synchrony is currently offering a 2.35% APY on 14-month CDs. Three- to 60-month terms are also available. A $2,000 minimum opening deposit is required.
- Money Market Account: Synchrony offers a 1.05% APY on these accounts, which is well above the national average. Withdrawals can be made from Money Market accounts online, by phone, by check or through an ATM. The bank requires no minimum balance and no monthly fee.
- High Yield Savings Account: Earn up to a 1.75% APY — a much higher rate than the national average for savings accounts. No minimum balance and no monthly fee are required. Withdrawals can be made online, by phone or at an ATM.
- IRA CD: A 14-month IRA CD earns a 2.35 percent APY. A $2,000 minimum opening deposit is required.
- IRA Money Market: This account allows you to save for retirement and still gives you the flexibility of a regular Money Market account. The APY with this account is 1.05 percent.
Pros and Cons of Synchrony Bank
Every bank has advantages and disadvantages. Take a look at the pros and cons of Synchrony Bank to decide if it’s the right bank for you.
Synchrony Bank Pros
Here are the benefits of banking with Synchrony:
- Above average rates for 14-month CDs, Money Market and High Yield Savings accounts
- Access to your accounts any time, from anywhere via mobile and online banking
- Free ATM transactions in the U.S. and abroad
- Additional perks, such as travel discounts and free webinars
Synchrony Bank Cons
Here are the drawbacks of banking with Synchrony:
- No physical locations
- Limited banking products available
- Limited customer service hours during which you can speak to a live person
- No cash deposits
Also See: Pros and Cons of Online Savings Accounts
Should You Save With Synchrony?
Synchrony Bank is a good option for anyone looking to accrue interest at a high rate on their savings. With five different savings products available, there is likely a savings account that fits your needs. It’s also a good option for people who travel across the U.S. and abroad, as Synchrony does not charge for ATM transactions at any machines with a Plus or Accel logo. However, this is not the best choice for banking customers who want to be able to visit a brick-and-mortar location. It is also not the best choice for anyone who would like to have their checking and savings accounts at the same bank, as Synchrony currently only offers savings accounts.
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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Synchrony Bank.