Earning extra income on your savings is always a win, and Synchrony Bank offers a great opportunity to do just that. As an online-only bank, Synchrony Bank provides high-yield savings, money market accounts, and CDs without the burden of monthly fees. What’s more, there are no minimum opening deposits or monthly balance requirements, making it accessible for savers of all levels. While the bank has limited products and no physical branches, it can still be a valuable secondary bank for your savings. So, let’s dive into the details of Synchrony Bank’s products and services to see if it’s the right fit for you.
Review Summary: Pros & Cons
Here’s a quick rundown of the pros and cons of Synchrony Bank:
- Pros: High-yield deposit accounts with no minimum deposits or balances.
- Cons: Does not offer checking accounts or full-service banking, and customer service is not available 24/7.
Services Offered
Synchrony Bank offers a range of services to its customers. While it doesn’t provide checking accounts or full-service banking, you can still transfer money between accounts online or through its mobile app. Additionally, the bank features an online Money Matters blog where you can learn basic finance skills. The website also offers an ATM finder link to locate nearby ATMs for surcharge-free withdrawals and deposits. Since there are no physical branches, all account access and management can be done online or through the mobile app.
Account Opening
To open a bank account with Synchrony Bank, you must be at least 18 years old. Simply visit their website at SynchronyBank.com and click on “Start Saving Now” to begin your account application. If you’re already a customer, log into your account to continue the process. Otherwise, you’ll need to create an online account and provide your personal information, including your name, address, phone number, email address, Social Security Number, and date of birth. After providing this information, you’ll choose your bank account product, review its terms, finalize your website profile, and add money to your new account. Opening certain types of accounts, such as IRA, Trust, Custodial or Non-Personal accounts, requires calling customer service at 866-226-5638. For a Synchrony Bank credit card, you can apply directly on their website.
Types of Accounts
As an online-only bank, Synchrony Bank offers a limited scope of banking products. It specializes in high-yield savings accounts, money market accounts, and CDs. However, it does not offer checking accounts, mortgages, auto loans, or other lending products. Additionally, investments and insurance services are also not provided. So, if you’re looking for a full-service financial institution, other options like CIT Bank or Chase Bank might be more suitable.
Interest Rates
When it comes to earning a high interest rate, Synchrony Bank is one of the best in the business. Its High Yield Savings account stands out with competitive interest rates, no monthly fees, and no minimum deposit requirements. However, if you’re looking for even higher rates, there are alternatives like Discover Online Savings. Ultimately, the choice between Synchrony Bank and other banks depends on your individual preferences and financial goals.
Physical vs. Online
Synchrony Bank operates solely online, without any physical branches. Customer service is available through online chat and phone calls, while ATM services are provided through the PLUS or Accel Network ATMs. Although Synchrony Bank does not charge ATM fees, some ATM operators may charge nominal fees. However, the bank offers up to $5 in fee refunds per statement cycle for domestic ATM fees. Diamond status members of Synchrony’s Perks Reward program enjoy unlimited fee refunds. You can access your accounts, perform transfers, and complete other banking actions easily through the bank’s user-friendly website and mobile app, available on both Apple App Store and Google Play App Store.
How to Deposit or Withdraw Money
Synchrony Bank provides various options for depositing and withdrawing money. You can withdraw cash at ATMs with a withdrawal limit of $1,000 per day. Synchrony Bank also offers reimbursement of up to $5 per statement cycle for fees charged by other bank’s ATMs. Debit card transactions are another way to make purchases, with a limit of $500 per day. Electronic transfers between your linked accounts at Synchrony Bank and other institutions can be easily initiated online, through the mobile app, or by calling the automated phone system. While Synchrony Bank doesn’t offer checking accounts, you can request checks for your Money Market Account. Wire transfers are also available for High Yield Savings or Money Market Accounts. Deposits by mail are an option too, with deposit slips provided in the welcome package. Additionally, you can deposit checks through the mobile app or mail them.
Customer Service Phone Number
For any queries or concerns, you can reach Synchrony Bank customer service at 866-226-5638. Automated telephone service is available 24/7, while live customer service is available from Monday to Friday, 8 a.m. to 10 p.m. Eastern time, and on weekends from 8 a.m. to 5 p.m. Eastern time. However, keep in mind that the IRA and Trust teams are unavailable on weekends.
Minimum Balance Requirements
Synchrony Bank stands out with its no minimum balance requirements across all its deposit products. There are no monthly fees either, so you don’t need to maintain a minimum balance to avoid any charges. The Money Market Account does have three tiered deposit rates, but all three tiers currently offer the same interest rate.
Insurance
Rest assured that all customer deposits at Synchrony Bank are insured by the FDIC up to regulatory limits. Each depositor is insured for up to $250,000 per bank. By leveraging different ownership categories, you can extend these limits further.
Fees
Synchrony Bank does not charge any monthly service fees on its accounts. Additionally, it does not charge any ATM fees, but customers may incur charges from other banks’ ATMs. However, the bank reimburses up to $5 per statement cycle for domestic ATM fees for all customers, with unlimited fee refunds for Diamond status customers.
How Synchrony Bank Stands Out
When comparing the best savings accounts, Synchrony Bank stands out with its High Yield Savings account. The bank’s limited range of products comes with attractive terms, such as competitive interest rates, no minimum balance requirements, no minimum opening deposit, and no monthly fees. Moreover, Synchrony Bank offers three credit cards with various perks, all without an annual fee. This lets customers earn high rates of interest on their deposits while building credit through Synchrony Bank’s credit cards.
About Synchrony Bank
Synchrony Bank is an online-only bank specializing in savings accounts, money market accounts, CDs, and credit cards. It is backed by Synchrony, a Fortune 500 company with over 80 years of experience. All customer deposits are FDIC insured, ensuring the safety of your funds.
How Synchrony Bank Compares to Other Banks
If you’re curious about how Synchrony Bank holds up against its competitors, we have a comparison chart that highlights the product offerings of each bank. For more detailed information, check out our reviews to see if the products align with your needs.
How to Decide if Synchrony Bank is the Right Choice for You
Synchrony Bank is an excellent secondary bank for customers looking to earn higher interest rates on their savings. With no minimum deposit requirements, no monthly fees, and competitive interest rates, it caters to savers with various balances. Whether you have significant savings or are just getting started, Synchrony Bank offers the same competitive rates to help you grow your money. However, if you’re seeking a full-service bank that provides in-person banking, checking accounts, mortgages, and other products, you might want to explore alternatives. Keep in mind that several other banks, as shown in the comparison table above, offer a wider array of products.
Synchrony Bank specializes in interest-bearing deposit products and credit cards as an online-only bank. It is an excellent complement to your primary checking account at another bank, offering no monthly fees and competitive interest rates on savings, money market accounts, and CDs.
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Since Synchrony Bank is an online bank, how can I make deposits to my account?
Customers have multiple options for depositing money into their Synchrony Bank accounts. You can make deposits at ATMs, through the mobile app, or by mail. Online transfers, ACH deposits, and wire transfers are also accepted. -
What happens if I overdraw my Synchrony Bank account?
If you make a purchase or transfer that exceeds your available balance, it will be declined. Synchrony Bank does not charge overdraft fees. -
How do I contact Synchrony Bank by phone?
To reach Synchrony Bank customer service, call 866-266-5638. You can also chat with customer service online through their website or mobile app. -
Is Synchrony Bank a good choice?
Synchrony Bank is an excellent choice for customers seeking high interest rates on their deposits without monthly fees or minimum balance requirements. It’s a great option for those comfortable with online banking and not needing to visit a physical branch.
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