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Synchrony Bank Review

Boosting your savings with high interest rates is a smart way to generate additional income. Synchrony Bank, an exclusively online institution, stands out by offering high-yield savings, money market accounts, and CDs without the burden of typical monthly fees. Notably, there are no minimum opening deposit or monthly balance requirements, making their accounts accessible to savers of all levels. Despite lacking physical branches and having a limited product range, Synchrony Bank could serve as a valuable secondary bank for your savings. Explore its products, services, and the account opening process to determine if it aligns with your financial goals.

Review Summary: Pros & Cons Pros:

  • High-yield deposit accounts with no minimum deposits or balances
  • No monthly fees
  • Flexible CDs to capitalize on changing interest rates Cons:
  • No physical locations
  • Limited customer service hours
  • No checking accounts or full-service banking

Services Offered: Synchrony Bank provides a modest range of services, including high-yield savings, money market accounts, and CDs. While it lacks checking accounts and full-service banking, customers can conveniently perform online or mobile money transfers between accounts. The bank also features a Money Matters blog for basic finance education and an ATM finder link for surcharge-free withdrawals and deposits.

Account Opening: To open an account with Synchrony Bank, you must be at least 18 years old. The process involves visiting their website, completing an application, and providing personal information. This includes your name, address, phone number, email, social security number, and date of birth. The bank’s website guides you through choosing your desired account product, reviewing terms, and finalizing your profile. Customers looking to open an IRA, Trust, Custodial, or Non-Personal account should contact customer service.

Types of Accounts: As an online-only bank, Synchrony Bank offers high-yield savings accounts, money market accounts, CDs, IRA CDs, money market accounts, and credit cards. Notably, it does not provide checking accounts, mortgages, auto loans, or other lending products.

Interest Rates: Without the burden of physical branches, Synchrony Bank offers competitive interest rates, particularly with its High Yield Savings account. Although there are higher rates with no minimum deposit, such as Discover Online Savings, the decision to choose Synchrony Bank depends on individual preferences and financial goals.

Alternative Savings Account Offers: The blog compares Synchrony Bank with CIT Bank, emphasizing the latter’s eChecking account and its associated features.

Physical vs. Online: Synchrony Bank operates exclusively online, with no physical branches. Customer service is handled through online chat and phone calls. While lacking its ATMs, the bank provides fee reimbursement for other banks’ ATMs, with unlimited refunds for Diamond status members. The mobile app allows customers to access accounts, transfer funds, and communicate with customer service.

How to Deposit or Withdraw Money: Synchrony Bank offers multiple methods for withdrawing money, including ATM access, debit card transactions, electronic transfers, checks, and wire transfers. Customers can also deposit cash and checks at eligible ATMs or through the mobile app.

Customer Service Phone Number: For customer service inquiries, customers can call 866-226-5638. Automated service is available 24/7, while live customer service operates Monday through Friday from 8 a.m. to 10 p.m. Eastern time, with limited availability on weekends.

Minimum Balance Requirements: Synchrony Bank does not impose minimum balance requirements on its deposit products. Monthly fees are also nonexistent, making it easy for customers to manage their accounts without worrying about maintaining a minimum balance.

Insurance: All customer deposits at Synchrony Bank are FDIC-insured up to regulatory limits, currently set at $250,000 per depositor at each bank.

Fees: Synchrony Bank does not charge monthly service fees on its accounts. While it does not impose ATM fees, customers may incur fees from other banks, with Synchrony reimbursing up to $5 per statement cycle for domestic ATM fees.

How Synchrony Bank Stands Out: Synchrony Bank distinguishes itself with competitive interest rates, no minimum deposit requirements, no monthly fees, and a variety of credit card options without annual fees. The bank’s focus on providing attractive terms compensates for its limited product range.

About Synchrony Bank Synchrony Bank stands out as an exclusively online financial institution, specializing in a range of offerings such as savings accounts, money market accounts, certificates of deposit (CDs), and credit cards. Notably, customer deposits enjoy the security of FDIC insurance, and the institution benefits from the robust backing of Synchrony, a Fortune 500 company boasting over 80 years of industry experience.

Comparing Synchrony Bank to Other Financial Institutions To better understand the diverse product landscape across banks, the following chart contrasts Synchrony Bank with its competitors. This comparison sheds light on the array of financial products each bank provides. For an in-depth analysis of each bank, peruse our reviews to determine which aligns best with your specific needs.

Money loaded on your prepaid card is held at Metropolitan Commercial Bank and is FDIC-insured up to $250,000 in the event of Metropolitan Commercial Bank’s failure. Securities products are not FDIC insured, not bank guaranteed, and may lose value.

How to decide if Synchrony Bank is the right choice for you?

Determining if Synchrony Bank is Right for You Synchrony Bank emerges as an excellent secondary banking option for individuals seeking elevated interest rates on their deposits. With no minimum deposit requirements, zero monthly fees, and no minimum balance stipulations across all accounts, it caters to both those with substantial balances and those embarking on their savings journey. Offering fixed-rate CDs spanning three months to five years, as well as CDs with adaptable terms, Synchrony Bank accommodates diverse financial needs, ensuring competitive interest rates for all account holders.

However, for those in search of a full-service bank providing in-person banking, checking accounts, mortgages, auto loans, and a comprehensive suite of products, alternative options are recommended. The table above illustrates a variety of alternatives for customers seeking a broader selection of banking services.

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