Synchrony Overview

Headquartered in Dallas, Synchrony is an app-based bank providing savings and credit card products across the US. Its savings products include high-yield accounts, certificates of deposit, and money market accounts. In addition to paying impressive rates, the bank doesn’t charge monthly fees or require a minimum deposit. Synchrony’s membership in the FDIC scheme also means that savings are federally insured up to $250,000.

Synchrony at a Glance

Suitable For?

With attractive savings rates, Synchrony could be particularly appealing if you want a decent return on your nest egg. Additionally, the bank offers several IRA products, which could make it a good choice if you’re looking for a tax-efficient way to save for your later years.

As an app-online bank, Synchrony could also be suitable for savers who prefer to manage their finances digitally.

Features/Highlights

Advantages over traditional banks

Like many app-only banks, Synchrony has lower overheads than its brick-and-mortar rivals and passes these savings onto its customers through more attractive rates on savings products. Unlike many larger banks, Synchrony has no minimum deposit requirement on its savings accounts.

Cutting-edge banking services

Synchrony offers all the high-tech solutions you’d expect from a digital bank. For example, you can open a savings account through its mobile app without the need to visit a branch and speak to an advisor in person.

Likewise, you can deposit funds through mobile check deposit, with a maximum of 5 checks per day or up to $2,000. You can also inquire about your account balance through your mobile device's Google Assistant or Siri features.

Traditional banking services

Synchrony offers a variety of traditional banking products. Its savings products include high-yield accounts, certificates of deposit, and money market accounts. Additionally, it provides retirement-specific savings through IRA certificates of deposit and IRA money market accounts.

The bank also offers ATM cards, which you can use to make purchases or withdrawals from an ATM. There is a $1,000 daily cash withdrawal limit and a $500 daily limit on point-of-sale transactions.

You can use your card in the US and overseas at ATMs with a Plus or Accel logo. Accel cards are accepted at 99% of ATMs in the US and Canada.

Although you can request checks on a money market account, these aren’t available on high-yield savings accounts.

In addition to its savings products, Synchrony offers credit cards and payment solutions for businesses.

Interest rates and fees

At the time of writing, July 2024, the bank offers the following rates on its savings products.

Unlike many banks, Synchrony doesn’t charge a monthly fee for its savings products. Additionally, it will refund any charges you incur when using your card at out-of-network ATMs—up to $5 per statement cycle.

Although the bank doesn’t charge for receiving wire transfers, there is a $25 fee for outgoing wire transfers.

Customer service and online experience

You can contact Synchrony via phone or live chat. Customer support hours are Monday-Friday, 8am-10pm (ET) and 8am-5pm Saturday and Sunday. Note that IRA and trust teams aren’t available on weekends. The bank also offers 24/7 support through its virtual assistant.

If your query is more general, you may be able to find the answer in the bank’s FAQs, which provide extensive information about its products.

Synchrony also has a detailed knowledge bank on its website, with recent articles covering topics such as retirement planning and holiday savings.

As of July 2024, the bank scored 1.1 out of 5 stars on Trustpilot, which is classified as “bad.” However, many of these negative reviews focus on Synchrony’s lending products, not its savings range. Several negative reviewers claimed that taking out a product had damaged their credit score, and others cited poor customer service.

More favorable reviewers praised the ease of transferring funds and efficient customer service representatives.

Mobile app

You can download Synchrony’s app from Google Play or the App Store. It allows you to:

• Open new accounts
• Monitor account activity
• Renew your CD accounts
• Make mobile check deposits

At the time of writing, the app has a rating of 4.8 out of 5 stars on the App Store, based on almost 25,000 reviews. Satisfied users praised its ease of use and comprehensive features, while those who rated Synchrony less highly reported issues such as the app failing to load and difficulty locating key documents.

However, the app isn’t rated on Google Play.

You can learn more about the mobile app in this video.

Security

Synchrony uses SSL encryption on its website to establish a secure connection between its servers and your device. This measure safeguards any personal data you input about your finances. The bank also has a dedicated fraud team to investigate any suspicious or illegal activity on your account.

Synchrony is a member of the FDIC program, which means that any funds in your account are protected up to $250,000 if the bank were to fail. However, the bank isn’t accredited by the Better Business Bureau.

Application Process

You can open a new account through Synchrony’s website or mobile app.

As part of the application process, you’ll need to provide information such as:

• Your name
• Your address
• Your date of birth
• Your Social Security number or tax identification number
• Your occupation
• Details of your employer
• Information on the source of funds going into the account

To make the initial deposit, you’ll also need a copy of a government-issued ID, such as a driver’s license, and details of your checking account.

Overall, the process takes just a few minutes. Once you’ve opened an account, you can make deposits from an existing Synchrony account through electronic transfer from another bank, wire transfer, personal check, or mobile check deposit.

During the application process, you can also order paper checks and ATM cards, which should arrive within 10 business days.

If you’d like to open an IRA, you’ll need to print a paper form or call the bank to open an account with a banker.

Summary

Synchrony could be a great choice if you’re looking for a generous return on your savings. Its products currently pay well above the national average. Additionally, the bank doesn’t require minimum deposits on its savings accounts or impose monthly maintenance fees. While it has no physical branches, this may not be a sticking point if you prefer to manage your money digitally, as it offers a highly-rated app.

Physical Address

PO Box 669802

Dallas,

TX

75266-0955

Disclaimer

ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 7/26/2024.

APYs are subject to change at any time without notice. Offers apply to personal non-IRA accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time. See all non-IRA CD rates and terms offered here.

AWARDS: GOBANKINGRATES.COM: © 2023 GOBankingRates. All Right Reserved.

FORBES: © 2024 Forbes Media LLC. All Rights Reserved.

MONEYRATES: © 2024 MoneyRates.

MYBANKTRACKER.COM: © 2024 MoneyRates.

NERDWALLET: © 2024 NerdWallet, Inc. All Rights Reserved.

THE ASCENT: © 2018 - 2024 The Ascent. All rights reserved.

CNBC: © 2024 SELECT | All rights reserved.

NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Curinos LLC as of 6/03/2024. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Although the information provided by Curinos LLC has been obtained from the various institutions, accuracy cannot be guaranteed.

FDIC INSURANCE: up to $250,000 per depositor, per insured bank, for each ownership category.