When opening a checking or savings account, what are the features and benefits that you expect the most? While you won’t find the best interest rates, you’ll experience terrific customer service and get a wide variety of benefits when opening an account. Continue reading our Synchrony Bank review
If you’re in the market for a new bank, be sure to check out Synchrony Bank! Throughout the years, it has slowly been gaining popularity as an online-based bank.
Keep in mind that this is not a full service bank! They offer CDs, Savings, and IRA accounts. Synchrony Bank claims to have some of the highest APYs and lowest fees in the industry, but there are some downsides.
If you’re interested in what Synchrony Bank has to offer, continue reading to learn more!
Table of Contents
- 1 Savings Account Options
- 2 Compare Savings Accounts
- 3 Money Market Account Options
- 4 Compare Money Market Accounts
- 5 CD Account Options
- 6 Compare CD Accounts
- 7 Reasons to Bank with Synchrony Bank
- 8 Reasons Not to Bank with Synchrony Bank
- 9 Synchrony Bank Routing Number
- 10 Contact Customer Service
- 11 How Synchrony Bank Compares
- 12 Compare to Other Banks
- 13 Bottom Line
Savings Account Options
The High Yield Savings Account has no initial deposit requirements nor does it have a monthly maintenance fee.
This savings account comes with a huge perk that any other banks don’t offer. This account comes with an ATM card can use any ATM banks with the Plus or Accel logo without fees. And if you do go out of network, Synchrony will reimburse ATM fees up to $5 per statement cycle. This flexibility allows you to get cash fast.
Federal regulations limit transfers/withdrawals to just 6 per statement cycle. Usually, banks will charge a fee if you exceed it. However, Synchrony does not charge for excessive withdrawals.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 0.40% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn 0.40% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
Money Market Account Options
Synchrony Bank’s money market accounts are a blend of their savings and checking accounts.
If you need a deposit account that is flexible, such as offering check writing, check ordering, and accessing your money, this might be your best bet.
The Money Market account is kind of a combination of a checking and savings account. You get the ability of check writing. The first order of checks is free. The APY isn’t as high as the Savings account, but you do get more flexibility in how you can use and access your money.
This account is some what of a combination of a checking and savings account. You get to write checks and the first order of checks is free. The APY isn’t as high as the savings account, but you do get more flexibility.
You can rollover existing IRA contributions to a Synchrony IRA Money Market account. The interest rate isn’t the highest, but it will provide a secure place to park your retirement savings.
You don’t need to worry about the fluctuations of the stock market. And there are tax benefits.
You can make additional deposits at any time, subject to IRS contribution limits
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 0.35% APY balances $100,000 and over
• Earn 0.30% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 0.45% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
There is a base store of $2,000 to open a CD with Synchrony. What’s more, you should leave your cash in there for the entire length of the term, or you may be charged an extra fee.
If you don’t need the money for a whole year, you can earn higher rates for depositing your money for an entire 12 months.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 0.60% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 0.30% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons to Bank with Synchrony Bank
- Earn high competitive rates compared to other banks.
- No minimum balance requirements for Savings or Money Market accounts. There are no minimum deposits or balance requirements for Synchrony’s Savings or Money Market accounts.
- No service fees that need to be paid any month.
- ATM card for Savings. It’s very rare for savings accounts to have ATM access. Synchrony’s High Yield Savings Account comes with an optional ATM card so you can withdraw savings quickly.
- Earn Loyalty Perks with Synchrony Bank. You’re automatically enrolled in Synchrony Bank Perks when you open an account. You reach different status tiers based on your balance OR the length of time you’ve been a customer.
Reasons Not to Bank with Synchrony Bank
- There’s only one physical branch. So if you prefer to bank in person, you may want to look elsewhere.
- They don’t offer any checking accounts.
- Their mobile options leave a lot to be desired. Synchrony doesn’t have a mobile app for its banking products. However, it does have a full mobile website.
Synchrony Bank Routing Number
To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach Synchrony Bank Customer Service at 1 (877)-295-2080.
In addition, you’re able to fill out an online Customer Service Request, but a response can to take between one and two business days.
How Synchrony Bank Compares
- Ally: Another online-only bank, similar to Synchrony, with a full range of services. Comparable to Synchrony, they also offer checking and savings, as well as several flexible CD options. Ally offers high interest rates, 24/7 customer service, and more than 40,000 fee-free ATMs.
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- Capital One 360: Capital One 360’s deposit accounts have no minimum balance requirements. The downside is that the interest rates on their savings and money market accounts are below that of other banks, unless you maintain a very high balance. What makes 360 stand out is that they offer a teen checking and kids savings account.
- Discover Bank: To compare with Synchrony Bank, Discover also offers close savings account rates. In addition they also offer a cashback checking account that requires no minimum balance or service fees. They have more than 60,000 no-fee ATMs.
- Marcus by Goldman Sachs: Marcus by Goldman Sachs offers excellent interest rates. Their only offer two products, their savings account and CDs, are competitive with Synchrony’s and only requires $500 minimum to open.
- PNC Bank: What makes PNC Bank different is the fact that there are physical branches, but you don’t have to live near one to open an online account. Because of this, don’t expect high interest rates. However, they do offer some great cash bonuses. PNC’s most popular product is the Virtual Wallet account that comes with financial tools to help you budget, track spending, and set up goals.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. The advantage Regions has is that you can find Regions Bank across 15 states.
- SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
Compare to Other Banks
Choosing a bank that best suits your needs is a crucial decision. You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If Synchrony Bank has the variety and options you’re looking for, apply today!
For more options from a variety of banks, see our list of the best bank promotions!