1. Types of Accounts Offered
First of all, Synchrony Bank provides a high-yield savings account, money market accounts, and various CD options. The interest rates on these accounts are among the most competitive in the online banking market, and there is no requirement for a minimum deposit to open any of them.
Additionally, both the savings account and the money market account come with an ATM card, making it easier to access funds, which is uncommon for online-only banks.
Moreover, the bank reimburses up to $5 per month in ATM fees when using out-of-network machines, which is a great benefit for customers looking to avoid unnecessary banking fees.
2. Interest Rates and Fee Waivers
Furthermore, the interest rates offered by Synchrony are higher than the average when compared to traditional banks.
The high-yield savings account, for example, boasts one of the best rates in the market, making it an attractive option for those looking to grow their savings. The rates on CDs are also competitive, drawing in savers who want secure investments with solid returns.
Synchrony is also appealing because it does not charge monthly maintenance fees on its savings or money market accounts. However, it’s worth noting that the interest rate on the money market account is considered average compared to other online bank options.
3. Digital Experience and Customer Support
In addition, Synchrony Bank offers a strong digital experience. The bank’s mobile app is highly rated on both Google Play and the Apple Store, allowing customers to easily manage their accounts. Some of the features of the app include:
- Mobile check deposits
- Transaction history viewing
- Opening new accounts
- Credit card management
- Live chat customer support
You can also access online banking via Synchrony’s website, where you can calculate potential interest earnings on savings and CDs, as well as access various tools and services.
4. Reliability and Security
Moreover, Synchrony Bank is a member of the FDIC, meaning that accounts are insured for up to $250,000 in case the bank fails, or up to $500,000 for joint accounts. This provides an additional layer of security for customers holding large sums of money.
However, the bank has faced some controversies in recent years. In 2023, Synchrony was required to pay $2.6 million in a lawsuit settlement after complaints from customers who claimed to have received unsolicited calls.
Despite these issues, the bank remains a reliable and solid institution in the financial sector.
Product Ratings Table:
| Feature | Rating (out of 5 stars) |
|---|
| Savings Account | 4.75 |
| CDs | 4.5 |
| No-Penalty CDs | 4.25 |
| Bump-Up CDs | 4.5 |
| Money Market Account | 4.75 |
| Reliability | 4 |
| Overall Rating | 4.5 |
5. Customer Service and Support
Additionally, Synchrony Bank provides customer support through live chat and phone. Initially, customers interact with a virtual assistant, but can be transferred to a live agent if necessary.
Phone support is available from 8 a.m. to 10 p.m. ET on weekdays and from 8 a.m. to 5 p.m. ET on weekends. However, it’s important to note that Synchrony received average customer satisfaction ratings, ranking below the segment average in the 2024 U.S. Direct Banking Satisfaction Study.
6. Frequently Asked Questions
To wrap up, here are some frequently asked questions about Synchrony Bank:
- What services does Synchrony Bank offer?
Synchrony offers high-yield savings accounts, money market accounts, CDs, and credit cards. - How can I contact Synchrony Bank customer support?
You can contact support via live chat on the website or call customer service. - Is Synchrony Bank legitimate?
Yes, it’s a legitimate bank and a member of the FDIC, insuring deposits up to $250,000 per account holder.
