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Synchrony Bank Savings Accounts Review

11 Customer Comments & Reviews - see all comments
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Synchrony Bank is an online bank that provides digital financial solutions for consumers, including high yield savings and money market accounts, as well as store branded cards. Synchrony Bank is a subsidiary of Synchrony Financial, a consumer financial services company founded in 2003 and based in Stamford, Connecticut.
 
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How is Synchrony Bank rated?

Breakdown

4.0/5
Rates and fees
4.0/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.0/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 3.9 / 5 (Very good)

Synchrony Bank, a subsidiary of Synchrony Financial, is a web-based banking system that enables account holders to view their transaction history, transfer funds, pay bills, and open up new accounts completely online. Synchrony Bank also caters to a broad range of retail banking and lending services throughout the U.S. and Canada. Synchrony Bank maintains an A+ rating from the Better Business Bureau and above average ratings from other trusted online rating companies. The bank does have many complaints, most regarding credit card and billing issues. Synchrony has, however, responded to and resolved a significant amount of its complaints. Synchrony Bank offers online resources for account holders and a mobile banking app in which customers can access and manage all transactions on the go and monitor accumulated perks/rewards.

Synchrony Bank Account Features

Balance Requirements - 4 / 5

Synchrony Bank allows users to login to their online accounts to view and access perks accumulated. Perks and special features can vary depending on the balance and length of time as an account holder. Synchrony Bank also has a mobile app in which holders can use to manage their accounts anytime, anywhere. The company also offers an optional ATM card with the savings account which can be used at any ATM displaying the Plus or Accel logos worldwide.

APY (Annual Percentage Yield)

4.75%
Interest Compounded
Daily
Integration with Other Online Accounts
Checking
External Banks
Bonus Offers/Customer Perks
Synchrony Bank account holders can benefit from travel and leisure discounts, ATM fee reimbursements, $0 monthly service fees, and rewards for length of time as a customer.
Mobile App
Yes
Debit/ATM Card
Yes
ATM Fees
There are no ATM withdrawal fees, but a fee may be charged by the ATM owner/operator. Synchrony Bank offers to refund up to $5 per statement cycle. Account holders are limited to withdrawing no more than $1,000 per day.
No-Fee ATM
No-Fee at Network ATMs
Reimbursement for Domestic ATMs
Branch Offices
As an online banking entity, Synchrony Bank only has one, full-service physical branch office location: 170 West Election Road, Suite 125 Draper, UT 84020

Synchrony Bank Fees and Restrictions

Rates and fees - 4 / 5

Synchrony Bank account holders interested in opening a high yield savings account are not required to have a minimum deposit. The bank does not charge any fees including maintenance, transfers, or service fees. There is also no monthly balance requirement. Account holders will not be charged for exceeding the monthly withdrawal and transfer limit, but the bank has the right to close the account.
Minimum Opening Deposit
$0
Minimum Balance for Promotional APY
$0
Minimum Balance to Avoid Penalty
$0
Withdrawal Limit
Withdrawals are not to extend more than six times per month.
Transfer Limit
Transfers are not to extend more than six times per month.
Maximum Balance
Not specified

Synchrony Bank Reputation & Financial Strength

Financial Stability & Ratings - 4 / 5

Synchrony Bank maintains above average ratings from trusted online rating platforms, including the Better Business Bureau and Moody's. The company has many complaints online, the majority of which deal with credit card and billing issues. However, to their credit, the company has responded and resolved a significant amount. Account holders have 24/7 access to customer support via online chat and an automatic phone service if called after business hours.
Year Founded
2003
Standard & Poor's Financial Rating
BBB
Moody's Financial Rating
Aaa
Consumer Financial Protection Board (CFPB) Complaints
3,195

Contact Methods

  • Phone
  • Email
  • Chat
BBB Rating
A+
BBB Total Complaints
4,556
BBB Resolved Complaints
1,006
Customer Support Hours
24/7 (automated telephone service)
Live Help 24/7
Yes

Company Profile

Full Name
Synchrony Bank Savings Accounts
Company Website
https://www.synchronybank.com/
Headquarters
170 West Election Road, Suite 125, Draper, UT, 84020
Mailing Address
P.O. Box 105972, Atlanta, GA, 30348

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11 Customer Comments & Reviews

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David E
4/3/2019
I've dealt with Synchrony Bank twice. Both times have been a terrible experience. Once year ago for a Yamaha Waverunner Loan and the second time for a Suzuki Outboard Engine loan... because it was the only option for financing through the Suzuki Dealer. I have 700+ credit score. First ... They are a little Mickey Mouse lender … without an online platform… so you can’t login to make payments … no email statements ... it all old school...... YES, you have to mail them in. Who writes checks anymore? On top of that…. They are one of the most dishonest lenders on the market. I understand that they make money by charging you ridiculous fees and making up fees…. and they are VERY... Read More

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