Who is Synchrony Bank?
This Synchrony Bank review covers all the pros and cons of banking with Synchrony Financial. Synchrony Bank was established in 2014 after it merged with GE Capital Retail Bank and GE Capital. Synchrony Bank was originally part of Monogram Bank, USA, and was created in 1988. They provide millions of people with a variety of product offerings from credit cards to CD accounts, online savings accounts, money markets, and IRAs. The bank provides some of the top online savings rate in the country and their large influx of customers and income allows them to maintain high rates.
In our Synchrony Bank Review, we’ve discovered a lot of pros. For example, Synchrony Bank is beneficial for the variety of product offerings and high interest rates on savings and CD accounts.
- Synchrony Bank offers money market accounts and CDs ranging in term from 6 months to 5 years.
- Withdrawing money from your money market account or savings account can be done through an ATM, writing a check, on the phone or transferring money to another account.
- The interest rates offered through their money market account and savings account is the same whether you have $500 in the account or $25,000. That is great if you don’t have a lot of money to invest but want the best interest rates.
- The interest rates offered on Synchrony accounts are very competitive.
- Synchrony Bank provides secure online platforms.
- Interest is earned on all balances for money market and savings accounts.
- Online and mobile banking are available.
- Synchrony Bank only requires $30 to open an account.
- Website is easy to use to transfer funds, view transactions, pay bills or open a new account.
- Customer service agents were friendly and helpful.
- Phone call times were quick.
- Email response time was fast. We received an answer in less than 24 hours.
The online savings account and money market account offer high interest rates without requiring a large amount to be kept in the account. Plus, Synchrony is an online bank so the fees attached to their accounts are pretty minimal.
We wouldn’t be doing our job if our Synchrony Bank Review didn’t list the cons as well One noticeable drawback is that Synchrony Bank is relatively new since the merger. This has some customers annoyed as they try to understand the new online site. Here are some other negatives aspects of their account offerings:
- To open a CD, the required minimum balance is $2,000.
- You must maintain a $30 minimum balance amount, or you will pay a $5 fee.
Is Synchrony Bank a Good Choice?
In concluding our Synchrony Bank Review, they provides high online savings rates and an easy to use website. For savers, you can’t bet their rates and excellent customer service. It seemed as if the only fee what a $5 fee, which is waived by keeping $30 in the account as previously mentioned. As always, though, read the account terms carefully before opening an account to ensure you aren’t paying more in monthly fees.
If you are looking to save money and find an online bank that offers great interest rates for savings account, money market accounts and CDs, Synchrony Bank is a good option to look into.
P.O. Box 11623
Newark, NJ 07101-4623
Customer Service Number