Synchrony offers 2 great advantages over regular banks: greater convenience and (far) superior rates. With a physical bank, you usually have to go to great trouble to open an account. With Synchrony, you can sign up online or over the phone from the comfort of your own home. By cutting down on overhead costs, Synchrony saves itself a great deal of money compared to regular banks. It passes on most of those savings to its customers via high interest rates.
Trusting an online bank with your savings has its benefits, as Synchrony proves. Synchrony exists mainly to provide high-yield savings accounts and CDs, but it also offers many other benefits.
Here are some of the highlights of banking with Synchrony:
Synchrony operates primarily online (and by phone) but its specialty is traditional savings and banking products.Here’s what Synchrony offers:
Given that the main reason to choose Synchrony is its high interest rates, this review wouldn’t be complete without a breakdown of those rates.
The following table shows rates, fees, and minimum requirements for selected Synchrony savings accounts, CDs, and IRA CDs. As the table shows, Synchrony’s APYs are among the highest in the US banking industry.
The MoneyMarket and High Yield Savings accounts and CDs all come with the following features: online account opening, no monthly service fees, mobile check deposit, and FDIC insurance. Savings accounts offer additional benefits over CDs, including ATM withdrawals, up to $5 of ATM rebates per statement cycle, and free online transfers. The MoneyMarket account is the only account that allows check writing.
| Account Type | Min. Deposit / Balance | APY |
|---|---|---|
| MoneyMarket | $0 | 0.75% |
| High Yield Savings | $0 | 1.30% |
| CDs | $2,000 | 0.25%-1.50% |
| IRA CDs | $2,000 | 0.25%-1.50% |
| IRA MoneyMarket | $250 | 0.75% |
Although Synchrony is an online bank, it also offers excellent phone service. To open an account, just click the blue “Open Account” button in the top-right hand corner of the Synchrony website or speak to customer service via phone or live chat.
Phone: 866-226-5638. Bankers available Mon-Fri 7am to midnight ET and Sat-Sun 8am to 5pm ET. Automated telephone service available 24/7.
Live chat: On Synchrony website during business hours.
Mailing Address: Synchrony Bank, P.O. Box 105972, Atlanta, GA 30348-5972.
iOS and Android users can control their accounts from wherever they go with Synchrony’s mobile app.
Account holders can do the following with the Synchrony mobile app:
Synchrony Bank was founded as GE Capital Retail Bank in Atlanta, Georgia in 1988 and changed its name to Synchrony Bank in 2014. It is a subsidiary of Synchrony Financial, a consumer financial services company in Stamford, Connecticut.
Synchrony takes the following steps to protect its customers:
Synchrony does one thing and it does it well: high-interest savings accounts. If you’re looking to park your money somewhere safe and earn high interest on your funds, Synchrony is the place. Synchrony’s 5-year CD pays 2.15% interest, higher than virtually every other bank and more than double the national average rate of 1.28% APY at time of writing. Even its 3-month CD is worth looking into, given the rate of 0.75% is superior to the average 1-year rate of 0.60%. If you’re looking for other banking services, look elsewhere. But if all you want is a high-interest savings account or CD—Synchrony is an excellent option.
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