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Synchrony Review

The best way to save money

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Synchrony

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Reviews 16

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Bestmoney Staff

May. 01, 2023

3 min read

Synchrony Summary

Synchrony is an online platform for high-yield savings accounts, CDs, IRA CDs, and credit cards. It offers some of the best APYs. Any American aged 18+ can open a Synchrony savings account or CD online with photo ID, a Social Security number, and a few other basic financial details.

Pros

Wide range of savings accounts and CDs
High yielding APYs
Mobile app with account-management features

Cons

No checking accounts
Not much in the way of other banking services

Synchrony at a glance

8.8

Editorial score

Fees?

Most products are fee-free

8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication

10.0

Customer service

24/7 service with multiple communication options

8.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities

10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits

8.0

Synchrony Visit Synchrony

Advantages Over Regular Bank

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.

Cutting-Edge Banking Services

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:

Basic banking features such as scanning, bank-to-bank transfers, balances, and statements.
Withdrawals at any time via online banking, ATM, or phone.
Sleek mobile app containing most of the same functions as online banking.

Traditional Banking Services

Synchrony operates primarily online (and by phone) but its specialty is traditional savings and banking products.Here’s what Synchrony offers:

Fee-free savings accounts, including money market and high-yield savings accounts.
Range of high-interest CDs and IRA CDs with terms ranging from 3 to 60 months.
Credit card options with Synchrony’s partnering providers.
ATM reimbursements (limited number for balances up to $250,000, unlimited for balances of $250,000 or more).

Interest Rates and Fees

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	2.25%
High Yield Savings	$0	4.75%
CDs	$2,000	5.15%
IRA CDs	$2,000	4.00%
IRA MoneyMarket	$250	2.25%

Customer Service

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 8am to 10pm 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.

Mobile Apps

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:

Make a secure money transfer with just a few clicks.
Chat with customer service.
View balances from the home or lock screen without logging in.
Log in with Touch ID or Face ID (on compatible devices).
Deposit checks just by taking a picture of the check.
Ask Siri for balances.
Chat live with a banker (on Android).

Security

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:

All accounts are insured by the Federal Deposit Insurance Corporation for up to $250,000.
Identity theft resolution services from partner CyberScout.
Multi-factor authentication, an added layer of security that requires the account holder to verify their identity using a 4-digit code sent to their mobile.
Participation in the Adult Protective Services program, which protects the elderly from scams.

Synchrony Visit Synchrony

Conclusion

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, whether it's high-interest savings, CDs, or Money Market accounts, Synchrony is the place.

Written by

Bestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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Will Hill

2 years ago

VERY MISLEADING/CONFUSING BILLING

I work in customer service for a retailer that sells furniture & we use synchrony. Their billing is confusing to a lot of people & it costs me customers therefore also costing Synchrony customers. Our big ticket items are delivered a few months after the purchase & smaller items customers take with them. Synchrony bills people after they receive the item. We tell customers this. The problem is when Synchrony sends them an ESTIMATED bill with their synchrony card. The customer sees the amount of the items they took with them & think that is their monthly bill. They then call yelling wanting to cancel their orders. I deal with this EVERY day. 1st DO NOT send people any kind of "estimate." 2nd dont assume your customers are financing paying professional, & act like this is the 1st bill this person has ever received. The bill should clearly state their min payment due. The payoff amount (total balance) should be something they see if log in to their account or at least be in smaller print & not confusing people to think this is their monthly payment. If Im offering 36 months equal payments no interest & I sell $3600 worth of items, the customers bill is $100/mo. If the customer takes $600 worth of items now & the other $3000 is being delivered in a few months, DO NOT send anything saying they owe $600 or a $600 "estimate." Customers freak out & think they are going to owe $600 every month. It happens all day everyday. Send them a bill with MIN payment due in big bold letters. I dont even think the balance should be shown, or if it is then it should not be presented in anyway that could make a customer think thats their monthly payment. The pay off amount (total balance due) is something that should be smaller print, preferably not even on their bill. That should only be seen in a completely different section of the bill, app, or website & could no way be confused as their monthly payment

Arnaldo

4 weeks ago

Not worth it

I don't know what is Synchrony's problem but they gave me a $1,000 credit card I've been making my payments on time and doing extra payments so in the middle of March I decided to put $400 down to my card just 2 weeks later, today to find out that they reduce my credit card credit to $600 then what was the whole point of making up for $400 payment for if they decided to mess me up, I called them so they can tell me I have too many credit lines open, like is only 4 cards and all in good standing accoring to my credit report! So just because of that they decided to lower me to $600 credit line that's stupidity and I'm going to cancel this card

Walter G.

2 months ago

Sad! Stay away!

Michael Borgos

4 months ago

SYNCHRONY SHOULD LOSE THEIR BUSINESS LICENSE

These people are the poorest excuse for a credit provider. I have an 847 FICO score on Experian and they denied me credit. Their convoluted system of checking your credit requires you to do a 5 second video, photo the front & back of your license and if their equipment won’t accept it tough. They demand your SS number. I’m tired of being mistreated by credit card companies & banks. These people have ZERO sense of customer service. I’m considering getting an attorney. Do we still have truth in lending laws. I will complain to the credit bureaus. I hope Sam Ash sees this review.

Skye R. Paige

4 months ago

Blatant Disability Discrimation

I am deaf and Synchrony refuses to help me update or access my account without forcing me to call them. I dont have a tty device. This has happened several times with several agents on chat.