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Synchrony Bank Savings Account Reviews

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2nd
  • APY1.05%
  • Required Balance$30
  • Pros
  • Limited fees
  • Low minimum deposit
  • Solid security measures
  • Cons
  • No dedicated app

Synchrony Bank Online Savings Account

Synchrony Bank is a great place to put some money away. With a high yield savings account offering 1.05 percent, you can see that this is one of the top players, and it offers a lot more than some well-liked and well-known competitors. With no monthly service fee, as long as you keep a minimum of $30 in the account, you can easily open a savings account with Synchrony and not worry about losing out on interest rates. With rewards from many financial magazines such as Kiplinger's, you can open an account and not worry about getting fleeced.

Easy Set-up and Good Customer Service Like most banks out there, Synchrony offers a quick and painless way to get started. To open an account, just navigate to the front page and click the large, green button that says open an account. Then, you will select the product you want, go to the next page and enter your address and other pertinent information. Thats it! If you have problems, which you shouldn't, you have options to make sure you get help. You can contact the company by email, and it will usually respond within a few hours, especially during business hours. Or, you can, 24/7, access your information via automated telephone service. When calling between 8 am and 10 pm Eastern time, Monday through Friday, you can talk to a live customer service representative. Or, on Saturday, you can get someone from 8 am to 5 pm Eastern time. One minor downside with Synchrony is that it's not open on Sunday, but issues rarely arise with this well-run bank.

If you are in the Bridgewater, New Jersey area, you can even come into the branch and get help in-person, from a customer service representative. But, again, the bank is well-run and the process is streamlined, so there should be no issues in setting up an account or accessing it. You can also send, by mail, your checks to deposit. It must be noted, if you are looking for a high-tech company, Synchrony bank may not be your best choice. While the website is intuitive, easy to use and offers it all, the company does not have an app for iPhone or Android however, you can still take a picture of your check and deposit it through the website, which to some people is sufficient.

Solid Security

When banking online and when dealing with your hard-earned cash, you don't want to leave anything to chance, and Synchrony takes care of you. First and foremost, if you want to keep your account safe, you can easily do so by getting advice from the Protect Your Information Online page. Here, Synchrony teaches you how to keep your personal information safe and secure such as shredding your documents and not giving out your personal information. Synchrony also teaches you how to notice any issues with your account and what warning signs to look for. Finally, if you want to stay safe online,you can place fraud alerts on your account, and Synchrony teaches you how to do that. All in all, with this one-stop resources, you can easily stay safe online. Remember, a proactive approach is the best approach.

Not only can you learn how to keep things in order and avoid fraud, you can also rest easy as Synchrony goes out of its way to keep your information safe. By sending you secure emails and statements, rather than in regular mail, you will have to worry about your important personal data falling into the wrong hands. Finally, with an SSL certificate and a safe and secure website, you can log on to Synchrony bank, all without worry or trepidation, and Synchrony is always taking it further and doing more to make your experience safer and more secure.

Doesn't Take on Fees

In the past, and sadly still somewhat common, many banks would reel in clients with an eye-popping interest rate, only to require a huge deposit. Other times, banks offer a great rate, but only for the first $500 or few months. Simply put, the minimum deposit is only $30 if you want to avoid fees, and the interest rates are incredible. If you want to earn 10x the national average with your savings account, all without having to jump through hoops, Synchrony bank is the way to go. Simply put, most banks will make it hard to earn respectable rates, and Synchrony bank not only offers some of the best rates around, but you can deposit your money and not have to worry about meeting any promotional offers.

AwardsThere are dozens of banks out there, all with decent yields for savings accounts. But, with Synchrony, you have peace of mind as the company consistently wins awards from companies like Kiplinger's, Bankrate, Money Magazine and many others. This should quell any fears you may have as Kiplinger's, Bankrate and Money Magazine are well-regarded in the industry, and a high rating from any of these websites and financial magazines are not easy to come by. If you aren't convinced, you can also read plenty of reviews by non-professionals who all say the same thing. Synchrony offers great rates, solid customer service and a safe and secure website.

Verdict - Great

Synchrony bank is one of the leaders when it comes to high interest rates. The site is straightforward and easy for anyone to use. There are two downsides, but neither of them are major. The bank only has one branch, and it's in New Jersey, and the bank does not offer an app for iPhone nor Android. But, Synchrony makes up for it by offering you the option to deposit your check by mail or by taking a picture of it. With solid customer service and top-notch rates, Synchrony bank has a solid savings account that you should consider, especially considering that Synchrony does not charge outrageous fees, and it has a low minimum deposit requirement.

Last Updated:

Synchrony Bank Savings Account Consumer Reviews

Average Customer Rating

6 out of 10 rating 6 1 User Review

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 0
Ratings: 6 - 5 1
Ratings: 4 - 3 0
Ratings: 2 - 1 0
6 out of 10 rating 6 Good interest rate None

The Synchrony savings account is fantastic! The interests rates are the best out there and the customer agents either online or over the phone are efficient and friendly.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.