review my account synchrony bank

Make payments, view your balance, update account information and schedule up to Sit N Sleep offers customers a credit card through Synchrony Bank with a. Review that link for a complete understanding of how credit counseling can help you. The gist is that your interest rates are reduced through. Find out whether the interest rates, fees, and benefits of Synchrony Bank's high-yield savings account is worth your consideration in this.

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Synchrony Bank Review 2021

Savings accounts

Synchrony Bank is known for having some of the most competitive rates on its high-yield savings accounts on the market. Opening a high-yield savings account with Synchrony Bank today would start yielding you APY.

Synchrony Bank can offer such high APY because they are an online bank with virtually no physical branch locations (except for two). The lack of physical locations might turn some people away. If you are comfortable with only banking online, then you can take advantage of the great interest.

Synchrony Bank does not have any minimum balance requirements. You can start earning interest on your savings immediately.

If you need access to cash, you can use any ATM that accepts the Synchrony Bank ATM card—any ATM displaying the Plus or Accel logos.

For ATMs that charge a fee by the owner/operator, Synchrony Bank will refund you up to $5 per statement cycle. However, if you have Diamond status or are in the Perks Rewards program, you’ll get unlimited domestic ATM fee refunds.

Money market accounts

Synchrony Bank’s Money Market account also boasts an impressive APY of on all balances. You can start earning interest on your savings immediately after opening an account. Plus, there are no minimum balance requirements.

Like most money market accounts, Synchrony Bank’s Money Market account comes with check-writing privileges. Once you open and fund your account, you can request checks.

If you are approaching retirement, you can take advantage of Synchrony Bank’s IRA Money Market account. You’ll get the tax advantages of a retirement account, with the high-interest of a money market account—all without taking much risk.

Certificate of deposits (CDs)

Synchrony Bank offers CDs with terms ranging from three months to five years. The rates on their CDs vary between for a three month CD up to for a five year CD. 

The minimum opening deposit for a CD at Synchrony Bank is . You can also open an IRA CD with a minimum opening deposit of .

Synchrony Bank does not offer no-penalty CDs like some banks. If you remove your money early from a CD, be prepared to pay an early withdrawal fee. For CD terms below one year, you’ll be charged 90 days of simple interest at the CDs current rate. For a CD with a term of 48 months or more, you’ll be charged a fee of 365 days of simple interest.

Banking experience

[banking_experience]

The Investor Post rating

Synchrony Bank offers an overall good banking experience for an online bank. Not having physical banking locations or checking accounts make it challenging to use Synchrony for everyday banking. However, if you only want a place to store your money and maximize your interest earnings, that’s where Synchrony excels.

Both Synchrony Bank’s website and mobile apps are clean and easy to use, making digital banking easier. Although you can’t speak to bank tellers face-to-face, the customer service hours are very generous.

Источник: https://theinvestorpost.com/synchrony-bank-review/

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.35%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingMonthly
Fee per transaction over the limit$0
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Review by

Ryan Brinks

ryan.brinks@finder.com

Ryan Brinks melds decades of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.

Expert review

The Synchrony Bank money market account is one of the best accounts available. It’s not perfect for everybody, but it’s a good choice if you’re looking for security and a consistent interest rate. It also has a rewards program, which is rare for money market accounts, and it earns a 0.35% APY regardless of your balance.

One drawback is that Synchrony is an online-only bank, so you won’t ever be able to visit a branch. However, most of the best money market accounts exclusively exist online. If that’s not a big deal to you, this account is definitely worth considering.

Easily open your Money Market Account with this digital bank online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From Synchrony Bank’s website, select Open an Account. Then choose Get Started if you’re a new customer.
  3. Hit Money Market, indicate whether you’re applying for an individual or joint account and select how you heard about it. If you have a code, enter it. Otherwise, choose Next: Select Options.
  4. Enter your initial deposit, then select whether you want an ATM card or checks. Select Next: What You Will Need.
  5. Complete next steps by providing basic personal and financial information, identifying any beneficiaries, and agreeing to your account’s terms and conditions. Submit your application.

If you’re approved, Synchrony deposits money from the account you specified in your application, contacting you with any next steps.

Eligibility

You must meet standard eligibility requirements to open an account with Synchrony.

  • US citizen and resident
  • At least 18 years old

Required information

Have the following information ready to complete your application.

  • Primary US home address
  • Social Security number and date of birth
  • Government-issued ID, like a driver’s license or passport
  • Account and routing number of your funding account
  • Occupation and employment details

Standard benefits of money market accounts include 24/7 access, automatic deposits, check-writing abilities and flexible withdrawals online, by phone or through a network of Plus and Accel ATMs. Your savings are also protected by the FDIC for up to $250,000

Perks of the Money Market Account with Synchrony include:

  • A consistent APY. Earn 0.35% on your savings, no matter your balance.
  • No maintenance fees. You won’t pay a monthly fee to use your account.
  • Loyalty perks. All accounts contribute to tiered rewards, benefits and discounts.

What is Synchrony Bank Perks?

Synchrony is the rare bank that rewards you for saving your money instead of spending it. As an account holder, you’re automatically enrolled in the tiered Synchrony Bank Perks program based on both your total balances and how long you’ve been a customer. There are five tiers in the program: Basic, Silver, Gold, Platinum and Diamond. The below table shows a breakdown of the tiers and their requirements.

Basic< $10,000 and < 1 year
  • $5 in ATM fee reimbursements per statement cycle
  • One free order of checks for money market accounts
  • Complementary identity theft resolution services
Silver$10,000-$49,999.99 or 1+ yearEverything from the Basic tier plus:
Gold$50,000-$99,999.99 or 2+ yearsEverything from the Silver tier plus:
Platinum$100,000-$249,999.99 or 3+ yearsEverything from the Gold tier plus:
  • Discounts at restaurants, theme parks and other venues
Diamond> $250,000 or 5+ years Everything from the Platinum tier plus:
  • Three free wire transfers per statement cycle
  • Unlimited domestic ATM-fee rebates
  • Access to VIP events

Synchrony Bank embraces digital transactions and support, but there are some potential drawbacks.

  • Two physical branches. The bank supports only two branches for in-person support — one in Utah and another in New Jersey.
  • Transaction limit. As with similar accounts, you’re limited to six withdrawals and transfers outside of ATMs monthly. Although Regulation D is currently suspended, so check with Synchrony to see if it’s temporarily waiving this limit.

If you prefer a high-interest savings account, you’ll want to keep looking. As always, or compare your options when looking for a money market account.

See how other money market accounts compare based on their interest rates, fees and minimum open deposits.

    Access your money in a handful of ways:
  • Online. Transfer money electronically to and from an external account.
  • Mobile check. Upload a photo of your check through an app for fast deposits.
  • ATMs. Withdraw cash at Plus or Accel ATMs. If you’re charged a fee, get a refund of up to $5 each statement cycle.
  • Checks. Write a check to pay for rent, groceries and utilities.
  • Wire transfer. Call 866-226-5638 during call center hours to talk to a banker.
    Synchrony Bank forgoes the typical suite of checking accounts to focus on savings through:
  • CDs. Rates on this bank’s certificates of deposit range from 0.15% for three months to 0.85% APY for 60 months, and you can withdraw interest at any time.
  • High-yield savings. This award-winning savings-only account offers 0.5% APY with no minimum balance.
  • IRA CDs. Earn 0.15% APY on your deposit of $2,000 or more with a traditional or Roth IRA account.

If you have questions or need help with your account, you can contact a support specialist in the following ways.

  • Phone. Call 1-866-226-5638 on weekdays from 8 a.m. to 10 p.m. ET and on weekends from 8 a.m. to 5 p.m. ET.
  • Mail. Send a letter to Synchrony Bank, P.O. Box 105972, Atlanta, GA 30348-5972.
  • Chat. Go to synchronybank.com/contact-us/ to chat with a representative.
  • Social media. Synchrony Bank has a presence on Facebook and Instagram.

What is Synchrony Bank’s routing number?
Synchrony Bank’s routing number is 021213591.

How long will it take for funds to transfer into my account?
Money should arrive in your account on the third business day after you initiate a transfer.

What happens if I go over six withdrawals or transfers in a statement cycle?
Synchrony doesn’t charge a fee for exceeding your transaction limits. Usually it closes your account if you repeatedly go over this limit, but it may be waiving this rule due to the coronavirus pandemic. Contact Synchrony to check on its current policy.

Источник: https://www.finder.com/synchrony-bank-money-market-account

Synchrony is a bank that provides its customers with a variety of high-yield savings options. These include certificates of deposit (CDs), a savings account, a money market account and individual retirement accounts (IRAs).

Across each of its banking products, Synchrony boasts some of the strongest interest rates on the market. In fact, the Synchrony High Yield Savings Account comes with a 0.50% APY, which is well above the 0.06% average savings rate, as determined by the FDIC (Nov. 2021).

As an online- and mobile-only bank, Synchrony's services and accounts are only accessible through the bank's online banking website and mobile banking apps. While this means you'll be able to view and manage your accounts at any time and from anywhere, it does mean that physical branch access is completely unavailable. Even still, Synchrony has created one of best online/mobile banking experiences on the market today, as its Apple and Android app store ratings both come in at 4.7 stars out of 5.

A savings account should be an important part of any financial plan, regardless of whether you're planning for retirement, your children's college or a family vacation. While financial advisors typically work within the world of investing, they can also help you maximize your savings. To get paired with up to three financial advisors in your area, visit SmartAsset's free tool.

Products Offered

Products Key Features
High Yield Savings Account
  • Competitive online savings account rates
  • No minimum balance or monthly service fee
  • No transaction fees
  • Easy withdrawals online, mobile or ATM card
Certificates of Deposit (CDs)
  • Terms starting from three months and up to five years
  • 10-day CD rate guarantee
  • No transaction fees
Money Market Account (MMA)
  • No minimum balance or monthly service fee
  • Easy withdrawals online, mobile or ATM card
IRA CD
  • Choose a Roth or traditional IRA account
  • Additional contributions: during grace period and at CD maturity date
IRA MMA
  • Choose from Roth or Traditional IRA account
  • Additional deposits can be made at any time

Synchrony Bank Overview

Synchrony Bank is a subsidiary of Synchrony Financial, which is headquartered in Stamford, Connecticut. The company has roots tracing back to 1932 when it was General Electric (GE) Contracts Corporation. After years of growth, the bank separated from GE Capital and went public in 2014. It’s traded under the stock symbol SYF. Synchrony Financial has over 15,000 employees and more than $51 billion in deposits across its savings products including CDs, savings and money market accounts.

One of the ways Synchrony distinguishes itself is as the largest private label credit card company in the U.S. based on purchase volume and receivables. Starting with GE credit cards in the early ‘70s, then moving on to Lowe’s credit cards in the late ‘70s, credit card partnerships have increased over the last 40 years. Private label partners include Amazon and Sam’s Club, among many more companies.

While that’s what the company’s best known for, it also serves millions of customers with its savings offerings. Synchrony Bank offers high yield savings accounts, money market accounts and certificates of deposit at competitive interest rates. 

Save more with these rates that beat the National Average

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Synchrony High Yield Savings Account

FeaturesDetails
Minimum DepositNo minimum opening deposit or minimum balance to earn APY
Access to Your SavingsOnline, mobile, ATM card, via phone or electronic transfer
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees
Current Terms and Rates0.50% APY

If you’d like to put aside money while still having easy access to it, a savings account is one of your most obvious options. This popular method of saving can help you build future wealth while still keeping your assets liquid in case of an emergency or other need. Synchrony Bank offers a high yield savings account with a strong 0.50% APY. While you won’t make a fortune with savings interest, it can grant you some additional funds - at the very least more than a checking account which typically earns no interest.

You can open an account with any amount of money at Synchrony Bank. If you want to make the most of the interest rates, you will want to keep a decent chunk of change in the account, but there is no minimum account balance. That means if you need to withdraw almost all your savings, you can, and the account will still stay open for your future use.

To deposit funds in your account, Synchrony has a mobile app for mobile check deposits, direct deposit authorization and internal transfers. You can also send a personal or cashier’s check, or wire funds from a separate sending bank. And for those who still use snail mail, you can send a check through the mail for deposit as well.

Similar to deposits, you can withdraw or transfer funds by the same means: checks, wire transfers, internal transfers or request a check. Outgoing wire transfers do incur a $25 fee, so if you want to save money, you can transfer online or through the phone.  In addition to those methods, you can withdraw your money using an ATM card. You’ll need to keep in mind that you’re only allowed to withdraw or transfer six times per billing cycle as per Federal regulation. If you go over six transactions, Synchrony won’t charge a penalty fee, but the bank reserves the right to close your account.

Compare Synchrony to Other Competitive Offers

Synchrony Certificates of Deposit (CDs)

FeaturesDetails 
Minimum Deposit$100 minimum opening deposit
Access to Your CDOnline, mobile or phone automated access
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees, but there are penalties if you choose to withdraw from a CD prior to its maturity date
Current Terms and Rates
  • 3-Month: 0.15%
  • 6-Month: 0.25%
  • 9-Month: 0.35%
  • 1-Year: 0.55%
  • 13-Month: 0.55%
  • 14-Month: 0.60%
  • 15-Month: 0.55%
  • 18-Month: 0.70%
  • 2-Year: 0.65%
  • 3-Year: 0.75%
  • 4-Year: 0.75%
  • 5-Year: 1.00%

Liquidity is the main difference between a CD and a savings or money market account. This is because CDs lock your money up for a certain amount of time, though they usually come with the benefit of a higher interest rate. You can make the most of a CD by depositing a larger amount of money for a longer period of time as that will garner you the highest interest rates.

There are several strategies for maximizing CDs, with one of the most popular options being CD ladders. The idea behind this strategy is to not lock up your money for too long of a period, so you buy several CDs of varying term lengths. Whatever method you choose, know that if you do need access to your funds prior to the end of the term, you’ll be charged penalty fees.

With Synchrony Bank, the lowest amount you can invest in a CD is $100. You’ll have 10 days from the open of the account to fund it either through transferring funds, sending a check or wire transfer. After 10 days, you can’t add money to the CD. You can always open another CD, but not add to an existing one. Synchrony Bank offers terms as short as three months, which offer the lowest interest rates, but allow you access to your money after only a short period of time.

Synchrony Bank guarantees CD rates for 15 calendar days after the opening of the account. This means if the rate decreases after you opened the account, you’ll still get the higher interest rate. And if the rate increases, Synchrony will give you the higher rate.

Once your account is funded (you made the initial deposit), you’ll start accruing interest each month. You’re allowed to withdraw the interest penalty-free at any time. You can keep it in the CD or transfer to another Synchrony account, an external bank account or you can request a check.

Synchrony Money Market Account (MMA)

FeaturesDetails 
Minimum DepositNo minimum deposit
Access to Your Money Market AccountOnline or mobile, ATM or check
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees 
Current Terms and Rates0.35% APY

A money market account is very similar to a savings account. The biggest differences between the two are actually behind the scenes on the bank’s end. Banks can market and use money market funds differently than savings account funds. But on the consumer side, a money market account is almost completely the same as a savings account. You can deposit as much money as you’d like into the account and with Synchrony Bank your funds are insured by the FDIC up to $250,000. As with a savings account, you’re limited to six transactions per monthly statement. Those transactions include withdrawals and transfers.

The old rule of thumb was that you could earn a bit higher interest with a money market account versus a savings account. However, that’s not applicable in today’s market where you can find many savings accounts that offer more interest than a money market. So you be wondering, what’s the point of a money market account? Think of it as another savings account option. If you keep an eye on interest rates, you can choose whichever savings product is the most advantageous to you.

Synchrony IRA MMA

Features Details 
Minimum DepositNo minimum opening deposit
Access to Your AccountOnline or mobile, ATM or check
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees
Current Terms and Rates0.35% APY

If you’d like to use a money market account in a retirement savings capacity, you can open a traditional or Roth IRA money market account at Synchrony. You’re allowed to make additional deposits at any time (up to the maximum allowed by law per year for the type of retirement account you choose). The interest is much lower than what you’d potentially earn with a stock portfolio or other investment, but your savings are protected by the FDIC. You can transfer funds or a retirement account from another financial institution, or roll over an employer account if you’d like.

Synchrony IRA CDs

FeaturesDetails 
Minimum Deposit$100 minimum opening deposit
Access to Your IRA CDOnline, mobile or phone automated access
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees, but there are penalties if you choose to withdraw from a CD prior to its maturity date
Current Terms and Rates
  • 3-Month: 0.15%
  • 6-Month: 0.25%
  • 9-Month: 0.35%
  • 1-Year: 0.55%
  • 18-Month: 0.70%
  • 2-Year: 0.65%
  • 3-Year: 0.75%
  • 4-Year: 0.75%
  • 5-Year: 1.00%

At Synchrony Bank, you can choose to open a traditional or Roth IRA CD. If you already have an employer or self-directed IRA, you can roll it over to Synchrony if you choose. While a purely CD-driven retirement portfolio won’t earn you much interest, it is protected by FDIC insurance. This differs from stocks and other investment accounts that don’t have protection. The rates and terms offered for IRA CDs at Synchrony are the same as its regular (non-retirement) CDs. You can make additional contributions to your IRA CD during the grace period after the CD reaches its maturity date.

Where Can I Find Synchrony?

Synchrony operates almost exclusively online. It does have one branch location that is in Bridgewater, New Jersey. However, you can reach representatives by phone Monday through Friday from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 5 p.m. Eastern Time. Automated telephone service is available 24 hours a day, seven days a week. And you can log into your account online at any time.

What Can You Do Online With Synchrony?

Synchrony has invested in the online experience for its customers. You can access, monitor and execute transactions online at any time of the day. You can also use the mobile site, which offers the convenience of mobile check deposits. That feature saves you from mailing in checks, or adding in the step of depositing in another account to transfer to your savings account.

If you want to explore your savings choices, Synchrony’s educational content is enough to give you a foundational understanding. The frequently asked questions (FAQ) section is pretty extensive and will address many of the questions you may come up with.

You can also compare interest rates and products across the site. Synchrony also ranks its interest rates compared to competitors — but beware, it’s not the full picture. You’ll notice that Synchrony always comes out on top for best interest rates on the site, but not all banks are included in the comparison.

And once you’re ready to open an account, you can complete the process from start to finish online. All you need is the necessary information to get going.

How Do I Access My Money?

Money market and savings accounts are allowed six transactions per month. This includes withdrawals or transfers. This limit is a requirement by the Federal Reserve, not the bank itself. If you find yourself needing access to the money more often than that, you’ll need to change the account over to a checking account at a separate bank, or risk having your account closed over misuse.

With Synchrony, you can access your account online or through mobile and transfer funds to an account you’ve added at any time of the day or night. The automated phone system is another way to access your money if you don’t have access to the internet. And you always have the option for a wire transfer, although it’s accompanied by a fee. If you want to speak to a bank representative, you’ll need to call the number listed on the contact page of Synchrony Bank. Additionally, Synchrony offers ATM cards which comes with a $5 reimbursement per statement cycle for withdrawal fees at unaffiliated ATMs. You can withdraw up to $1,000 per day out of your Synchrony Bank account.

As for CDs, you can monitor your maturity date and overall accounts online or on your mobile device. You can always call, as well. Since CDs operate in term lengths, you won’t be able to withdraw principal (your deposit) until the term is up without incurring fees. However, the interest you accrue can be accessed at any time without penalty. Similar to savings accounts and money market accounts, you can transfer your interest money to an external or internal account, or send a check to the address on file.

How Can I Save More Money With a Synchrony Bank Account?

First of all, if you keep a large balance in your checking account or have a large pile of money in an account that yields a fraction of a percent of interest, you have room to improve your savings. While savings accounts, CDs and money markets are low interest ways to grow your savings, it still beats the 0% interest you earn with a checking account. The same with a stockpile of cash. If you happen to be hoarding money, you can always deposit those funds into a savings account or money market and have liquid funds that will earn you more than dust over time.

As for how much overall you can save, it all depends on how much you deposit and for how long. You stand to earn the most with CDs, but that comes at the cost of losing easy access to your funds. You’ll also earn more interest the more money you put into an interest bearing savings account. It all depends on how much money you need on hand, and how much of your paycheck you’re stashing away for retirement, but to set yourself up for future financial success, you can’t neglect to open a savings account.

What’s the Process for Opening an Account With Synchrony?

You can open an account from the comfort of your home by registering for a customer login ID. The start of the online process, shown here, requires you to simply choose the type of account you would like to open. If you don’t want to apply online, you also have the option to call and apply over the phone. For those who like paper and pen, you can request a paper application be sent to you. If you’d like to print an application yourself, you can find the PDF form and print and mail it in yourself. The quickest process is generally online.

To get started, you’ll need your Social Security number as well as a driver’s license, state identification number or military ID. You’ll need to provide your physical address, occupation and employer and the source of funds you’re planning on using to open the account. If you’re planning on transferring funds from a current bank account at a different bank, you’ll need the routing and account number.

What’s the Catch? 

Savings accounts really don’t have an obvious catch other than relatively low interest. It’s a safe way to make a little extra on any money laying around, without locking up your funds in a different type of account. And while the rates are not bad at the moment, they’re subject to change at any time. Savings and money market accounts don’t include a rate lock. You’re subject to market fluctuations over time, which is the tradeoff for easily accessible funds and no fees.

CDs, on the other hand, are better to earn interest with, but you sacrifice cash on hand. And with Synchrony, the lowest amount you can invest is $100. The good news is that three-month terms are offered, which are some of the shortest available. You won’t earn much interest in that short of a time span, but it’s good news for anyone concerned with liquidity.

While Synchrony is mobile-friendly and has an easy-to-use website, it does lack in-person locations. If you still prefer speaking to someone in person, you may want to look at banks with retail locations. But if that’s not a big concern of yours, you should be fine with Synchrony’s wide availability of communication. You can access your funds in at least two or three different ways at all hours of the day, which is very convenient. The bank also offers mobile deposit, which isn’t offered by every bank.

Bottom Line

Synchrony Bank’s foray into savings accounts can be beneficial to consumers willing to take advantage of competitive rates. The company offers some of the highest competitive rates for savings accounts and CDs. While some consumers may prefer to keep all retail banking at one institution, Synchrony does make it easy to open and maintain an account. Mobile friendliness and mobile deposits are two big headaches the company smooths out with its system. Accessibility is also addressed with account access at any time of day or night.

As with any savings account, you’re not going to make a huge amount of money — the interest rates just aren’t that high, and you can make more with other investment vehicles. But if you want a safe and easily accessible place to save for a future purchase or emergency fund, you won’t go wrong with a savings account. FDIC insurance backs the accounts, so you’ll always get your money back. And with Synchrony offering ATM cards (something a Goldman Sachs account lacks), you can grab cash on the go if needed.

Источник: https://smartasset.com/checking-account/synchrony-banking-review

Pros Explained

  • High-yield deposit products with no monthly fees – Synchrony Bank offers a high-yield savings account, a money market account, and certificates of deposit (CDs) with no monthly fees. This means that the interest you earn won’t be reduced by bank fees. The high-yield savings account earns a 0.50% annual percentage yield (APY), and the money market account earns 0.35% APY. CD rates vary by term and go up to 0.85% APY
  • Minimum required deposits to open account as low as $0 – You can open a Synchrony Bank savings or money market account with as little as $0.
  • Hundreds of credit cards from popular retailers – Synchrony Bank partners with hundreds of retailers and healthcare providers around the U.S. to offer financing. These finance options provide customers the ability to buy products and services today and pay for them over time.

Cons Explained

  • Limited branch presence – If you want to visit a Synchrony Bank branch to speak to someone in person, your options are limited, as it only has five branch locations. Instead, your best option is to call customer service or initiate a chat session during business hours.
  • Does not have its own ATM network – Synchrony Bank partners with Accel to over 400,000 fee-free ATMs across the U.S. The bank does not charge to use another bank’s ATM, and it refunds up to $5 charged by domestic banks per statement cycle. Members of Perks Rewards with “diamond” status receive unlimited domestic ATM fee refunds.
  • No checking account options – Consumers looking to consolidate all of their accounts with one bank should look elsewhere. Synchrony Bank does not offer checking accounts or other types of lending besides credit cards.

Who Is Synchrony Bank Best For?

Synchrony Bank is best for consumers who:

  • Don’t want to change their primary checking account
  • Want a high-yield deposit account
  • Don’t need access to physical branches
  • Are interested in the benefits of having a retailer credit card
  • Want to finance healthcare expenses over time

What Does Synchrony Bank Offer?

As an online bank, Synchrony Bank offers competitive interest rates on its savings, money market, and CD accounts. The bank also partners with hundreds of retailers to provide co-branded credit cards specific to each retailer. Synchrony Bank has financing for healthcare procedures and purchases available through its CareCredit product. It does not offer checking accounts, mortgages, investments, or other products that you may find at other financial institutions.

Synchrony Bank offers the following banking products:

  • Savings Account
  • Money Market Account
  • CDs
  • Credit Cards

Through its Synchrony Bank Perks Rewards program, customers earn elite status based on their deposit levels or length of the relationship. Customers reach top-level “diamond” status when deposits exceed $250,000 or by banking with Synchrony Bank for five years. Such members enjoy unlimited domestic ATM reimbursements, three free wire transfers per statement cycle, and dedicated customer service.

High-Yield Savings Account

The high-yield savings account offers a competitive rate of interest with no minimum deposit and no monthly maintenance fees. Customers earn an interest rate of 0.50% APY on all balances. They can access this account online, by phone, or via an ATM. Synchrony Bank partners with Accel to offer more than 400,000 ATMs across all 50 states. The bank does not charge to use another bank’s ATM and reimburses up to $5 per statement cycle for those fees.

SAVINGS ACCOUNT PRODUCTS
ACCOUNT NAMEMIN OPENING DEPOSITMONTHLY FEEAPY
High-Yield Savings$0$00.50%

Money Market Account

Customers can open a money market account with check-writing capabilities. The account has no minimum balance and no monthly maintenance fees. You can access your money through checks, online transfers, and ATMs but are limited to six transactions per month. If you exceed this limit, you won’t be charged extra but may be forced to close your account.

These accounts are also available within a traditional or Roth IRA. You can contribute anytime (up to the annual limit) to your IRA account. Additionally, you may transfer an IRA from another institution or roll over an employer-sponsored retirement plan to Synchrony Bank.

MONEY MARKET ACCOUNTS
ACCOUNT NAMEMIN OPENING DEPOSITMONTHLY FEEAPY
Money Market Account$0$00.35%
IRA Money Market Account$0$00.35%

CDs

Synchrony Bank offers CDs with terms ranging from three months to five years. The minimum deposit to open a CD is $0. Interest rates vary depending on the term of the CD you want to open. Higher rates are not available if you deposit larger amounts. You may open a traditional CD or one inside of a traditional or Roth IRA.

When your CD matures, it will automatically renew for the same term at the prevailing interest rate. There is a 10-day grace period when you can add funds, withdraw money, and change terms. You can provide instructions during this grace period, or you can submit renewal instructions within 30 days prior to the maturity date through their website.

If you need to withdraw funds from a CD before maturity, there is a penalty. The penalty differs depending on the length of the CD. Terms of one year or less face a penalty of 90 days simple interest. CDs ranging from more than one year to less than four years have a penalty of 180 days of simple interest. Terms of four years or more incur a penalty of 365 days of simple interest.

CERTIFICATES OF DEPOSIT (CDs)
TERMAPY
3 Months0.15%
6 Months0.25%
9 Months0.35%
1 Year0.55%
14 Months0.60%
18 Months0.70%
2 Years0.65%
3 Years0.75%
4 Years0.75%
5 Years0.85%

Credit Cards

Synchrony Bank offers dozens of credit card options from retailers around the country. Additionally, it offers healthcare financing through its CareCredit product. You can use this financing for cosmetic, dental, hearing, LASIK and vision, veterinary, and other specialties.

Here are some of the retailers that Synchrony Bank partners with to offer credit cards:

  • Amazon.com
  • Ashley HomeStore
  • Banana Republic
  • Lowe’s
  • Lumber Liquidators
  • Midas
  • Old Navy
  • PayPal
  • Sam’s Club
  • The Container Store
  • T.J. Maxx

Synchrony Bank Customer Service

To contact customer service, you can connect by phone (1-866-226-5638), online chat, or secure message online. Bank customer service is available by phone or chat Monday through Friday from 8 a.m. to 10 p.m. EST and Saturday and Sunday from 8 a.m. to 5 p.m. EST. Automated phone service is available 24 hours a day. If you have questions about your credit card or CareCredit, you’ll need to select your card type on this page to obtain the right phone number.

How to Bank With Synchrony Bank

Most customers bank with Synchrony Bank by opening a deposit account online or a credit card online or in the store. Synchrony Bank has five branches—one each in Georgia, Kansas, North Carolina, New Jersey and Utah.

Opening a bank account online is simple to do and can be completed in a few minutes. Once opened, you can deposit money into it electronically or by mail, or you can make a mobile deposit through Synchrony Bank’s mobile app, which is available for both Apple and Android devices.

You can use your debit card at ATMs and for debit card transactions. Additionally, you can withdraw money at more than 400,000 Accel Network ATM locations with no fees.

To apply for a credit card, you can browse the options online before applying online or in the store. Some credit cards have promotions offering a welcome bonus when you apply and complete specific activities. You can find these promotions on the Special Offers page.

Verdict


Synchrony Bank is a solid online bank with competitive interest rates on savings, money market, and CD accounts. It is a good option for consumers who are happy with their current checking account but want to earn a higher rate of interest on their savings. It partners with hundreds of retailers and healthcare companies to offer co-branded credit cards. Each credit card can only be used at a specific retailer; they are not all-purpose cards with which you can make all of your regular purchases. The deposit and lending products available from Synchrony Bank are limited. Products offered by Synchrony Bank are competitive while serving a specific purpose. If you are looking for a full-service bank to have all of your accounts under one roof, this is not the bank for you.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. Synchrony Bank. "Aim Higher.Save Smarter." Accessed Jul. 29, 2021.

  2. CareCredit. "Existing CareCredit Cardholders." Accessed Jul. 30, 2021.

  3. Synchrony Bank. "About Synchrony Perks Reward Program." Accessed Jul. 30, 2021.

  4. Synchrony Bank. "IRA Certificates of Deposit (CDs)." Accessed Jul. 30, 2021.

  5. Synchrony Bank. "Easy Banking. Steady Savings." Accessed Jul. 31, 2021.

  6. Synchrony Bank. "The Synchrony Bank Mobile App." Accessed Jul. 30, 2021.

Источник: https://www.investopedia.com/synchrony-bank-review-4846433

Do you have any retail store credit cards? Have you ever used a promotional financing plan to buy furniture, or expensive electronics? If so, you might be a Synchrony Bank customer without even realizing it.

How Do I Contact Synchrony Bank?

You can get in touch with Synchrony at the phone number below, or by visiting the bank’s contact page.

Want to find your own Synchrony card account? See our full list of Synchrony credit cards.

About Synchrony Bank Credit Cards

Synchrony Bank, as part of Synchrony Financial, is one of the major issuers of store credit cards in the U.S., along with Comenity Bank.

When people talk about credit card issuers you usually hear names like American Express, Chase, Capital One, and Citi — but Synchrony is actually quite big. It’s the largest provider of private label credit cards in the country, according to a 2017 Nilson Report.

Synchrony is partnered with some of the leading companies in the U.S., including Amazon, Chevron, and Lowe’s, along with dozens of smaller retailers. It provides credit cards as well as other credit products, like special financing and installment loans, along with some other services.

Learn More

Is Synchrony a real bank?

You won't find any brick-and-mortar Synchrony Bank locations, but Synchrony is indeed a real bank.

Aside from issuing credit cards, Synchrony provides a plethora of financial products (including high-yield savings accounts, certificates of deposit (CDs), and more), plus special financing offers with select retailers.

Despite all the different card offers, you can use the basic Synchrony Bank login page at MySynchrony.com to access any Synchrony card account. Or you can download the MySynchrony app for your smartphone. You’ll be able to check your card details and pay bills with either method.

Synchrony cardholders can also access one of their FICO credit scores, based on their TransUnion credit reports. This is a good feature for anyone trying to establish or rebuild credit.

However, store cards also have some downsides (learn more in our 2020 retail store card survey). They typically come with low credit limits, like $500 or $1,000, and very high interest rates. You should always pay your statement balance in full and never carry a balance on a store card, because the interest you accrue will negate any rewards or benefits you got from the card (this is good advice for every card unless you have a promotional 0% interest rate). Store cards also tend to come with below-average customer support, as discussed in the section below.

Insider tip

The shopping cart trick is rumored to be a way to get approved for certain credit cards without hard inquiries on your credit reports, although it may not actually work. People usually try it with store cards issued by Comenity Bank, but some report that it works with certain Synchrony Bank credit cards as well, like the QVC card. We can’t confirm this, however.

Where Can I Use My Synchrony Credit Card?

The majority of Synchrony Bank credit cards are closed-loop, also known as private label, meaning they can only be used at their co-branded stores. The Amazon.com Store Card (Review), which can only be used at Amazon, is a good example of that. There are also some Synchrony cards that can be used at a selection of different stores within certain categories.

Some cards are open-loop, meaning they’re affiliated with a credit card network like Visa or Mastercard, and can be used anywhere those card types are accepted. Look for the Visa or Mastercard logo in the bottom-right of the card — if you see it, you’ll know that card is open-loop. Synchrony refers to open-loop cards as “Dual Card credit cards.”

Private label credit cards have rewards and benefits that are solely focused on the co-branded store, which makes sense because that’s the only place they can be used. Open-loop cards usually have additional bonus categories, allowing you to earn rewards for other purchases outside of that store.

Store credit cards are known for being relatively easy to get compared to other types of cards, making them popular among people with bad credit or limited credit. They usually don’t have annual fees and they’re often advertised in store checkout lanes, trying to tempt you into applying with the promise of a quick (but relatively small) discount. If you can’t get approved for a general-use rewards card, which would earn rewards for any purchase, anywhere, you might want to start with a store card to help build up your credit.

How Do I Pay My Synchrony Credit Card?

Trying to pay the bill for your Synchrony credit card?

Start by visiting Synchrony’s credit card support site. Search for the store your card is co-branded with, or for your credit card type. You’ll be given a link to access your account online, along with a phone number to call if you need it.

How Is Synchrony’s Customer Service and Payment Processing?

If you’re trying to get in touch with Synchrony you may find a mess of contact details and phone numbers. Start with the main Contact Page for credit cards.

From there you’ll find the general Synchrony Bank phone number for credit card services: 1-866-419-4096.

However, if you’re trying to get support for a specific credit card you might end up struggling through a phone menu. Instead of calling that number, you can find your card’s store from the menus on the left of that contact page. After selecting the store you’ll see a specific customer support number to call for your card.

Unfortunately, we’ve received many complaints from users of Synchrony Bank credit cards. Most of the complaints are about poor customer service, concerning agents who seem to either give wrong information or don’t deliver on what they promise, like waiving a fee. Other complaints are about administrative errors, trouble logging in and redeeming rewards, or difficulty making payments. This last issue — trouble making payments — is a serious one because not only can it lead to late fees, it can also have long-lasting negative effects on your credit scores.

If you use a Synchrony credit card, we strongly recommend setting up autopay for the full statement balance. Set the payment to be made as soon as possible after receiving your monthly billing statement — don’t wait until the last minute. You should also consider setting a reminder to check to make sure the payment is actually received after that. Although many people won’t experience any problems at all, and this might seem like overkill to some, you may want to take these steps to help safeguard your finances and your credit.

These warnings also apply to the other major issuer of store credit cards, Comenity Bank. While every card issuer gets its share of bad reviews, Synchrony and Comenity seem to be leading the pack when it comes to unsatisfied customers.

Synchrony Bank Retail Store Credit Cards

Here’s a full list of Synchrony credit cards, starting with retail stores in this section and covering other types of companies in the later sections. Take note that some of these cards have been discontinued for new applicants, although current cardholders can still log in using the links below.

In some cases the cards may be discontinued for current members as well, meaning your card would have been closed. If that happened you should have received a notice, and you can follow your card’s link to learn more. In still other cases, the account may have been taken over by a different card issuer; if this happened you should have received a notice. Contact Synchrony’s customer support according to the instructions above if you have any questions about your account.

Synchrony Bank Travel Credit Cards

Synchrony Multi-Store Category Cards

Some of Synchrony’s partner merchants are grouped under a few specific card account types. There are several card types, which cover a variety of stores and services:

Read moreReview: Synchrony HOME Credit Card – Best for Home Goods & Furniture?

Rather than being limited to individual stores, the four Synchrony cards above can be used at many different retailers within their categories. So, for example, the Car Care Credit Card can be used at many different auto shops; the HOME Credit Card can be used at many different home furnishings stores; etc.

If you apply for what seem like two different credit cards at certain auto shops, you may actually be applying for the same Car Care Credit Card. If that’s the case, the only difference will be the name on the card, which will be the name of the specific store at which you applied. The same holds true for the HOME and Sport credit cards.

You may have seen the CareCredit® credit card advertised at your doctor’s office. This card can be used with many different healthcare providers (for humans and for pets) and offers deferred financing plans to help you pay for medical services over time. Be aware that if you fail to pay back the entire balance by the due date or miss a monthly payment you’ll be charged interest for the entire length of the term, going back to the purchase date. This is true for all deferred financing plans, which are offered by many Synchrony credit cards.

Synchrony Bank Gas & Auto Credit Cards

Synchrony Bank Medical Credit Cards

Synchrony Bank Miscellaneous Credit Cards

Insider tip

Looking for a new card for shopping, travel, or paying off debt? See our picks for the Best Credit Cards in a variety of categories.

At a glance

Synchrony Bank is a major issuer of retail and co-branded credit cards, including big names like Amazon, PayPal, and Lowe’s. It also issues specific credit cards to be used across a variety of healthcare services, auto shops, and home furnishing stores.

Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines.

Источник: https://www.creditcardinsider.com/credit-cards/synchrony-bank/

Synchrony Bank Credit Cards for 2021 (Full List)

If you currently have a store credit card or have thought about getting one, there’s a good chance that it’s from Synchrony Bank. With more than 85 years of experience in the financial services industry, Synchronize partners with well-known retail brands across the country.

Synchrony Bank

The company has over 80 million customer accounts, demonstrating just how far-reaching its credit cards are. So if there’s a chain store you shop at, chances it offers a credit card. And if that’s the case, there’s a pretty big chance that Synchrony runs the show.

Unlike some other store cards, Synchrony cards do perform a credit check in most cases. But in general, lending guidelines are less strict for a retail card than a traditional credit card. So even if you have less than perfect credit, you still have a shot at getting approved.

If the terms and conditions align with your financial goals and abilities, then a Synchrony credit card could be a great fit for you. But before you make up your mind, find out everything you need to know about Synchrony Bank store credit cards.

Which credit cards are offered by Synchrony Bank?

Synchrony offers countless credit cards for national stores in just about every type of category. To get an idea of which you might be interested in, check out this comprehensive list.

You’ll find tons of specialty stores, as well as some surprising major retailers. In addition, some of the best credit cards have 0% interest rates for up to 18 months. In total, there are nearly 200 credit cards issued by Synchrony. Some are backed by Visa or MasterCard and can be used anywhere, while others may only be used in the actual store.

Full List of Synchrony Bank Credit Cards

Automobile Credit Cards from Synchrony Bank

In addition to retail store cards, Synchrony Bank also offers credit cards for a few specific automobile companies. Unfortunately, you can’t apply online but must instead visit a brick-and-mortar location to get one of these credit cards.

This type of credit card can help you finance purchases such as motorcycles, ATVs, PWCs, and snowmobiles. You can currently get a credit card with Yamaha, Polaris, KTM, Suzuki, Kymco, and Kawasaki.

What are the benefits of getting a credit card from Synchrony Bank?

Whether you choose a rewards card that you can use anywhere or a store-specific credit card, you can benefit in multiple ways by getting a credit card from Synchrony. First and foremost, you get to take advantage of the benefits and rewards programs.

Maybe you earn rebates to be used at your favorite store, maybe you get a discount on qualifying purchases, or maybe you get to rake in cash back offers.

Whatever the reason, many people prefer to have a diverse range of credit cards in their wallets to ensure they have access to the best opportunities of the moment.

If you tend to shop a lot, you could potentially get some major use out of these credit cards. But they can also be helpful in repairing poor credit when used correctly.

If you’ve been hit by derogatory items resulting in a low credit score, it can be hard to get a credit card, even as you pay down debt and turn things around.

Although Synchrony usually performs a credit check, store cards rarely have lending guidelines as strict as a normal credit card. It’s a great option to start building your credit, whether you’re starting over or just beginning.

What happens if a Synchrony Bank credit card store closes?

With online shopping changing the retail market completely, it’s no surprise that many brick-and-mortar stores are facing major challenges. So what happens if you have a store card from Synchrony and the store closes?

Don’t worry; the credit card account will convert to another type of card in most cases. Synchrony will contact you if this happens to give you specific details on what to expect.

When Toys R Us went out of business, for example, cardholders were given a Synchrony MasterCard. The program came with a 2% cash back rewards program and no annual fee. So even if a store hits financial trouble, your credit card account will only be mildly impacted.

What are the best Synchrony Bank credit cards?

Some of Synchrony’s credit cards come with better financial benefits than others. But, of course, the real measure is whether you actually shop at a specific store and how the related perks can actually help you.

There’s no sense in getting a credit card you won’t use (or worse, use without real reason), so take this list with a grain of salt. Still, there are some major differences in what each credit card offers.

To try and help the broadest range of consumers, we’ve pulled together the Synchrony credit cards with the best overall benefits.

Start looking at these, and then follow up with research on other Synchrony Bank credit cards that specifically interest you.

Amazon Store Card

As one of the most popular retailers amongst both online and physical stores, the Amazon store card provides members with plenty of attractive benefits.

When you apply online, you can get approved in as quickly as 15 seconds. Once you are approved, a $100 Amazon Gift Card will instantly be loaded into your Amazon account.

If you join Amazon Prime along with getting the store card, you’ll also receive 5% cashback on all of your Amazon purchases. So if you’re a big online shopper for everyday items on top of gifts throughout the year, then there’s a lot of opportunities to save.

Interest-Free Financing

Another interesting offer through the Amazon Prime store card is the chance to use promotional financing instead of getting cash back.

If you select this option, you can get interest-free financing anywhere between 6 and 24 months, depending on the purchase price. For the 6-month period, the purchase must be at least $149, and for a 12-month repayment period, you must spend at least $599.

The catch here is that you must repay the entire balance within that timeline to avoid paying interest. If the promotional period ends and you haven’t repaid the full balance, then you’ll be charged all of the interest that would have accrued since the actual purchase date.

You also have to make all of your payments each month. But as long as you follow these rules, this can be an affordable way to spread out payments on an expensive purchase. In addition, the Amazon store card offers plenty of perks, no matter what kind you’re looking for.

Sam’s Club MasterCard

Though issued through Sam’s Club, this credit card is actually a MasterCard that you can use anywhere. Accordingly, you get a rewards program that is more robust than just a store card. In addition, they frequently have time-sensitive offers for getting approved.

For example, a recent promotion offers a $45 statement credit when you spend $100 on the first day you open your credit card account. You can also get 5% cash back on just about any gas purchase throughout the country for the first $6,000 you spend. After you reach that limit, you still get 1% back.

On top of that, you get 3% cash back on travel and dining out and 1% back on other purchases made with your Sam’s Club MasterCard.

So even if you’re not a Sam’s Club member, there are plenty of unrelated benefits that you can take advantage of. Just like other Synchrony Bank cards, you can easily open and manage your account online.

Should you get a Synchrony credit card?

Before applying to one or more Synchrony cards, think about why you want another credit card. It’s important to know that most stores associated with Synchrony perform a hard pull on your credit report.

You could still potentially get approved. However, if you apply to several at once, all of those inquiries will show up on your credit report. That’s true for everyone, but it can look more alarming to creditors when it’s someone with bad credit compared to someone with stronger credit.

If you want to take advantage of a specific store’s savings, then the right Synchrony card could work for you. But, again, be cognizant of how many applications you make in a year. Each separate inquiry on your credit report slightly drops your credit score for 12 months and remains on there for another 12.

Start by picking one or two store cards that give the most bang for your buck. If you’d like, you can then add more as time goes by and those inquiries drop off your report.

Improving Your Credit Score

As long as you’re not paying an annual fee, keep the credit card open as long as you can, even if you don’t have a balance. Part of your credit score relies on the age of your accounts, so the longer you have your credit cards, the better your credit score will be.

That’s another argument for opening up more than one account at the same time since continually opening a new credit card will lower your overall age of accounts.

It’s a complicated dance when it comes to maintaining or building your credit, so do your best to think about the next year or two and what your credit goals are.

Bottom Line

A Synchrony Bank credit card can help you build your credit over time. But, no matter what kind of credit card you have, remember to use it responsibly. Avoid store cards if you think you’ll be tempted to spend more than you can afford.

Luckily, your credit line will start off small. Over time, you’ll likely see an increase as you use your card responsibly. If you continue to do so, you’ll keep getting rewards, benefits, and a better credit score. At that point, it’s a win-win situation all around.

Источник: https://www.crediful.com/synchrony-bank-credit-cards/

Synchrony Bank High Yield Savings Account Review

Synchrony Bank Savings Account WebsiteSynchrony Bank Savings Account

The Synchrony Bank High-Yield Savings Account is a great place to store your cash.

Synchrony Bank is an online bank that is known for offering great interest rates. You can enjoy low fees, easy access to your cash, and a generous interest rate on the money in the account.

In this Synchrony Bank Savings Account review we'll compare rates, fees and services to other national and online banks.

Savings Interest Rates Review

One of the most important aspects of a savings account is its interest rate. A good interest rate can be the difference between losing money to inflation and growing your savings.

Online banks like Synchrony Bank often differentiate themselves from other banks through their interest rates. That’s why Synchrony Bank offers an industry-leading APY on its savings accounts.

Synchrony Bank Savings Account Pros & Cons

ProsCons
  • Market-leading interest rate
  • Optional ATM card
  • No monthly maintenance fee
  • Mobile app available
  • ATM fee reimbursements
  • FDIC insured
  • $0 required to open an accaunt
  • No physical branches
  • Minimum balance required to earn APY

To make things better, the account's interest rate applies to your total balance, no matter what your balance is.

It isn’t a promotion rate that only applies to a small amount, and it isn’t a bonus for having thousands of dollars saved. Any balance, from $1 to $100,000 will earn the same rate.

How Compounding Leads to Bigger Savings

This example will illustrate the power that interest can have on growing your savings.

You place $1,000 in a savings account and plan to put another $100 into the account each month. After six months, you’ve saved $1,600.

A $7 gain doesn’t seem like much, but interest compounds, meaning that you earn interest on your interest.

After another six months, you’ve saved a total of $2,200, but your balance is $2,216. Continue on for another four years, and you’ll have put away $7,000, but have an account balance of $7,209.

Compare that to a savings account that offers 0.01% APY, which is common at many traditional banks.

Even after letting your interest compound for five years, your ending balance will be only $7,024.35. The higher interest rate that Synchrony Bank offers would have earned you more than $175 more.

Compare APY rates to other online savings accounts:

No Monthly Fees

Savings accounts are supposed to be a safe place to store your money. The last thing that you want is for the bank to take your savings from you with fees.

Synchrony Bank Savings Account Fees

Type Fee
Monthly Maintenance Fee$0
Stop Payment Fee$ 25
Outgoing Wire Transfer$25
Overnight Check Fee $25

Unfortunately, many banks have apply fees to even their most basic accounts in an effort to increase their revenue. Even a minor $1 or $5 per month fee can completely erase any interest you earn.

The good news is that Synchrony Bank has no monthly fee for its high-yield savings account.

You don’t even have to meet a minimum balance to avoid the fee. You’ll never be charged a fee just for keeping the account open.

Few Fees Apply

Though Synchrony Bank’s high-yield savings account does not have a monthly fee, there are other fees to be aware of.

Savings accounts are intended to be used as a place to store money, so federal law limits how many withdrawals you can make per statement.

If you make more than six withdrawals or transfers in a single statement, you’ll be charged a fee. You may also be charged a fee by ATM operators if you make a withdrawal at an ATM.

Synchrony Bank account  also charges other fees that are common at all banks, such as payment fees, overnight check fees, or wire transfer fees. Most people don’t use these services often and won’t encounter any fees with their high-yield savings account.

Access to Your Account

One of the biggest concerns that people have with online banks is how they can get to their money.

Synchrony Bank makes it easy by giving you an ATM card that you can use to make withdrawals.

Synchrony has a huge ATM network, so you’ll never be far from an ATM that you can use. You can even use ATMs overseas to make withdrawals.

You’ll also be refunded up to $5 per statement for ATM fees if you ever need to make a withdrawal from an ATM that does charge you.

You can withdraw up to $1,000 per day from an ATM, making it easy to get access to large sums of cash when you need it.

It’s also easy to deposit money to your account or to transfer it from one account to another.

Synchrony Bank accepts direct deposits, electronic fund transfers, check by mail, and mobile check deposit.

You can also make transfers, view your statements, and deposit up to $5,000 per day.

No mobile banking app (yet)

Synchrony Bank does not yet offer a dedicated mobile banking app for its customers.

You can still manage your accounts through the bank's website on a mobile web browser. It just doesn't offer the clean experience that you might get from a standalone mobile app.

Outstanding Customer Service

Synchrony Bank has won awards for the quality of its customer service.

If you ever need assistance with your account, you can contact Synchrony Bank 24 hours a day, 7 days a week, 365 days a year.

Customer service is available by phone, e-mail, physical mail, or in person at the bank’s physical branch in New Jersey.

For phone support, you can work with Synchrony Bank’s automated system anytime. Representatives are available six days a week: 8AM to 10PM on weekdays, and 8AM to 5PM on Saturdays.

Loyalty Program is a Nice Surprise

Synchrony Bank understands the value of loyalty and rewards customers who stick with them for the long haul.

The loyalty rewards at Synchrony Bank require both a minimum balance and a minimum amount of time since account opening but can save you a lot of money.

Synchrony Bank Rewards Tiers

Reward TierBalance LevelTenureBenefits
Silver$10,000-$49,999.991+ yearDiscounts at partnered hotels
Gold$50,000-$99,999.992+ yearsIncreased discounts at partnered hotels and car rental agencies
Platinum$100,000-$249,999.99 3-4+ yearsPlus discounts and offers on theme parks, spas, golf, and restaurants
Diamond$250,000+5+ yearsPlus the best discounts and offers on the above categories and black car service. Get refunded up to 3 wire transfers per statement cycle.

(Rewards tier status can be achieved with either the balance level or tenure -- both are not required.)

Sticking with Synchrony Bank can pay off if you’re looking for a long-term banking relationship.

One of the Best Savings Options

All in all, Synchrony Bank’s high-yield savings account is a good choice for many consumers, but it falls short of being perfect.

Because Synchrony Bank is an online bank, it can offer a higher interest rate APY compared to the national average.

The downside is that it is more difficult for you to deposit or withdraw cash when you need it.

Therefore, Synchrony Bank’s high-yield savings account is ideal for true savers. If all you want is a safe place to store your excess cash and to earn some interest, Synchrony Bank is a great choice.

If you expect that you may need to make regular withdrawals, you may be served at a better bank.

It also isn’t the best choice for storing your emergency fund due to its $1,000 daily cash withdrawal limit.

If you need more cash than that fast, you’ll be in a tough spot. If you’re comfortable using credit cards in the short term for emergencies, then you can get around this issue.

Another strategy would be to have another account at a local bank, so you can easily transfer funds between the two. That would make it much easier to withdraw and deposit cash.

However, Synchrony Bank also doesn’t offer many other banking services such as checking accounts, mortgages, or car loans.

Additionally, the lack of a mobile app can be a slight inconvenience -- we hope that it is on the way.

Continue Reading

Источник: https://www.mybanktracker.com
review my account synchrony bank

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Review my account synchrony bank -

Synchrony is a bank that provides its customers with a variety of high-yield savings options. These include certificates of deposit (CDs), a savings account, a money market account and individual retirement accounts (IRAs).

Across each of its banking products, Synchrony boasts some of the strongest interest rates on the market. In fact, the Synchrony High Yield Savings Account comes with a 0.50% APY, which is well above the 0.06% average savings rate, as determined by the FDIC (Nov. 2021).

As an online- and mobile-only bank, Synchrony's services and accounts are only accessible through the bank's online banking website and mobile banking apps. While this means you'll be able to view and manage your accounts at any time and from anywhere, it does mean that physical branch access is completely unavailable. Even still, Synchrony has created one of best online/mobile banking experiences on the market today, as its Apple and Android app store ratings both come in at 4.7 stars out of 5.

A savings account should be an important part of any financial plan, regardless of whether you're planning for retirement, your children's college or a family vacation. While financial advisors typically work within the world of investing, they can also help you maximize your savings. To get paired with up to three financial advisors in your area, visit SmartAsset's free tool.

Products Offered

Products Key Features
High Yield Savings Account
  • Competitive online savings account rates
  • No minimum balance or monthly service fee
  • No transaction fees
  • Easy withdrawals online, mobile or ATM card
Certificates of Deposit (CDs)
  • Terms starting from three months and up to five years
  • 10-day CD rate guarantee
  • No transaction fees
Money Market Account (MMA)
  • No minimum balance or monthly service fee
  • Easy withdrawals online, mobile or ATM card
IRA CD
  • Choose a Roth or traditional IRA account
  • Additional contributions: during grace period and at CD maturity date
IRA MMA
  • Choose from Roth or Traditional IRA account
  • Additional deposits can be made at any time

Synchrony Bank Overview

Synchrony Bank is a subsidiary of Synchrony Financial, which is headquartered in Stamford, Connecticut. The company has roots tracing back to 1932 when it was General Electric (GE) Contracts Corporation. After years of growth, the bank separated from GE Capital and went public in 2014. It’s traded under the stock symbol SYF. Synchrony Financial has over 15,000 employees and more than $51 billion in deposits across its savings products including CDs, savings and money market accounts.

One of the ways Synchrony distinguishes itself is as the largest private label credit card company in the U.S. based on purchase volume and receivables. Starting with GE credit cards in the early ‘70s, then moving on to Lowe’s credit cards in the late ‘70s, credit card partnerships have increased over the last 40 years. Private label partners include Amazon and Sam’s Club, among many more companies.

While that’s what the company’s best known for, it also serves millions of customers with its savings offerings. Synchrony Bank offers high yield savings accounts, money market accounts and certificates of deposit at competitive interest rates. 

Save more with these rates that beat the National Average

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Synchrony High Yield Savings Account

FeaturesDetails
Minimum DepositNo minimum opening deposit or minimum balance to earn APY
Access to Your SavingsOnline, mobile, ATM card, via phone or electronic transfer
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees
Current Terms and Rates0.50% APY

If you’d like to put aside money while still having easy access to it, a savings account is one of your most obvious options. This popular method of saving can help you build future wealth while still keeping your assets liquid in case of an emergency or other need. Synchrony Bank offers a high yield savings account with a strong 0.50% APY. While you won’t make a fortune with savings interest, it can grant you some additional funds - at the very least more than a checking account which typically earns no interest.

You can open an account with any amount of money at Synchrony Bank. If you want to make the most of the interest rates, you will want to keep a decent chunk of change in the account, but there is no minimum account balance. That means if you need to withdraw almost all your savings, you can, and the account will still stay open for your future use.

To deposit funds in your account, Synchrony has a mobile app for mobile check deposits, direct deposit authorization and internal transfers. You can also send a personal or cashier’s check, or wire funds from a separate sending bank. And for those who still use snail mail, you can send a check through the mail for deposit as well.

Similar to deposits, you can withdraw or transfer funds by the same means: checks, wire transfers, internal transfers or request a check. Outgoing wire transfers do incur a $25 fee, so if you want to save money, you can transfer online or through the phone.  In addition to those methods, you can withdraw your money using an ATM card. You’ll need to keep in mind that you’re only allowed to withdraw or transfer six times per billing cycle as per Federal regulation. If you go over six transactions, Synchrony won’t charge a penalty fee, but the bank reserves the right to close your account.

Compare Synchrony to Other Competitive Offers

Synchrony Certificates of Deposit (CDs)

FeaturesDetails 
Minimum Deposit$100 minimum opening deposit
Access to Your CDOnline, mobile or phone automated access
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees, but there are penalties if you choose to withdraw from a CD prior to its maturity date
Current Terms and Rates
  • 3-Month: 0.15%
  • 6-Month: 0.25%
  • 9-Month: 0.35%
  • 1-Year: 0.55%
  • 13-Month: 0.55%
  • 14-Month: 0.60%
  • 15-Month: 0.55%
  • 18-Month: 0.70%
  • 2-Year: 0.65%
  • 3-Year: 0.75%
  • 4-Year: 0.75%
  • 5-Year: 1.00%

Liquidity is the main difference between a CD and a savings or money market account. This is because CDs lock your money up for a certain amount of time, though they usually come with the benefit of a higher interest rate. You can make the most of a CD by depositing a larger amount of money for a longer period of time as that will garner you the highest interest rates.

There are several strategies for maximizing CDs, with one of the most popular options being CD ladders. The idea behind this strategy is to not lock up your money for too long of a period, so you buy several CDs of varying term lengths. Whatever method you choose, know that if you do need access to your funds prior to the end of the term, you’ll be charged penalty fees.

With Synchrony Bank, the lowest amount you can invest in a CD is $100. You’ll have 10 days from the open of the account to fund it either through transferring funds, sending a check or wire transfer. After 10 days, you can’t add money to the CD. You can always open another CD, but not add to an existing one. Synchrony Bank offers terms as short as three months, which offer the lowest interest rates, but allow you access to your money after only a short period of time.

Synchrony Bank guarantees CD rates for 15 calendar days after the opening of the account. This means if the rate decreases after you opened the account, you’ll still get the higher interest rate. And if the rate increases, Synchrony will give you the higher rate.

Once your account is funded (you made the initial deposit), you’ll start accruing interest each month. You’re allowed to withdraw the interest penalty-free at any time. You can keep it in the CD or transfer to another Synchrony account, an external bank account or you can request a check.

Synchrony Money Market Account (MMA)

FeaturesDetails 
Minimum DepositNo minimum deposit
Access to Your Money Market AccountOnline or mobile, ATM or check
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees 
Current Terms and Rates0.35% APY

A money market account is very similar to a savings account. The biggest differences between the two are actually behind the scenes on the bank’s end. Banks can market and use money market funds differently than savings account funds. But on the consumer side, a money market account is almost completely the same as a savings account. You can deposit as much money as you’d like into the account and with Synchrony Bank your funds are insured by the FDIC up to $250,000. As with a savings account, you’re limited to six transactions per monthly statement. Those transactions include withdrawals and transfers.

The old rule of thumb was that you could earn a bit higher interest with a money market account versus a savings account. However, that’s not applicable in today’s market where you can find many savings accounts that offer more interest than a money market. So you be wondering, what’s the point of a money market account? Think of it as another savings account option. If you keep an eye on interest rates, you can choose whichever savings product is the most advantageous to you.

Synchrony IRA MMA

Features Details 
Minimum DepositNo minimum opening deposit
Access to Your AccountOnline or mobile, ATM or check
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees
Current Terms and Rates0.35% APY

If you’d like to use a money market account in a retirement savings capacity, you can open a traditional or Roth IRA money market account at Synchrony. You’re allowed to make additional deposits at any time (up to the maximum allowed by law per year for the type of retirement account you choose). The interest is much lower than what you’d potentially earn with a stock portfolio or other investment, but your savings are protected by the FDIC. You can transfer funds or a retirement account from another financial institution, or roll over an employer account if you’d like.

Synchrony IRA CDs

FeaturesDetails 
Minimum Deposit$100 minimum opening deposit
Access to Your IRA CDOnline, mobile or phone automated access
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly fees, but there are penalties if you choose to withdraw from a CD prior to its maturity date
Current Terms and Rates
  • 3-Month: 0.15%
  • 6-Month: 0.25%
  • 9-Month: 0.35%
  • 1-Year: 0.55%
  • 18-Month: 0.70%
  • 2-Year: 0.65%
  • 3-Year: 0.75%
  • 4-Year: 0.75%
  • 5-Year: 1.00%

At Synchrony Bank, you can choose to open a traditional or Roth IRA CD. If you already have an employer or self-directed IRA, you can roll it over to Synchrony if you choose. While a purely CD-driven retirement portfolio won’t earn you much interest, it is protected by FDIC insurance. This differs from stocks and other investment accounts that don’t have protection. The rates and terms offered for IRA CDs at Synchrony are the same as its regular (non-retirement) CDs. You can make additional contributions to your IRA CD during the grace period after the CD reaches its maturity date.

Where Can I Find Synchrony?

Synchrony operates almost exclusively online. It does have one branch location that is in Bridgewater, New Jersey. However, you can reach representatives by phone Monday through Friday from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 5 p.m. Eastern Time. Automated telephone service is available 24 hours a day, seven days a week. And you can log into your account online at any time.

What Can You Do Online With Synchrony?

Synchrony has invested in the online experience for its customers. You can access, monitor and execute transactions online at any time of the day. You can also use the mobile site, which offers the convenience of mobile check deposits. That feature saves you from mailing in checks, or adding in the step of depositing in another account to transfer to your savings account.

If you want to explore your savings choices, Synchrony’s educational content is enough to give you a foundational understanding. The frequently asked questions (FAQ) section is pretty extensive and will address many of the questions you may come up with.

You can also compare interest rates and products across the site. Synchrony also ranks its interest rates compared to competitors — but beware, it’s not the full picture. You’ll notice that Synchrony always comes out on top for best interest rates on the site, but not all banks are included in the comparison.

And once you’re ready to open an account, you can complete the process from start to finish online. All you need is the necessary information to get going.

How Do I Access My Money?

Money market and savings accounts are allowed six transactions per month. This includes withdrawals or transfers. This limit is a requirement by the Federal Reserve, not the bank itself. If you find yourself needing access to the money more often than that, you’ll need to change the account over to a checking account at a separate bank, or risk having your account closed over misuse.

With Synchrony, you can access your account online or through mobile and transfer funds to an account you’ve added at any time of the day or night. The automated phone system is another way to access your money if you don’t have access to the internet. And you always have the option for a wire transfer, although it’s accompanied by a fee. If you want to speak to a bank representative, you’ll need to call the number listed on the contact page of Synchrony Bank. Additionally, Synchrony offers ATM cards which comes with a $5 reimbursement per statement cycle for withdrawal fees at unaffiliated ATMs. You can withdraw up to $1,000 per day out of your Synchrony Bank account.

As for CDs, you can monitor your maturity date and overall accounts online or on your mobile device. You can always call, as well. Since CDs operate in term lengths, you won’t be able to withdraw principal (your deposit) until the term is up without incurring fees. However, the interest you accrue can be accessed at any time without penalty. Similar to savings accounts and money market accounts, you can transfer your interest money to an external or internal account, or send a check to the address on file.

How Can I Save More Money With a Synchrony Bank Account?

First of all, if you keep a large balance in your checking account or have a large pile of money in an account that yields a fraction of a percent of interest, you have room to improve your savings. While savings accounts, CDs and money markets are low interest ways to grow your savings, it still beats the 0% interest you earn with a checking account. The same with a stockpile of cash. If you happen to be hoarding money, you can always deposit those funds into a savings account or money market and have liquid funds that will earn you more than dust over time.

As for how much overall you can save, it all depends on how much you deposit and for how long. You stand to earn the most with CDs, but that comes at the cost of losing easy access to your funds. You’ll also earn more interest the more money you put into an interest bearing savings account. It all depends on how much money you need on hand, and how much of your paycheck you’re stashing away for retirement, but to set yourself up for future financial success, you can’t neglect to open a savings account.

What’s the Process for Opening an Account With Synchrony?

You can open an account from the comfort of your home by registering for a customer login ID. The start of the online process, shown here, requires you to simply choose the type of account you would like to open. If you don’t want to apply online, you also have the option to call and apply over the phone. For those who like paper and pen, you can request a paper application be sent to you. If you’d like to print an application yourself, you can find the PDF form and print and mail it in yourself. The quickest process is generally online.

To get started, you’ll need your Social Security number as well as a driver’s license, state identification number or military ID. You’ll need to provide your physical address, occupation and employer and the source of funds you’re planning on using to open the account. If you’re planning on transferring funds from a current bank account at a different bank, you’ll need the routing and account number.

What’s the Catch? 

Savings accounts really don’t have an obvious catch other than relatively low interest. It’s a safe way to make a little extra on any money laying around, without locking up your funds in a different type of account. And while the rates are not bad at the moment, they’re subject to change at any time. Savings and money market accounts don’t include a rate lock. You’re subject to market fluctuations over time, which is the tradeoff for easily accessible funds and no fees.

CDs, on the other hand, are better to earn interest with, but you sacrifice cash on hand. And with Synchrony, the lowest amount you can invest is $100. The good news is that three-month terms are offered, which are some of the shortest available. You won’t earn much interest in that short of a time span, but it’s good news for anyone concerned with liquidity.

While Synchrony is mobile-friendly and has an easy-to-use website, it does lack in-person locations. If you still prefer speaking to someone in person, you may want to look at banks with retail locations. But if that’s not a big concern of yours, you should be fine with Synchrony’s wide availability of communication. You can access your funds in at least two or three different ways at all hours of the day, which is very convenient. The bank also offers mobile deposit, which isn’t offered by every bank.

Bottom Line

Synchrony Bank’s foray into savings accounts can be beneficial to consumers willing to take advantage of competitive rates. The company offers some of the highest competitive rates for savings accounts and CDs. While some consumers may prefer to keep all retail banking at one institution, Synchrony does make it easy to open and maintain an account. Mobile friendliness and mobile deposits are two big headaches the company smooths out with its system. Accessibility is also addressed with account access at any time of day or night.

As with any savings account, you’re not going to make a huge amount of money — the interest rates just aren’t that high, and you can make more with other investment vehicles. But if you want a safe and easily accessible place to save for a future purchase or emergency fund, you won’t go wrong with a savings account. FDIC insurance backs the accounts, so you’ll always get your money back. And with Synchrony offering ATM cards (something a Goldman Sachs account lacks), you can grab cash on the go if needed.

Источник: https://smartasset.com/checking-account/synchrony-banking-review

Synchrony Bank Review 2021

Savings accounts

Synchrony Bank is known for having some of the most competitive rates on its high-yield savings accounts on the market. Opening a high-yield savings account with Synchrony Bank today would start yielding you APY.

Synchrony Bank can offer such high APY because they are an online bank with virtually no physical branch locations (except for two). The lack of physical locations might turn some people away. If you are comfortable with only banking online, then you can take advantage of the great interest.

Synchrony Bank does not have any minimum balance requirements. You can start earning interest on your savings immediately.

If you need access to cash, you can use any ATM that accepts the Synchrony Bank ATM card—any ATM displaying the Plus or Accel logos.

For ATMs that charge a fee by the owner/operator, Synchrony Bank will refund you up to $5 per statement cycle. However, if you have Diamond status or are in the Perks Rewards program, you’ll get unlimited domestic ATM fee refunds.

Money market accounts

Synchrony Bank’s Money Market account also boasts an impressive APY of on all balances. You can start earning interest on your savings immediately after opening an account. Plus, there are no minimum balance requirements.

Like most money market accounts, Synchrony Bank’s Money Market account comes with check-writing privileges. Once you open and fund your account, you can request checks.

If you are approaching retirement, you can take advantage of Synchrony Bank’s IRA Money Market account. You’ll get the tax advantages of a retirement account, with the high-interest of a money market account—all without taking much risk.

Certificate of deposits (CDs)

Synchrony Bank offers CDs with terms ranging from three months to five years. The rates on their CDs vary between for a three month CD up to for a five year CD. 

The minimum opening deposit for a CD at Synchrony Bank is . You can also open an IRA CD with a minimum opening deposit of .

Synchrony Bank does not offer no-penalty CDs like some banks. If you remove your money early from a CD, be prepared to pay an early withdrawal fee. For CD terms below one year, you’ll be charged 90 days of simple interest at the CDs current rate. For a CD with a term of 48 months or more, you’ll be charged a fee of 365 days of simple interest.

Banking experience

[banking_experience]

The Investor Post rating

Synchrony Bank offers an overall good banking experience for an online bank. Not having physical banking locations or checking accounts make it challenging to use Synchrony for everyday banking. However, if you only want a place to store your money and maximize your interest earnings, that’s where Synchrony excels.

Both Synchrony Bank’s website and mobile apps are clean and easy to use, making digital banking easier. Although you can’t speak to bank tellers face-to-face, the customer service hours are very generous.

Источник: https://theinvestorpost.com/synchrony-bank-review/

Do you have any retail store credit cards? Have you ever used a promotional financing plan to buy furniture, or expensive electronics? If so, you might be a Synchrony Bank customer without even realizing it.

How Do I Contact Synchrony Bank?

You can get in touch with Synchrony at the phone number below, or by visiting the bank’s contact page.

Want to find your own Synchrony card account? See our full list of Synchrony credit cards.

About Synchrony Bank Credit Cards

Synchrony Bank, as part of Synchrony Financial, is one of the major issuers of store credit cards in the U.S., along with Comenity Bank.

When people talk about credit card issuers you usually hear names like American Express, Chase, Capital One, and Citi — but Synchrony is actually quite big. It’s the largest provider of private label credit cards in the country, according to a 2017 Nilson Report.

Synchrony is partnered with some of the leading companies in the U.S., including Amazon, Chevron, and Lowe’s, along with dozens of smaller retailers. It provides credit cards as well as other credit products, like special financing and installment loans, along with some other services.

Learn More

Is Synchrony a real bank?

You won't find any brick-and-mortar Synchrony Bank locations, but Synchrony is indeed a real bank.

Aside from issuing credit cards, Synchrony provides a plethora of financial products (including high-yield savings accounts, certificates of deposit (CDs), and more), plus special financing offers with select retailers.

Despite all the different card offers, you can use the basic Synchrony Bank login page at MySynchrony.com to access any Synchrony card account. Or you can download the MySynchrony app for your smartphone. You’ll be able to check your card details and pay bills with either method.

Synchrony cardholders can also access one of their FICO credit scores, based on their TransUnion credit reports. This is a good feature for anyone trying to establish or rebuild credit.

However, store cards also have some downsides (learn more in our 2020 retail store card survey). They typically come with low credit limits, like $500 or $1,000, and very high interest rates. You should always pay your statement balance in full and never carry a balance on a store card, because the interest you accrue will negate any rewards or benefits you got from the card (this is good advice for every card unless you have a promotional 0% interest rate). Store cards also tend to come with below-average customer support, as discussed in the section below.

Insider tip

The shopping cart trick is rumored to be a way to get approved for certain credit cards without hard inquiries on your credit reports, although it may not actually work. People usually try it with store cards issued by Comenity Bank, but some report that it works with certain Synchrony Bank credit cards as well, like the QVC card. We can’t confirm this, however.

Where Can I Use My Synchrony Credit Card?

The majority of Synchrony Bank credit cards are closed-loop, also known as private label, meaning they can only be used at their co-branded stores. The Amazon.com Store Card (Review), which can only be used at Amazon, is a good example of that. There are also some Synchrony cards that can be used at a selection of different stores within certain categories.

Some cards are open-loop, meaning they’re affiliated with a credit card network like Visa or Mastercard, and can be used anywhere those card types are accepted. Look for the Visa or Mastercard logo in the bottom-right of the card — if you see it, you’ll know that card is open-loop. Synchrony refers to open-loop cards as “Dual Card credit cards.”

Private label credit cards have rewards and benefits that are solely focused on the co-branded store, which makes sense because that’s the only place they can be used. Open-loop cards usually have additional bonus categories, allowing you to earn rewards for other purchases outside of that store.

Store credit cards are known for being relatively easy to get compared to other types of cards, making them popular among people with bad credit or limited credit. They usually don’t have annual fees and they’re often advertised in store checkout lanes, trying to tempt you into applying with the promise of a quick (but relatively small) discount. If you can’t get approved for a general-use rewards card, which would earn rewards for any purchase, anywhere, you might want to start with a store card to help build up your credit.

How Do I Pay My Synchrony Credit Card?

Trying to pay the bill for your Synchrony credit card?

Start by visiting Synchrony’s credit card support site. Search for the store your card is co-branded with, or for your credit card type. You’ll be given a link to access your account online, along with a phone number to call if you need it.

How Is Synchrony’s Customer Service and Payment Processing?

If you’re trying to get in touch with Synchrony you may find a mess of contact details and phone numbers. Start with the main Contact Page for credit cards.

From there you’ll find the general Synchrony Bank phone number for credit card services: 1-866-419-4096.

However, if you’re trying to get support for a specific credit card you might end up struggling through a phone menu. Instead of calling that number, you can find your card’s store from the menus on the left of that contact page. After selecting the store you’ll see a specific customer support number to call for your card.

Unfortunately, we’ve received many complaints from users of Synchrony Bank credit cards. Most of the complaints are about poor customer service, concerning agents who seem to either give wrong information or don’t deliver on what they promise, like waiving a fee. Other complaints are about administrative errors, trouble logging in and redeeming rewards, or difficulty making payments. This last issue — trouble making payments — is a serious one because not only can it lead to late fees, it can also have long-lasting negative effects on your credit scores.

If you use a Synchrony credit card, we strongly recommend setting up autopay for the full statement balance. Set the payment to be made as soon as possible after receiving your monthly billing statement — don’t wait until the last minute. You should also consider setting a reminder to check to make sure the payment is actually received after that. Although many people won’t experience any problems at all, and this might seem like overkill to some, you may want to take these steps to help safeguard your finances and your credit.

These warnings also apply to the other major issuer of store credit cards, Comenity Bank. While every card issuer gets its share of bad reviews, Synchrony and Comenity seem to be leading the pack when it comes to unsatisfied customers.

Synchrony Bank Retail Store Credit Cards

Here’s a full list of Synchrony credit cards, starting with retail stores in this section and covering other types of companies in the later sections. Take note that some of these cards have been discontinued for new applicants, although current cardholders can still log in using the links below.

In some cases the cards may be discontinued for current members as well, meaning your card would have been closed. If that happened you should have received a notice, and you can follow your card’s link to learn more. In still other cases, the account may have been taken over by a different card issuer; if this happened you should have received a notice. Contact Synchrony’s customer support according to the instructions above if you have any questions about your account.

Synchrony Bank Travel Credit Cards

Synchrony Multi-Store Category Cards

Some of Synchrony’s partner merchants are grouped under a few specific card account types. There are several card types, which cover a variety of stores and services:

Read moreReview: Synchrony HOME Credit Card – Best for Home Goods & Furniture?

Rather than being limited to individual stores, the four Synchrony cards above can be used at many different retailers within their categories. So, for example, the Car Care Credit Card can be used at many different auto shops; the HOME Credit Card can be used at many different home furnishings stores; etc.

If you apply for what seem like two different credit cards at certain auto shops, you may actually be applying for the same Car Care Credit Card. If that’s the case, the only difference will be the name on the card, which will be the name of the specific store at which you applied. The same holds true for the HOME and Sport credit cards.

You may have seen the CareCredit® credit card advertised at your doctor’s office. This card can be used with many different healthcare providers (for humans and for pets) and offers deferred financing plans to help you pay for medical services over time. Be aware that if you fail to pay back the entire balance by the due date or miss a monthly payment you’ll be charged interest for the entire length of the term, going back to the purchase date. This is true for all deferred financing plans, which are offered by many Synchrony credit cards.

Synchrony Bank Gas & Auto Credit Cards

Synchrony Bank Medical Credit Cards

Synchrony Bank Miscellaneous Credit Cards

Insider tip

Looking for a new card for shopping, travel, or paying off debt? See our picks for the Best Credit Cards in a variety of categories.

At a glance

Synchrony Bank is a major issuer of retail and co-branded credit cards, including big names like Amazon, PayPal, and Lowe’s. It also issues specific credit cards to be used across a variety of healthcare services, auto shops, and home furnishing stores.

Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines.

Источник: https://www.creditcardinsider.com/credit-cards/synchrony-bank/

Synchrony Bank Credit Cards for 2021 (Full List)

If you currently have a store credit card or have thought about getting one, there’s a good chance that it’s from Synchrony Bank. With more than 85 years of experience in the financial services industry, Synchronize partners with well-known retail brands across the country.

Synchrony Bank

The company has over 80 million customer accounts, demonstrating just how far-reaching its credit cards are. So if there’s a chain store you shop at, chances it offers a credit card. And if that’s the case, there’s a pretty big chance that Synchrony runs the show.

Unlike some other store cards, Synchrony cards do perform a credit check in most cases. But in general, lending guidelines are less strict for a retail card than a traditional credit card. So even if you have less than perfect credit, you still have a shot at getting approved.

If the terms and conditions align with your financial goals and abilities, then a Synchrony credit card could be a great fit for you. But before you make up your mind, find out everything you need to know about Synchrony Bank store credit cards.

Which credit cards are offered by Synchrony Bank?

Synchrony offers countless credit cards for national stores in just about every type of category. To get an idea of which you might be interested in, check out this comprehensive list.

You’ll find tons of specialty stores, as well as some surprising major retailers. In addition, some of the best credit cards have 0% interest rates for up to 18 months. In total, there are nearly 200 credit cards issued by Synchrony. Some are backed by Visa or MasterCard and can be used anywhere, while others may only be used in the actual store.

Full List of Synchrony Bank Credit Cards

Automobile Credit Cards from Synchrony Bank

In addition to retail store cards, Synchrony Bank also offers credit cards for a few specific automobile companies. Unfortunately, you can’t apply online but must instead visit a brick-and-mortar location to get one of these credit cards.

This type of credit card can help you finance purchases such as motorcycles, ATVs, PWCs, and snowmobiles. You can currently get a credit card with Yamaha, Polaris, KTM, Suzuki, Kymco, and Kawasaki.

What are the benefits of getting a credit card from Synchrony Bank?

Whether you choose a rewards card that you can use anywhere or a store-specific credit card, you can benefit in multiple ways by getting a credit card from Synchrony. First and foremost, you get to take advantage of the benefits and rewards programs.

Maybe you earn rebates to be used at your favorite store, maybe you get a discount on qualifying purchases, or maybe you get to rake in cash back offers.

Whatever the reason, many people prefer to have a diverse range of credit cards in their wallets to ensure they have access to the best opportunities of the moment.

If you tend to shop a lot, you could potentially get some major use out of these credit cards. But they can also be helpful in repairing poor credit when used correctly.

If you’ve been hit by derogatory items resulting in a low credit score, it can be hard to get a credit card, even as you pay down debt and turn things around.

Although Synchrony usually performs a credit check, store cards rarely have lending guidelines as strict as a normal credit card. It’s a great option to start building your credit, whether you’re starting over or just beginning.

What happens if a Synchrony Bank credit card store closes?

With online shopping changing the retail market completely, it’s no surprise that many brick-and-mortar stores are facing major challenges. So what happens if you have a store card from Synchrony and the store closes?

Don’t worry; the credit card account will convert to another type of card in most cases. Synchrony will contact you if this happens to give you specific details on what to expect.

When Toys R Us went out of business, for example, cardholders were given a Synchrony MasterCard. The program came with a 2% cash back rewards program and no annual fee. So even if a store hits financial trouble, your credit card account will only be mildly impacted.

What are the best Synchrony Bank credit cards?

Some of Synchrony’s credit cards come with better financial benefits than others. But, of course, the real measure is whether you actually shop at a specific store and how the related perks can actually help you.

There’s no sense in getting a credit card you won’t use (or worse, use without real reason), so take this list with a grain of salt. Still, there are some major differences in what each credit card offers.

To try and help the broadest range of consumers, we’ve pulled together the Synchrony credit cards with the best overall benefits.

Start looking at these, and then follow up with research on other Synchrony Bank credit cards that specifically interest you.

Amazon Store Card

As one of the most popular retailers amongst both online and physical stores, the Amazon store card provides members with plenty of attractive benefits.

When you apply online, you can get approved in as quickly as 15 seconds. Once you are approved, a $100 Amazon Gift Card will instantly be loaded into your Amazon account.

If you join Amazon Prime along with getting the store card, you’ll also receive 5% cashback on all of your Amazon purchases. So if you’re a big online shopper for everyday items on top of gifts throughout the year, then there’s a lot of opportunities to save.

Interest-Free Financing

Another interesting offer through the Amazon Prime store card is the chance to use promotional financing instead of getting cash back.

If you select this option, you can get interest-free financing anywhere between 6 and 24 months, depending on the purchase price. For the 6-month period, the purchase must be at least $149, and for a 12-month repayment period, you must spend at least $599.

The catch here is that you must repay the entire balance within that timeline to avoid paying interest. If the promotional period ends and you haven’t repaid the full balance, then you’ll be charged all of the interest that would have accrued since the actual purchase date.

You also have to make all of your payments each month. But as long as you follow these rules, this can be an affordable way to spread out payments on an expensive purchase. In addition, the Amazon store card offers plenty of perks, no matter what kind you’re looking for.

Sam’s Club MasterCard

Though issued through Sam’s Club, this credit card is actually a MasterCard that you can use anywhere. Accordingly, you get a rewards program that is more robust than just a store card. In addition, they frequently have time-sensitive offers for getting approved.

For example, a recent promotion offers a $45 statement credit when you spend $100 on the first day you open your credit card account. You can also get 5% cash back on just about any gas purchase throughout the country for the first $6,000 you spend. After you reach that limit, you still get 1% back.

On top of that, you get 3% cash back on travel and dining out and 1% back on other purchases made with your Sam’s Club MasterCard.

So even if you’re not a Sam’s Club member, there are plenty of unrelated benefits that you can take advantage of. Just like other Synchrony Bank cards, you can easily open and manage your account online.

Should you get a Synchrony credit card?

Before applying to one or more Synchrony cards, think about why you want another credit card. It’s important to know that most stores associated with Synchrony perform a hard pull on your credit report.

You could still potentially get approved. However, if you apply to several at once, all of those inquiries will show up on your credit report. That’s true for everyone, but it can look more alarming to creditors when it’s someone with bad credit compared to someone with stronger credit.

If you want to take advantage of a specific store’s savings, then the right Synchrony card could work for you. But, again, be cognizant of how many applications you make in a year. Each separate inquiry on your credit report slightly drops your credit score for 12 months and remains on there for another 12.

Start by picking one or two store cards that give the most bang for your buck. If you’d like, you can then add more as time goes by and those inquiries drop off your report.

Improving Your Credit Score

As long as you’re not paying an annual fee, keep the credit card open as long as you can, even if you don’t have a balance. Part of your credit score relies on the age of your accounts, so the longer you have your credit cards, the better your credit score will be.

That’s another argument for opening up more than one account at the same time since continually opening a new credit card will lower your overall age of accounts.

It’s a complicated dance when it comes to maintaining or building your credit, so do your best to think about the next year or two and what your credit goals are.

Bottom Line

A Synchrony Bank credit card can help you build your credit over time. But, no matter what kind of credit card you have, remember to use it responsibly. Avoid store cards if you think you’ll be tempted to spend more than you can afford.

Luckily, your credit line will start off small. Over time, you’ll likely see an increase as you use your card responsibly. If you continue to do so, you’ll keep getting rewards, benefits, and a better credit score. At that point, it’s a win-win situation all around.

Источник: https://www.crediful.com/synchrony-bank-credit-cards/

This is the best high-yield savings account for easy access to your cash

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

A key factor in setting aside cash in a bank account is knowing that you'll be able to access it whenever you need to. Perhaps you run into a medical emergency or an unexpected expense on your car. Maybe your checking account is low and you want to transfer money from your savings before you get hit with overdraft fees.

While online high-yield savings accounts offer some of the highest interest rates, they are also generally harder to access your money than when you bank at a brick-and-mortar institution.

Federal law limits high-yield savings account holders to a maximum of six withdrawals or transfers of money (including electronic transfers, checks and wire transfers) out of their account each month without any penalties. This limit, currently waived during the coronavirus outbreak under Regulation D, helps when you're trying to grow an emergency fund because it prevents you from frequently dipping into your savings.

But if it seems nerve-wracking to have limited access to your savings, a savings account that offers an ATM card for convenient withdrawal options may be a smart idea.

Synchrony Bank High Yield Savings ranked as the "best for easy access to your cash" on CNBC Select's top high-yield savings account list because customers can make unlimited transactions with the account-provided ATM card.

Below, we take a close look at the Synchrony Bank High Yield Savings by breaking down its annual percentage yield (APY), access to your cash, perks and fees so you can decide if this high-yield savings account is right for you.

Synchrony Bank High Yield Savings review

Synchrony Bank High Yield Savings

Information about the Synchrony Bank High Yield Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Synchrony Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None, but may result in account closure

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    Yes

See our methodology, terms apply.

Pros

  • Strong APY
  • No minimum balance
  • No monthly fees
  • Up to 6 free withdrawals or transfers per statement cycle*
  • Easy ATM access
  • 1 physical branch (in Bridgewater, New Jersey)

Cons

  • Account could close if you make more than 6 transactions in a statement cycle
  • No option to add a checking account

Synchrony Bank High Yield Savings APY

The current APY is 0.50%. Users of the Synchrony Bank High Yield Savings can start earning interest right away, with no minimum balances required in their account.

Synchrony Bank compounds interest on your savings daily and credits it monthly on the statement date.

Access to your cash

Withdrawing money is quick and easy when you have a Synchrony Bank High Yield Savings account. Synchrony Bank offers an optional ATM card to its savings account holders that gives you unlimited access to withdraw your money at an in-person ATM.

When you use your ATM card, you can make unlimited monthly withdrawals at an ATM (up to $1,000 per day). The bank's ATM network gives customers access to thousands of machines displaying the Visa Plus and Accel logos, both in the U.S. and abroad. Merchant locations where you can find an ATM include restaurants, convenience stores and drugstores. You can also make withdrawals at the bank's one physical branch in Bridgewater, New Jersey.

Other than ATM access, you can withdrawal money via wire transfer (up to three free per statement cycle) or through an electronic transfer to accounts you have at other banks. These will be subject to the federal limit of six transactions (waived during the coronavirus outbreak under Regulation D).

To deposit money into your savings account at Synchrony Bank, you can make an electronic transfer from an external bank account that you've linked, do direct deposit, make a wire transfer, mail a check or use the bank's mobile app to deposit a check.

Perks

Synchrony Bank's customer service line is available seven days a week by phone or online chat, as well as 24/7 through its app so you can manage your account on-the-go.

Additional customer perks include complimentary identity theft assistance, travel discounts and free webinars.

Fees

There is no minimum balance requirement and no monthly fees with the Synchrony Bank High Yield Savings account.

Synchrony bank won't charge an ATM fee, but the ATM provider may. For these charges, Synchrony Bank has a fee reimbursement policy: It will refund ATM fees in the U.S. up to $5 per statement cycle.

You should still be wary how much you withdraw from an ATM because the fees, even with a $5 refund, can add up quickly. ATM operators charge customers an average fee of $3.09, found Bankrate. Just two visits to the ATM in one month would already put you over the refundable amount.

Bottom line

Our methodology

To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an APY around 1%, no monthly maintenance fees and low (or no) minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Источник: https://www.cnbc.com/select/synchrony-bank-high-yield-savings-review/

Synchrony Bank High Yield Savings Account Review

Synchrony Bank Savings Account WebsiteSynchrony Bank Savings Account

The Synchrony Bank High-Yield Savings Account is a great place to store your cash.

Synchrony Bank is an online bank that is known for offering great interest rates. You can enjoy low fees, easy access to your cash, and a generous interest rate on the money in the account.

In this Synchrony Bank Savings Account review we'll compare rates, fees and services to other national and online banks.

Savings Interest Rates Review

One of the most important aspects of a savings account is its interest rate. A good interest rate can be the difference between losing money to inflation and growing your savings.

Online banks like Synchrony Bank often differentiate themselves from other banks through their interest rates. That’s why Synchrony Bank offers an industry-leading APY on its savings accounts.

Synchrony Bank Savings Account Pros & Cons

ProsCons
  • Market-leading interest rate
  • Optional ATM card
  • No monthly maintenance fee
  • Mobile app available
  • ATM fee reimbursements
  • FDIC insured
  • $0 required to open an accaunt
  • No physical branches
  • Minimum balance required to earn APY

To make things better, the account's interest rate applies to your total balance, no matter what your balance is.

It isn’t a promotion rate that only applies to a small amount, and it isn’t a bonus for having thousands of dollars saved. Any balance, from $1 to $100,000 will earn the same rate.

How Compounding Leads to Bigger Savings

This example will illustrate the power that interest can have on growing your savings.

You place $1,000 in a savings account and plan to put another $100 into the account each month. After six months, you’ve saved $1,600.

A $7 gain doesn’t seem like much, but interest compounds, meaning that you earn interest on your interest.

After another six months, you’ve saved a total of $2,200, but your balance is $2,216. Continue on for another four years, and you’ll have put away $7,000, but have an account balance of $7,209.

Compare that to a savings account that offers 0.01% APY, which is common at many traditional banks.

Even after letting your interest compound for five years, your ending balance will be only $7,024.35. The higher interest rate that Synchrony Bank offers would have earned you more than $175 more.

Compare APY rates to other online savings accounts:

No Monthly Fees

Savings accounts are supposed to be a safe place to store your money. The last thing that you want is for the bank to take your savings from you with fees.

Synchrony Bank Savings Account Fees

Type Fee
Monthly Maintenance Fee$0
Stop Payment Fee$ 25
Outgoing Wire Transfer$25
Overnight Check Fee $25

Unfortunately, many banks have apply fees to even their most basic accounts in an effort to increase their revenue. Even a minor $1 or $5 per month fee can completely erase any interest you earn.

The good news is that Synchrony Bank has no monthly fee for its high-yield savings account.

You don’t even have to meet a minimum balance to avoid the fee. You’ll never be charged a fee just for keeping the account open.

Few Fees Apply

Though Synchrony Bank’s high-yield savings account does not have a monthly fee, there are other fees to be aware of.

Savings accounts are intended to be used as a place to store money, so federal law limits how many withdrawals you can make per statement.

If you make more than six withdrawals or transfers in a single statement, you’ll be charged a fee. You may also be charged a fee by ATM operators if you make a withdrawal at an ATM.

Synchrony Bank account  also charges other fees that are common at all banks, such as payment fees, overnight check fees, or wire transfer fees. Most people don’t use these services often and won’t encounter any fees with their high-yield savings account.

Access to Your Account

One of the biggest concerns that people have with online banks is how they can get to their money.

Synchrony Bank makes it easy by giving you an ATM card that you can use to make withdrawals.

Synchrony has a huge ATM network, so you’ll never be far from an ATM that you can use. You can even use ATMs overseas to make withdrawals.

You’ll also be refunded up to $5 per statement for ATM fees if you ever need to make a withdrawal from an ATM that does charge you.

You can withdraw up to $1,000 per day from an ATM, making it easy to get access to large sums of cash when you need it.

It’s also easy to deposit money to your account or to transfer it from one account to another.

Synchrony Bank accepts direct deposits, electronic fund transfers, check by mail, and mobile check deposit.

You can also make transfers, view your statements, and deposit up to $5,000 per day.

No mobile banking app (yet)

Synchrony Bank does not yet offer a dedicated mobile banking app for its customers.

You can still manage your accounts through the bank's website on a mobile web browser. It just doesn't offer the clean experience that you might get from a standalone mobile app.

Outstanding Customer Service

Synchrony Bank has won awards for the quality of its customer service.

If you ever need assistance with your account, you can contact Synchrony Bank 24 hours a day, 7 days a week, 365 days a year.

Customer service is available by phone, e-mail, physical mail, or in person at the bank’s physical branch in New Jersey.

For phone support, you can work with Synchrony Bank’s automated system anytime. Representatives are available six days a week: 8AM to 10PM on weekdays, and 8AM to 5PM on Saturdays.

Loyalty Program is a Nice Surprise

Synchrony Bank understands the value of loyalty and rewards customers who stick with them for the long haul.

The loyalty rewards at Synchrony Bank require both a minimum balance and a minimum amount of time since account opening but can save you a lot of money.

Synchrony Bank Rewards Tiers

Reward TierBalance LevelTenureBenefits
Silver$10,000-$49,999.991+ yearDiscounts at partnered hotels
Gold$50,000-$99,999.992+ yearsIncreased discounts at partnered hotels and car rental agencies
Platinum$100,000-$249,999.99 3-4+ yearsPlus discounts and offers on theme parks, spas, golf, and restaurants
Diamond$250,000+5+ yearsPlus the best discounts and offers on the above categories and black car service. Get refunded up to 3 wire transfers per statement cycle.

(Rewards tier status can be achieved with either the balance level or tenure -- both are not required.)

Sticking with Synchrony Bank can pay off if you’re looking for a long-term banking relationship.

One of the Best Savings Options

All in all, Synchrony Bank’s high-yield savings account is a good choice for many consumers, but it falls short of being perfect.

Because Synchrony Bank is an online bank, it can offer a higher interest rate APY compared to the national average.

The downside is that it is more difficult for you to deposit or withdraw cash when you need it.

Therefore, Synchrony Bank’s high-yield savings account is ideal for true savers. If all you want is a safe place to store your excess cash and to earn some interest, Synchrony Bank is a great choice.

If you expect that you may need to make regular withdrawals, you may be served at a better bank.

It also isn’t the best choice for storing your emergency fund due to its $1,000 daily cash withdrawal limit.

If you need more cash than that fast, you’ll be in a tough spot. If you’re comfortable using credit cards in the short term for emergencies, then you can get around this issue.

Another strategy would be to have another account at a local bank, so you can easily transfer funds between the two. That would make it much easier to withdraw and deposit cash.

However, Synchrony Bank also doesn’t offer many other banking services such as checking accounts, mortgages, or car loans.

Additionally, the lack of a mobile app can be a slight inconvenience -- we hope that it is on the way.

Continue Reading

Источник: https://www.mybanktracker.com

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.35%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingMonthly
Fee per transaction over the limit$0
More info

More Info

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Review by

Ryan Brinks

ryan.brinks@finder.com

Ryan Brinks melds decades of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.

Expert review

The Synchrony Bank money market account is one of the best accounts available. It’s not perfect for everybody, but it’s a good choice if you’re looking for security and a consistent interest rate. It also has a rewards program, which is rare for money market accounts, and it earns a 0.35% APY regardless of your balance.

One drawback is that Synchrony is an online-only bank, so you won’t ever be able to visit a branch. However, most of the best money market accounts exclusively exist online. If that’s not a big deal to you, this account is definitely worth considering.

Easily open your Money Market Account with this digital bank online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From Synchrony Bank’s website, select Open an Account. Then choose Get Started if you’re a new customer.
  3. Hit Money Market, indicate whether you’re applying for an individual or joint account and select how you heard about it. If you have a code, enter it. Otherwise, choose Next: Select Options.
  4. Enter your initial deposit, then select whether you want an ATM card or checks. Select Next: What You Will Need.
  5. Complete next steps by providing basic personal and financial information, identifying any beneficiaries, and agreeing to your account’s terms and conditions. Submit your application.

If you’re approved, Synchrony deposits money from the account you specified in your application, contacting you with any next steps.

Eligibility

You must meet standard eligibility requirements to open an account with Synchrony.

  • US citizen and resident
  • At least 18 years old

Required information

Have the following information ready to complete your application.

  • Primary US home address
  • Social Security number and date of birth
  • Government-issued ID, like a driver’s license or passport
  • Account and routing number of your funding account
  • Occupation and employment details

Standard benefits of money market accounts include 24/7 access, automatic deposits, check-writing abilities and flexible withdrawals online, by phone or through a network of Plus and Accel ATMs. Your savings are also protected by the FDIC for up to $250,000

Perks of the Money Market Account with Synchrony include:

  • A consistent APY. Earn 0.35% on your savings, no matter your balance.
  • No maintenance fees. You won’t pay a monthly fee to use your account.
  • Loyalty perks. All accounts contribute to tiered rewards, benefits and discounts.

What is Synchrony Bank Perks?

Synchrony is the rare bank that rewards you for saving your money instead of spending it. As an account holder, you’re automatically enrolled in the tiered Synchrony Bank Perks program based on both your total balances and how long you’ve been a customer. There are five tiers in the program: Basic, Silver, Gold, Platinum and Diamond. The below table shows a breakdown of the tiers and their requirements.

Basic< $10,000 and < 1 year
  • $5 in ATM fee reimbursements per statement cycle
  • One free order of checks for money market accounts
  • Complementary identity theft resolution services
Silver$10,000-$49,999.99 or 1+ yearEverything from the Basic tier plus:
Gold$50,000-$99,999.99 or 2+ yearsEverything from the Silver tier plus:
Platinum$100,000-$249,999.99 or 3+ yearsEverything from the Gold tier plus:
  • Discounts at restaurants, theme parks and other venues
Diamond> $250,000 or 5+ years Everything from the Platinum tier plus:
  • Three free wire transfers per statement cycle
  • Unlimited domestic ATM-fee rebates
  • Access to VIP events

Synchrony Bank embraces digital transactions and support, but there are some potential drawbacks.

  • Two physical branches. The bank supports only two branches for in-person support — one in Utah and another in New Jersey.
  • Transaction limit. As with similar accounts, you’re limited to six withdrawals and transfers outside of ATMs monthly. Although Regulation D is currently suspended, so check with Synchrony to see if it’s temporarily waiving this limit.

If you prefer a high-interest savings account, you’ll want to keep looking. As always, or compare your options when looking for a money market account.

See how other money market accounts compare based on their interest rates, fees and minimum open deposits.

    Access your money in a handful of ways:
  • Online. Transfer money electronically to and from an external account.
  • Mobile check. Upload a photo of your check through an app for fast deposits.
  • ATMs. Withdraw cash at Plus or Accel ATMs. If you’re charged a fee, get a refund of up to $5 each statement cycle.
  • Checks. Write a check to pay for rent, groceries and utilities.
  • Wire transfer. Call 866-226-5638 during call center hours to talk to a banker.
    Synchrony Bank forgoes the typical suite of checking accounts to focus on savings through:
  • CDs. Rates on this bank’s certificates of deposit range from 0.15% for three months to 0.85% APY for 60 months, and you can withdraw interest at any time.
  • High-yield savings. This award-winning savings-only account offers 0.5% APY with no minimum balance.
  • IRA CDs. Earn 0.15% APY on your deposit of $2,000 or more with a traditional or Roth IRA account.

If you have questions or need help with your account, you can contact a support specialist in the following ways.

  • Phone. Call 1-866-226-5638 on weekdays from 8 a.m. to 10 p.m. ET and on weekends from 8 a.m. to 5 p.m. ET.
  • Mail. Send a letter to Synchrony Bank, P.O. Box 105972, Atlanta, GA 30348-5972.
  • Chat. Go to synchronybank.com/contact-us/ to chat with a representative.
  • Social media. Synchrony Bank has a presence on Facebook and Instagram.

What is Synchrony Bank’s routing number?
Synchrony Bank’s routing number is 021213591.

How long will it take for funds to transfer into my account?
Money should arrive in your account on the third business day after you initiate a transfer.

What happens if I go over six withdrawals or transfers in a statement cycle?
Synchrony doesn’t charge a fee for exceeding your transaction limits. Usually it closes your account if you repeatedly go over this limit, but it may be waiving this rule due to the coronavirus pandemic. Contact Synchrony to check on its current policy.

Источник: https://www.finder.com/synchrony-bank-money-market-account

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4 Replies to “Review my account synchrony bank”

  1. Bhai Kitna ghante ke bad mobile number confirm update ho jata hai so please Jara bataiye

  2. सर मैने जनधन का अकाउंट खोला है लेकिन ऊसपे ATM के लिये aply किया था मगर atm नही आया तो मुझे ATM नंबर चाहिये कैसे लू सर pls hepl me

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