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It may not be too much to say that saving is more important than ever. With so much uncertainty in the air, hiding some funds for emergencies will never hurt. If these funds can continue to grow, so much the better.
This is where Synchrony Bank shines. There are several very competitive savings account options, all of which have no monthly fees. This is an excellent online banking option for people who want to start saving or expand their options.
However, Synchrony Bank is an online bank and does not have a physical store. Although you can write a check from a money market account, it does not offer a checking account option.
Is a strong savings account worth cooperating with multiple institutions? You must be a judge, and our review should help you make a decision.
saving account
From high-yield savings accounts to money markets and CDs, Synchrony Bank offers a variety of wonderful options to save your hard-earned money.
Sync high-yield savings account
Best for high interest savings
main feature
- Excellent APY
- No minimum balance
- Multiple withdrawal methods
The high-yield savings account largely made up for the lack of Synchrony Bank checks. This account has no minimum deposit, no minimum daily balance, and earns a very competitive 0.50% APY. There are multiple ways to withdraw money, including optional ATM cards, electronic transfers or wire transfers.
Sync high-yield savings account
Opening Balance
not any
APY
0.50%
Minimum daily balance
not any
Synchrony Bank refunds ATM fees from other financial institutions to help ensure that you can always use your funds when needed.
Despite the lack of physical location, it is easy to deposit money into your High Yield Savings account. Of course, you can transfer funds from other Synchrony bank accounts, but you can also perform electronic transfers from other linked accounts (including non-Synchrony accounts). Another convenient option is to use the Synchrony Banking App for mobile check deposits.
One caveat of this account is that if the balance remains at zero dollars for a long time, it may be closed. However, we do not expect this to be a major problem for most people.
Synchronize money market accounts
Best for easy access to savings
main feature
- Competitive interest rate
- No minimum balance requirement
- Write a check from a money market account
Synchrony Bank money market accounts are another reliable savings option. The account offers a competitive interest rate at an annual interest rate of 0.35%, and there is no minimum daily balance or minimum opening balance requirement.
Synchronize money market accounts
Opening Balance
not any
APY
0.35%
Minimum daily balance
not any
A money market account is a perfect combination of savings and checks-you can write checks from this account, so the money is more liquid than a standard savings account. However, it also earns more interest than a typical checking account.
If you want to store all your funds in one bank and like Synchrony very much, then this is your closest way to a check. In other words, it is not a real substitute, so you need to keep this in mind.
Compared with High Yield Savings, the main difference of Money Market accounts is that APY on the currency market is slightly slower. As a result, you can write out checks directly from your account-something High Yield Savings cannot do. This makes your money easier to obtain.
Like other Synchrony accounts, your money market account does not charge any fees. Overall, if you want to use your savings more frequently than usual, this is a great choice.
other products
One of the best things about Synchrony Bank is actually the simplicity of the product.Although the choice is great, Yes There are too many such things. “Analysis paralysis” is a real phenomenon.
CD
Synchrony Bank only offers one savings account option (high-yield savings) and one money market option. If none of these meet your needs, then there is also a CD (certificate of deposit) account that can solve the problem.
Synchrony Bank CD accounts offer an impressive range of interest rates, from 0.15% for a three-month maturity to a maximum of 0.85% for a 60-month maturity (CD locks your deposits and interest rates for a period of time).
CD is a relatively safe investment with fixed interest rates and predictable returns. This makes them a reliable choice for your first investment account, although even experienced investment experts should not cancel them! The only real problem is that if you need to withdraw funds early, you will be penalized.
credit card
Synchrony is also known for its credit card products. It works with hundreds of retailers to provide credit options. If you have a branded credit card, it is most likely through Synchrony.
You can also apply for a MasterCard credit card directly through Synchrony-the Premier card option provides unlimited 2% cash back and no annual fee. There are other layers available:
- Synchrony Premier World MasterCard
- Synchrony Plus World MasterCard
- Sync preferred Mastercard
Although we do not rate banks based on credit card or loan options, it is worth noting in this case because Synchrony is so common in this field. If you want to keep as many accounts as possible under one umbrella, the credit options are great.Just make sure to follow Smart credit card practice.
IRA and Roth IRA
Finally, Synchrony provides several IRA accounts:
- Traditional and Roth IRA CD
- Traditional and Roth IRA money market accounts
These IRAs and Roth IRA account All of these offer rates similar to other Synchrony Bank accounts-which means they are very competitive. They are both reliable options for retirement accounts.
convenient
In terms of convenience, Synchrony is a bit mixed. Your savings account comes with online banking, useful mobile apps, and all the other modern features you expect.
There are also many ways to get funds in and out of your account, including electronic transfers from other accounts, ATM cards for withdrawals, and optional checks for money market accounts.
In other words, there is no physical branch location, which will make Synchrony difficult for some people to sell. This means you can’t deposit cash, and you can’t talk to someone in person if you have a problem or need help. Although this is not a problem for many people, it is definitely worth noting.
mobile bank
The Synchrony Bank mobile app is very good. It is available for iOS and Android, and provides a concise layout, allowing you to easily understand the overview of all accounts. The app supports a series of functions that simplify banking, including:
- A widget for conveniently displaying balances.
- Fingerprint and facial recognition unlock.
- Mobile check deposit-just take two photos of the check to deposit in a few seconds.
- You can ask Siri or Google Assistant for the balance.
- Live chat with Synchrony support. This may help to compensate for the lack of branches for some users.
Overall, this app is one of the better banking apps we have tried, and it greatly increases the banking experience of using Synchrony.
Sync Bank Review: Pros and Cons
We have compiled the advantages and disadvantages of Synchrony Bank so that you can decide if it is right for you.
advantage
- Great savings option
- No minimum balance
- Wide variety of credit cards
- No monthly fee
shortcoming
- No physical location
- No checking account
- There is no real small business option
Frequently Asked Questions (FAQ) about Synchrony Bank
We have compiled answers to the most frequently asked questions about Synchrony Bank.
Is it difficult to synchronize bank approval?
There is no approval process for opening savings or money market accounts like credit cards, so your credit score doesn’t matter here.
Who owns Synchrony Bank?
Synchrony was originally owned by GE Capital Retail Bank and therefore belongs to GE’s umbrella. However, a few years ago, Synchrony Bank was transferred to the financial services company Synchrony Financial. It was separated from General Electric in 2015. This means that it is now an independent financial institution.
Is there any benefit to Synchrony Bank?
It really depends on what you need. If you need a strong check, the answer must be no-because Synchrony does not provide any type of checking account.
However, if you want online banking with a strong savings account, Synchrony is great. It has several excellent savings account options, such as a high-yield savings account with an annual interest rate of 0.50%. Especially to save money, Synchrony is one of our favorite choices. It also offers a variety of credit card options.
Is Synchrony a safe bank?
Synchrony is as safe as any other bank. Synchrony is a member of the FDIC, so all deposit accounts are insured by the FDIC, up to a maximum of $250,000 per ownership category. In addition, Synchrony requires two-factor authentication to log in to websites and apps (many accounts require these SMS codes), so your online status can be more secure against fraudulent logins.
Does Synchrony provide a checking account?
Not at this time, no. The closest you can currently get is a money market account, which provides check writing and a competitive interest rate (0.35% APY). In other words, Synchrony may provide checks in the future. According to the bank’s FAQ page, it “may provide more types of accounts and new savings methods for more transactions in the future.” If this is the only factor holding you back, it is worth checking it out from time to time.
Penny Hoarder writer Dave Schafer has been writing professionally for nearly a decade, covering topics ranging from personal finance to software and consumer technology.
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