The journey for Synchrony started back in 1932 when it was General Electric Contracts Corporation and was helping people with financial things. It did launch several products such as store cards for brands like Chevron and Lowe’s. But later on, in 2015, Synchrony broke off from General Electric Contracts Corporation and decided to become a separate independent financial institution. In this Synchrony Bank Review, we would be talking about each related to Synchrony Bank.
Synchrony bank is added to the S&P 500.
Features of Synchrony Bank
Synchrony lets its users use online financial products either on phone or on the website. That is why, before making your way to the Synchrony, you must be comfortable with the same.
Let’s look at the features now.
Monthly Service Fees
Whether a saving account or a money market and CD, Synchrony charges no monthly service fees. This is something really soothing to hear for so many people, as there are several others that ask for higher fees in the name of service charges.
Higher rates
The other beneficial perk of using Synchrony is its competitive rates. Talking about its high yield savings account, it pays 1.65% on all balance tiers. On CDs account, you can get up to 3.25%.
No minimum deposit amount needed
In most banks when you open a bank account, you have often been asked about keeping a certain amount of money to be kept in your account, as per the rule. However, there is nothing such as in Synchrony bank. You need not maintain any such balance; which means you can use your account as per your choices: whether to keep the amount or not.
Details of Synchrony Bank Products
Being a popular mobile bank, Synchrony bank provides a variety of products of its kind. Here are a few mentioned below:
Savings Account (Synchrony Bank Review)
Using a savings account with Synchrony bank is absolutely a good choice. There are no fee charges, nor a depositing amount for this account. Additionally, you would get a decent APY up to 1.65%. It also repays the amount which a user had to pay for the additional ATM withdrawal fees.
Money Market Accounts (Synchrony Bank)
If you’re someone who loves writing checks would be worth using Synchrony’s Money Market Account. This account, like a savings account, has no fees and low minimums which attract the most users, for sure.
Its APY stands at 1.10% across balance tiers. That’s quite satisfactory.
CD Accounts (Synchrony Bank)
Synchrony’s CD Accounts are better in comparison with others. It does not demand a minimum balance to be kept in the account and not only this, but it also gives you term timing from 3 months – 60 months. Also, you get a 15-day rate guarantee which will go up when the APY increases.
To make you more aware, we have mentioned the list of Terms and APY down below.
| TERM LENGTH | APY |
| 3-month CD | 1.00% |
| 6-month CD | 1.50% |
| 9-month CD | 1.65% |
| 12-month CD | 2.30% |
| 13-month CD | 2.30% |
| 14-month CD | 2.30% |
| 15-month CD | 1.10% |
| 18-month CD | 2.50% |
| 24-month CD | 2.60% |
| 36-month CD | 2.80% |
| 48-month CD | 2.80% |
| 60-month CD | 3.25% |
Competitors
To justify the goodness, it’s important to compare Synchrony with its rivals. Here are a few discussed.
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Ally
Ally is a fair choice for you if you wish to have all the features in one place. However, if your demand is only a savings account, you could go to Synchrony bank, as it is best for the single requirement.
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Citibank
Compared with the APYs of Citibank and Synchrony bank, Synchrony bank seems good as it provides up to 3.25%, while it is 0.30% for Citibank.
Citibank is particularly known for CDs which include no-penalty CDs and step-up CDs. You can choose it if APY is not the issue for you.
3. Chase Bank
This is particularly known for the CD account. Chase bank offers a variety of CDs and that too with the range of 1 month to 10 years. Therefore, those who are looking for short and long-term CDs can go for Chase easily. However, they should be well aware that the APY is less compared to the Synchrony bank here which is 0.05%.
Takeaways!
This blog post discusses Synchrony Bank Review: a leading online-only bank for savings, and CD accounts and with absolutely no fee charges.
With higher APYs, you would be using it for your benefits fully. Synchrony bank is also ranked in the top 100 banks of 2022.