What is synchronybank.com? What does it have to offer? What makes it stand out from its competitors? Welcome to my review about Synchrony bank, in which we shall be taking a closer look at some of its major elements in a bid to determine whether it is one that you can trust or not. Here are the main items that we shall explore:
- What is synchronybank.com?
- Who is Synchrony Bank Best For?
- What exactly does Synchrony Bank Offer that you can take advantage of?
- The nature of Synchrony Bank’s customer service
- Is Synchrony Bank Genuine or Is It a Scam?
- Pros and Cons
- Final Words and Verdict
Name of the platform: Synchrony Bank
Official Website URL: https://www.synchrony.com/
Overall Rating: (3.1 / 5)
Recommended: Not Recommended
What is synchronybank.com?
Synchrony Bank exists as the online banking division of the popularly known firm, Synchrony Financial. Synchrony Financial has its headquarters in Draper, Utah. It was founded back in 1988. There’s however, a lot of history that runs back to 1932 when it was established as General Electric Contracts Corp. At this time, the company’s main objective was to help its customers finance new appliances.
Who is Synchrony Bank Best For?
Synchrony Bank’s offerings are generally less extensive than most of the other banks in the online banking industry, and they focus mainly on the savings aspect. The standard savings options are the ones that are mostly available. The lack of traditional checking accounts is one outstanding thing about Synchrony Bank. Customers, however, have the option to create a money market account.
Generally, you should consider creating your account with Synchrony Bank if you want the following:
- To have an account in which there are no monthly charges (there are however a few additional fees)
- Access to the ATMs in both ACCEL and Plus networks.
- Access to a mobile app that has the mobile check deposit feature.
- About 10 external bank account links
- Very competitive rates on the CDs as well as savings accounts.
What exactly does Synchrony Bank Offer that you can take advantage of?
Synchrony bank makes it possible for its customers to earn interest on their deposits through a number of ways, including the following:
Money Market accounts
The money market accounts offered by Synchrony Bank pay interest on customers’ deposits, though the rate is significantly lower than that of savings accounts,. The main tradeoff is, in this case, the fact that you can write checks on the money market accounts, just like you would do with a checking account.
Unfortunately, Synchrony Bank usually limits all check electronic transfers as well as telephone transfers to six times per every statement cycle. Such transactions, at ATMs, are however unlimited. Some of the other benefits one stands to gain with a money market account include:
- Consistent earnings of 0.50% APY regardless of one’s account balance.
- No monthly fees
- There’s no minimum deposit required.
High-yield savings accounts
Synchrony Bank’s high-yield savings accounts pay such an impressive rate on the deposits that customers make- customers earn up to 0.60% APY on their deposits regardless of their current balance. As part of Synchrony’s incentives, you will get an ATM card to make your cash withdrawals more convenient. Synchrony Bank limits the electronic and telephone transfers to six per statement cycle. The ATM transactions are however unlimited. Some other benefits of Synchrony Bank’s high-yield savings accounts include:
- There are no monthly fees
- There are no minimum deposits or even any ongoing balances required
- Customers can deposit cash or even checks at various ATMs
- Mobile check deposits are supported
Individual Retirement Accounts (IRAs)
Synchrony Bank also offers IRA versions of the CDs and money market accounts. The IRA money market has a $250 minimum deposit account- this makes it a very suitable option for the risk-averse savers who would like to make monthly contributions.
Synchrony’s IRA CDs generally have similar terms as the other CDs that the company offers, with there being some exceptions with the 13, 14, and 15-month options. Customers should also meet the $2000 minimum initial deposit requirement.
The standard IRA withdrawal penalties are applicable to both account types. For instance, withdrawing the funds before one turns 59 ½ could lead to tax penalties.
Synchrony also strives to offer some of the best CDs with impressive rates. The terms range from 3 months to 5 years. Regardless of the option you choose, you must meet the $2000 deposit requirement to get started.
The following rates are applicable to the CDs
- 3-month CDs- 0.15% APY
- 6-month CDs- 0.25% APY
- 9-month CDs- 0.35% APY
- 12-month CDs- 0.60% APY
- 18-month CDs- 0.60% APY
- 24-month CDs- 0.65% APY
- 36-month CDs – 0.70% APY
- 48-month CDs- 0.70% APY
- 60-month CDs- 0.80% APY
Trying to withdraw money before the CD matures can lead to early-withdrawal penalties. The nature of the penalty usually depends on the term of the Certificate of Deposit, as shown below:
- 12 months (or less )- an amount that’s equivalent to 90 days of interest
- Period lasting more than 12 months but less than 48 months – an amount of money that’s equivalent to 180 days of interest
- More than 48 months – an amount that’s equivalent to 365 days of interest
The nature of Synchrony Bank’s customer service
You can contact the customer service staff from 8 am to 8 pm EST from Monday through Friday. On Weekends, however, you can contact them from 8 am to 5 pm EST. The two main communication options that customers use include:
- Telephone – 1-866-266-5638
- Online chat
Is Synchrony Bank Genuine or Is It a Scam?
Synchrony Bank is in my humble opinion very genuine. It has a variety of elements that directly point to it being a genuine one, including the fact that the firm that owns it has physical headquarters in Utah, that one can visit in case they have issues that can’t get resolved via telephone or the online chatting platform. Synchrony Financial has been existent for many years, and most customers who have are already enjoyed it in the past can switch to using Synchrony Bank for more convenience.
A close look at the customer reviews, unfortunately, reveals that Synchrony Bank is doing the most impressive job at customer satisfaction. With a rating of (3.1/5) stars on Trustpilot, I can admit that Synchrony Bank has some extra improvements to make to compete with other companies for investors’ attention.
Pros and Cons
- Offers 0.6% APY on customers’ savings
- Usually reimburses $5 for all out-of-network ATMs
- Does not have branches
- Does not offer checking accounts
Final Words and Verdict
Verdict: Legit (not highly recommended)
Overall Rating: (3.1 / 5)
Synchrony Bank is advertised as one of the best online banks in the world but unfortunately fails to back up such claims. More than 95% of the customers who have reviewed the nature of its services on Trustpilot think of them as being bad. None of them thinks of the services as being good or excellent. If anything, this should be enough to tell us that Synchrony Bank is one to stay away from.
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That’s all for this review on what synchronybank.com is. I hope you are well-equipped with information on whether or not this online banking platform is one that you can rely on or one that you should stay away from. What retirement investment options are you considering? Have you tried gold and other precious metals to your portfolio of assets? Let me know in the comments section.
I wish you well,
Eric, Investor and Team Member at Gold Retired!