Synchrony Banking Review

Company Overview: Synchrony

Based in Connecticut, Synchrony is an online bank that offers a high yield savings account with high rates so you can earn interest on your cash. With a single physical branch in New Jersey, Synchrony is not a traditional bank, but it’s hard to beat the low fees and high rates.

Synchrony Overview

Synchrony offers attractive rates and terms compared with other top online bank accounts:

Account Minimum: $0

Monthly Service Fee: $0

Debit Card: Yes

Mobile App: Yes

How Synchrony Compares: Key Benefits Of Synchrony

Here are some of the reasons that investors love Synchrony:

  • Great Rates: Synchrony has among the highest rates for bank accounts in the industry, which means you can watch your money grow.
  • Account Minimum: You can open a Synchrony online savings account with $0.
  • Free ATMs: Synchrony provides access to over 2 million ATMs.
  • Remote Deposit: Synchrony offers remote check deposit.
  • Hotel Discounts: Synchrony offers customers hotel discounts and rental car discounts to customers with at least a $10,000 balance.
  • Customer Support: Synchrony offers 24/7 customer support.

Bottom Line: Is Synchrony right for you?

Synchrony is not a traditional bank, but it’s low fees and high rates make it an attractive option with several perks.

Synchrony offers among the highest rates for online bank accounts, which means you can watch you money grow faster. With no monthly maintenance fees or minimum balance, Synchrony has built the reputation as a top bank.

One of the best benefits of Synchrony is access to over 2 million ATMs. Synchrony also has no fees for Synchrony Bank ATMs. Importantly, Synchrony will reimburse you $5 each month for other ATMs. There are also no overdraft fees. Another benefit for customers with at least a $10,000 balance is discounts for hotels and car rentals.

Synchrony has one physical branch in New Jersey. With all online savings accounts, federal law limits electronic transactions to a third party or another account to six per statement cycle. However, you can make unlimited deposits and ATM withdrawals.

Next Steps: How To Apply To Synchrony

You can open a Synchrony account online within a few minutes, and the process is simple.


Best Bank Accounts For 2018

Bank
Rates (APY)

Overview

Account Minimum:$0
Monthly Service Fee:$0
Debit Card:Yes
Mobile App:Yes

Details

  • One of the oldest online banks
  • Mobile app is compatible with Apple, Android and Windows phones
  • Real-time chat support
  • Access to over 43,000 free ATMs
  • No ATM fees at AllPoint ATMs, plus $10 / month reimbursement for other ATMs

Review

Overview

Account Minimum:$0
Monthly Service Fee:$0
Debit Card:No
Mobile App:No

Details

  • No transaction fees
  • Easy electronic transfers, wire transfers or deposit by check
  • One of the leading financial services companies

Overview

Account Minimum:$0
Monthly Service Fee:Waived, if balance of at least $30
Debit Card:Yes
Mobile App:Yes

Details

  • Offers remote check deposit
  • Access to more than 2 million ATMs
  • $0 fees for Synchrony Bank ATMs, $5 monthly rebate for other ATMs
  • $0 overdraft fee
  • Hotel discounts and rental car discounts available for balances over $10,000

Overview

Account Minimum:$0
Monthly Service Fee:$0
Debit Card:Yes
Mobile App:Yes

Details

  • $5 non-sufficient funds fee (much lower than other banks)
  • No maximum monthly deposit
  • No ATM network, but ability to make electronic transfers that link to your bank account

Overview

Account Minimum:$0
Monthly Service Fee:$0
Debit Card:Yes
Mobile App:Yes

Details

  • Not-for-profit credit union that you can join by meeting membership criteria, or simply making a $10 charitable donation
  • Access to 80,000 ATMs
  • $0 ATM fees for in-network ATMS, plus $20 / month reimbursement for other ATMs
  • 24/7 phone support

Overview

Account Minimum:$0
Monthly Service Fee:$0
Debit Card:Yes
Mobile App:Yes

Details

  • Extensive ATM network
  • One of the highest yields around
  • Strong customer service

Overview

Account Minimum:$0
Monthly Service Fee:$0
Debit Card:Yes
Mobile App:Yes

Details

  • Includes automatic savings tool
  • Extensive ATM network
  • Access to service cafes in select cities
  • Ability to set and track goals to save you money

Overview

Account Minimum:$100
Monthly Service Fee:$0
Debit Card:Yes
Mobile App:Yes

Details

  • One of the highest rates
  • Free online banking

Review

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