Synchrony Bank is an FDIC-insured online bank offering savings accounts, money market accounts, IRAs and credit cards. It’s also a leading provider of private-label credit cards nationwide. Here’s what you need to know before opening an account or applying for a credit card with this financial institution.
About Synchrony Bank
For over 80 years, Synchrony has provided financial solutions to help consumers meet their goals. Synchrony Bank, a division of Synchrony, demonstrates this commitment as its structure helps minimize the operational expenses incurred by traditional brick-and-mortar branches.
Consequently, Synchrony Bank can pass cost savings on to consumers through savings products with attractive rates. Credit card products offered through Synchrony also benefit you as they allow you to earn more as you spend. Synchrony Bank serves consumers in all 50 states, Washington, D.C., and U.S. territories.
Synchrony Bank’s approach to banking emphasizes convenience and customer service. Without the physical limitations of local branches, customers can manage their accounts anywhere, anytime, through a secure online platform or mobile app. This digital-first strategy aligns with modern consumer behavior and enhances the banking experience with features like direct deposit, online fund transfers and electronic statements.
The bank’s commitment to its customers extends beyond financial products. Synchrony Bank also invests in financial literacy initiatives and provides tools to help individuals make informed financial decisions. By focusing on the customer’s financial well-being, Synchrony Bank has established itself as a trusted financial partner dedicated to helping Americans save smarter and spend wisely.
What Does Synchrony Bank Offer?
Synchrony Bank features savings account options to make your money work harder for you. Three credit card options are available, whether you’re looking to build credit or earn cash back on everyday purchases.
Banking with Synchrony
Below is an overview of what you need to know before deciding if you should bank with Synchrony.
Online and Mobile Banking Services
The Synchrony Bank app provides a seamless banking experience, allowing you to manage your finances efficiently from your smartphone or tablet. With the convenience of mobile check deposit, you can also quickly deposit checks on the go using your mobile device.
Its intuitive interface lets you effortlessly transfer funds between accounts, monitor your balances, and track your spending. Whether at home or on the move, Synchrony’s mobile banking services are designed to fit into your busy lifestyle, ensuring you have complete control over your financial transactions any time of the day or night.
Opening an Account
It takes just a few minutes of your time to open a new account with Synchrony Bank, and you don’t have to visit a branch.
Here’s how the process works:
- Step 1: Choose the account that works best for you.
- Step 2: Gather the information and documents needed to apply.
- Step 3: Apply for the account you select online and submit your application for review.
- Step 4: Fund your account by scheduling an opening deposit by mobile check deposit or an electronic funds transfer from an external account. You can also mail a check.
- Step 5: Access your account via the mobile app or online dashboard.
Different Types of Accounts Offered
You won’t find a checking account option with Synchrony Bank. But as previously mentioned, it features products to help you grow your money.
- High-Yield Saving Accounts: You can earn a 4.75% APY on your money without incurring monthly service fees. This account is also free of minimum deposit and balance requirements.
- Money Market Accounts: These accounts give you the best of both worlds. You get a generous return of 2.25% APY on your money, giving you check-writing capabilities. Plus, you won’t have to worry about minimum deposit or balance requirements.
- CD Accounts: Synchrony Bank CDs span three to 60 months and provide a surefire way to grow your savings. Unlike most traditional CDs, you can get started with any amount and earn up to 5.30% APY.
- IRAs: IRA CDs and IRA Money Market Accounts offer a solution to supplement your retirement plan.
Credit Cards by Synchrony Bank
Synchrony Bank provides credit cards with no annual fees for personal or business use. You also get access to Mastercard Travel and Lifestyle Services, Priceless Experiences and ID theft protection. There are three products to choose from:
- Synchrony Premier World Mastercard – It caters to consumers with excellent credit and offers up to 2% in unlimited cash back on purchases.
- Synchrony Plus World Mastercard – It pays 1% cash back on all purchases and is most ideal if you have good to excellent credit.
- Synchrony Preferred Mastercard – If you’re a credit newbie or are looking to build credit, this credit card product is ideal.
Benefits of Choosing Synchrony Bank
- Competitive interest rates on high-yield savings accounts and CDs
- No monthly fees or minimum balance requirements
- No minimum opening deposit for savings or CD accounts
- ATM card available upon request to access funds
- Complimentary identity theft protection
- Online chat feature for customer support
Possible Drawbacks of Synchrony Bank
- No traditional checking account options
- No local branches for in-person customer support
- ATM fee reimbursements capped at $5 for out-of-network withdrawals
- Limited credit card offerings
Comparing Synchrony Bank
Like most online financial institutions, Synchrony Bank minimizes operational costs and passes these savings on to account holders through competitive interest rates and lower fees.
That said, it falls short as there are no checking account options available. The upside is its high-yield savings and CD product options, which are designed to compete in the market as they feature attractive APYs and don’t require a minimum balance.
The bank’s money market accounts also offer a viable alternative for those who seek both interest earnings and some degree of liquidity. Although not as high as the yields on CDs or high-yield savings accounts, these accounts provide a reasonable rate return while allowing for limited check-writing abilities, which can partially offset the absence of a traditional checking account.
Credit cards are another area where Synchrony Bank stands out. Beyond the three options mentioned above, the bank also partners with several retailers to offer branded credit cards.
Synchrony Bank’s credit card partnerships span a wide range of industries, including home furnishings, electronics, automotive care, and health and added benefits like promotional financing, loyalty rewards, and discounts on purchases with participating retailers.
Synchrony Bank’s online banking platform is designed with user experience in mind, providing a straightforward and secure way for customers to manage their accounts. The platform includes features such as electronic funds transfers, automated savings tools, and mobile check deposits. The bank’s mobile app further enhances accessibility, enabling customers to keep track of their finances on the go.
So, while Synchrony Bank may not offer a traditional checking account, its comprehensive suite of other financial products, competitive rates, and customer-centric services make it a strong contender in the online banking landscape.
Is Synchrony Bank for You?
Synchrony Bank could be ideal if you prioritize savings growth over comprehensive banking services. You won’t have access to checking account options or loan products. Still, the interest rates on the high-yield savings account and CDs could be enough to make it a worthwhile option.
Ultimately, deciding if Synchrony Bank is right for you comes down to your specific needs and preferences. It’s also worth considering the level of support you want to receive. Synchrony Bank operates primarily online, so it may not be a good fit if you prefer an in-person banking experience.
How to Get Started with Synchrony Bank
Opening a new account with Synchrony Bank is a straightforward process that you can complete online. You’ll enjoy the convenience of online banking along with competitive rates that make it easy to grow your hard-earned money.
