Synchrony Bank

Synchrony Bank is an online bank that provides competitive deposits products and credit cards to healthcare and retail businesses. It was initially an affiliate of General Electric (G.E.), established in 1932. The bank was it launched the IPO in 2014 at the New York Stock Exchange. In 2015, Synchrony Bank completely dissociated from G.E. and was a separate company. In the following year, it was included in the S&P 500.

  Advantages

  • High-yielding deposits with no monthly charges – Synchrony Bank offers a high-yield savings account and money market accounts and C.D.s (C.D.s) that don’t have monthly charges. This means your interest will not be affected by bank fees. The high-yield savings account yields an 0.50 percent Annual Percentage Yield (APY). An account in the market earns a 0.35 percent annual percentage yield. The rates for C.D.s vary according to the time and can reach 1.00 percent APY
  • The minimum deposit required for opening a new account is as low as $0. You could open an account with Synchrony bank savings or a money-market account for only $0.
  • A variety of credit cards are available from well-known retailers. Synchrony Bank partners with hundreds of healthcare and retail stores throughout the U.S. to offer to finance. These financing options give customers the option of purchasing products and services right now and then paying for them over time.

 Disadvantages

  • A limited branch presence If you wish to go to the Synchrony Bank branch in order to speak to the person in person, the options are limited since it only has five branches. The best alternative is to contact customer support or start a chat session during working hours.
  • It doesn’t operate its own ATM system. Synchrony Bank partners with Accel to offer 400,000 ATMs fee-free throughout the U.S. The bank doesn’t charge for the use of another bank’s ATM and will refund the amount of $5 charged by banks in the U.S. for each statement cycle. Customers of Perks Rewards who have “diamond” status get unlimited refunds for ATM fees in the US.
  • Checking account options are not available. Consumers seeking to consolidate all their accounts in one place should consider a different bank. Synchrony Bank cannot offer to check accounts or other kinds of loans besides credit cards.

  For Whom Is Synchrony Bank Best For?

  Synchrony, This type of bank, is ideal for those who:

  •    Don’t want to switch your primary bank account.
  •    Want a high-yield deposit account
  •    You don’t require the physical branch’s access.
  •    Are you interested in the advantages of having an account with a credit card for retailers?
  •    Are you looking to fund the cost of healthcare over time?

  What Can Synchrony Bank Have to Offer?

Since it is an online banking institution, Synchrony Bank offers competitive interest rates on its money market, savings, and CD accounts. Synchrony Bank also collaborates with numerous retailers to offer customized credit cards co-branded with the retailer. Synchrony Bank provides the ability to finance healthcare procedures and purchases via the CareCredit product. The bank does not provide loans, checking or savings accounts, investments, and other products are available at other financial institutions.

  Synchrony Bank offers the following products in the banking industry:

  •    Savings Account
  •    Money Market Account
  •    Credit Cards 
  •    CDs

  Through the Synchrony Bank Perks Rewards program, customers are able to earn elite status according to the number of their deposits or the length of their relationship. Customers can achieve the highest level of “diamond” status once their deposits exceed $250,000 or bank through Synchrony Bank for five years. Members enjoy unlimited ATM reimbursements within the U.S. and free wire transfers each cycle of their statement.

High-Yield Savings Account

The high-yield savings accounts offer an interest rate that is competitive with no minimum deposit requirement and no monthly fees for maintenance. Customers receive the rate of 0.50 percent APR across all accounts. You can access your account via the internet, telephone, or through an ATM. Synchrony Bank partners with Accel to provide over 400,000 ATMs throughout the 50 U.S. states. The bank doesn’t charge for using another bank’s ATM and will reimburse you as much as $5 for each cycle of statements for the fees.

Money Market Account

Customers can open a money-market account with check-writing capability. It has no minimum balance requirement, and there are no monthly maintenance charges. You are able to access your funds via checks, online transfers, ATMs, and checks, but only the amount of six per month. If you go over the limit, you will not be charged a fee but could be compelled to close your account.

They are also accessible in the conventional and Roth IRA. You can make contributions at any time (up to the limit of a year) into the IRA account. You can also switch an IRA from an institution or transfer your employer’s retirement plan into Synchrony Bank.

CDs

Synchrony Bank offers C.D.s with conditions ranging from 3 months through five years. The minimum amount to deposit for opening a CD is zero. Rates of interest vary based on the period of the CD you’d like to open. The higher rates are only available when you deposit large amounts. You can open a traditional CD or one that is part of a Roth or traditional IRA.2

 If your CD is due to expire, the CD can be renewed automatically for the next period at the current interest rate. There is a grace period of 10 days during which you can use the period to increase funds or withdraw funds and modify terms. You

 can give instructions during this grace period, or you can send renewal 

requests within 30 days before the date of the maturity date on their 

website.

 If you have to take money from the CD prior to expiration, there will be the possibility of a penalty. The penalty varies based on the duration of the contract. The terms of one year or less will be subject to an interest rate of 90 days of simple interest. C.D.s with terms ranging from one year and under four years are subject to the penalty that is 180 days interest simple. A term exceeding four years results in the penalty of 365 calendar days of interest that is simple.

 Credit Cards

Synchrony Bank offers dozens of credit card options offered by stores across the country. In addition, it provides healthcare financing via its CareCredit product. It is possible to use this financing for dental, LASIK or vision, veterinary, and other specialties.

Here are a few of the merchants who Synchrony Bank partners with to provide credit cards:

  •    Amazon.com
  •    Ashley HomeStore
  •    Banana Republic
  •    Lowe’s
  •    Lumber Liquidators
  •    Midas
  •    Old Navy
  •    PayPal
  •    Sam’s Club
  •    The Container Store
  •    T.J. Maxx

  The Synchrony Bank Customer Service

To reach customer service, you can reach them via telephone (1-866-226-5638), chat on the internet, or secure online message. Customer service at banks is available via chat or phone every day from 8 a.m. until 10 p.m. E.T. On Saturday and Sunday between 8 a.m. until 5 p.m. at 5 p.m. EST. The automated phone service is accessible 24/7. If you’re having questions about your CareCredit or credit card, you’ll need to choose your card’s type on this page in order to get the correct phone number.

 How To Bank With Synchrony Bank

Customers typically bank with Synchrony Bank by opening a bank account online or opening a credit card online, or in the shop. Synchrony Bank has five branches in Georgia, North Carolina, New Jersey, Utah, and Kansa.

The process of opening an online bank account is easy to set up and can be done in just a few minutes. Once your account is opened, you can transfer money via mail or electronically or deposit money via mobile using the Synchrony Bank mobile app that is compatible with iOS as well as Android devices.

You can use the ATMs with your debit card and make debit card transactions. In addition, you can withdraw money at over 400,000 Accel Network ATMs without fees.

Suppose you are looking to make an application for a credit or debit card. In that case, you can look through the choices on the internet before submitting an application, either online or in a shop. Certain credit cards have special offers that offer a welcome bonus after applying and completing certain activities. You can find these offers by visiting the page with Special Offers.

 Methodology

Bill payment is committed to providing customers with a thorough, objective review of our recommended banks. We gathered more than 20 data points for more than 80 banks — including the options regarding fees, interest rates, and accessibility to ensure that our reviews help customers make the best choice regarding their banking and savings requirements.

Synchrony Bank

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