Great for Savings and CD’s
I use Synchrony for CD’s only. For this, they are exceptional – highest rates, electronic transfers and monthly statements. They do have some qwerks, though.
When you open an account, you’ll need to fill in a W-9 to indicate your withholding status. If you don’t get it on file within the first 30 days, they will automatically withhold taxes on the interest payments. However, after they have the W-9 on file, all other CD’s and savings accounts will be governed by the W-9 on file.
Every time you open a CD, you’ll get a “Welcome Packet” in the mail with notices and instructions, including another W-9. You can ignore this Welcome Packet, as they already have everything for your accounts on file. The Welcome Packet cannot be suppressed.
Money can be transferred in and out of your Synchrony Savings or Money Market account from an external (checking or savings) account. It’s easy to set up. Note that money transferred in to Synchrony will take 3 business days to show up in the account - Just plan on it.
You can get monthly paper statements or opt for electronic statements. Interest is credited monthly, even for CDs.
Customer service is rough around the edges. Phone calls keep you in a queue for sometimes what seems like an excessive amount of time. However, once connected, the customer support person always handled my issue completely. I have also had great success with their secure messages in the online account. I have always gotten a very complete response within 24 hours. If you weren’t clear with your inquiry the first time, follow-up questions take another 24 hours. Just plan on it.
Transactions for trust accounts have a couple additional qwerks. To open a trust account, you must mail in your proof of trust via US mail. This is unlike Ally Bank which takes a scanned image electronically. Also, opening a CD in a trust account requires you call them and give instructions over the phone. But, you can open and fund the CD with money transferred from your Synchrony Savings or Money Market account on that same call. I think for a non-trust account, you can open CDs online, without having to talk to anyone.
They advertise “Perks” at various levels based on years as a customer and assets on deposit. They show hotel and car rental(?) perks. I looked into this once, but was redirected to a third party web site asking for a code I could not find and knew nothing about. I never found the offers. – Just ignore this sales gimmick.
Use Synchrony for CD’s, Savings and Money Market accounts only and you can’t go wrong.