Synchrony Bank

Synchrony Bank
2.7 2.5 2.7 3.7 3.4 126


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Terrible experience with savings account

In theory, Synchrony is one of the best options for a high yield savings account, but their horrible customer service can make this untrue if you are unlucky.

I have multiple similar accounts, but Synchrony is the only one to require a signature card in order to avoid withholding a decent chunk of the interest I earned. I mailed that signature card in the day I got it. A couple weeks later I got a notice that I needed to mail in the card, so I did it again. A couple weeks after that, the same thing.

So, increasingly annoyed, I called and sent a message to their customer service team about it. Eventually they confirmed they had received it…great.

Then a couple months later I realize that my interest payments seem lower than they should be. I called…guess what, they were withholding for lack of a signature card (despite messaging via the online system months earlier that they had received it).

So, because of their incompetence, I’m earning an annual interest rate 0.75%, well below the advertised rate of 1.05%. And that’s despite fulfilling their requirements multiple times, which they confirmed I had done.

Avoid this bank.


New age saving

This bank is all about being paperless and fully online. There is essentially no reason to ever need to use a branch. With no min or fees, this account is great for young people like myself who are trying to save a little here and there. I don’t want to waste time with a bank teller, I just want to click away on my phone and transfer my money very easily and this bank offers that. The interest rates are amazing and normal checking savings banks can’t come close with the interest rates. For me, this account is strictly for saving money for future purchases and I can access that money at an atm when i need it, even purchase things with my atm card from Synchrony. This is the new way to have a savings account and I can understand why older generations would not like this bank, this bank is not like any other.



takes too long to get a RMD check. You have to either mail or fax in the request and then when they receive it - it takes an additional 7-10 day before the customer receives it. Not happy and think I will transfer when maturity of my IRA comes up.


Crappy Website

I can never get into my savings account even though I have the correct User name and password. They need to fix their website cmon we aren’t in cave man times


Mostly Positive

Great rates, decent web interface, decent phone service. Their wire department is not very good - I’ve done 20-30 wires, about about 1/4 of them get screwed up.


Wrong execution of IRA distribution

We bank with this bank for about 5 years, have our IRAs there and generally nobody can match their high interest rate. But the 2nd year in row I have problems with IRA distributions. I gave an instruction to deposit the distribution to the checking account specially opened for such transactions. Instead that mailed me the check 4 days ago that I have not yet received. They tell I did not mark the transfer on the 1 st page, but I clearly marked it on the 2nd page with the checking account number. Any other bank would call t clarify, if something not obvious to them.


No Problems

I have never had any problems at all. All questions answered promptly and professionally. The rates are the best and no fees. Transfers happened as expected. I was hoping the would bump the rate since the fed did, but not yet…


Terrible Website

Have been trying to access my account online for 2 months and get stuck at the verification information page; which I fill out each time but wont accept. have used Mozilla, Internet Explorer and Chrome browsers. Will not take the information. I have been told its the website and they have compatibility issues. It didnt start that way and now is just a hassle. Have to make payments on the phone through automated system (dislike). I can do this, but it sure would be nice to access my account information online. They know there is a problem, but after 2 months? Not being fixed? I dont think they have a good IT consultant!


Great rate with no hassle!

I’ve been banking with Synchrony for the better part of the last 3 years. Even though 1.05% isn’t that much, it’s infinitely better than what the major brick and mortar banks can offer. I’ve never had any technical difficulties with depositing or withdrawing money and i’ve earned several hundred dollars in interest payments over the years! For the record, I don’t use the ATM card and I only make ACH deposits and withdrawals. Generally within three business days, my money is either deposited or available in my brick and mortar account.

I like the bank so much I convinced my retired mother to move an IRA from one of the big names to Synchrony. Her interest payment each month is nearly what she was earning semi-annually at the other place.

With interest rates going up, hopefully Synchrony’s consumer rates will inch up as well.

Overall, I’m a very satisfied customer and would recommend Synchrony to all my family and friends!


Great so far

I have had no problems, yet, with this bank. I have had a High-Yield Savings Account with Synchrony for about a year, and I basically use it as a CD. I transfer money into it regularly and enjoy the great interest rate. I have had no problems transferring money from my other bank account, and everything has been clear and concise, so far.


Synchrony Bank for Savings - A Great Choice

If you’re looking for a savings account to squirrel away savings and watch it grow fast, go with Synchrony. Those under the age of 50 are generally very comfortable with the online banking experience. Quite frankly, I never go to the bank anyway so why do I need a brick and mortar, which can’t afford to pay me higher returns?

Keep in mind that Synchrony Bank savings and CD’s, etc. is not the same as the accounts for credit lending. Same financial group, different sector with a different website. The review above is talking about Synchrony Credit, and that experience should be considered completely different because it’s not the same group whatsoever (so they are completely confused).

Yes… Yes… YES! I recommend 5 stars.


Just savings

It’s an online savings account, I don’t know why everyone is complaining. I get a great rate, make a bunch of money off interest, and don’t use them for anything else. That’s all a bank like this should be for.


High Rate Savings

What’s everyone complaining about? It’s a simple savings account with a high APR. I don’t know how much more difficult it can really be. I deposit into the savings account and done…


Bad Reviews are for Credit Cards

Great online savings account. I was surprised to see so many negative reviews. After reading through them they all seem to be related to credit card problems. If you’re looking for a good high yield online savings account. Give these guys a look.


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.


Not impressed

I attempted to set up an account for a CD for a 6 figure deposit. The first hurdle was that, if you don’t want your device registered, (which I did not) they send a code to your phone. Many of the financial institutions I deal with do this. The problem is that they will only take the phone number that is given to them by one of the credit bureau’s and send your access code to this phone number even if it no longer exists essentially forcing you to “register” your device. So if you are ever trying to use your phone instead of the “registered device” you will be unable to access your account as the code will go to a non-existent phone number. The second issue was that after setting up my account so the money could be electronically transferred, days went by and the money was never transferred. I called and was told that because of the issue of using a phone number that no longer worked to set up my “registered device”, the transferred was stopped. I was never notified of any problem and my money would have sat in a checking account at .05 percent forever if I had not called. I canceled my account—I will not trust my money to a bank that doesn’t know or care if they were able fund my account and that makes if impossible for me access my account from any device I want.


Not worth it

EverBank offers a similar deal. Synchrony customer service is so bad that I do not recommend you put your money there. My account is frozen and I am cut off from access to my money. This is because I tried to transfer back into the account I have originally funded from. Taking it is no problem but giving it back is suddenly restricted. I will cancel this account as soon as I am able. They also make you constantly change your password so you can’t keep track of what it is. Buyer beware!


hello everyone, if you do not like the stock market, synchrony is a good place to make a bit of %. i give them 2 tums up and most issue. and they have good saving reward for customers . we have NO problem at all for the pass 2 years. and we say big



HORRIBLE customer service EVER

I have made 5 phone calls and talked to 9 people to which I still don’t have my issue taken care of. Each person tells me a different thing and transfers me to someone else. I have been on the phone 1.5 hours and am extremely frustrated. I wouldn’t recommend this company if they were the only company left to choose from. I am closing my account. I would find another company unless you have endless time to deal with a small problem.