Synchrony Bank Review


5.0 rating

Foundation Year
Unknown


Office Address
Synchrony Bank, P.O. Box 105972, Atlanta, GA 30348-5972


Phone number
+1-866-226-5638


Pros

  • Many awards;
  • 80 years of experience;
  • FDIC Membership;
  • Mobile App;
  • Great rates on all our accounts;
  • No monthly fees.

Cons

  • No contact data (only chat);
  • No office details.

Overview

Synchrony Bank is an FDIC-insured online bank. This institution belongs to a Fortune 500 company. Its experience has over 80 years in consumer finance. Nowadays, Synchrony Bank is characterized as the largest distributor of private label credit cards in the United States. The company has different awards the lattest of which are:

  • 2020 – Named one of Forbes Best Online Banks of 2020;
  • 2018 – NerdWallet – Best Interest Rate with ATM access – High Yield Savings, GOBankingRates.com – Best Savings Account, MyBankTracker.com;
  • 2017 – The same as in 2018;
  • 2016 – InformationWeek Elite 100 – For second year in a row, Synchrony Financial was named one of the top 100 business technology innovators in the U.S. in 2016, Bankrate.com Top Tier 100 Highest Yields – Certificates of Deposit (Q1-4), Money Market Accounts (Q1-4).

Synchrony Bank has accounts in Facebook and Instagram. These accounts are constantly updated with the latest financial and healthcare news.

What does FDIC-insured online Synchrony Bank?

FDIC-insured bank is a kind of insurance that implies the following securities:

  • identity theft protection;
  • multi-factor authentication;
  • 128-bit encryption browsers;
  • encrypted network;
  • security monitoring.

FDIC insurance covers the following accounts:

  • Single Accounts insured up to $250,000;
  • Joint Accounts insured up to $250,000 per joint owner;
  • Retirement Accounts insured up to $250,000;
  • Trust Accounts insured up to $250,000 for each qualifying beneficiary.

Who is Synchrony Bank owned by?

The board of directors include:

  • Brain Doubles – President;
  • Margaret Keane – Chief Executive Officer;
  • Michael Bopp – EVP & Chief Customer Engagement Officer;
  • Curtis Hows – EVP & Head of Direct-to-Consumer;
  • DJ Casto – EVP & Chief Human Resources Officer;
  • Alberto Casellas – EVP & CEO, CareCredit;
  • Henry Greig – EVP, Chief Credit Officer and Capital Management Leader;
  • Kurt Grossheim – EVP & Chief Operating Officer;
  • Carol Juel – EVP & Chief Information Officer;
  • Mark Martinelli – EVP & Chief Audit Executive;
  • Neeraj Mehta – EVP, Chief Executive Officer of Payment Solutions;
  • Trish Mosconi – EVP, Chief Strategy Officer and Corporate Development Leader;
  • Jonathan Mothner – EVP, General Counsel & Secretary;
  • Tom Quindlen – EVP & CEO, Retail Card;
  • Bart Schaller – EVP & Chief Marketing Officer;
  • Brian J. Wenzel Sr. – EVP & Chief Financial Officer;
  • Paul Whynott – EVP & Chief Risk Officer.

Financial products offered by Synchrony Bank?

Synchrony Bank offers the following financial products:

CDs
  • Terms from 3-60 months;
  • 24/7 digital banking;
  • Min/balance – $2,000.
Money Markets
  • No minimum balance;
  • 0.50% APY;
  • FDIC Insured;
  • 24/7 digital banking.
High Yield Savings (HYS)
  • No minimum balance;
  • 0.75% APY;
  • Convenient withdrawals;
  • 24/7 digital banking.
IRA CDs
  • Tax-advantaged;
  • 24/7 digital banking;
  • Deposit Amount $2,000+;
  • Terms from 3-60 months.
IRA Money Markets
  • Terms from 3-60 months;
  • Add funds anytime;
  • 24/7 digital banking;
  • Tax-advantaged;
  • 0.50% APY.

Where Can I Find Synchrony Bank with CDs, IRA, HYS?

Synchrony Bank is an online banking institution. This bank operates online on the website – synchronybank.com. They have the mainling address to which you can send any inquiries, pretensions, etc. The address is specified in the front left corner of this page.

If you have any questions, address the company’s customer care department. They also have a phone number specified in the same sector with address.

Does it have a mobile app?

This bank has a mobile app. This app is available for downloading through AppStore and PlayMarket. All the options of Synchrony Bank are available through this application 24/7. It helps people be in touch with updates and control saving accounts like Cds, IRA CDs, IRA Market Money. It is downloaded for free.

How to save with Synchrony Bank?

If you opt for CDs on Synchrony Bank, your rates and terms will look in the following way:

Term Length Deposit Amount $2,000+
3-month 0.25% APY
6-month 0.50% APY
9-month 0.55% APY
12-month 0.75% APY
13-month 0.75% APY
14-month 0.75% APY
15-month 0.75% APY
18-month 0.75% APY
24-month 0.80% APY
36-month 0.85% APY
48-month 0.85% APY
60-month 1.00% APY

IRA CDs ensures the same rates as provided by Synchrony Bank CDs.

If you opt for Money Market Accounts (MMAs), you will get the following rates and terms:

  • Deposit amount: up to $4,999 – 0.50% APY;
  • Deposit amount: $4,999 – 24,999 – 0.50% APY;
  • Deposit amount: $24,999+ – 0.50% APY.

If choose HYS (High Yield Savings), the rates will be the following:

  • Deposit amount: up to $4,999 – 0.75% APY;
  • Deposit amount: $4,999 – 24,999 – 0.75% APY;
  • Deposit amount: $24,999+ – 0.75% APY.

IRA Money Market Accounts ensure the same rates as HYS.

How to create a personal account?

This website has an option to create a personal account. You may use either desktop or mobile version to set a personal account. To register an account, you should fill out mandatory fields. If you have any technical problems, you are welcome to adress customer care department or use a phone number.

What credit card is Synchrony Bank?

Over 240,000 locations nationwide accept The CareCredit healthcare credit card. It is released to help you maintain health, beauty and wellness needs with the help of this credit card. These operations are not covered by insurance. Such a credit card implies a revolving line of credit. It can be used to pay for dentistry, cosmetic treatments, LASIK surgery, eyeglasses, hearing aids, pet care, and much more.

The partners that accept The CareCredit healthcare credit card from Synchrony Bank are:

  • Amazon;
  • American Eagle Outfitters;
  • GAP;
  • Banana Republic:
  • OLD Navy;
  • Lowe’s;
  • TJ Maxx;
  • JCPenney;
  • Sam’s club;
  • Paypal;
  • Verizon.

This list is no way complete. Check the complete list through the website.

Conclusion: Prompt Bank with Many Options

Synchrony Bank offers different options like CDs, Money Markets, High Yield Savings, IRA CDs, IRA Money Markets. Each financial products has its terms and rates. This bank operates online so every American citizen may address this service to find out a financial solution to any financial problem.

Use a phone or feedback for to connect with the customer care department if you have any questions or problems with creating a personal account.

Reviews

5.0 rating

The nation is a reduced circumstances. The situation is very scary for so many people financially. It is a true blessing anytime when a creditor works with you on payments. And I am pleased that this company realizes my pain and anxiety about being able to make a monthly payment right now. This company came through my time of need for 100%. Thank you!

Gerard Perkins
5.0 rating

Was alerted that my Synchrony Pep Boys card was denied. I haven’t skipped a payment and always paid much more than minimum. Hardly applied the card for any payment and don’t guess why it was cancelled. I’ve owned the card for a few years. Called and was told I’d receive a letter in the mail explaining. I guess not Synchrony noticed that I was paying large payments to pay it off and not using it so I was of no value to them anymore.

Kathie Lowe

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