Synchrony Bank Savings Account Reviews

Synchrony Bank Savings Account
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About Synchrony Bank Savings Account

Synchrony Bank Savings Account, found online at SynchronyFinancial.com, is an American financial company that primarily deals with handling store and retail credit cards, but also offers options for savings programs. 

How Does It Work?

According to their website, Synchrony Financial understands that many people out there have unique ambitions, but are stuck with ordinary bank accounts and financial products. They wanted to give people more of what they really needed with their award-winning, FDIC-insured savings products, including a selection of CDs, High Yield Savings Accounts, Money Market Accounts, and IRAs.

Their website is really proud to tell their prospective customers that they provide not only great rates and outstanding customer service, but also their Synchrony Bank Perks program. This program includes benefits like automatic enrollment in Synchrony Bank Perks just for opening an account, rewards for the balances you keep and the length of time you've been a customer, and finally value and discounts without having to keep track of points.

Cost/Price Plans

While this company does not publish any of their costs and fees, applicants should always know that most savings accounts come with some kinds of associated fees these days, so customers will want to check with this company before signing up for a new account. 

In addition, though this company likes to frequently mention the “perks” they provide for their savings customers, it does appear that with further research these perks mostly apply to their Diamond Customers. These are the customers that maintain a savings account of $250,000 for at least five years, which means that the majority of their savings account customers will not actually qualify for these benefits. 

Refund Policy

This website does not provide a published, standard Refund Policy for any fees or costs they charge, which is very common for financial companies. If you do feel that something has happened that justifies a refund of your fees, you should contact their Customer Service as soon as possible.      

Customer Service Contact Info

Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 866-226-5638.

Reputation

This company is really proud to tell their customers that they have received an award from NerdWallet for the Best Interest Rate with ATM access – High Yield Savings (2016) and the Best Money Market Account (2016), as well as the Bankrate Safe & Sound Five Star Rating. 

Unfortunately their customer reviews don’t appear to be in line with their professional reviews, and this seems to be due to lack of quality Customer Support. There are many customers who have reported online that they were incredibly disappointed with Synchrony employees’ lack of knowledge and poor ability to give their customers assistance when they needed it. 

The other concern, as mentioned above, is that this company loves to mention the “perks” they give to their savings customers, but it is only after some pointed digging and research that prospective customers are able to see that these perks only really apply to customers who are able to maintain more than $250,000 in a savings account for five years or longer. Prospective customers will want to consider all of this before committing to this company.

Competitors and Alternatives?

As most customers are aware, there are a variety of other financial institutions that provide customers with the ability to get and maintain a savings account, including a variety of online institutions like Ally Bank and more.

If you have experience with this company or their products, please leave your Synchrony Bank Savings Account reviews below.

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