Synchrony Bank and Synchrony Financial are part of the same bank, but the two names refer to different financial products. In this article, find out what Synchrony can offer you in terms of savings accounts, money market accounts, Certificates of Deposits and credit cards. If you’ve Googled “Luxury Synchrony Bank” and arrived here, you may find the section about Synchrony’s credit cards helpful.
Money market accounts
Synchrony Bank offers a no-fees money market account with a rate of 1.15% APY, check writing capabilities and flexible methods of withdrawing cash when you need it – through an ATM, by phone or online.
High-yield savings accounts
The high-yield savings accounts from Synchrony Bank carry a competitive APY of 1.85%. There are no fees or service charges to worry about, and you can withdraw from your savings up to six times per monthly statement period.
Certificates of Deposits (CDs)
Synchrony Bank offers CDs with terms from as little as three months right up to 60 months. They’re currently advertising a 13-month CD with an impressive APY of 2.65%, although a $2,000 minimum opening deposit is required (on all their CDs).
Additionally, if your goal is to save for retirement, this bank also provides Traditional and Roth IRA money market accounts at 1.15% APY. You can choose to rollover or transfer your existing IRA into a Synchrony IRA. IRA CD accounts are available too.
Synchrony offers consumer financing options through Synchrony Financial, including credit cards and store cards.
Synchrony works with hundreds of different retail merchants at thousands of locations across the U.S. to provide financing on more or less anything – home improvement, home furnishings, flooring, automotive, music, and even jewelry. Big name retailers such as Amazon, Walmart and eBay are included on Synchrony’s extensive list of partners.
To apply for a Synchrony credit card, you can do so through the merchant that you want to purchase from. For example, if you’re looking to finance some expensive jewelry or diamonds, you can search for merchants who offer financing through Synchrony Bank via www.mysynchrony.com. When you’ve found one that you’re happy with, you can apply for a Synchrony Luxury Credit Card directly with the merchant. (Other types of cards are available for other categories of spend).
In addition to retailer credit cards, Synchrony offers “CareCredit” – a healthcare credit card that you can use to fund the cost of health, beauty and wellness needs in the event they aren’t covered by insurance. Laser eye surgery, cosmetic treatments, dentistry and pet care are some of the things you can use this card for. To apply, you’ll need to go through the dedicated CareCredit website – find out more here.
According to www.depositaccounts.com, this bank scores 3.5 / 5 overall having received 295 reviews so far. On the whole, many customers are pleased with the savings accounts/CDs they’ve opened at this bank and appreciate the high-yield savings accounts on offer.
Some of the more negative reviews refer to poor customer service (but take that with a pinch of salt because many reviewers have received excellent service) along with the lengthy time it can take for a transfer from a Synchrony savings account into an external account. (Note that you can access your money through an ATM when you need to).
On www.consumeraffairs.com there are currently 636 reviews about Synchrony Financial relating to credit cards, both positive and negative.
One unhappy reviewer who has three credit cards with Synchrony said that this bank lowered the credit limits of each card, despite the payments being made on time. This process resulted in their overall credit rating taking a hit. There are more reviews in a similar vein, with customers saying that their credit limits had been lowered without warning.
One recent review reflected positively on this same subject – a new Synchrony Financial customer said she called customer service to ask about what influences the credit limit being lowered or increased. The person she spoke to was very knowledgeable and helpful, and she ended the call having learned a lot.
Although there isn’t a mobile app for Synchrony Bank, Synchrony Financial has developed an app for customers to manage their credit card accounts. This app scores a high 4.5 / 5 in the App Store and 4.3 / 5 on Google Play.
One reviewer said that the Synchrony app is exactly what they’d been hoping for, mentioning that it’s quick and easy to view different accounts and their balances with payment due dates. This person also said that making payments through the app is straightforward.
One negative review in the App Store refers to the fact that the credit card statements within the app are only updated on a monthly basis. Some of the most recent reviews on Google Play allude to technical difficulties with several users not being able to register their Synchrony cards or sign in to the app. This could be a blip, so make sure to check out future reviews for updates on this.
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All accounts with Synchrony Bank are FDIC insured. With its high-interest rates on savings and no fees, it’s a popular choice for people looking to grow their money, while its credit card range is vast. However, Synchrony doesn’t offer a checking account or a mobile app for savings accounts which may be a dealbreaker for some.
Is Synchrony Bank or Synchrony Financial right for you? Before you decide, be sure to check out plenty more customer reviews online.
*This article is correct at the time of publishing. We hope you find it helpful, but please note it doesn’t constitute financial advice.
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