Synchrony Bank Review 2022

Here’s everything you need to know about Synchrony Bank 2022 with pros, cons, and breakdown of services.

Table of Contents:

Synchrony Bank Review 2022

Types of Accounts with Synchrony Bank

High Yield Savings Account with Synchrony Bank

Money Market Account

Certificates of Deposit (CDs)

Credit Card Options

Pros and Cons of Synchrony Bank

Pros

Cons

Frequently Asked Questions (FAQ)

What is synchrony bank?

What companies use synchrony bank?

Is synchrony bank safe?

Who owns synchrony bank?

What credit score does synchrony bank use?

Is synchrony bank legit?

Who uses synchrony bank?

Synchrony Bank provides a number of advantages. It doesn’t charge a lot of fees and has some of the most incredible savings rates in the market. Homeowners and first-time buyers have a variety of options to grow their savings for their next property.

However, with so many online savings account alternatives, it’s easy to become overwhelmed.

Choosing which account is ideal for you when comparing interest rates and fees and navigating each platform’s long list of unique features might be challenging.

Fortunately, institutions such as Synchrony provide low-cost, straightforward savings options. In this article, we’ll take a deep look at Synchrony, an online bank that focuses on high-yield accounts.

Synchrony Bank Review 2022

Synchrony Financial is a Stamford, Connecticut-based financial services firm. Synchrony Bank is the company’s consumer banking division, which provides high-yield online accounts and credit cards.

Synchrony’s banking roots date back to the Great Depression when it was established as GE Capital Bank.

Customers who wanted to finance GE appliance purchases could get lines of credit from the bank’s initial edition. With hundreds of credit cards for well-known retailers such as Nissan, Amazon, Lowes, and even JC Penney, Synchrony stays true to its roots. If you’ve been hoping to renovate the kitchen to boost your sale price, their home design credit card is just one of many options available to homeowners.

Types of Accounts with Synchrony Bank

If you’re looking for one bank to take care of all of your needs, including your checking account, Synchrony may not be suitable for you. While they don’t currently offer a checking account, their synchrony online savings accounts and credit card options appeal to many. These are the different types of accounts that consumers can hold with Synchrony Bank.

High Yield Savings Account with Synchrony Bank

The High Yield Savings account goes a long way toward compensating for Synchrony Bank’s absence of checking account services. Your down payment savings can quickly accumulate. This account has no minimum starting deposit or daily balance and pays a competitive 0.50 percent annual percentage yield. You may get your money in a variety of methods, including with an optional ATM card, electronic transfers, or a wire transfer.

The card may be used to withdraw money or make purchases, but it is not a standard debit card.

For point-of-sale purchases, you’ll need to enter a PIN, and according to federal restrictions, you may only make six transactions each month.

Money Market Account

Another good savings option is the Synchrony Bank Money Market account. This account pays a competitive 0.35 percent annual percentage yield and has no minimum daily or starting balance requirements.

The Money Market account is a cross between a savings and a checking account in that you may issue checks from it, making the money more liquid than a regular savings account. It does, however, generate more interest than a standard checking account.

If you’ve been keeping your savings for a home in a standard account, you can be missing out on massive rewards.

The ability to make checks, an optional add-on, is the key advantage of the Money Market over High Yield Savings.

Otherwise, consider it a suitable account with a smaller annual percentage yield. Synchrony also provides an IRA Money Market account for retirement savings.

Certificates of Deposit (CDs)

Starting at 0.15 percent for a three-month term and rising to 0.85 percent for a 60-month term, the Synchrony Bank CD account provides a diverse variety of interest rates (CDs lock in your deposit and interest rate for a certain period of time).

CDs are a secure bet since they have set rates and a predictable return. This makes them an excellent alternative for your first investment account; however, even seasoned investors should not dismiss them! The only caveat is that if you need to withdraw your money early, you will be penalized. Synchrony does not require a minimum initial deposit, unlike many of its competitors’ CDs.

Credit Card Options

Synchrony’s credit card options are particularly well-known. It collaborates with hundreds of merchants to offer financing choices. If you have a branded credit card, chances are Synchrony issued it.

You may also apply for a MasterCard credit card directly from Synchrony; the Premier card has no annual charge and gives limitless 2% cashback. There are three direct cards you can choose from:

1. Synchrony Premier World Mastercard: Get 2% cashback on every purchase with this type of credit card account. The card has no yearly charge and is equipped with contactless chip technology for rapid transactions. The card also includes Lyft, Hello Fresh, DoorDash, and Instacart credits and savings, as well as mobile phone and ID theft protection.
2. Plus World Mastercard: Currently, this exclusive Mastercard is only accessible via invitation from Synchrony; thus, you won’t be able to apply for one on the website. Fortunately, you won’t be losing out on anything because it’s essentially a scaled-down version of Premier World. There is no annual fee on this card, and every transaction gets you 1% cash back. Other than that, Premier World offers all of the same benefits.
3. Synchrony Preferred Mastercard: Similar to Plus World, Synchrony Preferred is not yet accessible to the general market. Preferred is a no-fee credit card with no rewards, but you’ll probably be able to apply for it with a lower credit score because there’s no annual charge.

Pros and Cons of Synchrony Bank

To summarize the benefits and disadvantages of Synchrony bank and any synchrony loan payment options, these are the ultimate pros and cons of the institution.

Pros

• Savings opportunities galore, making homeownership more attainable.
• There is no requirement for a minimum balance.
• A wide range of credit cards is available.
• There are no monthly costs.

Cons

• There are no brick-and-mortar physical locations you can visit.
• There are no checking account options for a one-stop-shop with all your banking solutions.
• There are no small business options available with their accounts.

Frequently Asked Questions (FAQ)

What is synchrony bank?

Synchrony Bank is a subsidiary of Synchrony Financial, a Stamford, Connecticut-based financial services firm. If that name suddenly came out of nowhere, that’s because Syncrony Bank was previously known as GE Capital Retail Bank, a subsidiary of General Electric, until 2014.

Bank Synchrony provides certificates of deposit, savings, and money market accounts but does not issue simple checking accounts. However, Synchrony Financial services is the issuer of a variety of credit cards, including those offered by household names such as sync bank com Amazon, Lowe’s, and Walgreens.

What companies use synchrony bank?

www.synchronybank.com is one of the largest issuers of store credit cards nationwide. This is the complete list of every company that issues a synchrony credit within their own business solutions:

• 1800Mattress
• 4 Wheel Parts
• AAMCO Transmission
• ABC Warehouse
• Abt Electronics
• Airport Home Appliance & Mattress
• Alto Music
• Amazon
• American Eagle Outfitters
• American Signature Furniture
• America’s Tire
• Ariens Co.
• Art Van
• Ashley Furniture Home Store
• Athleta
• At Home
• Banana Republic
• Bargain Outlet
• Becker Furniture World
• Bedzz Express
• Belk
• Bernina
• Bert’s Bikes & Fitness
• Big Sandy Superstore
• Bjorn’s
• Blain’s Farm & Fleet
• Bomgaars
• Bowflex
• BrandsMart USA
• Briggs & Stratton
• Broyhill Furniture
• Cabinets To Go
• Calico
• Canales Furniture
• Car-X Tire & Auto
• Carpet One Floor & Home
• CARSTAR
• Cathay Pacific
• CheapO Air
• Coleman Heating & Air
• Conservation Construction
• Container Store
• Crate and Barrel
• Crutchfield
• Daltile
• Daniel’s Home Center
• DICK’S Sporting Goods
• Discount Tire
• Dock 86
• Drexel Heritage
• DR Power
• DX Engineering
• Electronics Express
• Ethan Allen
• Evine
• Ferris Mowers
• Flooring America
• Gabberts
• Gap
• Generac
• Goedeker’s
• Golfsmith
• Gravely
• Guitar Center
• Havertys
• Henredon
• HomeGoods
• HOM Furniture
• HSN
• Hudson’s Furniture
• Husqvarna
• Hyde Park Jewelers
• JCPenney
• Jennifer Furniture
• Jewelry Exchange
• Jiffy Lube
• Kane’s Furniture
• Karastan
• Kawasaki
• Kiesel Custom Guitars
• Kraft Music
• KTM
• KYMCO
• La-Z-Boy
• Lane Furniture
• Lowe’s
• Lumber Liquidators
• Maaco
• Mahindra
• Marshalls
• Massey Ferguson
• Mathis Brothers
• Mattress Firm
• Mattress Warehouse
• Mavis Discount Tire
• McCoy’s Building Supply
• Meineke
• Metro Mattress
• Midas
• Mitsubishi Electric
• Mohawk Flooring
• Morris Home Furnishings
• Musician’s Friend
• Newegg
• Old Navy
• Olejo
• P.C. Richard & Son
• Pandora
• Pep Boys
• Polaris
• Precision Tune Auto Care
• QVC
• Regency Furniture Showroom
• Rheem
• RiteRug Flooring
• Rooms & Rest
• Rooms To Go
• RUUD
• Sam Ash
• Sam’s Club
• Scarab Jet
• Sewing & More
• Sewing Machines Plus
• Shaw Floors
• Sheely’s Furniture & Appliance
• Sierra Trading Post
• Simplicity
• Sleep Experts
• Sleep Number
• Sleep Train Mattress Centers
• Sleepy’s
• Snapper Pro
• Sony
• Specialized Bicycles
• Stein Mart
• Summit Racing Equipment
• Sunglass Hut
• Sutherlands
• Suzuki
• Sweetwater
• Synchrony Car Care
• Synchrony HOME
• Synchrony Sporting Goods
• System Pavers
• TJ Maxx
• TECHNET
• Teletron
• Thomasville
• Tire Discounters
• Tire Pros
• Tire-Rama
• Toro
• Town Fair Tire
• Toys R Us
• Tuffy Tire and Auto Service
• US Appliance
• Value City Furniture
• Vaughan-Bassett
• Vintage King
• Westrich Furniture & Appliances
• Woodwind & Brasswind
• Yamaha
• York
• OneTravel
• Stash Hotel Rewards
• BP
• Chevron and Texaco
• CITGO
• Infiniti
• Nissan
• Phillips 66 / Conoco / 76
• Synchrony Car Care
• CareCredit
• Jacuzzi Saunas
• Lasik
• LensCrafters
• Pearle Vision
• Ebates
• eBay
• Marvel
• PayPal

Is synchrony bank safe?

Synchrony Financial has the primary goal to develop financial partnerships between qualified vendors and purchasers. Synchrony Financel has perfected its services and offers by partnering with businesses and merchants to give clients hassle-free credit cards after researching firms with private label credit cards, such as Walmart and Amazon synchrony.

Instead of buying big-ticket products using synchrony bank cards, customers use them to finance minor purchases and future purchases based on their available credit. www.synchrony bank, which is guaranteed by the Federal Deposit Insurance Corporation (FDIC), funds such purchases, ensuring that your money is safe and secure, even if you use synchrony bank online.

Who owns synchrony bank?

The synchronybank.com company is not owned by one particular leader but is instead an institution with multiple investors that own shares of synchrony.com. To give you an idea of what that looks like, these are just 10 of the owners of synchrony financing and the percentage that their shares represent within the company.

1. The Vanguard Group, Inc: 12%
2. Capital Research & Management Co.: 9.19%
3. Fidelity Management & Research Co.LLC: 5.85%
4. SSgA Funds Management, Inc.: 4.79%
5. BlackRock Fund Advisors: 4.76%
6. Arrowstreet Capital LP: 2.18%
7. Geode Capital Management LLC: 2.01%
8. Managed Account Advisors LLC: 1.98%
9. GIC Pte Ltd. (Investment Management): 1.73%
10. BlackRock Investment Management (UK) Ltd.: 1.64%

Together, these 10 companies only represent 46.13% of the current synchrony financial banks’ owners.

What credit score does synchrony bank use?

The lender will most likely run your TransUnion credit report when you apply for a Synchrony card. Synchrony online banking, in fact, relies almost entirely on TransUnion. Even though all three credit agencies base their reports on your financial activity, there’s a chance that each bureau will have somewhat different facts and ratings.

That’s why it’s crucial to know which credit bureau a lender will employ.

From January 2015 to December 2017, Banktracker examined 167 consumer-reported credit inquiries. Synchrony nearly solely works with TransUnion, according to the findings. Synchrony may review a report from another bureau in particular circumstances, although highly unusual.

Is synchrony bank legit?

Your synchrony account is much like any other bank in terms of security. Because Synchrony is an FDIC member, all deposit accounts are FDIC guaranteed up to $250,0000 per ownership type within your synchrony bank account. Additionally, to sign onto the synchrony bank online payments and app, you’ll need two-factor authentication (those text message codes that many accounts demand, including your streaming services these days), making your online presence far more secure against fraudulent logins with your synchrony home account.

Who uses synchrony bank?

Anyone can apply for a synchrony bank loan, but their services are best for a particular type of consumer. You may be the right fit for a synchrony bank open account if:

• You don’t need to change your checking account and want multiple financial institutions working for you.
• You want to grow your wealth to purchase a home or investment property.
• You are weighing your options on high-yielding deposit accounts.
• You don’t want a brick-and-mortar bank since they only provide online services.
• You’re looking for benefits from a retailer’s credit card where you shop often.
• You want to finance upcoming healthcare expenses in a more digestible payment plan.

Synchrony bank savings is a great place to gain interest on the money you intend to use for a down payment. When it comes to buying a home, you can get up to 2% cashback to put right back into your investments when you submit your offer through Richr. Smarter investing starts with better home buying solutions.