Reviewed by mcriss | October 23, 2023
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push notification with Credit Karma. I am more so concerned about the Levin account. I called into customer service and the first representative I spoke with was extremely rude. He told me a letter was sent to me and he read the text of that letter. He eventually hung up on me. The reasons for my closure is completely bogus. I understand I agreed to their terms and conditions upon opening the account, but that doesn't mean I can't dispute their decision. I called back in and spoke with a friendly rep who transferred me to a supervisor. The supervisor told me it is impossible to reinstate my account, although reading some of the other complaints on BBB it seems they did reinstate other accounts for people. She gave me the corporate address to which I mailed a letter. I also filed a
complaint through the chat system on their website. They sent me an email a few days letter with another letter that basically said the same thing as the first one. It was a do not reply email address so I couldn't send a response back. I have made every single payment on time for all 3 accounts that were closed, I had these accounts for years! It's no wonder why these guys have a 1.9 BBB rating. Closing your customers' accounts for bogus reasons is terrible customer service. I will consider my complaint resolved when all 3 of my closed accounts are re-opened. Until then, I will continue mailing letters and filing complaints with customer service.
Online Savings and Money Market Rates | APY | MIN | MAX | |
---|---|---|---|---|
High Yield Savings
|
4.30% | $0 | - |
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|
Money Market Money Market |
2.25% | $0 | - |
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|
Online CD Rates | APY | MIN | MAX | |
---|---|---|---|---|
6 Month CD
|
3.90% | $0 | - |
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|
9-Month CD
|
4.05% | $0 | - |
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|
11 Months - No Penalty
|
0.25% | $0 | - |
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|
12 Month CD
|
4.20% | $0 | - |
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|
18 Month CD
|
4.10% | $0 | - |
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|
2 Year CD
|
3.90% | $0 | - |
Learn More
|
36 Month CD
|
3.90% | $0 | - |
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|
48 Month CD
|
3.90% | $0 | - |
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|
60 Month CD
|
4.00% | $0 | - |
Learn More
|
Synchrony Bank has raised their online savings rate to 1.75%.
Synchrony has raised its online savings rate to 2.20%.
Synchrony has lowered their online savings rate by 10 basis points from 2.25% to 2.15% APY. They have also lowered all of the CD rates today.
Synchrony Bank has lowered its CD rates again this morning. Their 1-year rate is now 2.45% from 2.50% and their 5-year CD is now 2.65% from 2.80%. Other maturities were also adjusted downward.
Synchrony has cut its online savings rate to 2.00% APY. Once very competitive in the online savings and CD market, Synchrony's savings and CD offerings are no longer competitive.
Synchrony also cut its CD rates. 1-year is now 1.50% APY and 5-year is now 1.65% APY.
Synchrony has dropped their 1-year CD rate from 0.90% to 0.75% APY. A 5-year CD is now 1% APY. There are no circumstances where someone should be locking into a 5-year CD at 1%.
Synchrony cut its online savings rate from 1.05% to 0.75% APY today.
Synchrony has lowered its online savings rates from 0.75% APY to 0.65% APY overnight.
Synchrony has lowered its online savings rates by 5 bps to 0.60% APY.
It has also adjsuted most of its CD rates lower.
Synchrony has lowered its savings rate by 5 bps from 0.60%.
Synchrony has lowered its online savings rate to 0.50%, down 5 basis points again. It has also lowered all of its online CD rates by 0.05%, except the 5-year which remains at 0.80%.
Synchrony has raised its online savings rate to 2.05% from 1.80% today.
Synchrony's rate is still well below the leading online banks, including the CIT and Citizens that are already at 3%.
Synchrony raised its online savings rate from 2.75% to 3.00% today. It was raised from 2.40% about a week ago.
Among the well recognized online banks, Synchrony is again a rate leader, but lesser known names are paying more on online savings.
Synchrony's online savings rate was raised today from 4.50% to 4.75% APY, making it the highest yielding savings offer of the major online banks.
Synchrony bank has dropped is CD rates today across the board.
It also become one of the first major online banks to cut its savings rate - dropping it from 4.75% to 4.65% APY.
Depositors will probably be largely OK with this, as many other major online banks never got as high as 4.75%.
Synchrony has no climate initiatives but no known lending to carbon producing industries.
Updated November 30, -0001
Synchrony has no climate initiatives but no known lending to carbon producing industries.
Customer Reviews for Synchrony Bank (76)
mcriss
October 23, 2023
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push notification with Credit Karma. I am more so concerned about the Levin account. I called into customer service and the first representative I spoke with was extremely rude. He told me a letter was sent to me and he read the text of that letter. He eventually hung up on me. The reasons for my closure is completely bogus. I understand I agreed to their terms and conditions upon opening the account, but that doesn't mean I can't dispute their decision. I called back in and spoke with a friendly rep who transferred me to a supervisor. The supervisor told me it is impossible to reinstate my account, although reading some of the other complaints on BBB it seems they did reinstate other accounts for people. She gave me the corporate address to which I mailed a letter. I also filed a
complaint through the chat system on their website. They sent me an email a few days letter with another letter that basically said the same thing as the first one. It was a do not reply email address so I couldn't send a response back. I have made every single payment on time for all 3 accounts that were closed, I had these accounts for years! It's no wonder why these guys have a 1.9 BBB rating. Closing your customers' accounts for bogus reasons is terrible customer service. I will consider my complaint resolved when all 3 of my closed accounts are re-opened. Until then, I will continue mailing letters and filing complaints with customer service.
Is this review helpful? Yes:2 / No: 0
jp76
June 13, 2022 |
3 days for an ach is not market when most banks on this list do it instantly. even frigging rising bank. customer service is beyond dreadful.
Is this review helpful? Yes:6 / No: 2
Irene
April 17, 2022 |
Impossible to deal with customer service. Impossible to change phone number, email, etc. Worst of all - they send letter of renewal AFTER expiration of new terms, and it's impossible to withdraw money. They advertise 24/7hours of service; in fact, they work five short days per week. The only plus - they usually have competitive rates.
Is this review helpful? Yes:8 / No: 0
Peter C2
January 23, 2021 |
In terms of service, you cannot do anything online. On every other bank, you can message someone online and get a quick response. You need to call Synchrony and speak with someone in the Philippines. Nice folks, but I don't want them handling my banking info! To boot, you cannot turn off paper statements. Even the people in the Philippines cannot do that for you. Pick any other bank from this list and you'll be better off!
Is this review helpful? Yes:10 / No: 1
Peter Cyrus
January 23, 2021 |
Synchrony is the only thing left over from the old GE. Here in Stamford, CT, you will see their building on Long Ridge Road where GE used to be. It is like a shit stain, except Synchrony today never would have made GE proud.
Is this review helpful? Yes:9 / No: 0
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