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Synchrony Money Market Accounts Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
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Founded in 2003 and based in Stamford, Connecticut, Synchrony Bank is a subsidiary of Synchrony Financial. The financial services platform provides online banking services and digital financial solutions for consumers. Synchrony's products include money market accounts, high yield savings accounts, certificates of deposit (CDs), and store branded cards. Synchrony has a great reputation online and an A+ with the BBB.
 
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How is Synchrony rated?

Breakdown

5.0/5
APY Rates
5.0/5
Fees and Restrictions
5.0/5
Perks

Overall Rating: 5 / 5 (Excellent)

Synchrony offers a strong money market account with a good APY and no fees for anything other than outgoing wire transfers. The company also offer some great online account management features and perks not only for account balances but for customer loyalty as well. Synchrony money market accounts are FDIC insured and most importantly have no minimum balance requirements and no maintenance fees to speak of. Add consistent praise for customer service and you get one of our top choices for money market accounts.

Synchrony Account Features

APY Rates - 5 / 5

Synchrony money market accounts are a great way for customers to get the advantages of both a checking and savings account, combined with a solid APY, and several online features. However, under federal law, as with savings accounts customers can only perform six withdrawals and transfers a month, but transfers or withdrawals from ATMs don't count against this limit. A standout feature of Synchrony's money market account is that there is no minimum opening deposit, no minimum balance, and consequently no minimum balance penalties.

Since Synchrony is an online bank, there are a few different ways to access funds. Customers can transfer funds to a external account, use their ATM card where accepted, initiate a wire transfer, or request a check. Customers can also request personal checks as soon as the account is verified and funded.
APY (Annual Percentage Yield)
1.20% (APYs are subject to change at any time without notice)
Minimum Balance to Avoid Monthly Fee
There is no minimum balance or monthly fee
Minimum Opening Deposit
none
Check Writing
Yes
Debit Card
Yes
Integration with Other Online Accounts
Savings
ATM Locations
With an optional ATM card, you can get cash and perform other basic transactions from your High Yield Savings and Money Market Accounts at any ATM displaying the Plus or Accel logos
Methods of Deposits
Mail Check
ATM Deposit
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit

Synchrony Fees and Penalties

Fees and Restrictions - 5 / 5

Synchrony really shines when it comes to the lack of fees. The company has no monthly service fees for the money market account. Customers must be aware, though, that although Synchrony will not issue a penalty if the 6 transaction limit per month is exceeded under Federal Regulation D, the company does reserve the right to close the account should this occur on more than an occasional basis. Transactions that count toward the limit include withdrawals requested over the phone, checks, point of sale transactions, outgoing wire transfers, and internal/external transfers. The only fee associated with the account is a $25 charge for outgoing wire transfer.
Monthly Fee
None
Other Fees
Outbound ACH Fee
ATM Reimbursement
No-Fee at Branded ATMs

Synchrony Financial Strength and Reputation

Perks - 5 / 5

Synchrony Bank has solid financial ratings from Moody's and Standard and Poor's. While it does seem the company has a large amount of complaints online, upon further investigation these have mainly to do with credit cards and credit card billing issues, and not the company's money market accounts. Synchrony has responded and resolved a significant amount of these issues. Synchrony maintains an A+ with the BBB. Customers have 24/7 access to support via online chat and an automatic phone service if called after business hours.
Year Founded
2003
Standard & Poor's Financial Rating
BBB
Moody's Financial Rating
Aaa
Live Help 24/7
Yes
Customer Support Hours
24/7 (automated telephone service)
Contact Methods
Phone
Email
Chat
BBB Rating
A+
BBB Resolved Complaints
4,528 complaints closed in last 3 years
Consumer Financial Protection Board (CFPB) Complaints
3,195
Date Collected
2018-09-27

Company Profile

Full Name
Synchrony Money Market Accounts
Company Website
https://www.synchronybank.com/
Headquarters
170 West Election Road, Suite 125, Draper, UT, 84020

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Top Rated
  • Easy access to cash
  • Withdraw funds online, phone, or ATM
  • No minimum balance requirements or service fees
  • Check writing included
  • 24/7 banking
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