Experience with Synchrony savings accounts?

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PTGuy1
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Experience with Synchrony savings accounts?

Post by PTGuy1 »

Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
mindboggling
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Re: Experience with Synchrony savings accounts?

Post by mindboggling »

I have had a savings account at Synchrony for several years now. Never had any problems. I have a few CDs with them, too. However, when you send them money for deposit, they sit on it for a couple of days before crediting the account. I guess that's how they make their money. Also, they are not a "full-service" bank in that they do not offer a checking account and some other services many people are accustomed to. I think they have a MM account with checking privileges. They are an industrial bank.

But their rates are usually good, so I have no complaints.
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Leif
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Re: Experience with Synchrony savings accounts?

Post by Leif »

I've had no problems. For FDIC insured savings they have a good rate. You can get a bit better rate at some money market funds (such as Vanguard Prime MM).

At Synchrony I let CDs interest accumulate there until needed. Unlike some other institutions that have good CDs, but a very low savings account rate. Until recently they had a 2.7% (now I think it is 2.6%) 12 month CD. Good rate for that term.
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Re: Experience with Synchrony savings accounts?

Post by tomd37 »

PTGuy1
I started with Synchrony Bank online eleven months ago. I wanted to establish a one-year CD ladder each month and at the end of this month will have a ladder built with a certificate expiring each month. I plan on reinvesting it each month if not needed for any requirement. I also have a high-yield savings account with them with is currently paying 2.25% APY. One-year certificates have ranged from 2.45% to 2.80% APY during the period. Current one-year APY is 2.60% with a minimum deposit of $2,000.

I had problems transferring (pushing) more than $5K at one time from my Navy Federal Credit Union account (due to NFCU rules) to Synchrony Bank so I linked my Synchrony account to my NFCU account and can pull much larger amounts from NFCU in one transfer initiated at Synchrony. Takes three business days to show up in my Synchrony account. Very happy with Synchrony Bank and just received my monthly statements yesterday by mail.
Last edited by tomd37 on Sat Jun 15, 2019 11:08 am, edited 1 time in total.
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kaneohe
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Re: Experience with Synchrony savings accounts?

Post by kaneohe »

mindboggling wrote: Sat Jun 15, 2019 10:24 am ................................ However, when you send them money for deposit, they sit on it for a couple of days before crediting the account. I guess that's how they make their money. .......................................
How are you getting the money to them? When I ACH funds to them from broker using broker ACH system, it is credited that same day it is received (day after broker ACH request) . If you are mailing a check, how do you
know when they receive it?
Last edited by kaneohe on Sat Jun 15, 2019 12:14 pm, edited 1 time in total.
mpnret
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Re: Experience with Synchrony savings accounts?

Post by mpnret »

I've been with Synchrony 5 years for High Yield Savings and CDs. Great bank, no issues at all. I just transferred 30K from Wells Fargo to Synchrony a few week ago. It took 2 or 3 days. I set up the transfer at Synchrony pulling from WF.
The Casualty
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Re: Experience with Synchrony savings accounts?

Post by The Casualty »

Good experience with Synchrony CD and HY Savings. Easy to navigate web site. We have the CD set up to auto transfer the monthly dividend to my local bank and have experienced no problems.
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Re: Experience with Synchrony savings accounts?

Post by ygman »

I have been banking with Synch for few months now. I used to have an issue with them not having a mobile app, now they do have one. I enjoy having the Debit card and they reimburse ATM fees, I think up to $5.00 a month. So far so good.
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Re: Experience with Synchrony savings accounts?

Post by MikeG62 »

PTGuy1 wrote: Sat Jun 15, 2019 10:11 am Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
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Leif
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Re: Experience with Synchrony savings accounts?

Post by Leif »

MikeG62 wrote: Sun Jun 16, 2019 8:15 am Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
I used to be a Ally customer. I had problems with them. So, now I have Synchrony.
Last edited by Leif on Sun Jun 16, 2019 10:21 am, edited 1 time in total.
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SmileyFace
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Re: Experience with Synchrony savings accounts?

Post by SmileyFace »

Only downside is ACH transfers take a few days.
Marcus always has same savings account rate and ACH takes only a day.
mpnret
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Re: Experience with Synchrony savings accounts?

Post by mpnret »

Leif wrote: Sun Jun 16, 2019 10:16 am
MikeG62 wrote: Sun Jun 16, 2019 8:15 am Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
I used to be a Ally customer. I had problems with them. So, now I have Synchrony.
I had a account at both Ally and Synchrony at one time. When it came time to consolidate I preferred Synchrony and ended up closing Ally. No major problems a with Ally but Synchrony consistently had better rates.
retiredflyboy
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Re: Experience with Synchrony savings accounts?

Post by retiredflyboy »

I have had savings in Synchrony and had zero issues. Also could recommend Goldman Sachs and Ally. Currently have savings and checking with Ally.
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PTGuy1
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Ally or Synchrony or other for savings?

Post by PTGuy1 »

[Topic merged -- mod oldcomputerguy]

I am researching online banks for savings accounts and cds... wondering if anyone has any thoughts on Ally or Synchrony bank?
student
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Re: Ally or Synchrony or other for savings?

Post by student »

They are both reputable and I have heard good things about them. Personally I use Barclays.
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Re: Ally or Synchrony or other for savings?

Post by KSOC »

I use Ally & Marcus (Goldman Sachs).
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Re: Ally or Synchrony or other for savings?

Post by tomd37 »

As already mentioned, they are both good. I use Synchrony for both my one-year CD ladder (one CD maturing each month) and their high-yield savings account. :moneybag To fund the HY account I pull vs. push from my Navy Federal CU account via ACH in any amount I want. Funding is available on the third business day. Pushing from NFCU to Synchrony I can only do $5K per day per NFCU rules.

My current one-year CD rates range from 3.5% down to 2.0% APY depending on when purchased. I expect Synchrony's one-year rates to drop slightly as Treasury rates continue their downward move.
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Re: Ally or Synchrony or other for savings?

Post by mpnret »

Deleted: Became duplicate post once topics were merged.
Last edited by mpnret on Fri Jun 21, 2019 6:36 pm, edited 1 time in total.
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SmileyFace
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Re: Ally or Synchrony or other for savings?

Post by SmileyFace »

The problem I have with BOTH Synchrony and Ally is that ACH transfers can take more than 1 day (Synchrony happens routinely for me - 3 days; Ally - I pulled all my cash from them after experiencing a 3-day lag even though others reported single day. I was only using Ally because of a bonus a while back - I avoided them for years since their rates were always lower). They are both okay but if ACH transfer time is important to you go with Marcus.
I have most of my savings with Marcus (Goldman Sachs). ACH transfers are single day and their rates are in the top tier (With Synchrony and Barclays; Ally is always a small step behind these three - right now it is closer than usual though - in the past it has lagged by a bit more).
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Re: Ally or Synchrony or other for savings?

Post by GlennK »

I use Marcus and Live Oak. Both were beating Ally and Synchrony when I set them up.
Blue456
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Re: Ally or Synchrony or other for savings?

Post by Blue456 »

I use Alliant. Good 1 year CD rates and good savings rate. Plus it’s a credit union and not a bank.
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greg24
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Re: Ally or Synchrony or other for savings?

Post by greg24 »

Vanguard Prime Money Market fund.
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anon_investor
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Re: Ally or Synchrony or other for savings?

Post by anon_investor »

Not sure about Synchrony, but one nice thing about Ally is you can have savings AND checking. And internal transfers from savings to checking is instantaneous (but still subject to the 6 transfer a month limit). But this is nice if you need some cash immediately via ATM (I think some fees are refunded too up to a certain amount), or want to use the debit card to make a large purchase, or even write a check.
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Re: Experience with Synchrony savings accounts?

Post by j0nnyg1984 »

MikeG62 wrote: Sun Jun 16, 2019 8:15 am
PTGuy1 wrote: Sat Jun 15, 2019 10:11 am Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
If I’m going through the trouble of setting up a new account and all other things appear to be equal, why wouldn't I bother with Synchrony?
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SmileyFace
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Re: Experience with Synchrony savings accounts?

Post by SmileyFace »

j0nnyg1984 wrote: Fri Jun 21, 2019 3:25 pm
MikeG62 wrote: Sun Jun 16, 2019 8:15 am
PTGuy1 wrote: Sat Jun 15, 2019 10:11 am Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
If I’m going through the trouble of setting up a new account and all other things appear to be equal, why wouldn't I bother with Synchrony?
You would only not bother if you were interesting in Checking or if you preferred the lower interest rate (yes - Ally is only 5bps lower but historically - I've been watching rates for many years - Ally has been a bit lower than that - and all else being equal - why not take the extra $5 per $10,000).
I've been happy with Synchrony (other than the ACH transfer speed for which Ally is just as slow at).
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Re: Ally or Synchrony or other for savings?

Post by tennisplyr »

I've had Ally for a few years, no problems....transfers take a day or two.
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Re: Experience with Synchrony savings accounts?

Post by MikeG62 »

j0nnyg1984 wrote: Fri Jun 21, 2019 3:25 pm
MikeG62 wrote: Sun Jun 16, 2019 8:15 am
PTGuy1 wrote: Sat Jun 15, 2019 10:11 am Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
If I’m going through the trouble of setting up a new account and all other things appear to be equal, why wouldn't I bother with Synchrony?
The underlined phrase is key.

From my reading of this forum for the last several years I am not so sure they are.

Also, there are these from the first page of google search results (best online bank entered as search term):

https://www.bankrate.com/banking/best-online-banks/

https://www.kiplinger.com/slideshow/sav ... index.html

http://money.com/money/5431319/best-online-bank-2018/

https://www.thebalance.com/best-online-banks-4165693
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SmileyFace
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Re: Ally or Synchrony or other for savings?

Post by SmileyFace »

tennisplyr wrote: Fri Jun 21, 2019 3:32 pm I've had Ally for a few years, no problems....transfers take a day or two.
My experience was 3 or 4 days (thus I'm no longer with them).

Their own web-site states 3 business days:
From https://www.ally.com/help/bank/transfers.html you will see:
Standard transfers between Ally Bank and non-Ally Bank accounts, requested before 1 am ET Monday – Friday, will take 3 business days
I'm not sure how some folks get 1 day and some get 3 days - but you certainly can't count on 1 day.
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Re: Experience with Synchrony savings accounts?

Post by SmileyFace »

MikeG62 wrote: Fri Jun 21, 2019 3:36 pm
j0nnyg1984 wrote: Fri Jun 21, 2019 3:25 pm
MikeG62 wrote: Sun Jun 16, 2019 8:15 am
PTGuy1 wrote: Sat Jun 15, 2019 10:11 am Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
If I’m going through the trouble of setting up a new account and all other things appear to be equal, why wouldn't I bother with Synchrony?
The underlined phrase is key.

From my reading of this forum for the last several years I am not so sure they are.

Also, there are these from the first page of google search results (best online bank entered as search term):

https://www.bankrate.com/banking/best-online-banks/

https://www.kiplinger.com/slideshow/sav ... index.html

http://money.com/money/5431319/best-online-bank-2018/

https://www.thebalance.com/best-online-banks-4165693
Your references are the result of a different question than what the OP asked.
The OP is talking about Synchrony as a "Savings Account"
All the References are talking about best internet or online banks (Checking and Savings) and therefore fail to list the best banks for online savings accounts.
The three best banks for online savings are Marcus (Goldman Sachs), Synchrony, and Barclays. They always have top rates and are well established/reputable banks.
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Re: Ally or Synchrony or other for savings?

Post by othermike27 »

Blue456 wrote: Fri Jun 21, 2019 8:59 am I use Alliant. Good 1 year CD rates and good savings rate. Plus it’s a credit union and not a bank.
+1 for Alliant. Good savings rate, instantaneous transfers between checking & savings. Easy to do a CD online. ACH push xfer from Alliant to bank shows up next business day if done before noon Central time, or 2nd business day if after noon. Don't know if they have a maximum ACH xfer amount - I've done $25-30 K with no problems.
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Re: Experience with Synchrony savings accounts?

Post by southerndoc »

I've not established an online savings account. I had one with ING Direct, but canceled it many years ago.

I currently have my emergency fund in a Fidelity CMA account invested in SPRXX. Maybe I should move some of it to Ally or Synchrony.
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Re: Experience with Synchrony savings accounts?

Post by MikeG62 »

DaftInvestor wrote: Fri Jun 21, 2019 4:04 pm
MikeG62 wrote: Fri Jun 21, 2019 3:36 pm
j0nnyg1984 wrote: Fri Jun 21, 2019 3:25 pm
MikeG62 wrote: Sun Jun 16, 2019 8:15 am
PTGuy1 wrote: Sat Jun 15, 2019 10:11 am Does anyone have any experience with Synchrony bank savings accounts? They claim a nice high yield savings, 2.25%. I am thinking in terms of savings account only.
Why bother with Synchrony when Ally is overwhelmingly the online bank of choice used by most on these forums? Yeah, Synchrony's online savings account rate is 5bps higher than Ally, but that amounts to a whopping $5 per year on every $10,000.
If I’m going through the trouble of setting up a new account and all other things appear to be equal, why wouldn't I bother with Synchrony?
The underlined phrase is key.

From my reading of this forum for the last several years I am not so sure they are.

Also, there are these from the first page of google search results (best online bank entered as search term):

https://www.bankrate.com/banking/best-online-banks/

https://www.kiplinger.com/slideshow/sav ... index.html

http://money.com/money/5431319/best-online-bank-2018/

https://www.thebalance.com/best-online-banks-4165693
Your references are the result of a different question than what the OP asked.
The OP is talking about Synchrony as a "Savings Account"
All the References are talking about best internet or online banks (Checking and Savings) and therefore fail to list the best banks for online savings accounts.
The three best banks for online savings are Marcus (Goldman Sachs), Synchrony, and Barclays. They always have top rates and are well established/reputable banks.
The references I provided were to address j0nnyg1984’s assertion that “all other things appeared equal”. These results would suggest otherwise - after all there is a reason Ally most often comes out on top in these reviews.

I’ve been a customer of Ally for about 12 years. Around the time I opened my Ally account I opened accounts at Discover Bank and Barclay’s (spreading around cash to stay within the FDIC limits as well as take advantage of specific deals being offered by others at the time). I concluded after years of dealing with each that when it was time to consolidate to one online bank my choice would be Ally. I closed my Discover bank account a couple of years ago and will close my Barclay’s account next year when my last CD matures. Ally is not perfect as I’ve had issues with them myself. Just better than the others “all other things considered”. YMMV.
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travelogue
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Re: Experience with Synchrony savings accounts?

Post by travelogue »

southerndoc wrote: Fri Jun 21, 2019 4:25 pm I currently have my emergency fund in a Fidelity CMA account invested in SPRXX. Maybe I should move some of it to Ally or Synchrony.
Vanguard money market funds with US Treasury obligations are worth considering (VUSXX and VMFXX). The Schwab and Fidelity funds aren't as good. Better tax treatment than bank accounts.
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Re: Experience with Synchrony savings accounts?

Post by jbranx »

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Re: Experience with Synchrony savings accounts?

Post by southerndoc »

travelogue wrote: Sat Jun 22, 2019 11:12 am
southerndoc wrote: Fri Jun 21, 2019 4:25 pm I currently have my emergency fund in a Fidelity CMA account invested in SPRXX. Maybe I should move some of it to Ally or Synchrony.
Vanguard money market funds with US Treasury obligations are worth considering (VUSXX and VMFXX). The Schwab and Fidelity funds aren't as good. Better tax treatment than bank accounts.
How is it better tax treatment? Isn't a money market fund taxed as ordinary income the same as a savings account?
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travelogue
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Re: Experience with Synchrony savings accounts?

Post by travelogue »

southerndoc wrote: Sat Jun 22, 2019 11:01 pm
travelogue wrote: Sat Jun 22, 2019 11:12 am
southerndoc wrote: Fri Jun 21, 2019 4:25 pm I currently have my emergency fund in a Fidelity CMA account invested in SPRXX. Maybe I should move some of it to Ally or Synchrony.
Vanguard money market funds with US Treasury obligations are worth considering (VUSXX and VMFXX). The Schwab and Fidelity funds aren't as good. Better tax treatment than bank accounts.
How is it better tax treatment? Isn't a money market fund taxed as ordinary income the same as a savings account?
VUSXX is exempt from state taxes as it’s 100% federal government securities. VMFXX is about 80% state tax exempt. Both are taxable at the federal level.
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Re: Experience with Synchrony savings accounts?

Post by southerndoc »

I see where you were going with this.

VUSXX 7-day yield is 2.34%. VMFXX 7-day yield is 2.3%. Georgia state tax is 6% at my income level.

VUSXX 7-day yield with tax-free status is 2.489%. Definitely more than what I would earn at Synchrony or Ally. The $50,000 minimum makes this unobtainable for a lot of people.
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SmileyFace
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Re: Experience with Synchrony savings accounts?

Post by SmileyFace »

Note Ally just dropped their savings rate to 2.1%.
Ally and Marcus both continue to pay 2.25%.
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Leif
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Re: Experience with Synchrony savings accounts?

Post by Leif »

I just had a lot of difficultly with Synchrony.

I entered my password 3 ties incorrect. They locked my account. I tried to go through password reset. They told me they cannot since they are having technical difficulties. They said try again later or call. I tried again, no change.

I tied calling. I got the password. I asked them to simply unlock and I will enter the password. They said they cannot. I must wait 24 hours.

And the phone tree is ridiculous. Good luck to get to live person. I must say they are great, unless you need help.

I really cannot wait for the CD to expire so that I can dump Synchrony.
Last edited by Leif on Mon Jul 01, 2019 12:38 pm, edited 2 times in total.
FireHorse
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Re: Experience with Synchrony savings accounts?

Post by FireHorse »

We have CD with Synchrony for many years, the rates are on the high end and automatic monthly interest deposit to our personal bank, it is quite convenient.
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Re: Experience with Synchrony savings accounts?

Post by bernoulli »

I had a CD with Synchrony many years ago. It was easy to open and when the CD matured, they mailed me a check and everything was fine. Their rates have not been the highest in the nation, that's why I have not used them in a long while.
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