Anyone Using Synchrony Online Bank

charged | Sep 21, 2016 | 12 posts since 2016

Can anyone vouch for Synchrony Bank? I'm considering opening up a savings account because of the high 1.05% interest rate with no minimums or anything like that. I'm just a little nervous because I've never even heard of them or have used online banking before.

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Answers

cumulus | Sep 22, 2016 | 1,266 posts since 2010

For starters, reading the reviews written by other Deposit Account members should be helpful; click on the Banks Reviews submenu of the Banks icon menu (located at the top of the page) and enter the bank name; landing you here.

MidAtlantic | Sep 22, 2016 | 142 posts since 2012

Until a couple of years ago they were GE Capital Retail Bank. I have used them for several years for savings and CDs and had no problems. You may also want to take a look at Barclays which has a very similar account at 1%. In my experience the Barclays website is somewhat easier to use.

CDInvestor1 | Sep 22, 2016 | 18 posts since 2015

I have had CD's with Synchrony Bank for several years, since they were still MetLife Bank, and I have had zero problems with them. My spouse recently opened a CD account with them, and the online application was easy to fill out. After the account was approved, they took the funds by ACH with no problems. They sent a "welcome packet" by mail with account number, disclosures, etc. and required my spouse to mail back a signature card for the account; I can't advise you whether or not that would happen with a savings account. Synchrony Bank is a highly visible bank in the "internet" world of investing, and I don't think you should have anything to be nervous about. The 1.05% interest rate is very good right now compared to most others, and I would invest there before a lot of the lesser known banks with equal rates. Good luck with your introduction to online banking!

charged | Sep 22, 2016 | 12 posts since 2016

Thanks guys. What about fees? I want an online bank where there is no fee to withdraw money from. I thought I read that Ally bank has a $20 fee to transfer money out of there bank. I'm not sure if that's true or not but if it is that would be unacceptable.

Shorebreak | Sep 23, 2016 | 4,039 posts since 2010

Ally Bank has no fees for ACH transfers to and from Ally Bank. For ATM withdrawals Ally Bank will reimburse up to a maximum of $10 per billing cycle for ATM fees.

charged | Sep 24, 2016 | 12 posts since 2016

What does ACH stand for? Sorry I'm new to the terminology.
What I would want to do is transfer money from my current bank's online system from my computer to the new bank, and then possibly transfer it back at a later date but without any fees.

MidAtlantic | Sep 26, 2016 | 142 posts since 2012

ACH stand for Automated Clearing House and is an electronic network for financial transactions. This is exactly what would be used in transferring funds from your checking account to/from an on-line bank such as Synchrony.

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