Understanding What Is A Synchrony Bank And Its Features

Synchrony Bank is a US-based online bank that offers a range of financial services. It was founded in 2003 and is a subsidiary of Synchrony Financial, a consumer financing company.

Synchrony Bank is known for its high-yield savings accounts and CDs, which are FDIC-insured. This means that deposits are insured up to $250,000, providing a high level of security for customers.

One of the key features of Synchrony Bank is its online platform, which allows customers to manage their accounts and conduct transactions easily. The bank's website and mobile app are user-friendly and accessible 24/7.

Synchrony Bank offers a range of deposit accounts, including savings accounts, CDs, and money market accounts. Its savings accounts have no minimum balance requirement and no monthly maintenance fees.

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Synchrony Bank has had a significant impact on the financial services industry since its establishment in 2003. It was founded as a subsidiary of General Electric.

One notable acquisition was GPShopper in 2017, expanding Synchrony's capabilities. In 2018, Synchrony acquired Loop Commerce, which provides a digital gifting platform called GiftNow.

Synchrony's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio in 2018. This deal also made Synchrony the exclusive issuer for the PayPal Credit point of sale financing program in the United States through 2028.

GIC Private Limited, the sovereign wealth fund of Singapore, owned 7.72% of Synchrony's stock in 2019. However, it exited its position by 2023.

Synchrony's acquisition of PayPal's credit receivables portfolio marked a significant milestone in its corporate history.

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Synchrony Bank offers a variety of credit cards, including Synchrony-branded credit cards and co-branded cards with specific retailers.

Synchrony-branded credit cards can be used anywhere Mastercard is accepted and offer cash back rewards. The Synchrony Premier World Mastercard is a standout, earning 2% cash back on all purchases, but requires excellent credit to qualify.

The Synchrony Plus World Mastercard earns 1% cash back on every purchase and is designed for those with good credit. The Synchrony Preferred World Mastercard is a credit-building card with a variable APR and no rewards.

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Synchrony also offers branded cards for specific shopping needs, such as home goods, car repairs, medical expenses, and power sports vehicle accessories. These cards often come with promotional financing terms, including deferred interest.

Here are some examples of Synchrony's co-branded cards:

To increase your chances of approval for a Synchrony credit card, focus on maintaining a good credit score by paying off your credit card bill in full each month and keeping your credit utilization ratio below 60%.

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Synchrony Bank offers a wide range of credit cards, including store cards and co-branded cards.

To give yourself the best chance of approval, make sure you take care of your credit score. If you pay off your credit card bill and never carry a balance, your credit score will be in much better shape.

Synchrony credit cards are more likely to approve applicants if they have a good credit score. There are many reports of people being approved for Synchrony store cards with credit scores in the 600s.

The goal is to pay off your statement every month. If you can't, then make sure that the payment you make reduces any balance to less than 60% of your credit limit.

Here are some examples of Synchrony credit cards:

If you're not paying off your card completely, make sure that you're not within 60% of your credit limit usage at the time of statement closing.

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Synchrony Bank offers a range of benefits that make it an attractive option for customers. One of the main advantages is the high-yield deposit products with no monthly fees, which means you can earn interest without any deductions.

The bank's high-yield savings account earns a 4.10% annual percentage yield (APY), while the money market account earns 2.25% APY. CD rates vary by term, but can go up to 4.25% APY.

Here are some key pros of Synchrony Bank:

Synchrony Bank offers a range of high-yield deposit products with no monthly fees. This means you can earn interest without worrying about bank fees eating into your earnings.

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The high-yield savings account earns a 4.10% annual percentage yield (APY), which is a great way to grow your savings over time.

You can open a Synchrony Bank savings account, money market account, or CD with as little as $0, making it easy to get started with their products.

Here are some of the high-yield deposit products offered by Synchrony Bank:

Synchrony Bank partners with hundreds of retailers and healthcare providers to offer financing options for customers. This means you can buy products and services today and pay for them over time.

Synchrony Bank has some limitations that you should be aware of. One of the biggest drawbacks is the limited branch presence, with only five branch locations available.

If you need to visit a branch in person, you're out of luck unless you're willing to call customer service or initiate a chat session during business hours. This might not be ideal for everyone.

Synchrony Bank also doesn't have its own ATM network, which means you'll need to rely on partner ATMs to access your cash.

However, it's worth noting that the bank partners with Accel to offer fee-free ATMs across the U.S., so you won't be charged extra fees for using these ATMs. Members of Perks Rewards with Diamond status even get unlimited domestic ATM fee refunds.

If you're looking to consolidate all of your accounts with one bank, Synchrony Bank isn't the best option. They don't offer checking accounts or other types of lending besides credit cards.

Here are the details on Synchrony Bank's ATM network and branch locations:

Synchrony Bank offers high-yield deposit accounts, providing a higher interest rate compared to traditional savings accounts.

If you're looking for a hassle-free banking experience, Synchrony Bank is a great option since you don't need to change your primary checking account.

With Synchrony Bank, you don't need to worry about accessing physical branches, making it a convenient option for those who prefer online banking.

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Synchrony Bank offers benefits to those who have a retailer credit card, including exclusive rewards and discounts.

Financing healthcare expenses over time is also possible with Synchrony Bank, making it a useful option for those with ongoing medical costs.

Here are some key features and services offered by Synchrony Bank:

Synchrony Bank offers a range of banking products, including Savings Accounts, Money Market Accounts, CDs, and Credit Cards.

You can open a bank account online in just a few minutes, and deposit money electronically, by mail, or through the mobile app. The mobile app is available for both iOS and Android devices.

To apply for a credit card, you can browse options online before applying online or in the store. Some credit cards have promotions offering a welcome bonus when you apply and complete specific activities.

Here are the banking products offered by Synchrony Bank:

Synchrony Bank has five physical branches, located in Georgia, Kansas, New Jersey, North Carolina, and Utah, in addition to its online banking options.

Synchrony Bank offers a range of banking products, including savings, money market, and CD accounts.

You can open a savings account with Synchrony Bank, which has competitive interest rates.

Synchrony Bank also offers a money market account with check-writing capabilities, no minimum balance, and no monthly maintenance fees.

The money market account has a 2.25% APY, making it a great option for those looking to earn interest on their deposits.

You can access your money through wire transfers, checks, online transfers, and ATMs.

Here are the banking products offered by Synchrony Bank:

Synchrony Bank does not offer checking accounts, mortgages, investments, or other products you may find at other financial institutions.

Banking with Synchrony Bank is a straightforward process. You can open a deposit account online or apply for a credit card online or in-store.

Synchrony Bank has five branches in Georgia, Kansas, New Jersey, North Carolina, and Utah. If you prefer to visit a branch in person, you can do so at one of these locations.

Opening a bank account online is simple and can be completed in a few minutes. You can deposit money into your account electronically or by mail, or make a mobile deposit through the Synchrony Bank mobile app, available for both iOS and Android devices.

You can use your debit card at ATMs and for debit card transactions. Additionally, you can withdraw money at Accel Network ATM locations with no fees.

If you're looking for a credit card, you can browse options online before applying online or in-store. Some credit cards come with promotions offering a welcome bonus when you apply and complete specific activities.

Here are the types of deposit accounts available from Synchrony Bank:

You can access your money through various means, including mobile deposits and online banking. Synchrony Bank's deposit and lending products are limited, but they offer competitive rates and terms on their products.