Frequently Asked Questions | Synchrony Bank (2024)

FAQs

Is Synchrony Bank financially sound? ›

Fitch Ratings - New York - 21 Apr 2023: Fitch Ratings has affirmed all of the ratings for Synchrony Financial (SYF) and Synchrony Bank (SYB) including the Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook has been revised to Positive from Stable.

Yes, Synchrony Bank is FDIC insured (FDIC# 27314).

Synchrony Bank High Yield Savings and Money Market Accounts do not require a minimum balance and or incur any monthly fees. However, if the account has $0.00 balance for more than 60 days, it may be subject to closure.

Not full service: Synchrony Bank doesn't offer a checking account. Not as generous: Other banks may offer more generous ATM reimbursem*nts than Synchrony, which reimburses customers $5 per month for out-of-network ATM charges. Online only: Synchrony is an online-only bank, so there are no in-person branch locations.

A new lawsuit against Synchrony Financial in Los Angeles County accuses the financial services company of installing tracking software to invade customers' privacy and track their browsing habits. This complaint was first surfaced by Law.com Radar.

Synchrony Bank is a safe place to put your money. Deposits are FDIC insured up to $250,000, just like brick-and-mortar banks.

Synchrony Bank Savings Account Review

Earn 4.65% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured. With a high rate and no fees, the Synchrony High Yield Savings Account is a great option for savers.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Synchrony reviews FAQs

Synchrony has an overall rating of 4.2 out of 5, based on over 2,408 reviews left anonymously by employees. 83% of employees would recommend working at Synchrony to a friend and 81% have a positive outlook for the business. This rating has decreased by 1% over the last 12 months.

Synchrony Financial's threat of distress is less than 3% at the present time. It is unlikely to undergo any financial straits in the next 24 months.

Does Synchrony Bank have physical locations? ›

Most customers bank with Synchrony Bank by opening a deposit account online or a credit card online or in the store. Synchrony Bank has five branches—one each in Georgia, Kansas, New Jersey, North Carolina, and Utah.

The act of closing a bank account, such as a checking or savings account, does not directly affect your credit score. Your credit score is not directly affected by your checking and savings account activity. That includes account closures.

Synchrony Bank offers savings accounts that feature award-winning products and the safety of FDIC insurance*—CDs, IRAs, Money Market Accounts and Savings Accounts. Customers can open an account in minutes via our Mobile app or online all with no minimums or monthly service fees.

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

What's the Synchrony Bank credit card credit score requirement? It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

SYF Stock 12 Month Forecast

Based on 16 Wall Street analysts offering 12 month price targets for Synchrony Financial in the last 3 months. The average price target is $51.63 with a high forecast of $62.00 and a low forecast of $37.00.

Synchrony Financial has total assets of $120.5B and total equity of $15.5B. Total deposits are $83.1B, and total loans are $91.3B. It earns a Net Interest Margin of 15.2%.

Synchrony Bank recently allowed class-action lawsuits by consumers to progress after accepting to take responsibility for long-standing complaints raised against them. Synchrony Bank's class-action lawsuit allows consumers to be paid what they are owed for the suffering and damages they incurred as their customers.

SYF's ratings reflect strong profitability relative to peers, funding stability as a result of strong deposit growth at Synchrony Bank (SYB), above average profitability relative to peers, a market-leading position in the U.S. private label credit card industry and a seasoned management team.