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Synovus Bank Review

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Synovus Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1888, Synovus Bank has assets totaling $31 billion along with deposits totaling $26 billion, ranking it as a very large bank. Synovus Bank, whose headquarters are in Columbus, Georgia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3.9 out of 5 stars, Synovus Bank should be near the middle of the pack in your search for a bank. Synovus Bank has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a $5.00 monthly fee, which is acceptable compared to the national average. Institutions that offer no-fee checking, in addition to a high savings APY are your best option for accruing the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.20%, Synovus Bank ranks poorly compared to other U.S. banks. Synovus Bank's one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 0.85%, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Synovus Bank's Savings Rates Compare

Synovus Bank Savings 0.20 National Average 0.09 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Synovus Bank charges customers extremely low fees as compared against the national average. At $5.00/month, Synovus Bank's checking account is perfect for people who need a hassle-free checking account. For those who will need cash in a pinch, Synovus Bank is perfect because it charges no out-of-network ATM fees. Additionally, at $36.00, it has a moderate overdraft fee compared to the national average. Synovus Bank unfortunately does not refund out-of-network ATM charges, meaning you will be required to find a Synovus Bank ATM or eat the withdrawal fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

2.7
SmartAsset Average: 3.7

Synovus Bank is a brick-and-mortar bank, with 255 total bank locations in , , , , , , , , , , , , , , , , , , , , , , , , , , , , and . With mobile and web apps, Synovus Bank makes account access straightforward, even on the go. Synovus Bank's online and mobile banking platforms receive high marks from customers. The Synovus Bank mobile app is rated at 4.7 out of 5 (out of 860 customer reviews on iOS and Android) compared to the national average of 3.8. Synovus Bank's mobile app allows you to manage your accounts by looking at current statements, sending and receiving money and accessing support representatives. However, Synovus Bank receives an average consumer satisfaction rating due to a high number of consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.65/5
Consumer Satisfaction Rating 3.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Synovus Bank is a very large bank with assets totaling $31 billion as well as $26 billion in deposits. Synovus Bank has an excellent Texas Ratio of 2.80%, suggesting that Synovus Bank is in outstanding financial shape and far from failure. Additionally, Synovus Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Synovus Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.65% APY
  • 60 Month: 0.85% APY
$5000 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

Synovus Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Synovus Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Synovus Bank's CD rates are fair as compared against the national average.

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Find a Synovus Bank Near Me

Synovus Bank has 255 branches in the U.S.

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