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Franklin Synergy Bank Review

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Franklin Synergy Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Franklin Synergy Bank first started operating in 2007 with its headquarters in Franklin, Tennessee. Franklin Synergy Bank has assets of $4 billion and $3 billion in deposits, classifying it as a large bank. Franklin Synergy Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.6 stars out of 5, suggesting Franklin Synergy Bank is among the top banks, and should be given strong consideration. Franklin Synergy Bank has a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Franklin Synergy Bank offers an option without a maintenance or monthly fee. Institutions that offer no-fee checking and a high interest rate savings account are your best option for returning the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.25%, Franklin Synergy Bank ranks poorly in comparison to other U.S. banks. Franklin Synergy Bank's one-year CD earns at a rate of 2.14% and the five-year CD has a rate of 2.50%, while its highest-yielding money market account has a rate of 1.38%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Franklin Synergy Bank's Savings Rates Compare

Franklin Synergy Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Franklin Synergy Bank charges customers extremely low fees in comparison to the average U.S. bank. Franklin Synergy Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Franklin Synergy Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to search for a Franklin Synergy Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Franklin Synergy Bank is a brick-and-mortar bank, with 15 total branches in Tennessee. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Franklin Synergy Bank's online and mobile banking platforms get moderate marks from users. Out of 26 customer reviews on both Apple and Android platforms, the Franklin Synergy Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). Franklin Synergy Bank's mobile app lets you control your bank accounts by checking current statements, sending and receiving money and reaching customer service. Franklin Synergy Bank gets a superb consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Franklin Synergy Bank ranks as a large bank and owns $4 billion in assets as well as $3 billion in deposits. Its Texas Ratio is 1.20%, denoting that the bank is in excellent financial health and far from failure. Additionally, Franklin Synergy 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 Franklin Synergy Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $500
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 2.14% APY
  • 24 Month: 2.37% APY
  • 36 Month: 2.42% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Account 1.38% APY $10000

Franklin Synergy Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Franklin Synergy Bank does not have the best savings rate, which means you should think about looking elsewhere 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. Franklin Synergy Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Franklin Synergy Bank Near Me

Franklin Synergy Bank has 15 branches across the U.S.

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