Franklin Synergy Bank started in 2007 with its headquarters in Franklin, Tennessee. Franklin Synergy Bank has $4 billion in assets as well as $3 billion in deposits, ranking it as a large bank. Franklin Synergy Bank lacks premium access to customer service, 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. On the whole, Franklin Synergy Bank is an outstanding bank that you should strongly consider, with a rating of 4.6 stars out of 5 from our experts. Franklin Synergy Bank offers the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Franklin Synergy Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Franklin Synergy Bank offers an option without a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best bet for returning the most income on your deposits while maintaining convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Franklin Synergy Bank features a savings rate of 0.25%, which is fair compared to the national average. Its one-year CD has a rate of 2.14% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at a rate of 1.50%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.
How Franklin Synergy Bank's Savings Rates Compare
Franklin Synergy Bank has generally extremely low fees in comparison to other U.S. banks. With no monthly fee, Franklin Synergy Bank's checking account is perfect for people who need an easy banking experience. Franklin Synergy Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll have to search for a Franklin Synergy Bank ATM or pay the ATM charge.
Franklin Synergy Bank is a brick-and-mortar bank, with 15 total bank locations in Tennessee. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Franklin Synergy Bank gets average reviews from customers for its mobile platform. The Franklin Synergy Bank mobile app has been given a 3.8 out of 5 (with 26 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Franklin Synergy Bank's mobile app to control your accounts by looking at account balances, transferring money and reaching customer service. Franklin Synergy Bank receives an exceptional consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Franklin Synergy Bank is a large bank with assets totaling $4 billion and deposits totaling $3 billion. Franklin Synergy Bank's Texas Ratio is 1.20%, signifying a minute probability of 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.Back to Overview
Compare Franklin Synergy Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$500|
|Checking Account||0.05% APY||$2500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||1.5% APY 1.5% APY||$10000 $15000|
Franklin Synergy Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Franklin Synergy Bank does not have the best savings rate, which means you should consider taking a look 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 compared to the average U.S. bank.Back to Overview
Find a Franklin Synergy Bank Near Me
Franklin Synergy Bank has 15 physical branches in the U.S.Back to Overview