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Synergy Bank Review

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Synergy Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Synergy Bank first started operating in 1999 with headquarters in Houma, Louisiana. Synergy Bank owns assets of $514 million as well as deposits totaling $458 million, which makes it a medium-size bank. Synergy Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave the bank a 4.5 stars out of 5, suggesting Synergy Bank is an exceptional bank that would be a perfect pick. Synergy Bank has a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Synergy Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Synergy Bank offers an option without a monthly fee. Banks that offer free checking and a high interest rate savings account are your best bet for returning the most income from your deposits while maintaining convenient access to your funds.

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

Synergy Bank has a savings rate of 0.50%, which is poor in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.85% and 2.36%, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given its noncompetitive savings rate, you should consider looking at the competition to open savings accounts.

How Synergy Bank's Savings Rates Compare

Synergy Bank Savings 0.50 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Synergy Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, Synergy Bank's checking account is ideal for those who need a hassle-free banking experience. Synergy Bank doesn't refund out-of-network ATM charges, meaning you will need to locate a Synergy Bank ATM or pay the ATM charge.

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

Synergy Bank is a brick-and-mortar bank, with six total bank locations in Louisiana. With mobile and web apps, Synergy Bank makes mobile banking straightforward, even on the go. Synergy Bank receives reasonably decent ratings from users for its online presence. The Synergy Bank mobile app scored a 4.1 out of 5 (with 56 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Synergy Bank's app to control your finances by monitoring monthly statements, transferring funds as well as accessing customer service. Synergy Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Synergy Bank ranks as a medium-size bank owning assets totaling $514 million and deposits totaling $458 million. Synergy Bank's Texas Ratio is 15.09%, denoting a tiny chance of failure. Additionally, 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

High Risk 75% 50% 20% 10% Low Risk

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 Synergy Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $100
Checking Account 0.35% APY $1000
Certificates of Deposit
  • 12 Month: 1.85% APY
  • 24 Month: 2.10% APY
  • 36 Month: 2.20% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.36% APY
$1000 for all terms
Money Market Account 0.75% APY $10000

Synergy Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Synergy 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. Synergy Bank's CD rates are fair in comparison to the national average.

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Find a Synergy Bank Near Me

Synergy Bank has six branches across the U.S.

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