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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


Founded in 1999, Synergy Bank has $514 million in assets and deposits totaling $458 million, which makes it a medium-size bank. Synergy Bank, whose headquarters are in Houma, Louisiana, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We gave the bank a 4.5 stars out of 5, indicating that Synergy Bank is a superb bank that you should seriously consider. Synergy Bank offers a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Synergy Bank's most basic checking account does not have a monthly maintenance fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best option for getting the most income on your deposits while having 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 features a savings rate of 0.50%, which is fair in comparison to the average U.S. bank. Its CD rates are 1.60% and 2.20% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.75%. Given Synergy Bank's poor savings rate, you should think about taking a look at other banks for 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

Synergy Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Synergy Bank is perfect for those who want a basic checking account. Synergy Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will need to find a 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

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 easy, even on the go. Synergy Bank receives relatively decent feedback from users for its mobile app. The Synergy Bank mobile app has an overall rating of 4.1 out of 5 (with 56 ratings on iOS and Android) compared to the national average of 3.8. You can use Synergy Bank's mobile app to manage your bank accounts by reviewing current statements, sending and receiving funds and accessing customer service. Synergy Bank gets a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 is currently a medium-size bank owning assets totaling $514 million as well as $458 million in deposits. Its Texas Ratio is 15.09%, indicating that the bank is in fine financial well-being and unlikely to fail. 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: 1.60% APY
  • 24 Month: 1.85% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.10% APY
  • 60 Month: 2.20% 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 to give you many options to manage your money. Synergy Bank does not have the best savings rate, which means you should consider 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. 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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