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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

Synovus Bank started in 1888 and its headquarters are located in Columbus, Georgia. Synovus Bank owns $31 billion in assets and $26 billion in deposits, making it a very large bank. Synovus Bank lacks premium access to support representatives, 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. We ranked the bank at a 3.9 stars out of 5, indicating that Synovus Bank is a respectable bank that you should consider. Synovus Bank has the full 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 compared to the average savings account. If you're interested in stress-free personal checking, Synovus Bank's most basic checking account does not have a monthly maintenance fee. Using a bank with no-fee checking and a high interest rate savings account is the best option for gaining the most income from your deposits while having convenient 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

Synovus Bank has a savings rate of 0.20%, which is fair compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.25% and 0.85%, respectively, while its highest-yielding money market account has an APY of 0.20%. Given Synovus Bank's poor savings rate, you should consider looking at the competition to open savings accounts.

How Synovus Bank's Savings Rates Compare

Synovus Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Synovus Bank has generally extremely low fees in comparison to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Synovus Bank does not refund out-of-network ATM fees, meaning you'll be required to find a Synovus Bank ATM or pay 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

2.7
SmartAsset Average: 3.7

Synovus Bank is a brick-and-mortar bank, with 255 total branches in Alabama, Florida, Georgia, South Carolina and Tennessee. With mobile and web apps, Synovus Bank makes account access easy, even on the go. Synovus Bank receives poor marks from users for its mobile app. The Synovus Bank mobile app rates a 3.2 out of 5 (with 860 ratings on Apple and Android) compared to the national average of 3.8. Synovus Bank's mobile app lets you control your finances by monitoring current statements, sending and receiving funds as well as reaching support representatives. However, Synovus Bank receives a fair consumer satisfaction rating because of a high number of complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
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 owning $31 billion in assets as well as $26 billion in deposits. Synovus Bank's Texas Ratio is 2.80%, denoting a low probability of 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 Account 0.1% APY $10000

Synovus 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. Synovus Bank does not have the best savings rate, which means you should think about 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 in comparison to the average U.S. bank.

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Find a Synovus Bank Near Me

Synovus Bank has 255 locations in the U.S.

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