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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 with its headquarters in Columbus, Georgia. It owns $31 billion in assets as well as $26 billion in deposits, making it a very large bank. Synovus 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 in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.9 stars out of 5, Synovus Bank should be near the middle of the pack in your search for a bank. Synovus Bank has a complete array 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 looking for a checking account for everyday use, Synovus Bank offers an option without a maintenance or monthly fee. Locating a bank with no-fee checking and a high interest rate savings account is your best option for accruing the most income from your deposits alongside easy 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 features a savings rate of 0.20%, which is fair compared to the national average. Synovus Bank's 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 earns at an APY of 0.20%. Given Synovus Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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 charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Synovus Bank's checking account is ideal for those who want an easy banking experience. Synovus Bank unfortunately does not reimburse out-of-network ATM charges, meaning you'll be required to find a Synovus Bank ATM or accept the 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 mobile banking convenient, even on the go. Synovus Bank gets poor marks from users for its mobile platform. The Synovus Bank mobile app has an overall rating of 3.2 out of 5 (out of 860 ratings on Apple and Android) compared to the national average of 3.8. Synovus Bank's mobile app allows you to manage your bank accounts by checking monthly statements, transferring funds and accessing customer service. However, Synovus Bank gets a fair consumer satisfaction rating because of a large number of consumer complaints filed with 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 currently a very large bank and has assets totaling $31 billion and deposits totaling $26 billion. It has an excellent Texas Ratio of 2.80%, suggesting that the bank is in terrific financial health and improbable to fail. 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 Accounts 0.1% APY 0.2% APY $10000 $15000

Synovus Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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 national average.

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Find a Synovus Bank Near Me

Synovus Bank has 255 branches in the U.S.

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