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Synovus Bank Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
3.4

Bankrate Score

bank-logo

Low Minimum Deposit

Synovus is an FDIC-insured bank that is an attractive option for consumers looking for a full menu of personal banking products, including checking, savings and money market accounts, CDs, health savings accounts, credit cards, mortgages, and financial planning and investment services. Although it serves primarily the Southeast, its digital banking tools expand its reach beyond its five-state branch footprint.

  • CDs
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    2.5
  • Savings
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    2.2
  • Checking
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    4.7
  • MMAs
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    2.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    3.4

    Bankrate Score

    Established in 1888, Synovus is a full-service bank that offers deposit products, loans and financial planning and investing services.

    What we like

    • It’s a good fit for customers in the Southeast who like a combination of branch and digital banking.

    • It offers a wide selection of CD terms, enabling savers to build a CD ladder.

    What we don't

    • It has branches in only five states: Georgia, Florida, Alabama, Tennessee, South Carolina.

    • The ATM network is geographically limited to the Southeast.

    • You can find higher yields at other banks.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Synovus offers 11 terms of CDs, but it does not offer specialty products such as no-penalty or bump-rate CDs. Its yields are not competitive and some CDs require a steep deposit. A 13-month CD, for example, requires $10,000 to open and the APY is not impressive, compared with APYs you can find at some online banks.

    Also, there is scant information on its website about CD products. You must visit a branch, call or email to get rate information, and there is a wider selection of CD products available at branches than there is online.

    What we like

    • A variety of term lengths is offered, enabling savers to build a CD ladder.

    • Some CDs can be opened online.

    What we don't

    • You can find higher yields on CDs elsewhere, especially at online banks.

    • Most CDs must be opened at a branch location.

    • There is little product information on the website. Consumers must call or email to get rates and other CD details.

    Savings accounts

    2.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synovus offers three savings accounts, but for this review Bankrate focused on the Personal Savings account. The interest-bearing account requires only $100 to open. Rates are not competitive. Much higher yields can be found at other banks, especially online banks.

    There is a $5 monthly fee unless you maintain a $200 "relationship" balance across all of your Synovus deposit and investment accounts. The account comes with digital banking options, such as online bill payment.

    What we like

    • The opening deposit for Personal Savings is fairly low.

    • Account holders have access to online bill pay and other digital banking features.

    What we don't

    • APYs are low; many online banks offer far better rates.

    • There is a $5 monthly service charge unless you keep a combined $200 "relationship" balance across Personal Savings and other Synovus deposit and investment accounts.

    • You get two free withdrawals/transfers a month, then there is a $3 fee per occurrence.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Synovus offers three checking accounts, but for this review Bankrate focused on the Free Checking account.

    Free Checking requires $100 to open and there is no monthly service fee, regardless of the balance. Account holders have access to online and digital banking tools that allow them to monitor and manage the account 24/7 from anywhere. ATM usage could become costly if you're not in a state with Synovus branches or Publix grocery stores Presto! ATMs. An out-of-network ATM balance inquiry, transfer or withdrawal will cost $2.50 a pop.

    What we like

    • Free Checking has a reasonable opening deposit.

    • Free Checking has no monthly service fee, regardless of the balance.

    • Account holders have access to the conveniences of digital banking.

    • The account comes with a debit card.

    What we don't

    • Customers outside Synovus' limited branch and ATM footprint could incur costly ATM fees.

    Money market accounts

    2.3

    Bankrate Score

    Synovus’ Relationship Money Market Account offers tiered interest rates, but there is no minimum balance required to earn interest. Higher "relationship" APYs kick in for savers with at least a $25,000 balance across Synovus deposit and investment accounts. You must have $500,000 in the bank to earn the very highest APY, but it's easy to find better rates with lower deposit requirements at online banks.

    A $100 deposit is required to open the account. There is a $10 monthly service fee unless a $2,500 balance is maintained. The account comes with access to digital banking access, and notary services are free.

    What we like

    • The minimum opening deposit is a reasonable $100.

    • Account holders have access to digital banking services.

    What we don't

    • There is a $10 monthly service fee unless you maintain a $2,500 balance across all Synovus accounts.

    • You must have $500,000 across Synovus accounts to earn the highest APY.

    • You can find higher yields at other banks.

    Bank experience

    Customer service hours by telephone are 7 a.m. to 11 p.m. Eastern time, seven days a week. Synovus offers online and digital banking, as well as person-to-person payment capability using Zelle. Customers can add Synovus-issued credit/debit cards for use in digital wallets, including Apple Pay.

    Synovus has ATM access in the Southeast, as well as free use of Presto! ATMs at Publix grocery stores.

    The Synovus website contains personal financial calculators and educational articles on topics such as tips for building an emergency fund and how to prepare for a financial setback.

    About Synovus Bank

    Based in Columbus, Georgia, Synovus is a full-service financial company that offers personal, business and corporate banking products and services throughout the Southeast. It has 309 branches in Georgia, Florida, Alabama, Tennessee and South Carolina. It provides loans and deposit products, investment services, financial planning and wealth management.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.