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Synovus Bank Review 2024

Updated January 4, 2024
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At a glance

3.2
Rating: 3.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.5 stars out of 5

Checking

Rating: 3.4 stars out of 5

Savings

Rating: 2.8 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

Synovus Bank is an attractive option for consumers who prefer in-person banking and live near a branch in one of the five Southeastern states where branches are located. It’s not the best option for consumers seeking top-tier rates. While Synovus offers digital banking tools, accounts can’t be opened online by those who aren’t residents of a state where there are branches.

Highlights

  • Low Min Deposit
Compare offers
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/21/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/21/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 2/21/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

Established in 1888, Synovus is a full-service bank that offers deposit products, loans and financial planning and investing services. Most of the bank’s accounts require low minimum deposits, but rates are much lower than what other banks are offering.

Pros

  • Checkmark

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

  • Checkmark

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

Cons

  • 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.

  • There is limited information about CDs on the bank’s website.

Synovus Bank banking products

2.8
Rating: 2.8 stars out of 5
Bankrate Score

Synovus Bank savings overview

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. Interest is earned on all balances, but the rate isn’t competitive. Much higher yields can be found at other banks, especially online-only 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.

Pros

  • Checkmark

    The opening deposit for Personal Savings is fairly low.

  • Checkmark

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

Cons

  • 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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Synovus Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/21/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged
Overdraft fee $36
Non-sufficient funds fee $0
Monthly maintenance fee $10 for Plus Checking; waived if requirements are met.
Out-of-network ATM fee $2.50
Excessive transaction fee $5

Customer experience

Customer support

Branch availability: Synovus maintains branches in five states: Alabama, Georgia, Florida, South Carolina and Tennessee. The bank offers fee-free transactions at its Synovus ATMs and at Publix Presto! ATMs.

Customer service: Synovus offers phone support in both English and Spanish through its toll-free number. Customers can also call their local branch for support.

Digital experience

Synovus Bank offers a mobile banking app that’s rated highly by iOS and Android users. It allows you to deposit checks, pay bills, transfer money between accounts, view account balances and locate Synovus branches and ATMs.

How Synovus Bank compares to other banks

Synovus Bank vs. Capital One Bank

Both Synovus Bank and Capital One offer branches in a handful of states. Capital One accounts can be opened online by residents anywhere in the U.S., whereas Synovus accounts can’t be opened online if you don’t live in the states where it maintains branches. 

Capital One doesn’t charge monthly maintenance fees for its accounts, while Synovus charges fees that often require significant balances to waive. Both offer a range of deposit accounts, although Capital One doesn’t offer money market accounts to new customers. Capital One’s accounts earn competitive yields, while Synovus’ savings account earns a low balance and its money market earns an above-average balance with a tiered rate.

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 253 branches in Georgia, Florida, Alabama, Tennessee and South Carolina. It provides loans and deposit products, investment services, financial planning and wealth management.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.