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Synovus Bank Review 2022

Updated November 18, 2022
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.5 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 2.2 stars out of 5

MMA

Rating: 2.3 stars out of 5

About Bankrate Score

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Overview

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.

Highlights

  • Low Min Deposit
Compare offers
Bank logo
Member FDIC
Savings Account
4.75
%
APY
Rating: 3.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.75
%
APY
Rating: 3.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
2.50
%
APY
Rating: 3.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

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.

Synovus Bank bank products

2.2
Rating: 2.2 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. 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.

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.

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

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.

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.