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Synovus Bank Review 2023

Updated February 9, 2023
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At a glance

3.3
Rating: 3.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.5 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 2.5 stars out of 5

MMA

Rating: 2.5 stars out of 5

About Bankrate Score

Overview

Synovus Bank is an attractive option for consumers looking for a free checking account and low minimum deposit requirements, though it’s not the best option for those seeking out top-tier rates. Although its branches are located in the Southeast, its digital banking tools allow customers to do their banking nationwide.

Highlights

  • Low Min Deposit
  • Free Checking
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/6/2023
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Open a BMO online savings account in minutes
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/6/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.
Bank logo
Member FDIC
Savings Account
4.85
%
APY
APY
Info
As of 6/6/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: No Monthly Fees. $5,000 balance required for highest rate.

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 and the checking account is free, 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.

  • Checkmark

    There’s a free checking account.

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

2.5
Rating: 2.5 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. However, savers need at least $25,000 to earn the best rate. Interest is earned on all balances, but 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.

  • Checkmark

    Interest is earned on any balance.

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.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/6/2023
Rating: 3.5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: Open a BMO online savings account in minutes

Bank experience

Customer service hours by telephone are 8 a.m. to 5 p.m. CT, weekdays. 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 268 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.