Opening a Synovus Savings Account: What to Know Before You Apply
- Synovus offers personal savings, kids savings, holiday savings, money market, certificate of deposit, and checking accounts.
- The Synovus personal savings account has a $5 monthly maintenance fee that can be waived by keeping at least $200 in one or more linked Synovus accounts.
- Customers of Synovus can manage their accounts several ways, including online, through the Synovus mobile app, or at a Synovus branch or ATM.
Opening a savings account can help you get a step closer to achieving your financial goals. Where you decide to open a savings account can determine how much interest you’re able to earn and the fees you’ll pay.
If you’re interested in traditional savings options, you might consider Synovus Bank. Synovus offers savings accounts with convenient access to branch banking and a wide range of features for those who prefer a more hands-on approach to managing their money.
This Synovus personal savings account review offers a closer look at what you can expect if you decide to open an account here, including Synovus savings account interest rates, features, and more.
Synovus Personal Savings Account At-a-Glance
- Account types offered: Personal savings, minor savings, holiday savings, money market savings, certificate of deposit (CD) accounts, and checking accounts.
- FDIC insured: Synovus savings accounts are insured by the FDIC.
- Fees: $5 monthly service fee; excess withdrawal fee.
- Minimum deposit: $100 for savings accounts.
- Access: Manage accounts online, through the Synovus mobile app, or at a Synovus branch or ATM.
Synovus is a regional bank operating in five southeastern states: Alabama, Georgia, Florida, South Carolina, and Tennessee. It’s a strong option for customers seeking personalized service and in-person support.
Which Banks Have the Best Savings APYs?
Thousands of banks offer savings accounts, and there’s fierce competition among them to offer the best rates. We’ve compiled a list you can sort through below to find a savings account to fit your financial goals.
Compare to Others
There are many savings account options, and it’s helpful to consider how they compare. Here are a few other savings accounts you may consider when deciding where to open an account.
CIT Savings Connect
CIT Bank is a division of First Citizens Bank. It offers a high-yield savings account with a competitive rate and low fees. In addition to savings accounts, CIT also offers checking accounts, money market accounts, and CDs.
If you’re interested in an online savings option, consider CIT a Synovus alternative.
American Express®, Member FDIC, High Yield Savings Account
You may be familiar with American Express®, Member FDIC, credit card offerings, but you can also open a high yield savings account here. Some of the top benefits include a competitive APY, no monthly fees, and $0 to open. However, you won’t have access to branch banking.
Bread™ Savings
Bread™, formerly Comenity Bank, offers an online savings account that earns a superior rate. There’s no monthly fee and no minimum deposit requirement to open an account.
You won’t get branch banking, but you can access your savings via online and mobile banking.
Who Is a Synovus Personal Savings Account For?
Synovus personal savings accounts could be a good fit for anyone who wants to keep their money secure while earning a little interest. You might open this savings account if you:
- Prefer traditional banking to online banks
- Are saving for one or more specific goals
- Have at least $100 to open an account
- Would like to have fee-free ATM access to your savings
- Already have bank accounts with Synovus
If you’re looking for the highest savings rates, this account may not be right for you. Compared to what you might find at online banks, the Synovus savings interest rate lags behind the competition.
However, many customers still appreciate the in-person experience and security of banking with a trusted regional institution. You’ll also want to keep an eye out for Synovus bank promotions, which may include bonuses for opening new accounts.
About Synovus Savings Account Interest Rates
When it comes to Synovus bank savings account interest rate offers, it’s essential to understand that rates may vary based on your location, account balances, and account type.
While the base rate on the standard savings account is modest, customers with higher balances or those who qualify for a Synovus high yield savings option may see better returns. Rates are typically compounded daily and paid monthly.
To find current Synovus savings account rates, it’s best to contact your local branch or view updated rate sheets on the Synovus website.
Top Features of the Synovus Personal Savings Account
When comparing savings accounts, it’s helpful to look at the features or benefits you can expect to enjoy. Here are some of the key highlights to know about saving with Synovus.
Account Types
Synovus is a full-service bank, so customers have access to a complete suite of banking products and services.
In addition to savings accounts, you can open:
- Minor and holiday savings accounts
- Synovus high yield savings account (for qualifying customers)
- Money market account
- CD accounts
- Checking accounts
You can also apply for personal loans, mortgage loans, home equity lines of credit, and credit cards.
Unlimited Deposits
Synovus allows you to make unlimited deposits to your savings account. You can link your Synovus checking account or connect your savings to accounts at a different bank.
A $200 minimum balance required in all your Synovus accounts combined can help you avoid the $5 monthly fee. Having other Synovus accounts can also unlock higher rate tiers.
Fee-Free ATMs
Synovus allows you to make fee-free withdrawals from your personal savings account at Synovus and Publix Presto! ATM locations. That’s an added benefit you don’t always get with traditional or online savings accounts.
Access
Synovus allows you to make up to six monthly fee-free withdrawals from your personal savings account. That’s a good thing if you occasionally withdraw cash to cover unexpected expenses.
However, an excess withdrawal fee will apply once you exceed that limit.
FDIC Coverage
The Federal Deposit Insurance Corporation (FDIC) insures deposits at member banks in the rare event that a bank fails. Your savings are FDIC-insured, up to the standard limit of $250,000 per depositor, per account ownership type.
Synovus also uses security measures to protect your online and mobile banking information, so it’s a safe place to save.
Many Synovus bank reviews cite the reliability and peace of mind this coverage provides.
How to Get Started
If you’d like to open a Synovus personal savings account, you can begin your application online or visit a Synovus branch near you.
Here are the requirements to open a Synovus personal savings account:
- 18 years old or older
- U.S. citizen
- Resident of Alabama, Georgia, Florida, South Carolina, or Tennessee
What You Need to Apply
- Valid government-issued ID
- Mobile phone number
- Valid email address
- Date of birth
- Social Security number
- Street address
- $100 minimum deposit to open
If you don’t live in one of the supported states or meet the eligibility criteria, you won’t be able to open a savings or any other type of account with Synovus.
Rating the Features
Just how good is a Synovus personal savings account? Here’s a closer look at how the features compare.
User Experience
Synovus offers a user experience that’s comparable to other brick-and-mortar banks. You can review account options and start an application online. If you need help, you can visit a branch or contact customer service.
Fees
Like other traditional banks, Synovus charges a monthly maintenance fee of $5 for savings accounts. You can avoid the fee by maintaining a $200 relationship balance across Synovus accounts.
Rates
Synovus savings account rates may not be the highest, but the annual percentage yields are predictable and tied to your banking relationship. If you’re focused on maximizing yield, look into the Synovus high yield savings account.
Variety
As a full-service bank, Synovus offers many options for managing your money, ideal for those who want everything in one place.
Customer Support
You can reach customer service at 1-888-796-6887 or by visiting a local branch. Synovus bank reviews are generally positive about the quality of branch-level support, though some customers note the lack of live chat.
Pros & Cons
Pros
- Branch banking access
- Manage your accounts from anywhere with online and mobile banking
- Tiered relationship rates
- FDIC-insured savings
- Fee-free ATM access
- The monthly fee is waived with a $200 relationship balance
- Link to external accounts for convenient transfers
- Six fee-free withdrawals per month
Cons
- Low APY compared to online banks
- Monthly maintenance fee
- Excess withdrawal fee
- Only available in certain states
- No live chat support
The main attraction of this account is the opportunity to bank at a branch and access your money at the ATM. You may want to look elsewhere if you’re focused on getting the best rates possible. However, if you value customer service and a full-service experience, Synovus might be a good fit.
Bottom Line
Savings accounts can help you reach your goals, one dollar at a time.
Synovus savings can help you get started with saving, whether your goals are big or small. You won’t get the highest rate, but you’ll have convenient access to your money and a full-service banking experience.
If you’re ready to apply for a Synovus savings account, you can do so online or at your nearest Synovus branch.
FAQs
The best savings account depends on your needs, but online banks like Ally, Marcus by Goldman Sachs, and American Express® often offer high yields with no fees.
Financial institutions offering the highest APYs change frequently, but institutions like UFB Direct, CIT Bank, and Bread Financial often lead with top-tier rates.
Yes, a 3.75% APY is considered a strong rate compared to national averages, especially from traditional banks. Some online banks may offer slightly higher.
Synovus savings account interest rates vary based on your balance and the type of account you open. Contact your local branch or check Synovus online for the latest APY details.
Yes, Synovus does offer high yield savings options for qualifying customers. Ask about current Synovus high yield savings account promotions and requirements when applying.
Synovus is a reputable regional bank with FDIC insurance and positive customer feedback. Many Synovus bank reviews highlight its strong customer service and full-service banking options.
