Strongly not recommended
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Synovus is one of the largest community banks in the Southeast of United States. The bank traces its origins to 1888 in a textile mill in Columbus, Georgia. One day an executive at the factory noticed one of the workers got her dress tangled in the factory’s machinery. The mishap ripped the hem of her dress and money she had sewn into the dress for safekeeping spilled out. The executive offered to keep the worker’s savings in the mill’s safe and pay her interest. This service was provided to all employees and a savings association was founded. As of September 2015, Synovus had $27.9 billion in assets and $24.6 billion in deposits. The bank has a network of 450 ATMS It also has a five-star rating with Bauer Financial and an A+ rating with BBB. The bank’s headquarters are still in Columbus, Georgia, but it now has 263 branches and employs 4,115 workers.
What Are Synovus Bank’s Checking and Savings Accounts Like?
Synovus Bank has three checking accounts from which to choose: Preferred Account, Access Checking, and Gold Checking.
Preferred Account has a $100 minimum deposit and a $25 monthly fee, but customers can waive the fee by maintaining a $5,000 daily balance or a combined balance of $15,000 across Synovus bank accounts. Balances over $1,000 earn 0.2% APY and balances between $15,000 and $25,000 get 0.2% APY and higher balances earn 0.45% APY. The account also includes two additional fee-free accounts.
Access Checking has a $10 monthly fee you can avoid by maintaining a $1,000 daily balance or having $500 in monthly direct deposits. The account includes mobile banking, online banking, a Visa check card, and unlimited check writing.
Gold Checking is for customers who 55 or older. It has a $10 monthly service fee you can waive by maintaining a $1,000 balance or $500 a month in direct deposits. As well as the features offered by Access Checking, it pays interest and offers a free first box of checks.
Synovus Bank has three savings accounts: Signature Personal Savings, Signature Money Market, and Premium Money Market.
Signature Personal Savings has a $100 minimum deposit to open and a $5 monthly fee. Customers can waive the fee by maintaining a $200 daily balance. The account includes two free debit transactions a month.
Signature Money Market has a $1,000 minimum deposit to open and a $10 monthly fee that is waived if you keep a daily balance of $2,500. Interest is tiered based on the account balance. Customers who make more than six debit transactions in a month are charged a $15 fee.
Premium Money Market offers higher interest rates but has a $10,000 minimum deposit to open an account and a $15 monthly fee. Customers can waive the fee by maintaining a $10,000 daily balance.
What Are The Advantages And Disadvantages Of Synovus Bank’s Savings and Checking Accounts?
We love this about Synovus Bank:
- You can avoid monthly fees
- Competitive interest rates
- Wide selection of account types
- Extensive ATM network in the bank’s region
- Accounts with low or no minimum balance to earn interest
We don’t like this about Synovus Bank:
- Monthly service fees and minimum deposit amounts
- Low-interest rates
- Only wealthy customers qualify for higher yields
- Fees on transactions (only six debit transactions are free).