My Synchrony Explained 

My Synchrony

My Synchrony  is an internet bank that offers shops and healthcare companies competitive deposit products and credit cards. It started off as a part of General Electric (GE), which was created in 1932, and went public on the New York Stock Exchange in 2014. Synchrony Bank was spun off from GE in 2015 and became a standalone firm. 
watch the below video on My Synchrony:

* No monthly fees on high-yield deposit products — My Synchrony has no monthly fees on high-yield savings accounts, money market accounts, and certificates of deposit (CDs). This means that bank costs will not impact the amount of interest you receive. The annual percentage yield (APY) on the high-yield savings account is 0.50 percent, while the APY on the money market account is 0.35 percent. Rates on CDs vary by length and can reach 1.00 percent APY1. 

* Account opening deposits as low as $0 – A Synchrony Bank savings or money market account can be opened with as little as $0. 

* Hundreds of credit cards from well-known businesses — Synchrony Bank offers financing through partnerships with hundreds of retailers and healthcare providers around the United States. Customers can buy products and services today and pay for them later with these financing alternatives. 

The Drawbacks are Expounded 

* Restricted branch presence — There are only My Synchrony Bank branch locations, so your options are limited if you wish to speak with someone in person. Instead, call customer service or start a chat session during business hours. 

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* My Synchrony  does not have its own ATM network; instead, it partners with Accel to provide access to over 400,000 fee-free ATMs across the United States. The bank does not charge a fee to use another bank’s ATM, and it reimburses domestic banks up to $5 per statement cycle. Perks Rewards members with “diamond” rank are eligible for limitless domestic ATM charge refunds. There are no options for checking accounts, therefore customers who want to consolidate all of their accounts with one bank should search elsewhere. Apart from credit cards, Synchrony Bank does not offer bank accounts or other sorts of loans. 

Who Should Use My Synchrony? 

My Synchrony  is perfect for people who: 

* Don’t want to move their primary checking account

* Want a high-yield deposit account 

* Don’t need physical branches * Want to finance healthcare bills over time 

What Services Does My Synchrony  Provide? 

My Synchrony  offers attractive interest rates on its savings, money market, and CD accounts as an online bank. The bank also collaborates with hundreds of merchants to offer co-branded credit cards that are unique to each one. Synchrony Bank’s CareCredit offering provides financing for healthcare treatments and purchases. It does not provide checking accounts, mortgages, investments, or any other financial services that are available at other financial institutions. 

The following banking services are available from My Synchrony : 

* CDs

* Credit Cards 

* Savings Accounts 

* Money Market Accounts 

Customers receive elite status through the Synchrony Bank Perks Rewards program depending on their deposit amounts or length of service. Customers earn “diamond” status when their deposits total more than $250,000 or if they have banked with Synchrony Bank for five years. Unlimited domestic ATM reimbursements and three free wire transfers every statement cycle are available to these members. 

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Savings Account with a High-Yield 

With no minimum deposit and no monthly maintenance fees, the high-yield savings account delivers a reasonable rate of interest. On all balances, customers earn 0.50 percent annual percentage yield (APY). This account can be accessed online, over the phone, or at an ATM. Synchrony Bank and Accel have partnered to provide over 400,000 ATMs in all 50 states. The bank does not charge fees for using another bank’s ATM and reimburses those fees up to $5 every statement cycle. 

Customer Service at My Synchrony 

You can reach out to customer care by phone (1-866-226-5638), online chat, or secure messaging. The automated phone service is accessible 24 hours a day, seven days a week. 

My Synchrony : How to Use It 

The majority of Synchrony Bank customers open a deposit account or a credit card online or in person. Synchrony Bank has five locations: one in Georgia, one in Kansas, one in New Jersey, one in North Carolina, and one in Utah. 

It’s easy to open a bank account online, and it just takes a few minutes. You can deposit money into it electronically or by mail once it’s been opened, or you can use Synchrony Bank’s mobile app, which is accessible for both iOS and Android smartphones, to make a mobile deposit. 

Your debit card can be used at ATMs and for debit card transactions. You can also withdraw money for free at any of the Accel Network’s over 400,000 ATMs. 

Before applying for a credit card, you can go over your alternatives online or in person. When you apply for a credit card and fulfill certain actions, you may be eligible for a welcome bonus.

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