Author Topic: Synchrony Financial 1.05% APY Savings Account  (Read 1288 times)

mjs111

  • Stubble
  • **
  • Posts: 238
Synchrony Financial 1.05% APY Savings Account
« on: August 06, 2016, 08:56:02 AM »
I currently have my cash in a Capital One 360 savings account that's yielding 0.75%.  Synchrony Financial (private label credit card issuer, spun out of GE Capital in 2014) is yielding 1.05% APY.  Pretty easy to lend out at 1.05% if you're loaning that money out at 21%, even with a 4.5%  chargeoff rate.

Main question here is for people who have a Synchrony savings account: are you happy with the company's service?  Customer service okay? Is the bank missing any features you'd like it to have?

Thanks!


Mike


johnny847

  • Magnum Stache
  • ******
  • Posts: 3192
    • My Blog
Re: Synchrony Financial 1.05% APY Savings Account
« Reply #1 on: August 06, 2016, 09:32:17 AM »
This is not about Synchrony, but there are rewards checking accounts that you can get. Consumers Credit Union for example offers 3% interest on the first $10k (you can get more if you meet more requirements but they require you to spend $500+ on one of their cc's so it's not worth it).

You do have to jump through hoops. Three of the hoops are easy. The last one is you have to make 12 debit card transactions a month. I just send money to a friend via Square Cash with my debit card. He also has an account and sends the money back. Unfortunately I don't know of an easy way to automate transactions on Square cash.

If this is something you'd be interested in, I can refer you to Square Cash and we'll both get $5.

MishMash

  • Pencil Stache
  • ****
  • Posts: 712
Re: Synchrony Financial 1.05% APY Savings Account
« Reply #2 on: August 06, 2016, 09:47:07 AM »
I opened a synchrony account about 5 months ago.  My only complaint (and it really shouldn't be a complaint because they are protecting my money) is that the freaking security question, sign up, identity confirmation process was  GIGANTIC hassle...I think they switched things up about a month ago to ease the sign up requirements though.

Other then that, haven't had any issues, just like any online bank it can take a day or two for transfers to post, but that's to be expected, customer service was fine the one time I called.  I don't use it for anything but parking short term cash reserves so I don't use a ton of the features.

If you are looking to stash cash a little longer term and are a Navy Fed member, they sometimes have some good CD rates, I think right now it's 2%, last month they had a government employee special of 3% on 10k for 18 months.