Synovus Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Headquartered in Columbus, Ga., Synovus Bank started when a factory executive at a textile mill offered to keep a worker’s money in the company vault, plus pay her interest. What grew to a service that helped all employers at the textile mill turned into a bank that has more than 250 locations throughout Alabama, Florida, Georgia, South Carolina and Tennessee.

Synovus Bank is primarily a brick-and-mortar bank, so you’ll need to open its accounts in person. Also, rates may differ by location.

Synovus Bank’s checking account options

Free Checking

A simple checking account that offers no interest on your deposits.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

While it’s great that Synovus Bank doesn’t charge you a monthly maintenance fee, it’s also a noninterest-bearing account. It’s probably best for those who intend on using this an account for daily use or don’t plan on keeping a lot of money in it.

All checking accounts come with bill pay and online and mobile banking. You also get a Visa check card that you can add to Apple Pay®, Google Pay™ or Samsung Pay®. You can use this card to access Synovus Bank ATMs, as well as over 1,190 surcharge-free ATMs through the Publix Presto! network.

How to get Synovus Bank’s Free Checking account

You’ll need to head a branch to open an account. You’ll most likely need to provide your state-issued ID and Social Security number to do so.

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Preferred Account

The monthly maintenance fee seems a bit steep, but it can be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to four a month
  • Overdraft fee: $36

If you’re looking for more from a checking account, this could be a good choice for you. The rates could change depending on whether you have multiple accounts with Synovus Bank. The rates aren’t advertised on the bank’s website, so it’s best to call to find out the current ones.You may also get bonus rates depending on your average daily balance amounts. If you can maintain $15,000 across your deposit, loan and credit card accounts, you can earn an extra 0.05%. For those who can reach a $25,000 average daily balance across Synovus Bank accounts, you can earn a 0.15% bonus rate.

Other features of the account include free standard checks, up to four ATM withdrawal refunds a month and online and mobile banking. You’ll also get discounts such as 50% off designer checks and safe deposit box rentals. The Visa Platinum check card comes with benefits such as purchase security and lost luggage insurance.

The monthly maintenance fee seems steep considering there are no-fee accounts out there, but you can get it waived in a variety of ways. You can either maintain a $5,000 minimum average balance in the Preferred Account, a $15,000 average daily balance across your deposit, loan and credit card accounts, or $25,000 if you want to include your CD or IRA accounts.

If you do end up paying the monthly maintenance fee, you can knock off $2 if you’re registered for e-statements and online and mobile banking. You also can waive monthly fees on two other Synovus checking or money market accounts. To do so, you’ll need to contact the bank.

How to get Synovus Bank’s Preferred Account

To open a Preferred Account, you’ll need to head to a branch. Synovus Bank will likely ask you for a way to fund the account, proof of ID and your Social Security number. To find out more, call customer service at 888-796-6887.

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Gold Checking

If you’re 55 or older, you can open this account and take advantage of fee features such as notary services and unlimited check-writing.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

This account is for those who are at least 55. The cool part is you can get some savings compared to the Preferred Account — perks such as a lower monthly maintenance fee and free notary services. You also get a box of standard checks for free and other benefits such as zero liability protection with your Visa check card. You do earn some interest with this account, but it isn’t advertised on its website, meaning you’ll need to contact Synovus Bank for details.Like the Preferred Account, you can waive the monthly maintenance fee with the Gold Checking account. To do so, you’ll need to maintain a minimum average daily balance of $1,000 or have at least $500 in monthly direct deposits each month. If you registered for e-statements and online and mobile banking, you can get a $2 credit each month if you are paying the monthly maintenance fee.

How to get Synovus Bank’s Gold Checking account

You’ll need to go to a branch to open an account. To find out more, call customer service at 888-796-6887, but you’ll most likely be asked to bring documentation such as your Social Security card and state-issued ID.

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on Synovus Bank’s secure website

Military Interest Checking

Members of the military can enjoy benefits such as ATM refunds and lower overdraft fees.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to five each month ($1.50 per transaction)
  • Overdraft fee: $29

The Military Interest Checking account is only for active duty, retired or reserved personnel, which can include Department of Defense civilians. Account holders can get their first order of standard checks for free, e-statements and online and mobile banking. You’re not charged ATM fees and can get up to five out-of-network ATM refunds a month.Although there is a monthly maintenance fee, you can get that waived if you make a monthly direct deposit of at least $1 from your Defense Finance and Accounting Service paycheck. If you sign up for e-statements and Synovus digital banking, you can get a $2 credit toward your monthly maintenance fee — that is, if you need to pay it for any given month.

One more thing: You do earn interest, but the rates aren’t available on its website. To find out the rates, it’s best to contact Synovus Bank.

How to get Synovus Bank’s Military Interest Checking account

Show up at a Synovus Bank location to open an account. You’ll most likely need to provide funds to open the account, your Social Security number and proof of employment.

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How Synovus Bank’s checking accounts compare

We do like that you don’t need to have a large opening deposit amount, although some of the competitors from our list of the best online checking accounts don’t require one at all.

Other features we like include the Visa check card and the ability to waive monthly maintenance fees, but other banks offer similar features. Since Synovus Bank doesn’t advertise its rates, we can’t help you there. But the fact that you can only open an account in person leaves us thinking that you’re probably better off elsewhere.

Synovus Bank’s savings account options

Signature Personal Savings

You can get more access to your cash with the ATM card that’s included with this account.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is a simple savings account that’s best for those who don’t want to worry about minimum balance amounts and are interested in getting ATM access. If you have a checking account, you can link your savings account and access your funds using your Visa check card. Otherwise, when we contacted Synovus Bank on Oct. 22, 2018, customer service mentioned you can request an ATM card. Either way, you have access to over 1,190 surcharge-free ATMs through the Publix Presto! ATM network.

Other features include bill pay, e-statements and online banking. Federal Reserve Regulation D allows up to six certain withdrawals a month, but Synovus Bank will charge you $3 each time you go over two withdrawals in a month.

How to get Synovus Bank’s Signature Personal Savings account

To open a Signature Personal Savings account, go to a Synovus Bank location. You’ll be asked for information such as your name, address and Social Security number, but you can call customer service 888-796-6887 to find out.

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on Synovus Bank’s secure website

Minor Savings

You don’t need to worry about minimum balance amounts with this account.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Minor Savings account is available to those younger than 18 (or 19 if you’re not married and residing in Alabama) who agree to have a parent or guardian as the joint owner. There is no ATM access, which Synovus Bank told us when we contacted it on Oct. 22, 2018. Once the minor reaches adulthood, this will be converted to a Signature Personal Savings account.

You don’t need to pay any fees unless you end up making more than two withdrawals a month. Go over that amount and you’re looking at $3 per withdrawal.

How to get Synovus Bank’s Minor Savings account

You and your child will need to head to a branch to open an account. You’ll both likely need to bring a state-issued ID and Social Security card. You’ll also need a method to fund the account.

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on Synovus Bank’s secure website

Holiday Savings

This account may help you with your short-term savings goals.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re after a savings account dedicated to your short-term savings goals, the Holiday Savings account is an option. Think of it like a certificate of deposit where you set aside money for a specific amount of time — in this case annually — and set automatic deposits to the account until the period is up. Synovus Bank will then automatically deposit your balance into your checking account, or you can have a check mailed to you.

Unfortunately, the rates aren’t advertised on the website, so you’ll need to do your own research and call Synovus Bank to find out. And, yes, you can take money out anytime, but you’re looking at a $5 fee each time you do so. Also, federal Regulation D allows you up to six certain withdrawals a month, meaning your account could be converted to a checking account if you continually make excessive withdrawals.

How to get Synovus Bank’s Holiday Savings account

Like all the other accounts so far, you’ll need to head to a branch to open this one. You may need to bring along items such as your Social Security card and state-issued ID.

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on Synovus Bank’s secure website

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How Synovus Bank’s savings accounts compare

We would love to tell you how the rates compare to other competitors, but they aren’t advertised on its website. This could hinder a few folks who want to compare rates quickly — like the ones on our list of the best online savings accounts.

What we do like is that there are low (or no) minimum balance requirements and you get ATM access with some accounts. But other places offer no minimum opening deposits and you may be able to link to a checking account to get ATM access.

If you’re after an account you can open relatively quickly, you may be better off checking places where you can open an account online.

Synovus Bank’s CD rates

Certificates of deposit

These are fixed-rate CDs that have different minimum opening deposits depending on if you want to take advantage of promo rates.
  • Minimum opening deposit: $1,000 (for regular rates) or $10,000 (for promo rates)
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the length of the term:
    • Up to and including a year: Three months’ interest
    • 18 months to two years: Six months’ interest
    • Three years and up: Nine months’ interest

The fixed-rate CDs have a wide variety of terms — anywhere from less than three months to five years or more. Unfortunately, the rates aren’t advertised, including the current promo rates that require a higher minimum opening deposit. To find out, you can call customer service at 888-796-6887 or stop by one of Synovus Bank’s branches.

The interest you earn for the CD is compounded daily and credited monthly, though you can request other options. These CDs renew at maturity, though you can make changes during the 10-day grace period such as making additional deposits and withdrawals or renewing for another term.

How to get Synovus Bank’s CDs

The only way to open a Synovus Bank CD right now is to head to a branch. Documents you may need to bring include your Social Security card and state-issued ID, as well as funds to open the account. It’s probably best to call customer service at 888-796-6887 before you go.

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How Synovus Bank’s CD rates compare

It’s hard to tell how the rates compare without knowing exactly what they. If you’re interested in seeing the competition, we compiled a list of the best CD rates out there. While it’s great that Synovus Bank offers a wide range of terms, the minimum opening deposit can be a turnoff considering other places have lower minimum amounts. If you don’t have that much set aside to open a CD, it’s probably best to look elsewhere.

Synovus Bank’s money market account options

Signature Money Market

Earn a higher APY with different rate tiers.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Signature Money Market account offers higher APYs the more you have on deposit, though you’ll need to contact customer service since the rates aren’t advertised on Synovus Bank’s website.

There is a monthly maintenance fee, but you can waive it if you can either maintain a $1,000 minimum daily balance or $2,500 average daily balance. We found out when we contacted the bank on Oct. 22, 2018, that you also get limited check-writing capabilities, as well as free notary services and online and mobile banking.

Since this is considered a savings account, Regulation D allows up to six certain withdrawals a month. Otherwise, you’re looking at a $15 excessive transaction fee for each withdrawal you go over.

How to get Synovus Bank’s Signature Money Market account

You’ll need to head to a branch to open a Signature Money Market account. Like other deposit accounts, you’ll most likely need your Social Security number and state-issued ID to open one.

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Premium Money Market

You may be able to earn a higher rate, although there is a higher minimum opening deposit amount.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Premium Money Market account could offer higher rates, though you’ll need to contact Synovus Bank because they aren’t advertised on the website. But with higher rates comes a higher cost — a much bigger minimum opening deposit amount. This could be limiting for many, especially those who don’t have that much money sitting around. It’s something to consider before opening any money market account.

You don’t get ATM access but there are limited check-writing capabilities, according to an Oct. 22, 2018, conversation with customer service. You also get online and mobile banking access. As for the monthly maintenance fee, you can get that waived if you can maintain either a $20,000 average daily balance or a $10,000 minimum daily balance in your account. You’re also allowed up to six certain withdrawals a month thanks to Regulation D. You could be paying a $15 excessive transaction fee for each withdrawal one go over.

How to get Synovus Bank’s Premium Money Market account

To open the Premium Money Market account, go to a Synovus Bank location. You may be asked to provide your Social Security card and state-issued ID, so it’s best to be prepared.

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How Synovus Bank’s money market accounts compare

Synovus Bank offers a fairly high minimum opening balance that may be off-putting to those who may not have a lot of money to spare. Sure, there’s limited check-writing capabilities, but there are other places that offer ATM access. Some competitors also offer low to no minimum deposit amounts, which can be a great choice depending on how much money you want to use to open an account.

If you want to see what you could be earning with a money market account, consider looking at our list of the best money market rates and accounts.

Synovus Bank’s IRA account options

IRA CD

This could be a great choice if you’re after a conservative retirement account.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the length of the term:
    • Up to and including a year: Three months’ interest
    • 18 months to two years: Six months’ interest
    • Three years and up: Nine months’ interest

Synovus Bank’s IRA CD accounts are essentially the same as the regular CDs, except they’re either tax-sheltered or deferred. You may also be limited to how much you can contribute per year because of IRS regulations.

You can choose from a wide range of terms, though to find out the exact rates you’ll need to contact Synovus Bank. As for the interest, it’s compounded daily and credited either to your account annually or at maturity. The IRA CD will automatically renew unless you make changes during the 10-day grace period. This can include making withdrawals or additional deposits or renewing it for another term.

How to get Synovus Bank’s IRA CDs

You can open an account by going to a Synovus Bank location. It’s best to call customer service at 888-796-6887 to make sure, but you’ll most likely need to provide your Social Security number and a state-issued ID.

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on Synovus Bank’s secure website

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How Synovus Bank’s IRA CD rates compare

We can’t comment on the rates as they’re not advertised on Synovus Bank’s website. But what we do notice is that the minimum opening balance seems to be on par or lower compared to others on our list of the best IRA CD rates.

Many of these financial institutions also offer a wide range of terms, and it looks like you should be able to open these accounts online. Considering the only way to open a Synovus Bank IRA CD is in person, that’s a pretty big barrier, especially if you don’t live near a branch.

Overall review of Synovus Bank’s banking products

We can’t say if the rates for Synovus Bank are great considering they aren’t advertised on the website, so this could be a deterrent.

What we do like is that most of its accounts, such as its checking and savings options, have a low minimum opening balance, meaning it can be accessible to most people. It’s also convenient that both types of accounts offer ATM access and surcharge-free ATMs through the Publix Presto! network.

Unfortunately, the money market and CDs do require a higher minimum opening deposit, which may be a stretch for some if you don’t have a lot of savings to make those initial deposits. Many competitors offer some great rates and have lower minimum opening balances.

What we’re getting at is that Synovus Bank may not be the best choice, considering you need to open accounts in person and its rates aren’t readily available. There are plenty of competitors happy to show you what you could earn in interest on its website.

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