Both Barclays Bank and Synchrony Bank offer great savings products for their customers, but lack a checking account. Which bank offers better deals?
Let's compare their savings accounts, CDs, credit cards and lending options.
Savings Accounts
Synchrony Bank is our winner as it offers slightly higher savings rates than Barclays.
Barclays provides seamless online transfers to and from other banks and the convenience of direct deposit. Barclays also provides tools such as the Savings Assistant to aid customers in reaching their savings goals.
Barclays Online Savings | Synchrony Savings | Synchrony Money Market | |
|---|---|---|---|
Savings Rate | 4.35% | 4.75% | 2.25% |
Minimum Deposit | $0 | $0 | $0 |
Fees | $0 | $0 | $0 |
On the other hand, customers can have the convenience of banking with Synchrony anytime and manage online savings accounts using the Synchrony Bank app. The added convenience of accessing funds through an ATM card enhances the overall banking experience.
Synchrony also offers money market accounts, but the rates are low compared to its savings account.
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Certificate Of Deposits (CDs)
While both Synchrony and Barclays offer great options when it comes to CDs, Synchrony Bank is our winner with more terms and even no penalty CD.
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Barclays Bank vs Synchrony CD Rates
CD Term | Synchrony | Barclays |
|---|---|---|
3 Months | 0.25% | N/A |
6 Months | 4.80% | N/A |
9 Months | 4.90% | N/A |
12 Months | 4.80% | 5.00% |
18 Months | 4.50% | 4.50% |
24 Months | 4.20% | 4.00% |
No Penalty CD – 11 Months | 0.25% | N/A |
36 Months | 4.15% | 3.50% |
48 Months | 4.00% | 3.50% |
60 Months | 4.00% | 3.75% |
Credit Cards
Card | Rewards | Bonus | Annual Fee |
| AAdvantage Aviator Red World Elite Mastercard | 1X – 2X
2X miles for every one dollar spent on eligible American Airlines purchases and 1X miles on all other purchases | 50,000 miles
50,000 AAdvantage® bonus miles after making your first purchase and paying the $99 annual fee in full, both within the first 90 days
| $99 |
|---|---|---|---|---|
| The JetBlue Card | 1X – 3X
3 points per $1 spent on JetBlue purchases, 2 points per $1 at restaurants and grocery stores and 1 point per $1 on all other purchases
| 10,000 points
10,000 points when you spend $1,000 in the first 90 days after opening your account
| $0 |
| Banana Republic Credit Card | 1X – 5X
5 points for every dollar spent at Banana Republic, Gap, Athleta and Old Navy. 1 point per dollar on all other purchases | 20% off your first order
20% off your first order at Banana Republic
| $0 |
| Wyndham Rewards Earner Card | 1x – 5x
5X points on eligible purchases made at Hotels by Wyndham as well as on qualifying gas purchases. Earn 2X points on eligible dining and grocery store purchases (excluding Target® and Walmart®) and 1X points on all other purchases (excluding Wyndham Vacation Club down payments).
| 30,000 points
30,000 points when you spend $1,000 on your card within 90 days of opening your account
| $0 |
Synchrony Bank offers a variety of credit cards, including many co-branded cards.
The Synchrony Home card with promotional financing, allowing cardholders to enjoy six to twelve months of deferred interest on qualifying purchases. Some partner locations extend this benefit up to 60 months.
Synchrony provides three tiers of Mastercard credit cards: the Preferred, Plus World, and Premier World. It also offers many co-branded cards with the top brands in the US, such as JCPenney, American Eagle, Walgreens, and more.
Card | Rewards | Credit Requirementss | Annual Fee | |
|---|---|---|---|---|
| Synchrony Home Credit Card | Promotional Financing
six months of promotional financing on purchases of $299-$1,998.99, or 12 months of promotional financing on purchases of $1,999 or more. Some Synchrony partner locations defer interest for up to 60 months.
| Excellent | $0 |
| Synchrony Premier World Mastercard | 2%
2% cash back on all purchases | Good – Excellent | $0 |
| JCPenney Credit Card | 5%
1 point for every dollar at JCPenney, 200 points worth $10 -> $10 per $200 spend on JCPenney = 5% back
| Fair – Good | $0 |
| American Eagle Credit Card | 30X – 40X
15 points Instant for cardmembers. 30 points per dollar spent at American Eagle, 20 points if you spend more than $350 annually | Fair – Good | $0 |
Mortgage And Loans
None of these banks offers many options for borrowers. Barclays offers personal loans while Synchrony doesn't offer options for borrowers.
If you need broad lending options, you may want to choose a brick-and-mortar bank.
Checking Accounts
Both Barclays and Synchrony don't offer a checking account, a significant drawback for personal consumers who want to manage their money and not only deposit it in a savings accounts.
Also here, brick-and-mortar banks such as Chase, Bank Of America, Citibank, and others may be a better option.
Which Bank Is Our Winner?
Overall, there is no clear winner but if we have to choose one – Synchrony bank is our winner. It offers better savings account rates, more options when it comes to CDs, and a variety of credit cards.
How We Compared Barclays and Synchrony: Methodology
In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:
Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.
Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.
Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and reputation.
Compare Synchrony Bank
Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing.
Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.
Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?
American Express is our winner with a decent checking account, an impressive savings account, and a great selection of credit cards.
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Capital One is our winner with a full banking package, including a decent checking option, high savings rates, and great credit cards.
Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.
Compare Barclays Versus Other Banks
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
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