Franklin Synergy Bank Online Savings Account Rates

Franklin Synergy Bank, operating out of Tennessee, is new in the financial services world. They have only been in business since the beginning of 2007 but have seemed to flourish in that time. They recently added an online savings account to their repertoire, which will likely serve to only expand their customer base and customer support.

Also, there is no need to worry about what kind of business you’re working with, they are Better Business Bureau accredited and have an A- rating. There have been no complaints against them and most customer report satisfaction with the bank.

The Franklin Synergy Bank online savings account rates are currently at a competitive 1.35% annual percentage yield. But like with any account it is important for you to know the details of the account for you to use it to your best advantage.

The bank information mentions nothing of a minimum balance or minimum deposit however it should be noted that there is a maximum of a $500 deposit from an external account. In other words you can deposit as much as you wish from another Franklin Synergy account, but only $500 at a time from an account with a different bank. You do receive email statements on the account for free, or you can choose to get paper statement for $3 each.

This online savings account is designed for people that do not want to move their money around a lot. The interest on the account is only paid quarterly, so if you withdraw funds from your account more often than that you will not get as much interest as you could have.

You do get 3 withdrawals a month for free, and $5 for withdrawals over three in a month. Also keep in mind that there may be excessive activity fees for more than 6 withdrawals in a month. If you intend to put your money into a savings account and not touch it, simply letting it earn interest for a long period of time, then this is the online savings account for you.

Franklin Synergy Bank rates are good and the bank had a good reputation. But if you move your money a lot then it may be best to look around a little more.