Synovus checking accounts have monthly fees, but you can avoid them

Synovus is a regional bank operating mostly in the Southeast and Mid-Atlantic. Most of their checking accounts charge a monthly maintenance fee — usually between $5 and $15 depending on the account type — but you can waive it by meeting one straightforward requirement, most commonly keeping a minimum balance or setting up direct deposit.

The exact fee and the way to avoid it depends on which Synovus checking account you choose. Before you open an account, it's worth understanding what each one costs and what you have to do to pay nothing.

Key Takeaways

  • Synovus checking accounts charge monthly fees ranging from $5 to $15, but most let you waive the fee by maintaining a minimum balance or setting up direct deposit.
  • The Core Checking account is Synovus's basic option and typically has the lowest fee and lowest balance requirement to waive it.
  • Premium accounts like Synovus Preferred Checking have higher fees but include benefits like fee waivers for overdrafts and higher interest rates.
  • You can find the current fee structure and waiver requirements by visiting a Synovus branch, calling their customer service line, or checking their website — fees and requirements change occasionally.

How Synovus waives checking account fees

Synovus typically offers two main ways to avoid the monthly fee on most of their checking accounts. The first is to keep a minimum balance in the account — this amount varies by account type but is often between $500 and $1,500. The second is to set up direct deposit, meaning your paycheck or other regular income goes straight into the account.

Some accounts let you meet either requirement; others require both. A few accounts waive fees if you maintain a certain balance across all your Synovus accounts combined, rather than in the checking account alone. This matters if you also have a savings account or money market account with them.

The balance requirement is usually the easier path if you can keep that amount in the account without touching it. Direct deposit takes longer to set up — you have to contact your employer or benefits administrator — but once it's running, it happens automatically.

Synovus Core Checking and other standard accounts

Synovus Core Checking is their entry-level account and typically has a $5 monthly fee. You can waive it by keeping a minimum balance (often $500 to $1,000) or setting up direct deposit. This account comes with a debit card, online banking, and access to Synovus ATMs without a surcharge.

If you use ATMs outside the Synovus network, you'll pay a fee for each transaction — usually $2 to $3 per withdrawal. Synovus has a smaller ATM network than national banks, so this matters if you travel or live far from a branch.

Synovus also offers accounts aimed at specific groups, like students or seniors, which may have different fees or waiver requirements. These accounts sometimes have no monthly fee at all, but they come with restrictions — for example, a student account might require you to be enrolled in school.

Premium accounts with higher fees and more benefits

Synovus Preferred Checking and similar premium accounts charge higher monthly fees — often $15 or more — but include benefits that may offset the cost. These typically include waived overdraft fees (up to a certain number per month), higher interest rates on the balance you keep in the account, and sometimes fee waivers on other services like wire transfers.

Premium accounts also usually waive ATM fees at Synovus locations and sometimes at partner ATM networks. If you overdraft your account frequently or use paid services like wire transfers regularly, the premium account might cost less overall than paying individual fees on a basic account.

However, if you keep a low balance and rarely overdraft, the basic Core Checking account with the fee waived is almost always cheaper.

What happens if you don't meet the waiver requirement

If you don't maintain the minimum balance and don't have direct deposit set up, Synovus will charge the full monthly fee. This fee comes out of your account automatically each month, usually on the same day. Over a year, a $5 monthly fee adds up to $60; a $15 fee becomes $180.

The fee is charged whether you use the account or not. If your balance drops below the minimum temporarily — say, because you made a large purchase — you'll still be charged that month. Some banks give you a grace period or only charge the fee if you fall short for a full statement cycle, but you should confirm Synovus's exact policy before opening an account.

How to find current fees and requirements

Synovus updates its fees and requirements periodically, so the exact amounts may have changed since this article was written. The most reliable way to find out what you'll actually pay is to contact Synovus directly.

You can visit a Synovus branch in person, call their customer service number (which you can find on their website), or log into online banking if you already have an account. When you call or visit, ask specifically: "What is the monthly maintenance fee for Core Checking?" and "What do I have to do to waive it?" Write down the answer so you have it in writing.

You can also check the Synovus website's account comparison page, which usually lists fees and waiver requirements side by side. However, the website sometimes lags behind actual policy changes, so a phone call is safer if you're about to open an account.

Comparing Synovus to other banks

Many national banks like Chase, Bank of America, and Wells Fargo charge similar monthly fees on basic checking accounts, with similar ways to waive them. Some online banks like Ally, Charles Schwab, and Discover have no monthly fees at all, though they may not have physical branches.

If you value having a branch you can visit in person, Synovus's fees are competitive for a regional bank. If you rarely need a branch and are comfortable banking online, a no-fee online bank might save you money. The choice depends on what matters most to you: convenience, branch access, or lowest cost.

Frequently Asked Questions

Can I open a Synovus checking account with no monthly fee?

Most Synovus checking accounts have a monthly fee, but you can waive it by maintaining a minimum balance or setting up direct deposit. Some specialty accounts, like student or senior accounts, may have no fee at all, but they come with restrictions. Contact Synovus to ask about accounts with no monthly fee.

What's the minimum balance to waive the Synovus checking fee?

The minimum balance varies by account type, but it's typically between $500 and $1,500 for basic accounts. Some accounts let you meet the requirement across all your Synovus accounts combined. Call Synovus or visit a branch to confirm the exact amount for the account you're interested in.

Do I have to use direct deposit to avoid the fee?

No — most Synovus accounts let you waive the fee by either maintaining a minimum balance or setting up direct deposit. You don't have to do both. If you can keep the minimum balance in the account, you don't need direct deposit.

Will Synovus charge me a fee if my balance drops below the minimum for one month?

Yes, Synovus will charge the monthly fee if you don't meet the waiver requirement that month, even if your balance only dipped below the minimum temporarily. Confirm the exact policy with Synovus before opening an account, as some banks offer a grace period.

Are there overdraft fees in addition to the monthly checking fee?

Yes. If you overdraft your account (spend more than you have), Synovus charges an overdraft fee on top of the monthly maintenance fee. Basic accounts typically charge $35 per overdraft. Premium accounts often waive a certain number of overdraft fees per month, which is one reason they charge a higher monthly fee.