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170 West Election Road, Suite 125
Draper, UT 84020

Synchrony Bank (formerly GE Capital Retail Bank) is the personal depository banking component of Synchrony Financial. The bank is registered as an independent federal savings bank with the FDIC and also provides bankcard credit programs to individuals and retail customers.

As far as deposit accounts go, Synchrony Bank offers savings, Money Market, CD, and IRA CD accounts. The bank’s savings account typically offers one of the highest savings account interest rates in the country when a particular account balance threshold is met. The savings account also requires a minimum balance to be kept in order to avoid a monthly service charge. A Money Market account is also available with very similar features and interest rates, though with a higher initial deposit requirement. Certificates of Deposit (CDs) and IRA CDs are offered with term lengths ranging from 3 to 60 months.

Synchrony Bank online banking provides a secure platform for customers to access and manage their accounts. The web-based system allows account holders to view transaction history, transfer funds, pay bills, and open up new accounts.

Synchrony Bank was originally established in 1988 as Monogram Bank, USA. Its headquarters remained in the Cincinnati, Ohio area for over fifteen years before moving to Salt Lake City, Utah. The bank is now headquartered in Draper, Utah, a city just south of Salt Lake City. Prior to becoming to Synchrony Bank in June of 2014, the bank's previous name of GE Capital Retail Bank readily identified it with GE Capital, the financial services company from which it was born. GE Capital provides growth financing to middle market companies all over the world.

In March of 2014, GE Capital Retail Bank filed form S-1 with the SEC to rename the organization to Synchrony Financial and as of May of 2014 had published a message on their website about an upcoming name change to Synchrony Bank. The name change was made official in June of 2014.

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Five Days After Opening, And I'm Closing The Account

I opened this account last Wednesday. It's now Monday, 5 days later, and I'm closing it. I have had many online accounts over the years, but this experience has been the worst.

** Time-wasting phone call: At the end of the online application, I was told that there was a problem, and I needed to call Customer Service. After speaking with a tech, the CSR said the tech could find nothing wrong and issued an account number immediately.

** Time-wasting activity: When I created my application, the site had me choose an ID and password. However, when logging on for the first time, the site made me change my password. The next day, the site made me change my password AGAIN.

** Least helpful CSR response: I sent a message via secured mail about the password problem. I was told 1) not to confuse my passwords with each other, and 2) I had to call in order to get help.

** The final straw: When I called, the CSR asked if I had certain special characters in my password. I said yes, since the instructions require at least one special character. She said some characters had been allowed, then disallowed, then allowed, etc. She said the problem was being fixed, "as we speak." There were no instructions on the site explaining any of this, and my password was always accepted as valid. This password issue spanned several days. I don't know what their definition of "fixed" is, but I don't agree with it.

** Just to increase the irritation factor: You need TWO logins for 1) the main site and 2) secure mail. What??!!??

Given all of this, I must conclude that this online bank is not ready for prime time. If they can't get the application and login processes correct, then what else are they getting wrong? I am a programmer by trade, and this whole experience convinced me that they have an immature product. I am not trusting my money to them, and I would advise you to think carefully about trusting yours.

Customer Service

Just opened a 5 year cd, everything was completed over the phone. Very easy process, the rep. was very helpful.

1.1% 13 Mo CD Special

Found an unadvertised special (not listed on their website)


Great Bank Easy To Open Account Good Service

I do not understand the complaints in these reviews. Have 2 accounts. Opened the 2nd today in almost no time. First was easy also. Interest rates are great compared to other online banks and customer service is exceptional. the account opened today is a Trust account and these usually take a lot of paperwork and time to open. Did it all in less than 10 min on the phone. Could not be more pleased.



Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Synchrony Bank had $609.09 million in non-current loans and owned real-estate with $8 billion in equity and loan loss allowances on hand to cover it. This gives Synchrony Bank a Texas Ratio of 7.62% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Synchrony Bank experienced no significant changes from 6.87% as of March 31, 2013 to 7.62% as of March 31, 2014, resulting in a negative change of 10.85%. This indicates that the balance sheet and financial strength for Synchrony Bank has had no significant changes in recent periods.

Deposit Growth


In the past year, Synchrony Bank has increased its total deposits by $5.55 billion, resulting in 24.71% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Synchrony Bank has shown is excellent.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Synchrony Bank has $39.78 billion in assets with $8 billion in equity, resulting in a capitalization level of 20.10%, which is excellent.

Institution Statistics

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Assets and Liabilities
Assets$39.78 billion
Loans$32.02 billion
Deposits$28.01 billion
Equity Capital$6.08 billion
Loan Loss Allowance$1.92 billion
Unbacked Noncurrent Loans$609.09 million
Real Estate Owned$0
Historic Data - March 2013
Assets$33.69 billion
Equity Capital$5.75 billion
Loan Loss Allowance$1.40 billion
Unbacked Noncurrent Loans$609.09 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin14.87%
Return on Assets4.5%
Return on Equity28.97%
Interest Income$1.46 billion
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Always verify rates and promotions with the bank or credit union. We are not Synchrony Bank, we are a rate comparison website and can not provide official rates or promotions.

Synchrony Bank Savings Account Rates

0.95%--High Yield Savings
Learn MoreSponsored Note: Synchrony Bank was formerly GE Capital Retail Bank. FDIC Insured.

Synchrony Bank Money Market Rates

0.85%--Money Market Account
0.85%--IRA Money Market Account
0.85%--Roth IRA Money Market Account

Synchrony Bank CD Rates

2.30%$25k-60 Month CD
Learn MoreSponsored Note: Synchrony Bank was formerly GE Capital Retail Bank. FDIC Insured.
1.75%$25k-48 Month CD
1.35%$50k-36 Month CD
1.20%$50k-24 Month CD
1.20%$2k-15 Month CD Special - BON12
Learn MoreSponsored Note: Synchrony Bank was formerly GE Capital Retail Bank. FDIC Insured.
1.10%$25k-12 Month CD
Learn MoreSponsored Note: Synchrony Bank was formerly GE Capital Retail Bank. FDIC Insured.
1.05%$25k-18 Month CD
0.70%$25k-9 Month CD
0.65%$25k-6 Month CD
0.35%$15k-3 Month CD

Synchrony Bank IRA Rates

2.30%$25k-60 Month IRA CD
1.75%$25k-48 Month IRA CD
1.35%$50k-36 Month IRA CD
1.20%$50k-24 Month IRA CD
1.20%$2k-15 Month IRA CD Special
1.10%$25k-12 Month IRA CD
1.05%$25k-18 Month IRA CD
0.70%$25k-9 Month IRA CD
0.65%$25k-6 Month IRA CD
0.35%$15k-3 Month IRA CD

Synchrony Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 170 West Election Road, Suite 125 - Draper, UT 84020