Synchrony Bank

Overview / Commentary
170 West Election Road, Suite 125
Draper, UT 84020

Synchrony Bank (formerly GE Capital Retail Bank), a advertiser, is the personal depository banking component of Synchrony Financial. Synchrony Bank, which also utilizes the Optimizer+plus brand and website for marketing its deposit accounts, has grown to become one of the most prominent online banks in the market. Synchrony is a member of the FDIC, and its accounts are FDIC insured (up to applicable limits).

As far as depository products go, Synchrony offers CDs, high yield savings accounts, money market accounts, and IRA CDs. The bank’s products have traditionally offered some of the highest interest rates on the market. The savings account requires an almost negligible minimum balance to be kept in order to avoid a monthly service charge. A money market account is also available with very similar features to the savings account, though in keeping with federal regulations, the number of monthly withdrawals per statement cycle is limited to six, after which a fee is enforced. Certificates of Deposit (CDs) and IRA CDs are offered with term lengths currently ranging from 3 to 60 months as of the time of this writing. These CDs typically offer some of the most competitive rates on the market, but they do come with minimum initial deposit requirements and early withdrawal penalties, the latter of which varies based on the length of the CD term.

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 more than 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, with a branch in Bridgewater, New Jersey. 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 its website regarding an upcoming name change to Synchrony Bank. The name change was made official in June of 2014.

Related Posts

Synchrony Banks Cuts CD Rates - 4/30/2019

Synchrony Bank follows other major online Banks in cutting CD rates. 12-month 2.70%(Was 2.80%) 18-month 2.70%(Was 2.75%) 24-month 2.80%(Was 2.90%) 36-month 2.85%(Was 2.90%) 48-month 2.90%(Was 3.00%) 60-month CD remains at 3.10%

2.85% 15-Month CD Is No More. - 2/17/2019

It appears that Synchrony has pulled the 2.85% 15-month CD. I guess it really was a limited time offering. I can find no mention of it on their website anymore.

Synchrony Bank Bumps Savings And 12-Month CD Rates - 2/5/2019

High Yield Savings now 2.25%(Was 2.20%) 12-Month CD 2.80%(Was 2.75%)

View all posts from:

12/26 - Synchrony Bank Raises High Yield Savings and CD Rates
12/25 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
11/26 - Synchrony Bank Brings Back 14-Month CD Special
11/26 - 14 Month CD, 2.80% APY, $2K Min
11/12 - 15-MONTH CD 2.75 % APY
11/6 - Synchrony Bank Raises High Yield Savings Account Rate
11/6 - Synchrony Bank Bumps High Yield Savings To 2.05%
10/2 - Synchrony Bank Ups Rates and Introduces 15-Month CD Special
10/2 - Small Increase On Savings And Money Market And New CD Promo.
8/14 - Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
8/14 - 2.65% 13-Month CD Special At Synchrony Bank
7/24 - Synchrony Bank Ups High Yield Savings Account APY
7/24 - Synchrony Bank Ups High Yield Savings & Money Market
7/12 - Synchrony 12-Month CD To 2.40% APY From 2.25%
6/19 - Synchrony Bank Boosts Rate of 14-Month CD Special
6/19 - Synchrony Bank Raises 14-Month Promotional CD Rate
6/5 - Synchrony Bank Raises High Yield Savings Account Rate
6/5 - High Yield Savings Rate Increase
5/23 - Synchrony Bank Hikes Rates on CDs and IRA CDs
5/17 - 3% 3-Year Non-Callable Brokered Cds
5/1 - Synchrony Bank Ups Savings Account Rate and Debuts Top 14-month CD
5/1 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
4/10 - Synchrony Bank Ups CD Rates
3/27 - Synchrony Bank Increases Rates on Five CDs
2/21 - Another Savings Account Rate Hike at Synchrony Bank
2/21 - Small Rate Increase For Savings & 12 Month CD
2/21 - High Yield Savings At 1.55%
2/6 - Savings Account and CD Rate Increases at Synchrony Bank
2/6 - Small Rate Increases At Synchrony Bank
2/1 - Synchrony Bank Lowers Rate On 12 Month CD
1/4 - Synchrony Bank Hikes Rate
1/4 - Big Rate Increases At Synchrony Bank

Reviews (309)

Easy Peasy

I've had an account with this bank for about 2 years and have no complaints. I've set up several external accts so I can transfer money at my convenience and get a better interest rate. Internet banks are the bomb!


Synchrony was to ACH out my money to another institution. I had to call them for five or six days until they finally did what was required of them to do. When asked why the carelessness handling occurred, I was told "someone didn't follow the instructions pertaining to my account.

I wasted a great deal of time to compel them to properly send my money as required. What a disappointment.

Not Flexible. Terrible External Transfer Times.

Posted by: skynet | Feb 25, 2017

If you initiate an external transfer from Synchrony bank they hold on to your money for 3 days before making the transfer. They debit your account the day you request the transfer but don't send the money for three days so you are out the interest.

Most other banks will send the money overnight so that you have it in your external account the next day.

Also, they won't change my statement cycle. Not very customer focused.

Now there are other online banks that offer 1.05% interest or more. This is not your best choice.

Will NEVER Do Business With This Bank Again

Posted by: GK | May 9, 2018

Can't begin to list all the problems with this bank. I opened several CDs with them years ago, when their rates were higher than average. Since then, they've proven themselves to be so incompetent that I can only conclude upper management does not care at all. On one occasion a CD came due, and I requested the funds be sent to me through an ACH transfer. After two days the funds had not been put through; I call and stay on hold for 20 minutes before speaking to someone who tells me it takes up to 4 days. That's legally permitted, but every other bank I've worked with (and I do this often) takes 24 hours or, occasionally, 48. Synchrony always takes the full 96 hours. However, on this occasion they hadn't put the transfer through -- they'd sent a check via regular mail, sent bulk rate. It took a week before I got someone on the phone who admitted as much. So I had to wait three weeks for it, but even then it never arrived; they claimed it must have gotten lost. Then they said it takes two more weeks to file a "lost check" claim. All in all, it took TWO MONTHS for me to get my money -- all of which time it was sitting in Synchrony's float account, where they were earning interest on it. I filed a complaint with the BBB, and their response was a pack of lies. On numerous other occasions I've had other problems with Synchrony. Pretty much every time a CD comes due, they have one reason or another why it takes an extra week or two before they return my money to me. I contacted a lawyer about it, who read the application and showed me the small print where it says the customer waives the right to be part of any class-action lawsuit against Synchrony. Pretty smart of them to put that in there, since they knew they'd get sued. Criminal company you should absolutely avoid.



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.78%
Return on Equity - YTD20.86%
Annual Interest Income$12.82B
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$91.79B$79.17B
LoansQ4 2018vs Q4 2017$75.19B$63.19B
DepositsQ4 2018vs Q4 2017$66.74B$57.81B
Equity CapitalQ4 2018vs Q4 2017$12.21B$10.61B
Loan Loss AllowanceQ4 2018vs Q4 2017$5.75B$4.89B
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$1.99B$1.65B
Real Estate OwnedQ4 2018vs Q4 2017$0$0
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Synchrony Banks Cuts CD Rates

buckeye61   |  
Synchrony Bank follows other major online Banks in cutting CD rates.

12-month 2.70%(Was 2.80%)
18-month 2.70%(Was 2.75%)
24-month 2.80%(Was 2.90%)
36-month 2.85%(Was 2.90%)
48-month 2.90%(Was 3.00%)

60-month CD remains at 3.10%

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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 cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Synchrony Bank Savings Account Rates

2.25%--High Yield Savings

Synchrony Bank Money Market Rates

1.20%--Money Market Account
1.20%--IRA Money Market Account

Synchrony Bank CD Rates

3.10%$2k-60 Month CD
2.90%$2k-48 Month CD
2.85%$2k-36 Month CD
2.80%$2k-24 Month CD
2.70%$2k-12 Month CD
2.70%$2k-18 Month CD
1.25%$2k-9 Month CD
1.00%$2k-6 Month CD
0.75%$2k-3 Month CD

Synchrony Bank IRA Rates

3.10%$2k-60 Month IRA CD
2.90%$2k-48 Month IRA CD
2.85%$2k-36 Month IRA CD
2.80%$2k-24 Month IRA CD
2.70%$2k-12 Month IRA CD
2.70%$2k-18 Month IRA CD
1.25%$2k-9 Month IRA CD
1.00%$2k-6 Month IRA CD
0.75%$2k-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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.