Synchrony Bank (formerly GE Capital Retail Bank), a DepositAccounts.com advertiser, is the personal depository banking component of Synchrony Financial. Synchrony Bank, which also utilizes the Optimizer+plus brand and MyOptimizerPlus.com 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.
BEEN WITH SYNCHRONY CREDIT SERVICES OVER 8 YEARS, HAVE 7 DIFFERENT ACCOUNTS, 4 ZEROED OUT AND LOW BALANCE ON 2 AND 14K ON 1 ACCOUNT, NOT 1 LATE PAYMENT ON NEITHER ACCOUNT. GOT FINANCED FOR A RICOMA STITCH MACHINE AND OUT THE GATE SYNCHRONY BANK TOOK 14K OUT OF MY ACCOUNT WITHOUT MY PERMISSION, 3 MONTHS STRAIGHT. THE FIRST MONTH WAS ON AUTO PAY FOR THE MINIMUM PAYMENT, AFTER THE 14K DEDUCTION, I TOOK MYSELF OFF AUTO PAY,
I opened an account here several years ago. At the time, they were one of the few offering above-average deposit rates. Since then, they've fallen behind.
The good: clear, larger font interface. Interest-to-date information is provided for money market accounts at the top level for that account. I have never had any problems transferring funds into or out of Synchrony.
The okay: sometimes, their website crashes.
Should be better: their money market rates don't keep up with their competitors. Customer service has been clunky at times.
The bad: it feels like they've fallen behind due to their maintaining the status quo.
There is no issue charging 22.90% interest on their credit cards not sure how these credit card interest rates are even legal but god forbid they pay even 5 percent on cds.
Is English a 2nd language to anyone who answers the phone? Very difficult to communicate as well.
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Synchrony takes the prize for the WORST bank I have ever dealt with. The WORST. First THEY "misplaced" a $50,000 deposit that was transferred into our Synchrony account from an external bank that had been verified repeatedly. I spent over 10 hours on the phone with their various customer service agents and FOUR MANAGERS. I was able to procure the paperwork from the bank that had sent the deposit, provide it to Synchrony and only then did they "find" the money and post it to my account. Deciding that I could have NO confidence in a bank that could "misplace" fifty-thousand dollars, I initiated two external transfers to try to get it out of this inept bank. For spite, they locked down ALL of my accounts and will not complete the transfers. So I have had to file complaints with the Office of Comptroller of the Currency, The FTC and have a pending complaint with the FBI for fraud. Do yourself a favor and do not get involved with Synchrony. I have never had such rude, hateful and idiotic treatment as I've had there, especially with their "manager" JOHN. If they put Synchrony Bank into the hands of people like John, they will end up like Bud Light. And that would be a big favor to hapless people like myself who are victims of their scams, abuse and suspected fraud.
Overall | |
---|---|
FDIC Certificate # | 27314 |
Year Established | 1988 |
Employees | 9715 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 2.17% |
Return on Equity - YTD | 18.43% |
Annual Interest Income | $3.64B |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2023vs Q1 2022 | $99.37B$86.12B |
Loans | Q1 2023vs Q1 2022 | $77.05B$68.40B |
Deposits | Q1 2023vs Q1 2022 | $77.64B$66.30B |
Equity Capital | Q1 2023vs Q1 2022 | $11.66B$11.80B |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $9.08B$8.17B |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $1.66B$973.0MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.75% | - | - | High Yield Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
2.25% | - | - | Money Market Account | |
2.25% | - | - | IRA Money Market Account |
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