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

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.

Related Posts

Synchrony Bank Rate Hikes: 2% APY 1-Year CD and 1.45% APY Savings - 1/4/2018

Synchrony Bank is the latest internet bank to come out with big rate hikes on its deposit accounts. Most noteworthy is the rate hike on the 12-month CD.

Big Rate Increases At Synchrony Bank - 1/4/2018

High Yield Savings up to 1.45%(Was 1.30) Also, a jump in the Money Market Acct to 1.05% and most CD Terms also received a small increase. The Most notable CD change was the 12 Month Term with a 2.00% APY.......replacing the Ally promo 12 month deal.

Synchrony Bank Adds Cyber Week 13-Month CD - 11/27/2017

Synchrony Bank has added a Cyber Week 13-month CD (1.75% APY) that is available November 27 through December 3, 2017. The minimum deposit is $2k.

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Reviews (233)

Synchrony Bank Authorized Signature

I have a synchrony bank check I was not expecting. The authorization signature was different than usual. Instead of a ceo or supervisor number it was synchrony name. Do any one know if this is normal. It also has Bank of America name on the check. Help please.

Synchrony Bank Review

Posted by: Lillyauto | Jan 23, 2018

I have banked with Synchrony Bank in the past, specifically using their CDs. I liked their CD because the return rate was decent (I think it was 2.5% at the time) for a short period of 12 months. I liked that I could pull it out after 12 months instead of waiting a longer time. I also liked that my money felt more secure there than the stock market. They did have a minimum to open, I believe it was $2500. I made a decent amount in a year and had no problems pulling my money out when I wanted to. I didn't have much contact with them because it was basically just opening the CD and then closing it. I didn't have any issues while my money stayed in there and I made the promised return. I would probably use them again if I wanted to make some secure money in the future. Right now I'm being a little riskier and trying to make a higher rate of return. Their customer service when I opened the account was decent - the typical questions on the application. I didn't have to ask any questions because I've done stuff like this before with out banking institutions.

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.

Horrible Service If Victim Of Fraud

Posted by: Jangel44 | May 31, 2017

I was a victim of fraudulent activity back in early December and I am STILL trying to rectify it with this bank. After having daily calls from the bank, and I do mean daily, sometimes twice a day, I'm still being charged for charges that are not mine. I've spoken to about about 15 associates who were not able to help remove them, the Fraud Department is unresponsive. One Associate was helpful and thought she could help solve this to no avail. Today I received another notice in the mail and the amount due is now more than it was when they originally sent me a bill. I'm beyond frustrated.
The Associates I have spoken to are all extremely nice and seemingly helpful, however I'm still being held responsible for charges I did not make and we're are almost in June. Horrible situation.



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.17%
Return on Equity - YTD15.93%
Annual Interest Income$8.31B
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$75.74B$69.52B
LoansQ3 2017vs Q3 2016$58.74B$52.00B
DepositsQ3 2017vs Q3 2016$56.67B$53.42B
Equity CapitalQ3 2017vs Q3 2016$10.19B$9.36B
Loan Loss AllowanceQ3 2017vs Q3 2016$4.64B$3.43B
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$1.50B$1.10B
Real Estate OwnedQ3 2017vs Q3 2016$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.

Big Rate Increases At Synchrony Bank

buckeye61   |  
High Yield Savings up to 1.45%(Was 1.30)

Also, a jump in the Money Market Acct to 1.05%
and most CD Terms also received a small increase. The Most notable CD change was the 12 Month Term with a 2.00% APY.......replacing the Ally promo 12 month deal.

1.75% 13 Month Certificate

thowellIII   |  
Received email for Cyberweek special.
$2000 minimum.

It's 10 basis points better than the 12 month that Synchrony is offering and puts it up with the rate leaders.

Here's the fine print:
Annual Percentage Yield (APY) is available from November 27, 2017 at 12:01 a.m. until December 3, 2017 at 11:59 p.m. ET. A minimum of $2,000 is required to open a CD and must be deposited in a single transaction. To earn the advertised APY, you must open your CD online only at synchronybank.com between November 27 and December 3, 2017. A penalty may be imposed for early withdrawals. Fees may reduce earnings. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. Visit synchronybank.com for current rates, terms and account requirements. Offer applies to personal accounts only. Individual Retirement Accounts (IRAs) and Trust Accounts are not eligible for this offer.

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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

1.45%--High Yield Savings

Synchrony Bank Money Market Rates

1.05%--Money Market Account
1.05%--IRA Money Market Account

Synchrony Bank CD Rates

2.40%$2k-60 Month CD
2.10%$2k-48 Month CD
2.00%$2k-12 Month CD
1.95%$2k-36 Month CD
1.85%$2k-24 Month CD
1.70%$2k-18 Month CD
0.45%$2k-9 Month CD
0.41%$2k-6 Month CD
0.25%$2k-3 Month CD

Synchrony Bank IRA Rates

2.40%$2k-60 Month IRA CD
2.10%$2k-48 Month IRA CD
2.00%$2k-12 Month IRA CD
1.95%$2k-36 Month IRA CD
1.85%$2k-24 Month IRA CD
1.70%$2k-18 Month IRA CD
0.45%$2k-9 Month IRA CD
0.41%$2k-6 Month IRA CD
0.25%$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