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 Ups Rates and Introduces 15-Month CD Special - 10/2/2018

Synchrony Bank joined other big internet banks by raising the rate of their no-minimum savings account to 1.90% APY. Synchrony also introduced a new 15-month special CD.

Small Increase On Savings And Money Market And New CD Promo. - 10/2/2018

High Yield Savings Now 1.90%(Was 1.85%) Money Market Acct Now 1.20%(Was 1.15%) New CD Promo: 15-Month 2.75%

Synchrony Bank Debuts 13-Month CD with Very Competitive Rate - 8/14/2018

Synchrony Bank launched a new 13-month CD special with a very competitive 2.65% APY. Synchrony Bank also increased the rates of five of its standard CDs.

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Reviews (295)

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!

First time using an online only bank.

I decided to open a high yield savings account with Synchrony Bank last year because I was fed up with the "brick and mortar" banks I had been using my whole life. I was a customer of Wells Fargo for the last ten years and I hate the customer service and the savings account gives me almost nothing back in return. I opened my Synchrony Bank because the interest rate I got on my savings was 1.5%. By comparison the account I had with Wells Fargo had a .22% APY. It may not seem like a big difference but that one percent increase made depositing money into my savings more attractive and actually led to me saving more. The biggest thing I did not like about using Synchrony Bank is that there is no physical location I can go to. I am able to use a lot of ATM's without a fee but it would be nice to have an actual store to go into and talk to a banker. While I have never had any issue getting a hold of a Synchrony Banker over the phone or via chat, I miss having a face to face interaction to answer my more difficult questions about my savings account. With that being said, I love the return on my savings account. One year in and I've already earned more interest on my savings than the five previous years with Wells Fargo combined!!

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 - YTD2.56%
Return on Equity - YTD18.97%
Annual Interest Income$6.00B
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$84.49B$73.67B
LoansQ2 2018vs Q2 2017$61.20B$57.22B
DepositsQ2 2018vs Q2 2017$61.68B$56.21B
Equity CapitalQ2 2018vs Q2 2017$11.26B$10.05B
Loan Loss AllowanceQ2 2018vs Q2 2017$5.24B$4.28B
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$1.39B$1.23B
Real Estate OwnedQ2 2018vs Q2 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.

Small Increase On Savings And Money Market And New CD Promo.

buckeye61   |  
High Yield Savings Now 1.90%(Was 1.85%)
Money Market Acct Now 1.20%(Was 1.15%)

New CD Promo:
15-Month 2.75%

2.65% 13-Month CD Special At Synchrony Bank

buckeye61   |  
Special Promo Rate of 2.65% for a 13-Month Term.

Also, Synchrony Bank joins the 3% club on their 60-Month CD.

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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

1.90%--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
2.95%$2k-48 Month CD
2.85%$2k-36 Month CD
2.75%$2k-18 Month CD
2.75%$2k-24 Month CD
2.75%$2k-15 Month CD
2.50%$2k-12 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
2.95%$2k-48 Month IRA CD
2.85%$2k-36 Month IRA CD
2.75%$2k-18 Month IRA CD
2.75%$2k-24 Month IRA CD
2.50%$2k-12 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 feedback@depositaccounts.com 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.