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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. 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 Raises EWP For New 4-And 5-Year Cds - 5/22/2016

I just received a revised Consumer Deposit Account Agreement from Synchrony.  There are a number of changes, but the most significant is an increase in the EWP for CDs with a term of 48 months or more from 180 days simple interest to 365 days simple interest.  The change applies to CDs opened or renewed after June 13, 2016.

Synchrony Bank CD Rate Reduction - 2/22/2016

60-month CDs now have an APY  of 2.15% (minimum of $25000) and 2.10% (minimum of $2000). CD | Certificates of Deposit | Synchrony Bank

Your Internet Bank May Offer More Than Just High Interest Rates - 11/5/2015

Interest rates may be the primary reason for choosing an internet bank, but some internet banks offer more than just interest. I thought it would be useful to mention two non-typical type of services that are available from two different internet banks.

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Synchrony's High Yield Makes Sense

We discovered Synchrony Bank's High Yield Savings about a year ago. At the time, our regular savings account from our local branch was offering less than 0.1% a year. We compared with other online savings including AMEX, and decided Synchrony had the best rate: 1.05% a year. That is more than ten times what our local bank was giving us, and without any annual fees. For us, the entire sign-up process was accomplished online with ease. Then transferring between our bank's checking account and Synchrony was simple and straight forward. The interest is added toward our principal on a monthly basis. The only drawback is the time for funds to clear. Once we submitted a transfer request from Synchrony to our own checking account, it can take up to three business days for the funds to be available. But unless you are always pressed for time, it makes sense to allow your money to earn more interest for yourself versus your local bank.

Synchrony Bank: Worth the Switch!

Posted by: JollyJune | Jul 7, 2016

I love Synchrony Bank. Their customer service is excellent, and they are always able to answer any questions that my husband or I have about our accounts. Additionally, I actually pay less than half the fees that I was paying at my other bank, and that's more money in the bank (pun intended!).

In-Sync With My Banking Needs

Posted by: ChanBanks | Jul 6, 2016

I have been using Synchrony for many years now, and I am generally pleased. Synchrony has given me a high yield saving account. I get 1.05% APY, and I never get a fee. It is easy to use the website to make transactions, check history, etc. I can easily access my savings account when I need it. Also, my saving account interest rate is high, and it is not dependent on how much money I have in my account. I opened a Money Market account for no charge, and it has worked well. I get .85% APY and am limited to 6 withdrawals. This keeps me from spending my money too much. When I need to use the money, I can easily use checks or the ATM. CD's from Synchrony are ok, but they have a fairly high minimum for the higher APY. Most of the stuff I need to do is not person-to-person, but person-to-technology, which I love. If you every have any hard questions, it is easy to call customer service. The worst part of this bank is that they have no checking account. Otherwise, I'm really enjoying this bank, and I would recommend them to anyone.

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.



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.72%
Return on Equity - YTD20.22%
Annual Interest Income$2.17B
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$62.05B$50.31B
LoansQ1 2016vs Q1 2015$46.71B$38.17B
DepositsQ1 2016vs Q1 2015$47.83B$37.19B
Equity CapitalQ1 2016vs Q1 2015$8.59B$7.56B
Loan Loss AllowanceQ1 2016vs Q1 2015$2.90B$2.41B
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$947.1MM$734.5MM
Real Estate OwnedQ1 2016vs Q1 2015$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 Raises EWP For New 4-And 5-Year Cds

ChasR   |  
I just received a revised Consumer Deposit Account Agreement from Synchrony.  There are a number of changes, but the most significant is an increase in the EWP for CDs with a term of 48 months or more from 180 days simple interest to 365 days simple interest.  The change applies to CDs opened or renewed after June 13, 2016.

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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

1.05%--High Yield Savings

Synchrony Bank Money Market Rates

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

Synchrony Bank CD Rates

2.05%*$25k*-60 Month CD
OTHER TIERS: 2.00% $2k - $25k
1.65%*$25k*-48 Month CD
OTHER TIERS: 1.60% $2k - $25k
1.60%*$100k*-36 Month CD
OTHER TIERS: 1.50% $2k - $100k
1.45%$2k-24 Month CD
1.25%$2k-12 Month CD
1.25%$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

2.05%*$25k*-60 Month IRA CD
OTHER TIERS: 2.00% $2k - $25k
1.65%*$25k*-48 Month IRA CD
OTHER TIERS: 1.60% $2k - $25k
1.60%*$100k*-36 Month IRA CD
OTHER TIERS: 1.50% $2k - $100k
1.45%$2k-24 Month IRA CD
1.25%$2k-12 Month IRA CD
1.25%$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