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 BANK Brokered CD 5% 60 Month Non-Callable On Fidelity - 3/14/2023

CUSIP DSN3E7182 3,000 available. Looks like widespread 60 month 5% Cd's are showing back up. Lou was right. All of us who missed out in November and have been patiently waiting are getting a second bite at the apple. Def not getting greedy this time regardless of the outlook. Picked up discover yesterday, will buy this and need one more to close out the cycle and be done.

Synchrony Savings Raised To 3.99% APY - 3/7/2023

Synchrony has raised its savings rate at last. For those of us grandfathered in when GE Interest Plus became Synchrony in 2015, the yield is now 4.05%.

Synchrony Is Latest Major Online Bank To Offer A 5% CD - 2/25/2023

Synchrony Bank increased the rate of its 14-month CD to 5.00% APY. Other CD rates were increased, but these changes are less noteworthy. Rates are accurate as of 2/25/23.

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10/21/20 - Synchrony Financial Disclosed Radical Work-From-Home Plan, Layoffs, And “Office Footprint” Reduction
9/25/20 - Synchrony Bank waiving "certain fees and charges"
7/31/20 - Savings Cut To 0.75% From 1.05%
6/2/20 - Savings Rate Plunges At Synchrony Bank
5/5/20 - Synchrony Bank Lowers Deposit Rates
3/18/20 - Synchrony Bank Makes Another Round Of Rate Cuts
1/14/20 - Synchrony Bank Drops Hi-Yield Savings To 1.7%
11/26/19 - Synchrony Bank Cuts Rate On High Yield Savings
10/12/19 - Synchrony Bank Lowers Savings Rate To 1.90%
9/4/19 - Synchrony Bank Slashes High Yield Savings Rate.
8/23/19 - Synchrony Bank CD Rate Cuts
8/13/19 - Synchrony Bank Reduces 3, 4, And 5 Year CD Rates
7/11/19 - Synchrony Bank Cuts Savings Rate
7/2/19 - Synchrony .05 To .10 Reduction In CD Rates
6/11/19 - Synchrony Bank Continues To Slash Their CD Rates
4/30/19 - Synchrony Banks Cuts CD Rates
2/17/19 - 2.85% 15-Month CD Is No More.
2/5/19 - Synchrony Bank Bumps Savings And 12-Month CD Rates
12/26/18 - Synchrony Bank Raises High Yield Savings and CD Rates
12/25/18 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
11/26/18 - Synchrony Bank Brings Back 14-Month CD Special
11/26/18 - 14 Month CD, 2.80% APY, $2K Min
11/12/18 - 15-MONTH CD 2.75 % APY
11/6/18 - Synchrony Bank Raises High Yield Savings Account Rate
11/6/18 - Synchrony Bank Bumps High Yield Savings To 2.05%
10/2/18 - Synchrony Bank Ups Rates and Introduces 15-Month CD Special
10/2/18 - Small Increase On Savings And Money Market And New CD Promo.
8/14/18 - Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
8/14/18 - 2.65% 13-Month CD Special At Synchrony Bank
7/24/18 - Synchrony Bank Ups High Yield Savings Account APY
7/24/18 - Synchrony Bank Ups High Yield Savings & Money Market
7/12/18 - Synchrony 12-Month CD To 2.40% APY From 2.25%
6/19/18 - Synchrony Bank Boosts Rate of 14-Month CD Special
6/19/18 - Synchrony Bank Raises 14-Month Promotional CD Rate
6/5/18 - Synchrony Bank Raises High Yield Savings Account Rate
6/5/18 - High Yield Savings Rate Increase
5/23/18 - Synchrony Bank Hikes Rates on CDs and IRA CDs
5/17/18 - 3% 3-Year Non-Callable Brokered Cds
5/1/18 - Synchrony Bank Ups Savings Account Rate and Debuts Top 14-month CD
5/1/18 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
4/10/18 - Synchrony Bank Ups CD Rates
3/27/18 - Synchrony Bank Increases Rates on Five CDs
2/21/18 - Another Savings Account Rate Hike at Synchrony Bank
2/21/18 - Small Rate Increase For Savings & 12 Month CD
2/21/18 - High Yield Savings At 1.55%
2/6/18 - Savings Account and CD Rate Increases at Synchrony Bank
2/6/18 - Small Rate Increases At Synchrony Bank
2/1/18 - Synchrony Bank Lowers Rate On 12 Month CD
1/4/18 - Synchrony Bank Hikes Rate
1/4/18 - Big Rate Increases At Synchrony Bank
11/27/17 - Synchrony Bank Adds Cyber Week 13-Month CD
11/27/17 - 1.75% 13 Month Certificate
9/21/17 - Savings Account and CD Rate Hikes at Synchrony Bank
9/21/17 - Synchrony Raises High Yield Savings Rate To 1.30%
7/24/17 - Synchrony Bank Savings Account Rate Increase
7/18/17 - Synchrony Bank Increases Savings Account Rate Again
7/18/17 - Small Increase For High Yield Savings Account
6/5/17 - Competitive 15-Month CD Special at Synchrony Bank
6/5/17 - Synchrony 15-Month Special
6/1/17 - Synchrony Bank Raises Its Savings Rate
6/1/17 - Synchrony Bank Increases High Yield Savings Account Rate
5/10/17 - More CD Rate Hikes at Synchrony Bank
5/9/17 - CD Rate Increases
3/21/17 - Synchrony Bank Increases CD Rates to Very Competitive Levels
2/2/17 - Synchrony Bank Ups Long-Term CD Rates
1/16/17 - Synchrony Bumps Some CD Rates--A Little
8/10/16 - Synchrony 5-Year CD Rates Drop
5/22/16 - Synchrony Raises EWP For New 4-And 5-Year Cds
2/22/16 - Synchrony Bank CD Rate Reduction
6/3/15 - Top 1-Year and 2-Year CD Rates at Synchrony Bank
4/13/15 - Synchrony Bank Raises High Yield Savings Account Rate
1/27/15 - Higher CD and IRA CD Rates at Synchrony Bank
12/18/14 - New 19-Month CD Rate Special at Synchrony Bank
11/17/14 - Synchrony Bank’s High Yield Savings Account Joins the 1% Club
11/5/14 - IRA CD Partial Withdrawal
7/14/14 - Higher Special 15-Month CD Rate at Synchrony Bank
5/19/14 - GE Capital Retail Bank Changing Name to Synchrony Bank
5/17/14 - Name Change
4/29/14 - Best Deal for CDs Is Now at GE Capital Retail Bank
4/28/14 - Bump Up On Optimizer CD's @ GE Captal Retail Bank
3/17/14 - Another Top Short-Term CD Special at GE Capital Retail Bank
3/5/14 - Top CD and Savings Account Rates at GE Capital Retail Bank
2/11/14 - Higher 5- and 4-Year CD Rates at GE Capital Retail Bank
11/17/13 - 5-Year Jumbo CD Rate Change
10/15/13 - Higher 5-Year CD Rate at GE Capital Retail Bank
8/12/13 - Special 15-Month CD Rate at GE Capital Retail Bank
5/14/13 - Higher CD Rates at GE Capital Retail Bank
1/15/13 - MetLife Bank is Now GE Capital Retail Bank
9/9/05 - MetLife Bank Raises Money Market Rates

Reviews (381)

All Good After 5 Years

No complaints about Synchrony Bank after more than 5 years as a customer. High Yield Savings plus multiple CDs. But if you need frequent and active support from customer service, then online banks like Synchrony may not be for you.

Need To Get Rid Of Ridiculous ACH Transfer Limits

Posted by: |

Primary recent complaint stems from lowered--MUCH lowered ACH transfer limits driving me to use wire transfer instead. It took over a week and multiple calls to finally enact the transfer as the customer service reps would not wait on the phone with receiving bank to make it happen--and this with an already established external account. Previously, this process was seamless via their webpage ACH transfer. How is it more efficient and less costly to now involve humans? Answer--it's not. Overall rating would be higher if not for this.

Rates And Other

Posted by: |

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.

Post this

Gone Downhill; Diamond Status Of No Value

I've banked with Synchrony for over 5 years, which is long enough to earn top-tier Diamond status, which gets you free wire transfers and a priority phone number.

I called in to set up a wire transfer on the "priority". It took about 10 minutes on hold until an agent came on, who transferred me to the wire transfer specialist. I was on hold another 50 minutes. When I asked whether the wire transfer would post that day, I was told "they're telling us 2-3 business days" (which is corroborated by another review). Since that killed my plan I decided to simply do an ACH transfer instead (pulled from another bank).

With sub-par rates, long hold times and requiring 2-3 days for a wire transfer, I see no value in keeping deposits with Synchrony any more.



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD3.83%
Return on Equity - YTD28.16%
Annual Interest Income$5.44B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$87.02B$81.93B
LoansQ2 2022vs Q2 2021$68.96B$62.73B
DepositsQ2 2022vs Q2 2021$67.81B$61.55B
Equity CapitalQ2 2022vs Q2 2021$11.77B$12.08B
Loan Loss AllowanceQ2 2022vs Q2 2021$8.34B$8.47B
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$959.0MM$728.0MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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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

4.00%--High Yield Savings

Synchrony Bank Money Market Rates

2.25%--Money Market Account
2.25%--IRA Money Market Account

Synchrony Bank CD Rates

5.00%--14 Month CD
4.90%--18 Month CD
4.90%--19 Month CD
4.50%--12 Month CD
4.50%--13 Month CD
4.50%--15 Month CD
4.50%--16 Month CD
4.30%--9 Month CD
4.30%--24 Month CD
4.30%--36 Month CD
4.30%--48 Month CD
4.30%--60 Month CD
4.25%--6 Month CD
3.90%--11 Month No Penalty CD
3.70%--24 Month Bump Up CD
2.25%--3 Month CD

Synchrony Bank IRA Rates

5.00%--14 Month IRA CD
4.90%--18 Month IRA CD
4.90%--19 Month IRA CD
4.50%--12 Month IRA CD
4.50%--13 Month IRA CD
4.50%--15 Month IRA CD
4.50%--16 Month IRA CD
4.30%--9 Month IRA CD
4.30%--24 Month IRA CD
4.30%--36 Month IRA CD
4.30%--48 Month IRA CD
4.30%--60 Month IRA CD
4.25%--6 Month IRA CD
3.90%--11 Month No Penalty IRA
3.70%--24 Month Bump Up IRA
2.25%--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.