Featured Savings Rates
Featured Accounts
Overview / Commentary
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

More CD Rate Hikes at Synchrony Bank - 5/10/2017

Synchrony Bank increased rates on most of its CDs today. This comes after only seven weeks since Synchrony Bank last increased its CD rates.

CD Rate Increases - 5/9/2017

I just noticed that Synchrony has bumped up CD rates a tad--e.g., for $25k minimum balances, 3-year is 1.85% APY, 4-year is 2% APY and 5-year is 2.35% APY. I think these are five basis point increases.

Synchrony Bank Increases CD Rates to Very Competitive Levels - 3/21/2017

Synchrony Bank has just raised its CD rates on terms from 1 to 5 years. This move comes less than a week after the Fed increased the fed funds rate.

View all posts from:

Reviews (162)

Earn Better Interest

I always thought I would have difficulty changing to an online only financial institution until I realized how little I use my bank's branches. The last time I needed to go to the actual bank was when I transferred my single account into a joint account. Other than that, I haven't stepped into a bank in years. The problem is that I have been taking a hit on interest in order to pay for human interaction that I never use! I switched to Synchrony in order to reap better interest rates. The account setup was easy. I manage all of my savings transactions online (just like my previous "big bank"). Don't fool yourself into thinking that it's "scammy" or untrustworthy. Your interests rates will literally triple (in some cases) just by switching to something that lacks what you do not already use - perfect!

A solid bank with great CDs

I initially wanted to start investing my money and I decided to look into opening a CD with this bank. I shopped around for a while and this bank had the best rates. Synchrony would be my best bet and it is, even though the customer service could be better. Even though the customer service was my only negative experience I can't help but focus on it considering it wont be the last time I will need some help and guidance from the company.

The only website is much easier to deal with as the online customer service is completely different from the phone operators so I was able to find some satisfaction there. All in all I give this bank a solid 4 for what it has provided me.

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.

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 - YTD1.84%
Return on Equity - YTD13.4%
Annual Interest Income$2.67B
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$71.87B$62.05B
LoansQ1 2017vs Q1 2016$55.02B$46.71B
DepositsQ1 2017vs Q1 2016$54.83B$47.83B
Equity CapitalQ1 2017vs Q1 2016$9.95B$8.59B
Loan Loss AllowanceQ1 2017vs Q1 2016$3.96B$2.90B
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$1.28B$947.1MM
Real Estate OwnedQ1 2017vs Q1 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.

CD Rate Increases

ChasR   |  
I just noticed that Synchrony has bumped up CD rates a tad--e.g., for $25k minimum balances, 3-year is 1.85% APY, 4-year is 2% APY and 5-year is 2.35% APY. I think these are five basis point increases.

Skip to rates for:
Report an Issue

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

2.35%*$25k*-60 Month CD
OTHER TIERS: 2.30% $2k - $25k
2.00%*$25k*-48 Month CD
OTHER TIERS: 1.95% $2k - $25k
1.85%*$25k*-36 Month CD
OTHER TIERS: 1.80% $2k - $25k
1.65%$2k-24 Month CD
1.45%$2k-18 Month CD
1.40%$2k-12 Month CD
0.45%$2k-9 Month CD
0.41%$2k-6 Month CD
0.25%$2k-3 Month CD

Synchrony Bank IRA Rates

2.35%*$25k*-60 Month IRA CD
OTHER TIERS: 2.30% $2k - $25k
2.00%*$25k*-48 Month IRA CD
OTHER TIERS: 1.95% $2k - $25k
1.85%*$25k*-36 Month IRA CD
OTHER TIERS: 1.80% $2k - $25k
1.65%$2k-24 Month IRA CD
1.45%$2k-18 Month IRA CD
1.40%$2k-12 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