Synchrony Bank


Overview / Commentary
866-226-5638
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 Drops Hi-Yield Savings To 1.7% - 1/14/2020

Rate dropped from 1.8% to 1.7% this morning FYI.

Synchrony Bank Cuts Rate On High Yield Savings - 11/26/2019

Synchrony HYS now: 1.80%(Was 1.90%) Still a little higher then Ally Bank.

Synchrony Bank Lowers Savings Rate To 1.90% - 10/12/2019

High Yield Savings lowered to 1.90%(Was 2.00%) CD Rates appear unchanged for now.

View all posts from:

12/26 - Synchrony Bank Raises High Yield Savings and CD Rates
12/25 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
11/26 - Synchrony Bank Brings Back 14-Month CD Special
11/26 - 14 Month CD, 2.80% APY, $2K Min
11/12 - 15-MONTH CD 2.75 % APY
11/6 - Synchrony Bank Raises High Yield Savings Account Rate
11/6 - Synchrony Bank Bumps High Yield Savings To 2.05%
10/2 - Synchrony Bank Ups Rates and Introduces 15-Month CD Special
10/2 - Small Increase On Savings And Money Market And New CD Promo.
8/14 - Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
8/14 - 2.65% 13-Month CD Special At Synchrony Bank
7/24 - Synchrony Bank Ups High Yield Savings Account APY
7/24 - Synchrony Bank Ups High Yield Savings & Money Market
7/12 - Synchrony 12-Month CD To 2.40% APY From 2.25%
6/19 - Synchrony Bank Boosts Rate of 14-Month CD Special
6/19 - Synchrony Bank Raises 14-Month Promotional CD Rate
6/5 - Synchrony Bank Raises High Yield Savings Account Rate
6/5 - High Yield Savings Rate Increase
5/23 - Synchrony Bank Hikes Rates on CDs and IRA CDs
5/17 - 3% 3-Year Non-Callable Brokered Cds
5/1 - Synchrony Bank Ups Savings Account Rate and Debuts Top 14-month CD
5/1 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
4/10 - Synchrony Bank Ups CD Rates
3/27 - Synchrony Bank Increases Rates on Five CDs
2/21 - Another Savings Account Rate Hike at Synchrony Bank
2/21 - Small Rate Increase For Savings & 12 Month CD
2/21 - High Yield Savings At 1.55%
2/6 - Savings Account and CD Rate Increases at Synchrony Bank
2/6 - Small Rate Increases At Synchrony Bank
2/1 - Synchrony Bank Lowers Rate On 12 Month CD
1/4 - Synchrony Bank Hikes Rate
1/4 - 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 (322)

No Problem!

We've had 12-15 CDs over the last 2-3 years and never had a problem, don't understand why others do. The phone support is always very friendly and helpful! Keep up the good work.

OK If You Don't Need To Transfer In Or Our A Lot

Posted by: HK | Jan 24, 2020

If you let your money sit with them the rates are good. The main gripe I have is they play with the float. When transferring money in or out it takes an excessive amount of time - and they do not pay interest for that amount of time the money is "in transfer". The other issue is minor - they could do better with their website. There is no summary of accounts (you have to go through a menu to get to each individually). There is no easy way to see how much interest was paid for the year. There are no on-line tax statements.

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.

Synchrony Bank Is The Worst

Posted by: qwer | Jan 24, 2020

I have online savings account opened several years ago. It is difficult to transfer money out from Synchrony bank and it takes much longer time (at least two days longer) than any other banks with which I ever have account(s). The delay can cause big trouble because you don't expect it would take so long to get the money ready to use based on the experience with other banks or the information they provide that take 3-4 business days. And, their customer service is extremely bad. I highly recommend Capital One Bank, and keep away from Synchrony Bank.

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Health

Health Grade Components

Overall
FDIC Certificate #27314
Year Established1988
Employees9785
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD3.69%
Return on Equity - YTD27.66%
Annual Interest Income$10.18B
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$91.94B$90.20B
LoansQ3 2019vs Q3 2018$74.45B$69.82B
DepositsQ3 2019vs Q3 2018$68.25B$64.13B
Equity CapitalQ3 2019vs Q3 2018$12.49B$11.58B
Loan Loss AllowanceQ3 2019vs Q3 2018$5.13B$5.63B
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$1.81B$1.66B
Real Estate OwnedQ3 2019vs Q3 2018$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 Bank Drops Hi-Yield Savings To 1.7%

Robb   |  
Rate dropped from 1.8% to 1.7% this morning FYI.

Synchrony Bank Cuts Rate On High Yield Savings

buckeye61   |  
Synchrony HYS now: 1.80%(Was 1.90%)

Still a little higher then Ally Bank.

Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.70%--High Yield Savings

Synchrony Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.20%--Money Market Account
1.20%--IRA Money Market Account

Synchrony Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.15%$2k-60 Month CD
2.10%$2k-24 Month CD
2.10%$2k-36 Month CD
2.10%$2k-48 Month CD
2.00%$2k-12 Month CD
2.00%$2k-18 Month CD
2.00%$2k-14 Month CD
2.00%$2k-13 Month CD
2.00%$2k-15 Month CD
1.25%$2k-9 Month CD
1.00%$2k-6 Month CD
0.75%$2k-3 Month CD

Synchrony Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.15%$2k-60 Month IRA CD
2.10%$2k-24 Month IRA CD
2.10%$2k-36 Month IRA CD
2.10%$2k-48 Month IRA CD
2.00%$2k-12 Month IRA CD
2.00%$2k-18 Month IRA CD
1.25%$2k-9 Month IRA CD
1.00%$2k-6 Month IRA CD
0.75%$2k-3 Month IRA CD
Locations

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.