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.
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.
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.
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.
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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.
Overall | |
---|---|
FDIC Certificate # | 27314 |
Year Established | 1988 |
Employees | 9524 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 3.83% |
Return on Equity - YTD | 28.16% |
Annual Interest Income | $5.44B |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $87.02B$81.93B |
Loans | Q2 2022vs Q2 2021 | $68.96B$62.73B |
Deposits | Q2 2022vs Q2 2021 | $67.81B$61.55B |
Equity Capital | Q2 2022vs Q2 2021 | $11.77B$12.08B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $8.34B$8.47B |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $959.0MM$728.0MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.00% | - | - | High Yield Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
2.25% | - | - | Money Market Account | |
2.25% | - | - | IRA Money Market Account |
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