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 CD Rates as of 2-13-2024 - 2/13/2024

Synchrony lowers the rate of 1 CD, the others remain unchanged. Synchrony Bank CD rates (APY) as of 2-13-2024 include: 6-month @ 4.80% (no change) 9-month @ 5.15% (no change) 11-month NP @ 3.65% (no change) 12-month @ 4.90% (was 5.00%) 13-month @ 4.50% (no change) 14-month @ 4.90% (no change) 15-month @ 5.00% (no change) 16-month @ 4.50% (no change) 18-month @ 4.50% (no change) 19-month @ 4.50% (no change) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see:

Synchrony Bank CD Rates as of 1-30-2024 - 1/30/2024

Synchrony lowers the rates of 11 CDs. Synchrony Bank CD rates (APY) as of 1-30-2024 include: 3-month @ 2.05% (was 2.25%)   6-month @ 4.80% (was 5.00%) 9-month @ 5.15% (was 5.30%) 11-month NP @ 3.65% (was 4.05%) 12-month @ 5.00% (no change) 13-month @ 4.50% (was 5.00%) 14-month @ 4.90% (was 5.00%) 15-month @ 5.00% (was 5.20%) 16-month @ 4.50% (was 5.00%) 18-month @ 4.50% (was 5.00%) 19-month @ 4.50% (no change) 24-month @ 4.20% (was 4.40%) 36-month @ 4.15% (was 4.30%) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see:

Synchrony Bank CD Rates as of 1-23-2024 - 1/23/2024

Synchrony lowers the rates of 8 CDs. Synchrony Bank CD rates (APY) as of 1-23-2024 include: 6-month @ 5.00% (was 5.25%) 9-month @ 5.30% (no change) 11-month NP @ 4.05% (was 4.50%) 12-month @ 5.00% (was 5.30%) 13-month @ 5.00% (was 5.25%) 14-month @ 5.00% (was 5.25%) 15-month @ 5.20% (was 5.50%) 16-month @ 5.00% (was 5.25%) 18-month @ 5.00% (was 5.25%) 19-month @ 4.50% (no change) 24-month @ 4.40% (no change) 36-month @ 4.30% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see:

View all posts from:

7/1/21 - Synchrony Raises 9 Month And 15 Month Cds To 0.55%
5/27/21 - Increased Savings Rate
4/6/21 - Synchrony Bank Again Cuts Savings Rates.
2/23/21 - Synchrony High Yield Savings Rate Drops To 0.50%
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 (429)

Sychrony Bank

Posted by: |

I’ve had savings accounts with Sychrony for years and never had a problem ever. I received great interest on my money currently 4.75 High Yield No complaints from me.

The Interest Rate Is NOT What You Think It Is At This Bank

Posted by: |

I noticed a big disparity between Synchrony and a few other banks. Here is the question: When you open an account and you ACH your money to fund an account, when does your CD start ? Synchrony it starts when they actually GET your money from ACH which was in my case was 4 days. So for 4 days, someone else was earning interest on my money. The CSR said "It's all ACH fault". But then go to Marcus, Sallie Mae or BMO and the "start" date on your CD is the day it comes out of your account. Nonetheless, Synchrony rate is not as advertised after you calculate your days of lost interest.

Takes Forever To Fund

Posted by: |

I opened a 9 months 5.5% APY CD December 7th.
The process was simple. It took about five minutes. They asked the usual stuff (SS#, Date of birth, legal address, driver's license).

For those curious, my credit reports are ALL frozen but I was approved anyway. This shows you that frozen credit reports do not matter.

The problem I had with this bank was the way the fund the CD. In my case, for security and peace of mind, I chose the "two small deposits" option.

When they successfully placed two small deposits in my personal bank, I went directly to Synchrony website to verify it. To my surprise, they did not have a link to do so. I called their customer service department, and I was told that it would take another 5 business days for the "verify link" to magically appear in my online account. Imagine that? 5 additional business days for this so called "verify link" to miraculously appear so that I can verify the two small deposits that THEY made.

After that, you have to wait several more days for actual ach transfer to complete. In all, it will cost you roughly two weeks before your CD account is actually funded. The limiting factor was this bank's greed to play with your money while you wait for them to deposit it to your account.

These archaic methodologies result in significant delays of interest earned and mind you, your account starts on the day it was created (not the day it was funded). So, this is a problem because your earnings start on day it was funded, although CD maturity start date was on date of opening the account online (roughly two weeks apart).

Think about it. When they say 9 months CD. It's actually 8 months and two weeks that your CD earned money, because the other two weeks, Synchrony played with your money behind your back.

Going back to the magical link, it should have been present at all times. Simply frustrated at Synchrony bank for making the customer journey that much less pleasant. It doesn't have to be this way. Their IT needs to include the link automatically on their site, upon logging in and stop playing with our money.

Other than this, it's a good online CD bank to earn money. Their website is modern and intuitive. It even asks you what you would like to do with your monthly interests earned. The beneficiary is also online (no need to call the rep).

BEWARE! Don't Bank With Synchrony!

I had a Roth IRA #XXXXX37411 which matured on 09/18/2023. I always take care of my Roth IRA at least a month ahead before maturity because Roth IRA always takes longer time to process. I called them couples times (to make sure they understood) that I wouldn't extend my account . I also instructed my new financial institution(NASA) to fax transfer forms to Synchrony and it was mailed on 09/25/2023 not faxed due to the fact Synchrony wouldn't accept forms by fax without Notary signature. Still in September after that, I received email from Synchrony that my Roth IRA was already rolled over/renewed to another 15 month, Immediately, I called them that I never intended to rollover my account, the bank Rep said "to just disregard that email because it was an automatic thing".
But then about a week later, I received letter by mail from Synchrony showing that this was my "NEW" rollover account! I was shocked and called them again that I never intended to rollover and they acknowledged that, the Rep said (again) " to disregard the mail" because "it's out of their control".
I didn't check the amount they send, but found out on 01/18/2024 from Synchrony letter, that they assessed a PENALTY of $325.48 against me! Called them today, James said Synchrony received transfer forms from NASA in October, which was over the 10 days grace period. I also found out that the penalty was for "early withdrawal " which was a joke! First, they admitted themselves that I called them couples times way before maturity date not to rollover. Second, when I received their email and also letter by mail that my Roth IRA was rolled over, they told me to "disregard ", but in reality they DID rolled over while awaiting transfer forms from NASA so that they could charge me with "early withdrawal "!
There was no communication from Synchrony telling me that if Synchrony didn't receive transfer forms from NASA within the 10 days grace period, that I needed to open some kind of Roth Saving account for placing the fund while waiting for transfer forms, there is no communication whatsoever from Synchrony about this.
I want my $325.48 back! It's my Roth IRA contribution! It's a crime Synchrony stealing money from their customers!
Hallo Readers, please visit CFPB(Consumer Financial Protection Bureau) website:, click consumer complaints, then type Synchrony Bank, you will find (as of today) 8,200 complaints against Synchrony Bank, which I calculated is 18% from total complaints CFPB received. That is a huge number against one bank considering we have more than 100,000 financial institution in the US. If you keep reading customers complaints at CFPB, you'll be easily conclude that Synchrony Bank is an UNFAIR, DECEPTIVE BANK THAT LIVE OFF CUSTOMERS HARD EARNED MONEY BY SCAMMING CUSTOMERS WITH FEES, CHARGES, PENALTIES THAT THEY PRACTICE UNFAIRLY AND DECEPTIVELY.
BEWARE CUSTOMERS! Don't deal with Synchrony Bank in ANY FORMS of financial products! We have so many other good financial institutions that we can do business with, don't pick Synchrony Bank. Trust me, I'm doing this because I don't want more victims falling to their scams.
I have spoken with 2 of their managers- Shelly and Kim, they had no shame telling me that they won't refund my money! Synchrony, you can celebrate the money you scam from the elderly and poor like me, I will live long enough to witness the bankruptcy and closing of your scamming bank!



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.2%
Return on Equity - YTD18.83%
Annual Interest Income$11.7B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$105.3B$91.75B
LoansQ3 2023vs Q3 2022$83.37B$72.16B
DepositsQ3 2023vs Q3 2022$79.56B$70.77B
Equity CapitalQ3 2023vs Q3 2022$12.09B$11.38B
Loan Loss AllowanceQ3 2023vs Q3 2022$9.7B$8.63B
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$1.97B$1.19B
Real Estate OwnedQ3 2023vs Q3 2022$0$0
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.

Synchrony Bank Savings Account Rates

4.75%--High Yield Savings

Synchrony Bank Money Market Rates

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

Synchrony Bank CD Rates

5.15%--9 Month CD
5.00%--15 Month CD
4.90%--12 Month CD
4.90%--14 Month CD
4.80%--6 Month CD
4.50%--18 Month CD
4.50%--13 Month CD
4.50%--16 Month CD
4.50%--19 Month CD
4.20%--24 Month CD
4.15%--36 Month CD
4.00%--48 Month CD
4.00%--60 Month CD
3.90%--24 Month Bump Up CD
3.65%--11 Month No Penalty CD
2.05%--3 Month CD

Synchrony Bank IRA Rates

5.15%--9 Month IRA CD
5.00%--15 Month IRA CD
4.90%--12 Month IRA CD
4.90%--14 Month IRA CD
4.80%--6 Month IRA CD
4.50%--18 Month IRA CD
4.50%--13 Month IRA CD
4.50%--16 Month IRA CD
4.50%--19 Month IRA CD
4.20%--24 Month IRA CD
4.15%--36 Month IRA CD
4.00%--48 Month IRA CD
4.00%--60 Month IRA CD
3.90%--24 Month Bump Up IRA
3.65%--11 Month No Penalty IRA
2.05%--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.