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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

Competitive 15-Month CD Special at Synchrony Bank - 6/5/2017

Synchrony Bank introduced a special 15-month CD today with a very competitive rate (1.55% APY). It's only advertising this special on the bank's home page.

Synchrony 15-Month Special - 6/5/2017

Synchrony is showing a 15-month special @ 1.55% on their home page, but it's not listed on their CD rate page. https://www.synchronybank.com/home/?UISCode=0000000

Synchrony Bank Raises Its Savings Rate - 6/1/2017

Synchrony Bank has just raised the APY of its Savings Account from 1.05% to 1.15%.

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Reviews (168)

Synchrony Bank is great!

I've only been a member of Synchrony Bank for a few months now, but so far I have no complaints! This is the first strictly online banking institution that I have signed up for and the process was so simple. I had no problems creating my savings account and transferring money. My favorite part of Synchrony is the high interest rate. It's by far the highest rate I've personally seen for a savings account. I'm assuming customer service is good, but I haven't had to contact them at any point since I haven't had any issues. The fact that there aren't fees for withdrawing money is a plus as well. Overall, I definitely recommend Synchrony to anyone looking for a high interest savings account!

Word Of Warning

Posted by: MAKNYC | Jun 8, 2017

So I have been banking with Synchrony for a few years. From a product, fee and interest rate perspective I have been very satisfied. Today however I discovered a big policy blunder. Via the Synchrony website I requested a transfer from an external bank into my Synchrony account. The money was debited from that account on 6/7/17. But it has not appeared in my Synchrony account and after calling CS I was told it will not be credited to my account for another 1-2 days...so up to 3 days from the debit date. So the net result is that my funds are in no-mans land, earning interest for them, but not for me. The claimed concept that the clearing house is sitting on my funds for two full days defies logic. With other banks I have dealt with (except one), the debit date and the credit date are the same or at most one day off. To make matters worse the CS agent tried to convince me that this was for MY benefit as they will not place any hold on my funds ONCE they are credited. I gave up.

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.

Horrible Service If Victim Of Fraud

Posted by: Jangel44 | May 31, 2017

I was a victim of fraudulent activity back in early December and I am STILL trying to rectify it with this bank. After having daily calls from the bank, and I do mean daily, sometimes twice a day, I'm still being charged for charges that are not mine. I've spoken to about about 15 associates who were not able to help remove them, the Fraud Department is unresponsive. One Associate was helpful and thought she could help solve this to no avail. Today I received another notice in the mail and the amount due is now more than it was when they originally sent me a bill. I'm beyond frustrated.
The Associates I have spoken to are all extremely nice and seemingly helpful, however I'm still being held responsible for charges I did not make and we're are almost in June. Horrible situation.



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.

Synchrony 15-Month Special

CapitalClimate   |  
Synchrony is showing a 15-month special @ 1.55% on their home page, but it's not listed on their CD rate page.

Synchrony Bank Raises Its Savings Rate

king3344   |  
Synchrony Bank has just raised the APY of its Savings Account from 1.05% to 1.15%.

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.

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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

1.15%--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
1.55%$2k-15 Month CD Special
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
1.55%$2k-15 Month IRA Special
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