Featured Savings Rates
Featured Accounts
Overview / Commentary
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 Boosts Rate of 14-Month CD Special - 6/19/2018

Synchrony Bank increased the rate of its 14-month CD special by 10 bps to 2.45% APY. Minimum opening deposit is $2,000. This CD was first introduced on May 1st.

Synchrony Bank Raises 14-Month Promotional CD Rate - 6/19/2018

New Rate 2.45%. Nice rate for this Term.

Synchrony Bank Raises High Yield Savings Account Rate to 1.75% APY - 6/5/2018

Synchrony Bank increased the rate on its High Yield Savings Account by 10 bps to 1.75% APY. Synchrony Bank also increased the rate of its 18-month CD to 2.35% APY.

View all posts from:

Reviews (287)

Had A Really Fine Experience With Synchrony.

Posted by: TBT | May 16, 2018

I just had a 1 year CD for 100K mature at 12:01AM on May 15, and today on May the 16th the funds are showing up as posted and available in another bank that I had verbally requested Synchrony to transfer those funds to. During the time that I had opened the CD a year ago, as well as the time last week that I called them to request the transfer, the phone was always answered fast, the reps were courteous, and the funds transferred without a hitch. The only reason I have left Syncrony Bank is because I now prefer to leave my funds instantly available to me in online savings instead of a CD. While Synchrony has very high CD rates, they are a little bit less competitive with their savings account interest rates..... which does make a difference when you have a large sum of cash involved. But, if I wanted to renew into a CD again, I'd have gladly stayed with Syncrony bank and can highly recommend them.

I will submit the following info about cashing out of a maturing CD with them so the process goes as smooth for you as it did for me; Make sure you have another bank already on file with Synchrony that you want the funds transferred to. About 11 months in, at a month in advance of the date of the CD maturity, Synchrony will post a daily reminder in your account page asking you what you want to do with the maturing CD. With that reminder, you can click and indicate your preference and renew the CD, or you can transfer the cash to another bank by ACH that you have on file with them. However, I chose to call them up and verbally dictate to them that I wanted the account to be closed, and the last penny of interest due me to be transferred. If you don't call them up to make this request, but use the website to do the transfer instead, then what will happen is that you will only get the 11 months of interest that is shown on your current balance.... and the account will later reflect the final 12th month of interest after you had already transferred out the 11 month interest balance. Being I intended on closing my account and I didn't want any lingering interest showing up later, I called them to request the account stay open until all 100% of the interest is showing on my account, and then transfer the full amount and close the account. There was absolutely no problems whatsoever, and they were a pleasure to deal with.

First time using an online only bank.

I decided to open a high yield savings account with Synchrony Bank last year because I was fed up with the "brick and mortar" banks I had been using my whole life. I was a customer of Wells Fargo for the last ten years and I hate the customer service and the savings account gives me almost nothing back in return. I opened my Synchrony Bank because the interest rate I got on my savings was 1.5%. By comparison the account I had with Wells Fargo had a .22% APY. It may not seem like a big difference but that one percent increase made depositing money into my savings more attractive and actually led to me saving more. The biggest thing I did not like about using Synchrony Bank is that there is no physical location I can go to. I am able to use a lot of ATM's without a fee but it would be nice to have an actual store to go into and talk to a banker. While I have never had any issue getting a hold of a Synchrony Banker over the phone or via chat, I miss having a face to face interaction to answer my more difficult questions about my savings account. With that being said, I love the return on my savings account. One year in and I've already earned more interest on my savings than the five previous years with Wells Fargo combined!!

Synchrony Bank - Competitive Rates but Not the Online Experience I Expect

Posted by: Nicatelsc | Apr 12, 2018

Last month, I decided to open a high-yield savings (HYS) account with Synchrony Bank. I had read about Synchrony Bank in a blog post about ways to earn a passive income. Synchrony's HYS rates were extremely competitive, much higher than the rate my other bank offers on a Money Market account (.20%). It was relatively easy to open an account. I completed an online application with all of the typical identifying information you would need to open a bank account and was approved quickly. Synchrony is an online bank only, so the easiest way to deposit money was to set up an electronic transfer with my primary checking account. To do this, Synchrony makes two small deposits to your account. You have to watch for these deposits and verify the amounts with Synchrony to prove that you really are the owner of the account. This process only took about 24 hours. With a HYS account, you can make as many deposits as you need (these do not count as transactions), but you are limited to 6 transactions a month. This means that you can not transfer money out of the account via EFT or withdraw using an ATM card more than 6 times a month. This wasn't problematic for me and I appreciated that the ATM option was available, as this was not offered in some of the other HYS accounts that other online banks offer. My biggest issue with the Synchrony account is the length of time it takes for them to process a transfer to another account. It can take several business days for them to process a transfer of money out of your HYS account. If you need your money fast, you either have to use the ATM card or wait. I never used the card, but I imagine there is a limit to how much you can withdraw at one time. The idea that my money wouldn't immediately be available if I needed it was a concern for me. Another downside of Synchrony is their web-interface and the lack of a mobile app. The website is very simplistic. You can basically view your money and make transfers. The lack of a mobile app means you can't take photos of checks and deposit them. Ultimately, I chose to close the account. While I would certainly earn more interest, the lack of immediate access to my money and the lack of a mobile app made feel uneasy. The customer service rep I spoke to over the phone to close my account was very helpful and pleasant. No complaints there.

Worst Banking Experience Ever!!

Posted by: niknob | May 27, 2018

Opened a CD online and asked TWO reps if I needed to do anything after I verified the two deposits. Both said the transfer of funds was NOT automatic and they had to initiate the transfer. Well, guess what!! Both reps were wrong!!! The transfer did happen automatically but because of their initiation a second CD transferred was attempted. I was hit with an NSF fee. Spent much, much time on the phone. Spoke with a supervisor who called me back the next day and failed to leave her extension. Really??!!! Could not reach her and had to start the conversation from scratch. Lo and behold, this past Monday I got another email from the bank saying the account could not be opened and was hit with a SECOND NSF fee!!!
I would bust the transaction but am petrified of something else going wrong. Have spent close to three hours on the phone trying to rectify their errors which they agree is due to their incompetency!!! Today I received an email saying they haven't received the signed signature card which I mailed back several days ago. What a hassle!!!



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.48%
Return on Equity - YTD18.27%
Annual Interest Income$2.99B
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$79.64B$71.87B
LoansQ1 2018vs Q1 2017$60.02B$55.02B
DepositsQ1 2018vs Q1 2017$57.96B$54.83B
Equity CapitalQ1 2018vs Q1 2017$10.94B$9.95B
Loan Loss AllowanceQ1 2018vs Q1 2017$5.08B$3.96B
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$1.57B$1.28B
Real Estate OwnedQ1 2018vs Q1 2017$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 Raises 14-Month Promotional CD Rate

buckeye61   |  
New Rate 2.45%. Nice rate for this Term.

High Yield Savings Rate Increase

buckeye61   |  
Savings now 1.75%(Was 1.65%)

3% 3-Year Non-Callable Brokered Cds

ChasR   |  
Synchrony is now offering a 3% rate on 3-year non-callable brokered CDs at both Fidelity and Vanguard. With the 10-year Treasury at a 3.11% yield, my guess is that we'll see a lot of 3% (or higher) 3-year brokered CDs offered by the likes of Wells Fargo, GS and Citibank over the next week or two. Maybe a 3% 2-yeat brokered CD within the next month.

HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also

Sperry8   |  
Synchrony bank increased it's savings account rate by .1% today, increasing to 1.65% APY.

They also announced a 2.35% 14 mo CD, with $2k min deposit.

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

1.75%--High Yield Savings

Synchrony Bank Money Market Rates

1.05%--Money Market Account
1.05%--IRA Money Market Account

Synchrony Bank CD Rates

2.85%$2k-60 Month CD
2.65%$2k-48 Month CD
2.55%$2k-36 Month CD
2.45%$2k-24 Month CD
2.45%$2k-14 Month CD Special
2.35%$2k-18 Month CD
2.25%$2k-12 Month CD
1.25%$2k-9 Month CD
1.00%$2k-6 Month CD
0.75%$2k-3 Month CD

Synchrony Bank IRA Rates

2.85%$2k-60 Month IRA CD
2.65%$2k-48 Month IRA CD
2.55%$2k-36 Month IRA CD
2.45%$2k-24 Month IRA CD
2.45%$2k-14 Month IRA Special
2.35%$2k-18 Month IRA CD
2.25%$2k-12 Month IRA CD
1.25%$2k-9 Month IRA CD
1.00%$2k-6 Month IRA CD
0.75%$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

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 feedback@depositaccounts.com 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.