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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

Savings Account and CD Rate Hikes at Synchrony Bank - 9/21/2017

Synchrony increased its High Yield Savings Account rate by 10 bps to 1.30% APY for all balances. Synchrony also increased three of its CD rates by 10 bps each.

Synchrony Raises High Yield Savings Rate To 1.30% - 9/21/2017

High Yield Savings rate up to 1.30% but Money Market rate stays at 0.85%. There was also a change to 12 month, 24 month, and promo 15 month CD rates. New rates: 1.50% 12 month, 1.75% 24 month and 1.65% 15 Month

Synchrony Bank Savings Account Rate Increase - 7/24/2017

Synchrony Bank has just raised its Savings Account rate to 1.20% from 1.15%.

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Reviews (197)

CD with a great rate

Synchrony bank offered top notch service when it came to opening my CD (certificate of deposit) account. They offered a great rate and even had the slogan listed as "what are your financial dreams today". I opened a CD like many people do to squirrel away extra money for a purchase I plan on making in the future (boat).

The easiest part of the whole process was signing up and getting my starting balance deposited. At no time during the process did I feel lost or in need of any kind of assistance. I have used other banking institutions in the past and have experienced issues all the way from trouble logging into my account, to obtaining the money once my CD had matured.

All-in-all I would say that Synchrony Bank was spot on in the service they offered me and the value they brought to the table.

Very Bad ACH And Bank Wire Transfer Service

Posted by: Dummy | Oct 3, 2017

ACH service is delayed 2-3 business days for both inbound and out bound transfers. For outbound transfers, they withdraw the money from your account immediately but deposit it at the destination bank 2-3 days later. For inbound transfers they withdraw the money from your other bank that night but deposit it in your Synchrony account 2-3 days later.

Wire transfer service for outbound wires is extremely poor. The purpose of a wire is speed. But even if you call in to send the wire early in the morning, they do not even begin to process it until over 4 hours later. The wire will not be received by the receiving bank until after the business day in over. Therefore, it would be just as quick to transfer via ACH by initiating the transfer at the receiving bank and designating Synchrony as the source of funds.

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 - YTD2.04%
Return on Equity - YTD14.84%
Annual Interest Income$5.43B
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$73.67B$64.62B
LoansQ2 2017vs Q2 2016$57.22B$49.23B
DepositsQ2 2017vs Q2 2016$56.21B$49.53B
Equity CapitalQ2 2017vs Q2 2016$10.05B$8.89B
Loan Loss AllowanceQ2 2017vs Q2 2016$4.28B$3.19B
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$1.23B$912.0MM
Real Estate OwnedQ2 2017vs Q2 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 Raises High Yield Savings Rate To 1.30%

buckeye61   |  
High Yield Savings rate up to 1.30% but Money Market rate stays at 0.85%.

There was also a change to 12 month, 24 month, and promo 15 month CD rates.
New rates: 1.50% 12 month, 1.75% 24 month and 1.65% 15 Month

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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

1.30%--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
1.75%$2k-24 Month CD
1.65%$2k-15 Month CD Special
1.50%$2k-12 Month CD
1.45%$2k-18 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
1.75%$2k-24 Month IRA CD
1.65%$2k-15 Month IRA Special
1.50%$2k-12 Month IRA CD
1.45%$2k-18 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