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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

Synchrony Bank Ups CD Rates - 1-Year Rises to 2.15% APY - 4/10/2018

Synchrony Bank increased rates on six of its CDs. The most competitive is now its 1-year CD; the rate increased 10 bps to 2.15% APY.

Synchrony Bank Increases Rates on Five CDs - 3/27/2018

Synchrony Bank increased rates on five of its CDs. Synchrony’s High Yield Savings Account rate is unchanged. Synchrony’s 1-year CD rate is now 2.05% APY

Another Savings Account Rate Hike at Synchrony Bank - 2/21/2018

Synchrony Bank increased rates slightly on its High Yield Savings Account (HYS) and its 12-month CD. The rate of the HYS increased 5 bps to 1.55% APY as of 2/21/2018.

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Reviews (275)

No complaints over 5 years

I've had multiple accounts with Synchrony Bank over the last five or so years. In that time, I've had generally no major complaints and have held multiple types of accounts with them. They've been very good at communicating with me various aspects of their accounts and have done wonderfully in solving any issues I've come across. My only real concern that I've had just a handful of times is the down time of their website. Over five years, I could count on one hand where I've had issues logging in or maneuvering through the site due to maintenance issues, and each of those times was in the middle of the day. I would assume that it would be best to be done outside of normal business hours as to not impede on the customer's daily activities

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.

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 - YTD2.1%
Return on Equity - YTD15.44%
Annual Interest Income$11.28B
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$79.17B$71.79B
LoansQ4 2017vs Q4 2016$63.19B$57.08B
DepositsQ4 2017vs Q4 2016$57.81B$54.74B
Equity CapitalQ4 2017vs Q4 2016$10.61B$9.80B
Loan Loss AllowanceQ4 2017vs Q4 2016$4.89B$3.63B
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$1.65B$1.29B
Real Estate OwnedQ4 2017vs Q4 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.

Small Rate Increase For Savings & 12 Month CD

buckeye61   |  
High Yield Savings now 1.55%(Was 1.50%)
12 Month CD now 1.95%(Was 1.85%)

High Yield Savings At 1.55%

thowellIII   |  
Another small rate increase at Synchrony. Unfortunately, the ACH transfer speed still lags behind other online banks (3 days is standard, whether inbound or outbound, even though the money is taken out of the source account at the same speed as other banks).

Small Rate Increases At Synchrony Bank

buckeye61   |  
High Yield Savings Receives a small increase to 1.50%(Was 1.45%).

2 Year CD(2.00%) and 5 Year(2.50%) also get small bumps.

Synchrony Bank Lowers Rate On 12 Month CD

buckeye61   |  
Synchrony Bank dropped its (Promotional?) rate on its 12 month CD today.....much like Ally Bank had done last month.

Was: 2.00% Now: 1.85%

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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

1.55%--High Yield Savings

Synchrony Bank Money Market Rates

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

Synchrony Bank CD Rates

2.60%$2k-60 Month CD
2.45%$2k-48 Month CD
2.35%$2k-36 Month CD
2.25%$2k-24 Month CD
2.15%$2k-12 Month CD
2.15%$2k-18 Month CD
1.25%$2k-9 Month CD
1.00%$2k-6 Month CD
0.75%$2k-3 Month CD

Synchrony Bank IRA Rates

2.60%$2k-60 Month IRA CD
2.45%$2k-48 Month IRA CD
2.35%$2k-36 Month IRA CD
2.25%$2k-24 Month IRA CD
2.15%$2k-12 Month IRA CD
2.15%$2k-18 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.