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Overview / Commentary
866-226-5638
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.

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Synchrony 5-Year CD Rates Drop - 8/10/2016

Synchrony finally got around to dropping 5-year CD rates like the other top Internet banks.  It's now 1.85% APY for $25k-plus (1.80% APY for less than $25k).

Synchrony Raises EWP For New 4-And 5-Year Cds - 5/22/2016

I just received a revised Consumer Deposit Account Agreement from Synchrony.  There are a number of changes, but the most significant is an increase in the EWP for CDs with a term of 48 months or more from 180 days simple interest to 365 days simple interest.  The change applies to CDs opened or renewed after June 13, 2016.

Synchrony Bank CD Rate Reduction - 3/10/2016

60-month CDs now have an APY  of 2.15% (minimum of $25000) and 2.10% (minimum of $2000). CD | Certificates of Deposit | Synchrony Bank

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Reviews (118)

Safe, Seemless, Online Banking

Posted by: JoshH | Oct 4, 2016

My first concern before I opened up an account with Synchrony Bank was the fact that this bank literally only exists online. Having only banked with "big banks," I believe that my fear was warranted. I opened a savings account with a small deposit to see what it was like. My first constructive thought was that the website was great. It was extremely easy to navigate, and made me feel comfortable about what I was reading. The layout is logical. Things are listed under the headings that I expect, and the headings are just broad enough that I click/hover, just out of curiosity. I experienced no setbacks or problems while opening an account. It was very easy. A month or two later, my wife and I were interested in opening a CD for some extra funds that we were keeping for our first home. After checking out CDs at our local bank, we decided to open up a 2-year CD at Synchrony. The funds transfer was simple. I actually called ahead to make sure that I was allocating these funds correctly since it was a substantial amount of money (to us). The customer service could not have been better. To date, we currently have our growing savings account and a CD collecting a steady 1.25%. I actively add a few hundred dollars per month to my savings account and have never experienced a problem with transfers. All in all, your money is safe and the bank operates very well.

Great Bank

Posted by: Felix05 | Nov 30, 2016

I started banking with Synchrony Bank about a year and a half ago. I was ready to drop my old bank because of their fees. I have been nothing but pleased since switching to Synchrony. It has made banking a lot easier. I do not have to go into a branch if I need something anymore. I can talk to someone on line and dll of my banking from the comfort of my home. I am able to check my balance, pay bills and do everything I could do with a physical bank; I just do not have to actually go to the bank. No more rushing to make sure I get there before they close; no more wasting my precious time waiting in line at a bank. It may seem like a small difference, but Synchrony Bank has made my life easier. I would suggest Synchrony Bank to everyone.

HORRIBLE Customer Service / Phone System

Posted by: Richmand | Oct 19, 2016

I like the interest rates at this bank, and have had an account with them since when they were still part of GE, but they're only OK as long as you don't need to speak to anyone or get any customer service.

They have a HORRIBLE phone system / phone tree: it will take more than 2-1/2 minutes from the time they answer until you can get to speak to anyone with option after stupid option, menu after submenu after submenu. It is absolutely ridiculous.

They have increased the security to where it is cumbersome to log on. Their website is unreliable: it keeps giving messages about experiencing technical problems. So, you can't log in, sending the text or voice verification codes needed only works some of the time - and the error message tells you to call them. Good luck with that!

You have to verify yourself to the automated system. Then you have to verify yourself (the same damn question) to the real person.
It is enough to want to stop doing business with this messed up operation!

Five Days After Opening, And I'm Closing The Account

I opened this account last Wednesday. It's now Monday, 5 days later, and I'm closing it. I have had many online accounts over the years, but this experience has been the worst.

** Time-wasting phone call: At the end of the online application, I was told that there was a problem, and I needed to call Customer Service. After speaking with a tech, the CSR said the tech could find nothing wrong and issued an account number immediately.

** Time-wasting activity: When I created my application, the site had me choose an ID and password. However, when logging on for the first time, the site made me change my password. The next day, the site made me change my password AGAIN.

** Least helpful CSR response: I sent a message via secured mail about the password problem. I was told 1) not to confuse my passwords with each other, and 2) I had to call in order to get help.

** The final straw: When I called, the CSR asked if I had certain special characters in my password. I said yes, since the instructions require at least one special character. She said some characters had been allowed, then disallowed, then allowed, etc. She said the problem was being fixed, "as we speak." There were no instructions on the site explaining any of this, and my password was always accepted as valid. This password issue spanned several days. I don't know what their definition of "fixed" is, but I don't agree with it.

** Just to increase the irritation factor: You need TWO logins for 1) the main site and 2) secure mail. What??!!??

Given all of this, I must conclude that this online bank is not ready for prime time. If they can't get the application and login processes correct, then what else are they getting wrong? I am a programmer by trade, and this whole experience convinced me that they have an immature product. I am not trusting my money to them, and I would advise you to think carefully about trusting yours.

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Health
A

Health Grade Components

Overall
FDIC Certificate #27314
Year Established1988
Employees9300
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.6%
Return on Equity - YTD19.2%
Annual Interest Income$6.83B
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$69.52B$57.15B
LoansQ3 2016vs Q3 2015$52.00B$43.53B
DepositsQ3 2016vs Q3 2015$53.42B$43.30B
Equity CapitalQ3 2016vs Q3 2015$9.36B$7.75B
Loan Loss AllowanceQ3 2016vs Q3 2015$3.43B$2.56B
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$1.10B$832.8MM
Real Estate OwnedQ3 2016vs Q3 2015$0$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.05%--High Yield Savings

Synchrony Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%--Money Market Account
0.85%--IRA Money Market Account

Synchrony Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%*$25k*-60 Month CD
OTHER TIERS: 1.80% $2k - $25k
1.65%*$25k*-48 Month CD
OTHER TIERS: 1.60% $2k - $25k
1.60%*$100k*-36 Month CD
OTHER TIERS: 1.50% $2k - $100k
1.45%$2k-24 Month CD
1.25%$2k-12 Month CD
1.25%$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%*$25k*-60 Month IRA CD
OTHER TIERS: 1.80% $2k - $25k
1.65%*$25k*-48 Month IRA CD
OTHER TIERS: 1.60% $2k - $25k
1.60%*$100k*-36 Month IRA CD
OTHER TIERS: 1.50% $2k - $100k
1.45%$2k-24 Month IRA CD
1.25%$2k-12 Month IRA CD
1.25%$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
Locations

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