Synchrony Bank

Overview / Commentary
170 West Election Road, Suite 125
Draper, UT 84020

Synchrony Bank (formerly GE Capital Retail Bank), a advertiser, is the personal depository banking component of Synchrony Financial. Synchrony Bank, which also utilizes the Optimizer+plus brand and 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 Financial Disclosed Radical Work-From-Home Plan, Layoffs, And “Office Footprint” Reduction - 10/21/2020

For those of us with accounts (deposit or credit), this doesn't seem to bode well for the customer service aspect going forward.

Synchrony Bank waiving "certain fees and charges" - 9/25/2020

from the bank's home page, "Alert: Communication for customers impacted by the natural disasters." Click on: "LEARN MORE" Our thoughts are with those affected by the natural disasters and we’re here to help. If you’re an impacted Synchrony Bank customer, we may be able to waive certain fees and charges within your account. If you need help with your account, call us at 1-844-426-9096 to speak with a Banker.

Savings Cut To 0.75% From 1.05% - 7/31/2020

Synchrony bank savings cut to 0.75% from 1.05%

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12/26 - Synchrony Bank Raises High Yield Savings and CD Rates
12/25 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
11/26 - Synchrony Bank Brings Back 14-Month CD Special
11/26 - 14 Month CD, 2.80% APY, $2K Min
11/12 - 15-MONTH CD 2.75 % APY
11/6 - Synchrony Bank Raises High Yield Savings Account Rate
11/6 - Synchrony Bank Bumps High Yield Savings To 2.05%
10/2 - Synchrony Bank Ups Rates and Introduces 15-Month CD Special
10/2 - Small Increase On Savings And Money Market And New CD Promo.
8/14 - Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
8/14 - 2.65% 13-Month CD Special At Synchrony Bank
7/24 - Synchrony Bank Ups High Yield Savings Account APY
7/24 - Synchrony Bank Ups High Yield Savings & Money Market
7/12 - Synchrony 12-Month CD To 2.40% APY From 2.25%
6/19 - Synchrony Bank Boosts Rate of 14-Month CD Special
6/19 - Synchrony Bank Raises 14-Month Promotional CD Rate
6/5 - Synchrony Bank Raises High Yield Savings Account Rate
6/5 - High Yield Savings Rate Increase
5/23 - Synchrony Bank Hikes Rates on CDs and IRA CDs
5/17 - 3% 3-Year Non-Callable Brokered Cds
5/1 - Synchrony Bank Ups Savings Account Rate and Debuts Top 14-month CD
5/1 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
4/10 - Synchrony Bank Ups CD Rates
3/27 - Synchrony Bank Increases Rates on Five CDs
2/21 - Another Savings Account Rate Hike at Synchrony Bank
2/21 - Small Rate Increase For Savings & 12 Month CD
2/21 - High Yield Savings At 1.55%
2/6 - Savings Account and CD Rate Increases at Synchrony Bank
2/6 - Small Rate Increases At Synchrony Bank
2/1 - Synchrony Bank Lowers Rate On 12 Month CD
1/4 - Synchrony Bank Hikes Rate
1/4 - Big Rate Increases At Synchrony Bank
11/27/17 - Synchrony Bank Adds Cyber Week 13-Month CD
11/27/17 - 1.75% 13 Month Certificate
9/21/17 - Savings Account and CD Rate Hikes at Synchrony Bank
9/21/17 - Synchrony Raises High Yield Savings Rate To 1.30%
7/24/17 - Synchrony Bank Savings Account Rate Increase
7/18/17 - Synchrony Bank Increases Savings Account Rate Again
7/18/17 - Small Increase For High Yield Savings Account
6/5/17 - Competitive 15-Month CD Special at Synchrony Bank
6/5/17 - Synchrony 15-Month Special
6/1/17 - Synchrony Bank Raises Its Savings Rate
6/1/17 - Synchrony Bank Increases High Yield Savings Account Rate
5/10/17 - More CD Rate Hikes at Synchrony Bank
5/9/17 - CD Rate Increases
3/21/17 - Synchrony Bank Increases CD Rates to Very Competitive Levels
2/2/17 - Synchrony Bank Ups Long-Term CD Rates
1/16/17 - Synchrony Bumps Some CD Rates--A Little
8/10/16 - Synchrony 5-Year CD Rates Drop
5/22/16 - Synchrony Raises EWP For New 4-And 5-Year Cds
2/22/16 - Synchrony Bank CD Rate Reduction
6/3/15 - Top 1-Year and 2-Year CD Rates at Synchrony Bank
4/13/15 - Synchrony Bank Raises High Yield Savings Account Rate
1/27/15 - Higher CD and IRA CD Rates at Synchrony Bank
12/18/14 - New 19-Month CD Rate Special at Synchrony Bank
11/17/14 - Synchrony Bank’s High Yield Savings Account Joins the 1% Club
11/5/14 - IRA CD Partial Withdrawal
7/14/14 - Higher Special 15-Month CD Rate at Synchrony Bank
5/19/14 - GE Capital Retail Bank Changing Name to Synchrony Bank
5/17/14 - Name Change
4/29/14 - Best Deal for CDs Is Now at GE Capital Retail Bank
4/28/14 - Bump Up On Optimizer CD's @ GE Captal Retail Bank
3/17/14 - Another Top Short-Term CD Special at GE Capital Retail Bank
3/5/14 - Top CD and Savings Account Rates at GE Capital Retail Bank
2/11/14 - Higher 5- and 4-Year CD Rates at GE Capital Retail Bank
11/17/13 - 5-Year Jumbo CD Rate Change
10/15/13 - Higher 5-Year CD Rate at GE Capital Retail Bank
8/12/13 - Special 15-Month CD Rate at GE Capital Retail Bank
5/14/13 - Higher CD Rates at GE Capital Retail Bank
1/15/13 - MetLife Bank is Now GE Capital Retail Bank
9/9/05 - MetLife Bank Raises Money Market Rates

Reviews (335)

Pleased Customer

Posted by: |

I'm really surprised by some of these one star reviews. I've had CDs with Synchrony since the GE Retail Bank days and haven't had any problems. Customer service has always been responsive whether by phone or online. After their recent rate drop I decided to close out a CD that had matured. I sent a message through my online account and the CD was promptly closed and the funds were in my external account the following day - no phone call required. They often have some of the better rates. They're a 5 star in my book.


Synchrony was to ACH out my money to another institution. I had to call them for five or six days until they finally did what was required of them to do. When asked why the carelessness handling occurred, I was told "someone didn't follow the instructions pertaining to my account.

I wasted a great deal of time to compel them to properly send my money as required. What a disappointment.

Hard To Get Out

Posted by: |

Everything was great, until I decided to close two CDs and have the funds transferred to my bank. (I did the same thing at Ally on the same day, two minutes on the website, and the funds were in my local bank within 24 hours). With Synchrony, closing a CD cannot be done online, I spent about 20 minutes on the telephone, and then I was told that it would be 3 to 4 business days before the accounts could be closed, and another 3 to 4 business days after that before I would receive the funds. I have not even received an email from Synchrony confirming the closure of my CDs, and no mail or other alert or notice on the Synchrony website. I won’t be back.

Will NEVER Do Business With This Bank Again

Posted by: |

Can't begin to list all the problems with this bank. I opened several CDs with them years ago, when their rates were higher than average. Since then, they've proven themselves to be so incompetent that I can only conclude upper management does not care at all. On one occasion a CD came due, and I requested the funds be sent to me through an ACH transfer. After two days the funds had not been put through; I call and stay on hold for 20 minutes before speaking to someone who tells me it takes up to 4 days. That's legally permitted, but every other bank I've worked with (and I do this often) takes 24 hours or, occasionally, 48. Synchrony always takes the full 96 hours. However, on this occasion they hadn't put the transfer through -- they'd sent a check via regular mail, sent bulk rate. It took a week before I got someone on the phone who admitted as much. So I had to wait three weeks for it, but even then it never arrived; they claimed it must have gotten lost. Then they said it takes two more weeks to file a "lost check" claim. All in all, it took TWO MONTHS for me to get my money -- all of which time it was sitting in Synchrony's float account, where they were earning interest on it. I filed a complaint with the BBB, and their response was a pack of lies. On numerous other occasions I've had other problems with Synchrony. Pretty much every time a CD comes due, they have one reason or another why it takes an extra week or two before they return my money to me. I contacted a lawyer about it, who read the application and showed me the small print where it says the customer waives the right to be part of any class-action lawsuit against Synchrony. Pretty smart of them to put that in there, since they knew they'd get sued. Criminal company you should absolutely avoid.



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.95%
Return on Equity - YTD8.13%
Annual Interest Income$5.77B
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$85.26B$92.03B
LoansQ2 2020vs Q2 2019$60.35B$72.50B
DepositsQ2 2020vs Q2 2019$66.88B$68.56B
Equity CapitalQ2 2020vs Q2 2019$9.29B$12.11B
Loan Loss AllowanceQ2 2020vs Q2 2019$9.14B$5.23B
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$1.28B$1.65B
Real Estate OwnedQ2 2020vs Q2 2019$0$0
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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

0.65%--High Yield Savings

Synchrony Bank Money Market Rates

0.50%--Money Market Account
0.50%--IRA Money Market Account

Synchrony Bank CD Rates

0.90%$2k-60 Month CD
0.75%$2k-36 Month CD
0.75%$2k-48 Month CD
0.70%$2k-24 Month CD
0.60%$2k-12 Month CD
0.60%$2k-18 Month CD
0.60%$2k-14 Month CD
0.60%$2k-13 Month CD
0.60%$2k-15 Month CD
0.50%$2k-6 Month CD
0.50%$2k-9 Month CD
0.25%$2k-3 Month CD

Synchrony Bank IRA Rates

0.90%$2k-60 Month IRA CD
0.75%$2k-36 Month IRA CD
0.75%$2k-48 Month IRA CD
0.70%$2k-24 Month IRA CD
0.60%$2k-12 Month IRA CD
0.60%$2k-18 Month IRA CD
0.50%$2k-6 Month IRA CD
0.50%$2k-9 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

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 [email protected] 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.