Synchrony Bank


Overview / Commentary
800-352-5267
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 CD Rates as of 5-1-2024 - 5/1/2024

Synchrony Bank Non-IRA CD rates (APY) as of 5-1-2024 include: 6-month @ 4.80% (no change) 9-month @ 4.90% (was 5.25%) 11-month NP @ 0.25% (no change) 12-month @ 4.80% (no change) 13-month @ 5.10% (was 4.90%) 14-month @ 5.00% (no change) 15-month @ 4.50% (no change) 16-month @ 4.00% (no change) 18-month @ 4.50% (no change) 19-month @ 4.00% (no change) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see: https://www.synchronybank.com/banking/ratesandterms/ https://www.synchronybank.com/banking/iraratesandterms/

Synchrony Bank CD Rates as of 4-23-2024 - 4/23/2024

Synchrony Bank Non-IRA CD rates (APY) as of 4-23-2024 include: 6-month @ 4.80% (was 5.15%) 9-month @ 5.25% (was 4.90%) 11-month NP @ 0.25% (no change) 12-month @ 4.80% (no change) 13-month @ 4.90% (was 4.50%) 14-month @ 5.00% (no change) 15-month @ 4.50% (no change) 16-month @ 4.00% (no change) 18-month @ 4.50% (no change) 19-month @ 4.00% (no change) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see: https://www.synchronybank.com/banking/ratesandterms/ https://www.synchronybank.com/banking/iraratesandterms/

Synchrony Bank CD Rates as of 3-27-2024 - 3/27/2024

Synchrony Bank CD rates (APY) as of 3-27-2024 include: 6-month @ 5.15% (was 4.80%) 9-month @ 4.90% (was 5.15%) 11-month NP @ 0.25% (no change) 12-month @ 4.80% (was 4.90%) 13-month @ 4.50% (no change) 14-month @ 5.00% (no change) 15-month @ 4.50% (was 5.00%) 16-month @ 4.00% (was 4.50%) 18-month @ 4.50% (no change) 19-month @ 4.00% (was 4.50%) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see: https://www.synchronybank.com/banking/ratesandterms/

View all posts from:

7/1/21 - Synchrony Raises 9 Month And 15 Month Cds To 0.55%
5/27/21 - Increased Savings Rate
4/6/21 - Synchrony Bank Again Cuts Savings Rates.
2/23/21 - Synchrony High Yield Savings Rate Drops To 0.50%
10/21/20 - Synchrony Financial Disclosed Radical Work-From-Home Plan, Layoffs, And “Office Footprint” Reduction
9/25/20 - Synchrony Bank waiving "certain fees and charges"
7/31/20 - Savings Cut To 0.75% From 1.05%
6/2/20 - Savings Rate Plunges At Synchrony Bank
5/5/20 - Synchrony Bank Lowers Deposit Rates
3/18/20 - Synchrony Bank Makes Another Round Of Rate Cuts
1/14/20 - Synchrony Bank Drops Hi-Yield Savings To 1.7%
11/26/19 - Synchrony Bank Cuts Rate On High Yield Savings
10/12/19 - Synchrony Bank Lowers Savings Rate To 1.90%
9/4/19 - Synchrony Bank Slashes High Yield Savings Rate.
8/23/19 - Synchrony Bank CD Rate Cuts
8/13/19 - Synchrony Bank Reduces 3, 4, And 5 Year CD Rates
7/11/19 - Synchrony Bank Cuts Savings Rate
7/2/19 - Synchrony .05 To .10 Reduction In CD Rates
6/11/19 - Synchrony Bank Continues To Slash Their CD Rates
4/30/19 - Synchrony Banks Cuts CD Rates
2/17/19 - 2.85% 15-Month CD Is No More.
2/5/19 - Synchrony Bank Bumps Savings And 12-Month CD Rates
12/26/18 - Synchrony Bank Raises High Yield Savings and CD Rates
12/25/18 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
11/26/18 - Synchrony Bank Brings Back 14-Month CD Special
11/26/18 - 14 Month CD, 2.80% APY, $2K Min
11/12/18 - 15-MONTH CD 2.75 % APY
11/6/18 - Synchrony Bank Raises High Yield Savings Account Rate
11/6/18 - Synchrony Bank Bumps High Yield Savings To 2.05%
10/2/18 - Synchrony Bank Ups Rates and Introduces 15-Month CD Special
10/2/18 - Small Increase On Savings And Money Market And New CD Promo.
8/14/18 - Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
8/14/18 - 2.65% 13-Month CD Special At Synchrony Bank
7/24/18 - Synchrony Bank Ups High Yield Savings Account APY
7/24/18 - Synchrony Bank Ups High Yield Savings & Money Market
7/12/18 - Synchrony 12-Month CD To 2.40% APY From 2.25%
6/19/18 - Synchrony Bank Boosts Rate of 14-Month CD Special
6/19/18 - Synchrony Bank Raises 14-Month Promotional CD Rate
6/5/18 - Synchrony Bank Raises High Yield Savings Account Rate
6/5/18 - High Yield Savings Rate Increase
5/23/18 - Synchrony Bank Hikes Rates on CDs and IRA CDs
5/17/18 - 3% 3-Year Non-Callable Brokered Cds
5/1/18 - Synchrony Bank Ups Savings Account Rate and Debuts Top 14-month CD
5/1/18 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
4/10/18 - Synchrony Bank Ups CD Rates
3/27/18 - Synchrony Bank Increases Rates on Five CDs
2/21/18 - Another Savings Account Rate Hike at Synchrony Bank
2/21/18 - Small Rate Increase For Savings & 12 Month CD
2/21/18 - High Yield Savings At 1.55%
2/6/18 - Savings Account and CD Rate Increases at Synchrony Bank
2/6/18 - Small Rate Increases At Synchrony Bank
2/1/18 - Synchrony Bank Lowers Rate On 12 Month CD
1/4/18 - Synchrony Bank Hikes Rate
1/4/18 - 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 (452)

Sychrony Bank

Posted by: |

I’ve had savings accounts with Sychrony for years and never had a problem ever. I received great interest on my money currently 4.75 High Yield No complaints from me.

Mind The Slow ACH Transfer Times

Posted by: |

1. If you need a savings account to generate a good interest rate, this bank might be an adequate choice.

2. However, they have one of the slowest ACH transfer times. Additionally, they limit transfers to $25,000 per ACH, which takes at least 3 business days after the request is submitted.

3. I decided to close my account with Synchrony since I only had a high-yield savings account (HYSA) and no other products. The multiple complaints I read online made me hesitant about needing to transfer money and wait a week, especially since many other banks are more efficient.

4. When I requested to close my account on a Thursday after the month's interest had been posted, the representative indicated it would take 2 to 3 business days to process the closing and an additional 3 to 4 business days after the closing to receive the funds via ACH transfer to my external account.

5. I confirmed the timing with her three times in different ways and she consistently gave the same answer. The funds were deposited on a Tuesday, meaning it took 3 business days. I'm very pleased to be out of a bank with such long ACH wait times.

BE CAREFUL

Posted by: |

Here is the deal with this bank.

Their interest rate calculation is not transparent.

Synchrony Bank Very Slow To Return CD Money

Posted by: |

I had two CDs with Synchrony Bank. Both were in a trust. At my father's death, they refused to allow termination because of death without a hefty interest penalty for early withdrawal, because of the trust. I let them mature and requested the money. 1. They refused to wire the money and offered paying by check. They took 16 days to process the request, then used USPS to mail the check without any tracking on the mail. One was $140000 and the other $130000. The checks took 13 days to arrive. They say 7-10 business days. I cannot not make USPS first class letters take any longer than about 3 days, so you know they aged it in the mail room for a period of time, taking full advantage of the cash float. At $32+/day, this has an impact! I feel this is unethical and not customer service oriented.

VIEW MORE REVIEWS

Health

Health Grade Components

Overall
FDIC Certificate #27314
Year Established1988
Employees10095
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.96%
Return on Equity - YTD16.94%
Annual Interest Income$16.15B
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$109.6B$96.3B
LoansQ4 2023vs Q4 2022$87.88B$78B
DepositsQ4 2023vs Q4 2022$83.52B$74.27B
Equity CapitalQ4 2023vs Q4 2022$12.17B$11.35B
Loan Loss AllowanceQ4 2023vs Q4 2022$10.15B$9.05B
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$2.29B$1.51B
Real Estate OwnedQ4 2023vs Q4 2022$0$0
Rates
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.

Synchrony Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.75%--High Yield Savings

Synchrony Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%--Money Market Account
2.25%--IRA Money Market Account

Synchrony Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%--14 Month CD
4.90%--9 Month CD
4.90%--13 Month CD
4.80%--6 Month CD
4.80%--12 Month CD
4.50%--18 Month CD
4.50%--15 Month CD
4.20%--24 Month CD
4.15%--36 Month CD
4.00%--48 Month CD
4.00%--60 Month CD
4.00%--16 Month CD
4.00%--19 Month CD
3.60%--24 Month Bump Up CD
0.25%--3 Month CD
0.25%--11 Month No Penalty CD

Synchrony Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%--14 Month IRA CD
4.90%--9 Month IRA CD
4.90%--13 Month IRA CD
4.80%--6 Month IRA CD
4.80%--12 Month IRA CD
4.50%--18 Month IRA CD
4.50%--15 Month IRA CD
4.20%--24 Month IRA CD
4.15%--36 Month IRA CD
4.00%--48 Month IRA CD
4.00%--60 Month IRA CD
4.00%--16 Month IRA CD
4.00%--19 Month IRA CD
3.60%--24 Month Bump Up IRA
0.25%--3 Month IRA CD
0.25%--11 Month No Penalty IRA
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

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.