Synchrony Bank has made a nice change to their 15-month CD special. The rate was increased by 5 basis points to 1.20% APY. All the other features have remained the same. Minimum deposit is $2,000. Funds must come from sources outside Synchrony Bank. Offer applies to personal accounts only. This rate is accurate as of 7/14/2014.
Synchrony Bank has been offering other competitive CDs and savings account for awhile. The bank’s 5-year CD (2.30% APY for $25K+) and 1-year CD (1.10% APY for $25K) remain rate leaders. The bank’s High Yield Savings account has been at 0.95% APY since March which is just 6 basis points under the best comparable savings account. This 0.95% APY applies to all balances.
In January 2013 MetLife officially became GE Capital Retail Bank, and in June the name was changed again to its current name Synchrony Bank. The products have remained the same including the CDs, IRAs and money market accounts. In addition, they are still offering a free identity theft resolution service for deposit customers.
Synchrony Bank’s main office is located in Draper, Utah. The bank has been around for awhile. It was established with FDIC insurance in 1988. However, it has not been in the retail deposit-taking business before the MetLife Bank acquisition. Its business focus has been on providing customized credit programs to retailers and consumers.
The bank has an overall health grade at DepositAccounts.com of an A+, with a Texas ratio of 7.62% (excellent) based on March 2014 data. Please refer to our financial overview of Synchrony Bank for more details.