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Synchrony Bank Raises High Yield Savings Account Rate

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Synchrony Bank increased the rate of its Optimizer+plus High Yield Savings Account to a very competitive level. The APY went up by 5 basis points to 1.05%. After a few other banks have cut rates, it’s nice to see a rate hike. The last rate increase on this savings account was in November when Synchrony Bank increased the rate from 0.95% to 1.00% APY.

The High Yield Savings Account isn’t a free account, but it only requires a $30 minimum balance to avoid a $5 monthly service charge. The 1.05% APY applies to all balances.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25*%$2k-Synchrony Bank12 Month CD
1.05*%--Synchrony BankHigh Yield Savings
Accounts mentioned in this post. Rates as of December 2, 2016.

This High Yield Savings Account became competitive in November 2013 when the rate increased from 0.15% to 0.90%. It has remained very competitive ever since.

Synchrony Bank offers an online bank-to-bank transfer service that allows you to initiate ACH transfers to and from your external account that you hold with another financial institution. According to the bank’s FAQs, you can register up to ten accounts at other financial institutions that sync up with your High Yield Savings Account.

In addition to online transfers, you can access your money over the phone or with an optional ATM card.

Certificates of Deposit

Synchrony Bank also has a history of very competitive CD and IRA CD rates. One of its most competitive CDs is the 1-year CD. The rate of the 1-year CD recently increased by 3 basis points to 1.23% APY for a $2K minimum deposit. This rate has been rising since November when the yield was 1.10%.

Money Market Account

If you want to write checks, you’ll need to open the Optimizer+plus Money Market Account. This offers limited check writing. The downside with this account as compared to the savings account is a lower rate (0.85% APY). Synchrony Bank did make an improvement to this account. It no longer has a $1,500 minimum balance requirement to avoid the monthly fee. Now it requires only a $30 minimum balance to avoid a $5 monthly service charge.

Free Identity Theft Protection

Synchrony Bank provides deposit account holders with complimentary Identity Theft Resolution Services through Identity Theft 911®. If you are ever a victim of Identity Theft, you'll have the assistance you need to help you get your life back to normal as quickly and easily as possible. A DA reader had told me he maintained the savings account just for this service.

Application Process

You can apply for an Optimizer+plus account with an online application (To open an IRA or Trust Account a call to the bank is required). Accounts are available to people in any state. At the end of the application process, the bank requires that you sign and mail the new account form.

Online Banking Interface

DA readers informed me that Synchrony Bank has made a change to its online banking interface. Unfortunately, the changes have disappointed many. One reader listed four negative changes:

  1. No account summary page
  2. No Account detail page
  3. Rates and APYs missing
  4. Missing beneficiary information

Hopefully, Synchrony Bank will do what Ally Bank did when it made changes to its online banking platform. After receiving many complaints, Ally fixed many of the issues. If you have a Synchrony Bank account, please provide your opinion in the comments of the online banking changes.

Bank Overview

Synchrony Bank has gone through three name changes in the last two years. Before 2013, it was named MetLife Bank. In January 2013 MetLife Bank officially became GE Capital Retail Bank. Then in June 2014, GE Capital Retail Bank became Synchrony Bank.

Synchrony Bank is part of Synchrony Financial which was spun off from GE as a public company.

Synchrony Bank is an internet bank, but it also has a branch office where you can visit in person. It’s located at 200 Crossing Blvd, Bridgewater, NJ.

The bank has an overall health grade at DepositAccounts.com of an "A" with a Texas ratio of 8.07% (excellent) based on December 31, 2014 data. Please refer to our financial overview of Synchrony Bank for more details.

How the Savings Account and CD Rates Compare

When compared to other savings accounts and similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum balance and are nationally available, Synchrony Bank’s savings account and 1-year CD are shown to be very competitive:

To look for the best savings account rates and CD rates that are available in your state and nationwide, please refer to our savings account rates table and CD rates table.

Related Pages: Synchrony Bank, New York, savings account, CD rates

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Comments
Anonymous
Anonymous   |     |   Comment #1
So far, my only major downside to using Synchrony Bank is that it doesn't allow access to Mint.com. Since many of us rely on mint.com, this can be a real deterrent. I'm planning to switching to another bank unless their policy changes. 
Michael Greiner
Michael Greiner   |     |   Comment #3
Mint has a listing for "Synchrony Bank OptimizerPlus"

Is this not them?
Anonymous
Anonymous   |     |   Comment #8
That's the one. Mint had been syncing with my account for months, but for the last few weeks, it no longer does. This appears to be a case of Synchrony Bank blocking access by Mint, as seems to be a running trend by some financial institutions of late. My understanding is that Synchrony Bank is now owned by GE Capitol, who has made it a policy to block Mint.
Anonymous
Anonymous   |     |   Comment #2
This bank has been a nightmare for me. The bank was the former Metlife bank. I had an account with Met life over 10 years ago that was closed. I had a savings account with Synchrony. One day when I was doing a transfer the account was locked. I called and they said my W2 was retuned to them. They sent it to my old address (Mind you when I opened the savings account I used my current address). They unfroze the account and sent me papers to sign which I did. 2 months later I tried to transfer money in and the account was locked. The same thing happed. Took 15 minutes to get fixed with a supervisor. They said it was from a 3rd party feed. No credit agency uses my old address. The papers I sent... "Maybe lost". More papers to sign on the way. Moved all the funds over 100k to GE Capital bank which has nice features. I have 2 CD's with Synchrony and I got W2's and get monthly statements. For my savings account they must have a feed from the prior records of Metlife that caused this.
Interested Party
Interested Party (anonymous)   |     |   Comment #4
Woah there Ken! I think you might have mis spoke when you listed the 4 negatives regarding the Online Banking Interface. When I logged into my account, I was immediately shown a 1. Account Summary Page. Upon clicking on one of my accounts that I setup a while back, I was shown 2. Account details regarding said account. These details can be sorted as far back as 12 months if choosing from the predetermined account history tabs. There is also one labeled as "Custom" if you wanted to go back farther.

You were correct in saying that the intrest rate isn't shown, however, isn't it whatever they are showing on the main page when you log in? That is kinda hard to miss. It would be nice if they showed the user, somewhere in your account, exactly when the change in the interest rate happened and on what amount of money it affected.
Anonymous
Anonymous   |     |   Comment #5
The new interface on the opening page)  does indeed list up to about 10 or so large (aka win8 style) squares which show the last few account digits and not much else.  Unless they fixed this in the last 2 days(?) you would be presented wit an "Account Summary Page", that listed all (up to about 30) accounts on the first page showing the acct type, Status, Int Paid year to date, Current Balance, Avail Balance, for ALL accts, one mouse click and a single printed page gave 99% of your details at Synchrony. By clicking on the detail line on the Acct Summary page...you would be presented with a very detailed Account Detail Page,
which gave all account details, balanced Maturity date, Interest APY, Maturity Date, & listed the appropriate account title, including, if you had beneficiaries, those associated not overall, but on a per/account basis, and the POD title was clearly listed., also shown was next statement date +++ more.  The new interface not only misses all these details but to print what is available covering my 15 or so accounts required 3+ sheets of paper per account and over 30 minutes! vs < 15 seconds on the prior sites...this is not progress.  And just to make it clear!  The current site "might" be nice if you use a smart phone...but IMHO is no way a bank presents customer financial data!  By the way, the rate details, WERE for a short time shown on the new website, until Synchrony realized that the presented data was plain old wrong!  Let';s hope Synchrony fixes this mess.  But, to be fair to "Interested Party" I will check the Synchrony Site Thursday AM and see if they have fixed the mess or if the prior comments (#4) are or are not currently fact-backed.
Anonymous
Anonymous   |     |   Comment #6
Ref:further info concerning Comment#4 :
As I promised, I checked the Synchrony Bank website this morning.  As far as I can determine the only recent change was a notice on the initial (before login page) mention the new user-inspired website.  As I suspected, one of the major points was that it was smart phone and tablet "friendly".  As Ken originally mentioned, and I (comment #5) stated their are at least 4 major issues with the new website...it is no longer computer freindly, dropping much data in the process.  I would like to further point out, perhaps an error in writing your blog post (#4) that the fact that the "Interest rate(APY) is not shown isn't "so" important as their current APY is listed on their webpage.  I'm sure you know that CD rates take effect when a CD is opened and are in effect for the term of the CD...therefore the "currently advertized rates" are for the most part useless when following your investment...the rate & particular CD and term of your investment have nothing in common with their current offerings on new accounts.  I thought about your logic and the only case in which your point might make sense is if you ONLY hold SAVINGS or MM accounts...in which case the rates are not locked but do float accordingly day by day, and WOULD be relevant to your non-CD accounts.  Sorry, but all points mentioned in Ken's original post were and are still valid.   
Anonymous
Anonymous   |     |   Comment #7
Ref:further info concerning Comment#4 :
As I promised, I checked the Synchrony Bank website this morning.  As far as I can determine the only recent change was a notice on the initial (before login page) mention the new user-inspired website.  As I suspected, one of the major points was that it was smart phone and tablet "friendly".  As Ken originally mentioned, and I (comment #5) stated their are at least 4 major issues with the new website...it is no longer computer freindly, dropping much data in the process.  I would like to further point out, perhaps an error in writing your blog post (#4) that the fact that the "Interest rate(APY) is not shown isn't "so" important as their current APY is listed on their webpage.  I'm sure you know that CD rates take effect when a CD is opened and are in effect for the term of the CD...therefore the "currently advertized rates" are for the most part useless when following your investment...the rate & particular CD and term of your investment have nothing in common with their current offerings on new accounts.  I thought about your logic and the only case in which your point might make sense is if you ONLY hold SAVINGS or MM accounts...in which case the rates are not locked but do float accordingly day by day, and WOULD be relevant to your non-CD accounts.  Sorry, but all points mentioned in Ken's original post were and are still valid.   
Anonymous
Anonymous   |     |   Comment #9
I have been unable to access my online account - which includes high-yield savings and CDs - for two weeks.  I click on Login, enter my user name and password and I am directed to the "open a new account" page.  Understandably, this is both disconcerting and somewhat frightening since most of my hard-earned funds are in this bank.  Calls to Customer Service result in being on hold for nearly 60 minutes to be answered by friendly, but unformed agents.  Here is some of the information that was imparted and consider these quotes:  If there's an IT ticket, your name will be added; we're having high call volume today; my computer is slow, which browser did you use; it costs us a lot of money to make upgrades, there's no time table for this; I haven't heard about this problem; you can call at any time and I'll facilitate transfers for you; we're finding that this usually resolves by itself; my supervisor said that my job depends on keeping our customers . .  and so much more, but not worth the time to write.  I must add that listening while on hold to messages such as "for faster service, visit our website" serves to toss salt on the already wide open wound.  So, I keep trying to access the account using multiple browsers to no avail and will consider legal action.  Unfortunately, I am unable to locate an email address for Ms. Keane, the President and CEO, so I'll be sending a note via email.  In the meantime, I lay awake at night worrying about my money . . . scary stuff and beyond disappointing.  
Anonymous
Anonymous   |     |   Comment #10
Synchrony Bank will not return the funds associated with my CD which matured on 6/5
Anonymous
Anonymous   |     |   Comment #11
Did you miss the grace period and thus the funds were renewed for a similar term? 
Anonymous
Anonymous   |     |   Comment #12
If I choose to receive the optional ATM card, does the bank charge a fee for ATM withdrawals? Does the bank reimburse the ATM's surcharge fee? Upto how much, and how often? Where is the disclosures?
Anonymous
Anonymous   |     |   Comment #13
When I call customer service, they reimburse upto $5 per month. It's a joke !