Strongly not recommended
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Synchrony Bank is a savings association based in Draper, Utah. It was founded in 1988 and until 2014 it was called the GE Capital Retail Bank. GE Capital Retail Bank was the retail branch of GE Capital Bank. In 2014, the retail side of GE Capital Bank spun off as an independent company through an initial public offering. Before it was a registered bank, Synchrony/GE Capital Retail Bank can trace its origins to 1932 when GE first started offering clients financing for new appliances.
Synchrony Bank has $57.2 billion in assets, $43.3 billion in deposits, and 8,293 employees working in three financial offices in Kansas, New Jersey, and Utah. Synchrony Bank has an A+ rating with the BBB and a four-star rating with Bauer Financial.
What Are Synchrony Banks Checking and Savings Accounts?
Synchrony provides four products: a money market account, a High Yield Savings account, a Certificate of Deposit account and a Jumbo Certificate of Deposit.
The Money Market Account has no monthly charge as long as you maintain a minimum balance of $30. The account is insured by the FDIC and provides a 0.85% APY.
The High Yield Savings Account has an APY of 1.05% and charges no monthly maintenance fee, as long as you maintain a $30 balance. The saving account offers online, mobile, and phone banking, as well as an ATM card.
What Are The Advantages and Disadvantages Of Synchrony Bank?
Synchrony Bank is an online bank that provides competitive rates and services. This is what we love about Synchrony Bank:
- Relatively high-interest rates on savings: 1.05% APY on High Yield Savings
- ATM fee reimbursements
- Low minimum balances ($30)
- Easy to avoid fees
- High rates on Money Market accounts and CDs.
What We Don’t Like About Synchrony Bank:
- No checking account
- Lack of transparency on fees and charges on its website