Features

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

 

  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
    1.05%
  • Bauer Financial A+/A Rating
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0 votes

Very poor customer service. Call center agents are friendly but not empowered to resolve any issues that are not trivial. Supervisors never seem to be available to accept escalated calls. I have not receive any supervisor call backs after being assured I would be contacted within 24 hours on four separate occasions. The rates are great, the service is not. Not the balance most people likely want.

0 votes

Synchrony Bank has the best interest rates for savings accounts. I've been with them for about a year now and I now get all of these special discounts on different places because I'm a "loyal customer." I don't mind that! And the interest rate for my savings account is at about 1.05% which is higher than anywhere else I've seen.

0 votes

I use a third party provider to monitor my credit and balances on my account. Synchrony is the only bank that does not allow this provider access to my account. When I contacted their customer service, this is the response I received: "At this time, we do not provide access to Synchrony Bank account(s) via these third-party tools. Please know that protecting any personal information provided to us is one of our primary objectives, and we continue to work closely with these third-party service providers to ensure ... they meet data security standards and are fully compliant with regulatory requirements before enabling these sites to access your account details."

I have accounts with four of the top ten largest market share credit card issuers. They sync fine with my credit monitor company. Synchrony is a farce if they think that their standards are any higher than the other companies that hold 98.7% of the market share.

And when presented with my issue, their customer service instructed me to send a fax or a letter. They refused to direct a manager speak to me. Lowes should sever all business ties with this company.
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