About Synchrony Bank

Synchrony Bank (formally GE Capital Retail Bank) is a federal savings bank headquartered in Draper, Utah and a member of the Federal Deposit Insurance Corporation. It provides customized credit programs to retailers and consumers in the United States, including private label and bankcard credit programs to major national, regional and independent retailers, as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers, contractors, manufacturers, healthcare practices, and service providers across nearly 20 industries.
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Overall Rating

MyBankTracker Grade

B+
Customer Rating
Based on 4 Reviews
Financial Health
Based on Texas Ratio: 8.32
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Quality of Mobile Services

Locations & Hours

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Customer Reviews

Most Helpful Customer Reviews

CKinCali's Profile Image

Reviewed by CKinCali

Apr 30th 2014

2 out of 5 marks

Poor Customer Service

I chose this savings account based upon competitive interest rates and good customer ratings. I have been repeatedly disappointed. I should say that I have 6 other online banks, all with much better service than GE offers. First off, the application process is flawed. I completed the application but received no confirmation. During the completion, I couldn't figure out how to link another bank for deposits using the usual online verification process. Ugh, I was stuck doing this by mail. Later I realized that "random payment" indicated an online process. So after I snail-mailed the deposit slip from my other bank and an authorization letter to link the account for transfers, 2 weeks passed.

I had to contact them to find out that they couldn't locate the complete account number, although this is displayed on the deposit slip. Contacting them? I gave up on waiting on hold on 2 occasions and settled for email response in 24 hours. Nothing like the immediate Chat help feature at Ally. The initial deposit was held for 12 days before it was made available.

Furthermore, I couldn't find their routing number anywhere on the website, spending way too much time looking for it, resorted to another email, waiting another 24 hours.

So, the website has poor functionality and the ability to contact them is painstaking. Choose Ally and/or CIT bank over GE Optimizer -- hands down.

Is this review helpful? ▲ Yes 1 ▼ No 0

RyanHealey's Profile Image

Reviewed by RyanHealey

Feb 23rd 2014

2 out of 5 marks

Web Site from 1990 Makes Experience Painful

GE Capital Retail Bank handles the servicing of many credit card account for retailers such as Gap, Amazon, etc. However, it's 2014 and their customer facing web site is one of the most outdated of any bank anywhere. Sign in is cumbersome, features are hard to navigate, old accounts remain visible the staff claims there is no way to remove them and the entire site looks a decade old. I can't believe GE can't afford to have a state of the art web site that puts Discover, Chase, Citibank and others in the industry to shame. However, months and years pass with no improvement.

Is this review helpful? ▲ Yes 3 ▼ No 0

ometecuhtli2001's Profile Image

Reviewed by ometecuhtli2001

Jul 23rd 2014

1 out of 5 marks

Mystery interest and charges, cruddy web site

I got a card with GE Capital/Synchrony/whatever they're calling themselves through Banana Republic. Immediately there were problems because I never got the card or a statement. I called the day before payment was due only to find out that it had been returned to them because the apartment number (which I had specified) had not been included in the mailing address. The rep offered to re-send it, along with a copy of the statement, and take payment over the phone with no charge. Cool.

I spent the next week trying to get into their horrible web site to verify payment had gone through but I was unable to do so. My card finally arrived, as did my next statement which I paid early and in full.

I just got my third statement and it shows there is now interest and a nearly $300 balance even though the last two payments appear in the transaction list. I haven't bought anything since the last payment was made, and no charges are listed. The last statement did not have interest or additional fees, so it appears all payments have been made on time.

When I mentioned this to friends, those who have had GE/whatever said they have a nasty habit of doing this kind of thing. Totally not worth my time - I'm seriously considering closing down the BR card.

Is this review helpful? ▲ Yes 1 ▼ No 0

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Bank Rates

NAME RATE (APY) MIN TO EARN APY Min Deposit
High Yield Savings

0.95%

$0

$0

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TERM RATE (APY) Min Deposit
12 Month CD

1.05%

$2,000

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12 Month CD

1.10%

$25,000

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15 Month CD

1.20%

$2,000

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60 Month CD

2.25%

$2,000

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60 Month CD

2.30%

$25,000

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TERM RATE (APY) Min Deposit
3 Month CD

0.30%

$2,000

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6 Month CD

0.45%

$2,000

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9 Month CD

0.50%

$2,000

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12 Month CD

1.05%

$2,000

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18 Month CD

0.95%

$2,000

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24 Month CD

1.10%

$2,000

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36 Month CD

1.25%

$2,000

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48 Month CD

1.70%

$2,000

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60 Month CD

2.25%

$2,000

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Banking Fees

Type Fee National average
Monthly Inactivity

N/A

$7

Non-Sufficient Fund (Overdraft)

N/A

$30

Stop Payment item

$25

$27

Return Deposit

$20

$14

Domestic Wire Transfer (Outbound)

$25

$22

Domestic Wire Transfer (Inbound)

$0

$9

Non-Bank ATM

$0

$5 rebate per statement cycle

$1