Synchrony Bank

Headquarters

170 West Election Road, Suite 125
Draper, UT 84020
See all branch locations →

Phone 866 419 4096

Notable Rates APY Vs.Others
Savings N.A. 0.85% →
1-Year CD N.A. 0.80% →
2-Year CD N.A. 0.80% →
5-Year CD N.A. 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Synchrony Bank is an FDIC insured institution located in Draper, UT. It was founded in 1988 and has approximately $85.43 billion in assets. Customers can open an account at one of its 5 branches.

FDIC Insured Yes
FDIC Certificate # 27314
Date Established 1988
Assets $ 85.43 billion
Loans $ 60.16 billion
Deposits $ 65.27 billion
Capital $ 11.09 billion
 

For a more detailed analysis of Synchrony Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 23, 2021

Your Current Location: Connecticut, CT 06828

Online Only Savings Rates of Synchrony Bank

Online Savings Rates APY MIN MAX
High Yield Savings
0.50% $1 - Learn More

Online Only CD Rates of Synchrony Bank

Online CD Rates APY MIN MAX
12 Month CD
0.55% $2,000 - Learn More
18 Month CD
0.60% $2,000 - Learn More
2 Year CD
0.65% $2,000 - Learn More
36 Month CD
0.75% $2,000 - Learn More
48 Month CD
0.75% $2,000 - Learn More
60 Month CD
0.85% $2,000 - Learn More

Bank Offers

Synchrony Slashes CD Rates
May 1, 2019

Synchrony Bank has dropped all of its CD rates.   Its previously competitive one-year CD has fallen from 2.80% to 2.70%.   All other CD rates have been dropped by 10 to 15 basis points to render them no longer among the most competitive. 


Synchrony Slashes CD Rates Again
Jun 17, 2019

Synchrony has dropped all of its CD rates again.   It is a clear sign that expectations about future interest rates have changed when an online bank that had been one of the most competitive in the market reduces rates dramatically.


Synchrony has lowered all CD rates by 10 to 15 basis points
Oct 29, 2019

Synchrony has lowered all of its CD rates yet again.   Its 12-month and 13-month CDs have moved from 2.25% APY to 2.10%.   Its 5-year CD has moved from 2.45% to APY to 2.30%.   All of its other rates have also been lowered by 10 to 15 basis points today.


Synchrony Lowers Savings rate from 1.90% to 1.80% APY
Nov 27, 2019

Synchrony held their online savings rate above its competitors for a while, but has now lowered it to 1.80%.


Synchrony is the Latest to Drop Their Online Savings Rate
Jan 15, 2020

Synchrony Bank has lowered their online savings rate to 1.70%.   Unlike many of their competitors - such as Purepoint, Marcus, Citizens, Ally - Synchrony is not offering a No Penalty CD as a savings alternative.   Check No Penalty CD rates here.


Bank Online Offers

Synchrony Raises Savings Rate to 1.75%
Jun 6, 2018

Synchrony Bank has raised their online savings rate to 1.75%.


Synchrony Raises Its Online Savings Rate to 2.20%
Dec 26, 2018

Synchrony has raised its online savings rate to 2.20%.


Synchrony Lowers Savings Rate to 2.15%; Lowers All CD Rates
Jul 11, 2019

Synchrony has lowered their online savings rate by 10 basis points from 2.25% to 2.15% APY.   They have also lowered all of the CD rates today.


Synchrony Lowers CD Rates Again
Aug 13, 2019

Synchrony Bank has lowered its CD rates again this morning.   Their 1-year rate is now 2.45% from 2.50% and their 5-year CD is now 2.65% from 2.80%.   Other maturities were also adjusted downward.


Synchrony Cuts its Online Savings Rate to 2.00% APY
Sep 4, 2019

Synchrony has cut its online savings rate to 2.00% APY.   Once very competitive in the online savings and CD market, Synchrony's savings and CD offerings are no longer competitive.


Synchrony Cuts its Online Savings Rate to 1.50% APY
Mar 18, 2020

Synchrony also cut its CD rates.   1-year is now 1.50% APY and 5-year is now 1.65% APY.


Synchrony's CD rates just go lower and lower
Jul 23, 2020

Synchrony has dropped their 1-year CD rate from 0.90% to 0.75% APY.   A 5-year CD is now 1% APY.   There are no circumstances where someone should be locking into a 5-year CD at 1%.


Synchrony Slashes Online Savings Rate to 0.75% APY
Jul 31, 2020

Synchrony cut its online savings rate from 1.05% to 0.75% APY today.


Synchrony Lowers Online Savings Rate Again
Sep 30, 2020

Synchrony has lowered its online savings rates from 0.75% APY to 0.65% APY overnight.


Synchrony Lowers Everything Again
Oct 27, 2020

Synchrony has lowered its online savings rates by 5 bps to 0.60% APY.

It has also adjsuted most of its CD rates lower.


Synchrony Lowers Online Savings Rate to 0.55% APY
Jan 27, 2021

Synchrony has lowered its savings rate by 5 bps from 0.60%.


Synchrony Lowers Online Savings Rate to 0.50% APY
Feb 25, 2021

Synchrony has lowered its online savings rate to 0.50%, down 5 basis points again.   It has also lowered all of its online CD rates by 0.05%, except the 5-year which remains at 0.80%. 


 

Loan Rates - September 23, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Synchrony Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Monthly
Payment
Learn More
CIT Bank
NMLS ID: 541760
2.873% 2.800%
1.00 points
$2,380 fees
$1,028 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
BMO Harris Bank
BMO Harris Bank
See Table
Intro APR 1.790 %
After Intro: 4.840 %
Intro Period: 6 months
$0 Learn More
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Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to Synchrony Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Synchrony Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Synchrony Bank Locations


Financial Details

Synchrony Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Synchrony Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Synchrony Bank U.S. Bank Average
5.35% 5.29%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2021, Synchrony Bank had $1,094,000,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $11,085,000,000 in equity and $9,377,000,000 in loans loss reserves. That gives it a Texas Ratio of 5.35%.

Return on Equity
Synchrony Bank U.S. Bank Average
31.98% 11.43%

Synchrony Bank has a Return on Equity of 31.98% versus the BestCashCow average of 11.43%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Synchrony Bank U.S. Bank Average
12.98% 11.51%

Synchrony Bank has a Capitalization of 12.98% versus the BestCashCow average of 11.51. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Synchrony Bank Balance Sheet Analysis

As of March 31, 2021, Synchrony Bank had assets of $85,431,000,000, loans of $60,155,000,000, and deposits of $65,272,000,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2021
ASSETS
Cash & Balances due from depository institutions $ 15.41 billion
Interest-bearing balances $ 15.11 billion
Total securities $ 6.45 billion
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 60.16 billion
Loan loss allowance $ 9.38 billion
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 974.00 million
All other assets $ 2.44 billion
     Total Assets $ 74.35 billion
LIABILITIES
Total deposits $ 65.27 billion
      Interest-bearing deposits $ 64.93 billion
      Deposits held in domestic offices $ 65.27 billion
      % insured (estimated) 88.80%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.90 billion
Subordinated debt N.A.
All other liabilities $ 4.18 billion
      Total Liabilities $ 74.35 billion
      Shareholders’ Equity $ 11.09 billion

Summary Income Statement

March 31, 2021
INCOME AND EXPENSES
Total Interest Income $ 2.48 billion
Total Interest Expense $ 212.00 million
Net interest income $ 2.27 billion
Provision for loan and lease losses $ 448.00 million
Total non interest income $ 169.00 million
Total non interest expense $ 919.00 million
Pre-tax Net Operating Income $ 1,067.00 million

Bank Loan Profile?

The top three loan types in Synchrony Bank’s loan portfolio are Credit Card Loans, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks in Utah, Synchrony Bank has a significantly higher percent of Credit Card Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.00
Multifamily
Mortgages
0.00
Credit Card Loans 100.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 0.00
Commercial Real Estate 0.00
Commercial and Industrial Loans 1.98
Farm Loans 0.00

Frequently Asked Questions About Synchrony Bank

Branches and Savings

Is Synchrony Bank FDIC insured?

Yes. It is covered under FDIC Certificate #27314.

Why does Synchrony Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Synchrony Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Synchrony Bank a commercial bank?

Yes

Where are Synchrony Bank locations?

See branch locations nearby.

Is Synchrony Bank open on Saturdays?

Is Synchrony Bank open on Sundays?

What time does Synchrony Bank open?

What time does Synchrony Bank close?

Are Synchrony Bank ATMs Open 24/7?

Do Synchrony Bank ATMs accept cash deposits?

Can Synchrony Bank customers use other ATMs?

Do Synchrony Bank branches have notaries?

Will Synchrony Bank notarize my document?

What address for Synchrony Bank should I put for incoming ACH transfers?

Will the Synchrony Bank branch print checks?

Do Synchrony Bank checks expire?

Does Synchrony Bank require US citizenship to open account?

Can Synchrony Bank close my account?

Does Synchrony Bank Report to credit bureaus?

Does Synchrony Bank Use Equifax?

What is Synchrony Bank's ACH Routing Number?

What is Synchrony Bank's SWIFT code?

Products

Does Synchrony Bank offer mortgages?

Compare mortgage rates here.

Does Synchrony Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Synchrony Bank offer personal loans?

Compare personal loan rates here.

Does Synchrony Bank offer student loans?

Will Synchrony Bank cash a check?

Will Synchrony Bank redeem a savings bond?

Does Synchrony Bank cash savings bonds?

Will Synchrony Bank cash money orders?

Can Synchrony Bank issue a money order?

Does Synchrony Bank do currency exchange?

Background on The Bank

Who owns Synchrony Bank?

How long has Synchrony Bank been around?

Can Synchrony Bank transfer to other banks?

Does Synchrony Bank have quick pay?

Does Synchrony Bank accept rolled coins?

Will Synchrony Bank accept loose change?

Where is Synchrony Bank headquarters?

Customer Reviews for Synchrony Bank


  • December 3, 2018

    well well well, good ol SYNCHRONY BANK...
    LET ME TELLYOU HOW THEY DO BUSINESS BADLY!!! UNSCRUPULOUSLY!!! LIKE ANY OTHER SCAM OPERATORS AND ALSO PRETTY STUPIDLY.I AM CHARGED WITH MAINTAINING MY MOM'S ACCOUNTS. SHE IS 91 YEARS OLD AND SUFFERS ALL THE PROBLEMS OF 91 YEAR OLDS.
    SO ONE DAY I TAKE HER TO WALMART. REP SAYS WOULD YOU LIKE TO OPEN A WALMART ACCOUNT? SO WE DO SO.

    AFTER ABOUT 6-8 MONTHS WE GET LETTER SAYING ACCOUNT CLOSED. I CALL TO ASK WHY... NO LATE PAYS, NO MISSED PAYS, ALL PMTS AT LEAST 4X MIN DUE. BUT SYCHRONY SHOWS 2 CHECK RETURNS ON ACCOUNT. WHEN THEY TELL ME DATE(S) OF RETURN IT BECOMES CLEAR WHAT OCCURRED...ABOUT 2MONTHS EARLIER MOM HAD BEEN VICTIM OF PHONE SCAMMERS. LUCKILY, SINCE I MONITORED HER ACCOUNT ALMOST DAILY AND SAW IT. AFTER TAKING APPROPRIATE ACTIONS WITH HER BANK, I CALLED SYNCHRONY TO ALERT THEM AND TO MAKE THE PAYMENT I KNEW WOULD BE AFFECTED.

    AGENT SAID ACCOUNT WAS BEING NOTED AND ALL WAS FINE, NO PROBLEM!!!ESPECIALLY SINCE PAYMENT WAS EARLIER THAN DUE DATE. SHORTLY AFTER THE DUE DATE I GET EMAIL SAYING THEY HAD PROBLEM PROCESSING THE PAYMENT. CALLED IMMEDIATELY!!! EXPLAINED TO AGENT MY PREVIOUS CONTACT AND ACTIONS TO WHICH RESPONDED "OH YES, I SEE THE PAYMENT, WE APOLOGIZE FOR INCONVENIENCE, BUT I WILL NOTE THE ACCOUNT. NOT ONLY THAT THEY TRIED TO RESUBMIT THE CHECK YET A 2ND TIME "AFTER" THEY WERE PAID BUT THEN USED THE 2 WRONGLY SUBMITTED ATTEMPTS AS JUSTIFICATION FOR CLOSING THE ACCOUNT.

    THEY HAVE NO SUPERVISORY OR EXPEDITED RESOURCE TO OFFER, ONLY AN ADDRESS TO MAIL A LETTER. OF COURSE WHEN YOU SUBMIT THE LETTER, THERE IS NO RESPONSE!!! THEN THEY TAKE AWAY ANY ONLINE ACCESS TO YOUR ACCOUNT. SO ASIDE FROM THEIR ERROR(S) CREATING SITUATION, YOU ARE NOW FORCED TO CALL IN PAYMENTS TO THEIR DYSFUNTIONAL PHONE SYSTEM. YOU ARE ALSO TOLD THAT "ANY AMOUNTS" APPEARING ON THE PAPER BILLS YOU NOW RECIEVE ARE ACCURATE, "DON T WORRY"!!!

    LETTERS TO ATTY GEN'L OFFICE USELESS AS NO DEPT MGR OR OFFICER OR TITLE CAN BE ADDRESSED.

    I RESIGNED MYSELF TO COMPLAINING TO WALMART OR LOWES ETC. NOT THAT IT WILL MATTER EITHER

  • June 26, 2016

    Please send to my e-mail (Massaquoi_samuel@yahoo.com) a list of branch locations in New York City, NY including phone numbers. Your cooperation is highly appreciated.

  • May 27, 2015

    this bank sounds like a crooked bank. I was going to put a great amount of money with this bank and I feel very leery about that. eugent2004@yahoo.com

  • April 27, 2015

    I was surprised in reading this letter I received from Synchrony Bank, in Orlando. I had dental work done, about three years ago. "Our records indicate that your CARECREDIT/SYNCHRONY BANK account has been inactive for more then three years." Yes, I made a point of paying the bill off! Ok, it's been three years. I know, I believed I was being smart, keeping this CareCredit Credit Card for dental emergencies...being low-income. I have VERY good credit score, pay ALL my bills on time or early. I was appalled, yet laughed, in reading "We have closed your account due to prolonged inactivity".
    I guess I insulted them, even though I was proud at not having to use them. It seems they are insulted, decided they didn't want to work with me since they were not collecting any money from me at this time. I know I will need it, teeth are showing wear, but I guess I will deal with that issue when it comes...may NOT be Synchrony Bank now. THEY lost out! I'll go elsewhere!.

  • April 21, 2015

    Fo you have any Brach locations in Florida?

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