Synchrony Bank
Headquarters
170 W Election Rd
Draper, UT 84020
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Phone 866 419 4096
2024 Overview
General Bank Information
Synchrony Bank is an FDIC insured institution located in Draper, UT. It was founded in 1988 and has approximately $109.58 billion in assets. Customers can open an account at one of its 5 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 27314 |
| Date Established | 1988 |
| Assets | $ 109.58 billion |
| Loans | $ 87.88 billion |
| Deposits | $ 83.52 billion |
| Capital | $ 12.17 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 - April 24, 2024
Your Current Location: Ohio, OH 43085
Online Only Savings Rates of Synchrony Bank
| Online Savings Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| High Yield Savings
|
4.75% | $0 | - |
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Online Only CD Rates of Synchrony Bank
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
4.80% | $0 | - |
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| 9-Month CD
|
5.15% | $0 | - |
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|
| 12 Month CD
|
5.00% | $0 | - |
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|
| 18 Month CD
|
4.50% | $0 | - |
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| 24 Months - Bump Up
|
3.90% | $0 | - |
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| 2 Year CD
|
4.20% | $0 | - |
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| 36 Month CD
|
4.15% | $0 | - |
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| 48 Month CD
|
4.00% | $0 | - |
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| 60 Month CD
|
4.00% | $0 | - |
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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%.
Synchrony Raises Its Online Savings Rate to 2.05% APY
Sep 1, 2022
Synchrony has raised its online savings rate to 2.05% from 1.80% today.
Synchrony Raises Its Online Savings Rate to 2.75% APY
Oct 26, 2022
Synchrony's rate is still well below the leading online banks, including the CIT and Citizens that are already at 3%.
Synchrony Raises Online Savings to 3.00%
Nov 4, 2022
Synchrony raised its online savings rate from 2.75% to 3.00% today. It was raised from 2.40% about a week ago.
Synchrony Bank raises online savings rate to 3.25% APY
Nov 16, 2022
Among the well recognized online banks, Synchrony is again a rate leader, but lesser known names are paying more on online savings.
Synchrony Raises Online Savings to 4.75% APY
Sep 13, 2023
Synchrony's online savings rate was raised today from 4.50% to 4.75% APY, making it the highest yielding savings offer of the major online banks.
Loan Rates - April 24, 2024
Your Current Location: Ohio, OH 43085
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 - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 2059741 |
6.905% |
6.750% 1.00 points $5,094 fees |
$2,076 | Learn More |
NMLS ID: 3030 |
7.451% |
7.375% 0.75 points $2,400 fees |
$2,211 | Learn More |
NMLS ID: 491986 |
points fees |
Learn More | ||
NMLS ID: Not a Lender |
points fees |
Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
7.490 %
|
$0 |
Learn More
More Info |
Note to Synchrony Bank
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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:
Columbus,Ohio
Climate Policy and Initiatives
Synchrony has no climate initiatives but no known lending to carbon producing industries.
Updated November 30, -0001
Synchrony has no climate initiatives but no known lending to carbon producing industries.
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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 |
|---|---|
| 10.28% | 3.96% |
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 December 31, 2024, Synchrony Bank had $2,293,000,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $12,165,000,000 in equity and $10,147,000,000 in loans loss reserves. That gives it a Texas Ratio of 10.28%.
Return on Equity
| Synchrony Bank | U.S. Bank Average |
|---|---|
| 16.94% | 12.20% |
Synchrony Bank has a Return on Equity of 16.94% versus the BestCashCow average of 12.20%. 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 |
|---|---|
| 11.1% | 10.76% |
Synchrony Bank has a Capitalization of 11.1% versus the BestCashCow average of 10.76. 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 December 31, 2023, Synchrony Bank had assets of $109,577,000,000, loans of $87,881,000,000, and deposits of $83,515,000,000. 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
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 13.06 billion |
| Interest-bearing balances | $ 11.94 billion |
| Total securities | $ 3.79 billion |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 87.88 billion |
| Loan loss allowance | $ 10.15 billion |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 483.00 million |
| All other assets | $ 2.70 billion |
| Total Assets | $ 97.41 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 83.52 billion |
| Interest-bearing deposits | $ 83.15 billion |
| Deposits held in domestic offices | $ 83.52 billion |
| % insured (estimated) | 90.57% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 2.80 billion |
| Subordinated debt | $ 750.00 million |
| All other liabilities | $ 4.64 billion |
| Total Liabilities | $ 97.41 billion |
| Shareholders’ Equity | $ 12.17 billion |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 16.15 billion |
| Total Interest Expense | $ 3.47 billion |
| Net interest income | $ 12.67 billion |
| Provision for loan and lease losses | $ 5.86 billion |
| Total non interest income | $ 539.00 million |
| Total non interest expense | $ 4.71 billion |
| Pre-tax Net Operating Income | $ 2.17 billion |
Bank Loan Profile?
The top three loan types in Synchrony Bank’s loan portfolio are Credit Card Loans, Commercial and Industrial Loans, and Construction and Development 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 | 82.72 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 0.00 | ✓ | ||
| Construction and Development Loans | 0.01 | ✓ | ||
| Commercial Real Estate | 0.00 | ✓ | ||
| Commercial and Industrial Loans | 1.83 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Synchrony Bank
rwilliams46
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
Is this review helpful? Yes:3 / No: 0
Samuel P. Massaquoi
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.
Is this review helpful? Yes:2 / No: 1
eugene
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
Is this review helpful? Yes:3 / No: 7
Ma Sand
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!.
Is this review helpful? Yes:3 / No: 2
Maurice
April 21, 2015
Fo you have any Brach locations in Florida?
Is this review helpful? Yes:3 / No: 4
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