any feedback on Synchrony Bank?

[Earl E Retyre]

I was curious if anyone has any experience with Synchrony Bank. They offer 2.25%, 5 year CD rates, with a 6 mos early withdrawal penalty which is not too bad nowadays. I was thinking of opening an account but figured I would double check to see if anyone has any negative experiences and/or if you know of a better deal specifically for CDs. Thanks.

 

[Bikerdude]

I have several CD's with Synchrony Bank purchased through Schwab. I foresee no problems. They are FDIC insured.

 

[Ronstar]

I don't have a cd with them, but had a 6 months same as cash loan through them. I made the minimum payments for several months, and then got nailed with a $160 monthly interest charge on a $900 purchase. I called them and they explained that the introductory period had expired and that the interest charge was correct. I explained that they were unprofessional in not giving me an email notice that the introductory period had expired. They waived the interest fee. I was impressed - they didn't need to do that.


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[Dash man]

I have two CDs and a savings account with Synchrony and have not had any problems.

 

[kaneohe]

DW has an IRA CD w/ them. We used the geezer IRA provision to withdraw more than the RMD from this CD w/o penalty. So far we've been pleased with them. The web complaints seem to be more related to the credit card part rather than the savings accounts.

 

[audreyh1]

They are a spinoff of GE Capital, I understand.

 

[imoldernu]

Synchrony was GE Capital, and before that, MetLife Bank. I've been using them for CD's and IRA CD's for as long as I can remember. Always had the highest CD rates according to BankRate.
MetLife was based In my home state, and the people were always the greatest to deal with. After the changeover the same people for while, and even now, they've been great with me. Talk to people easily and very patient and helpful. Have never had a problem.

The bank accounts are now called "Optimizer" so I get confused about the name changes. We get monthly statements... something we didn't get from Florida Banks.

 

[kaneohe]

Perhaps part of the reason for the name change from GE Capital Retail Bank
to Synchrony was the similarity to GE Capital Bank which continues to cause confusion............. https://www.depositaccounts.com/blog/2014/05/ge-capital-retail-bank-changing-synchrony-bank.html

 

[Dash man]

Perhaps part of the reason for the name change from GE Capital Retail Bank

to Synchrony was the similarity to GE Capital Bank which continues to cause confusion............. https://www.depositaccounts.com/blog/2014/05/ge-capital-retail-bank-changing-synchrony-bank.html

I actually have accounts at both, and it was confusing before the name change. I think GE Capital focuses on commercial lending and Synchrony on consumer lending. Both have respectable interest rates on savings and CDs compared to other banks.

 

[roninop]

We've been very pleased with Synchrony. We have a CD @ 2.35 % and the monthly dividend is deposited into my local checking account without fail. I recently opened up a HY Savings @1.0% and shifted funds out of VG MM Tax Exempt. Customer service has been excellent.

 

[adrift]

I was curious if anyone has any experience with Synchrony Bank. They offer 2.25%, 5 year CD rates, with a 6 mos early withdrawal penalty which is not too bad nowadays. I was thinking of opening an account but figured I would double check to see if anyone has any negative experiences and/or if you know of a better deal specifically for CDs. Thanks.

Here's an option at NASA Federal Credit Union that may be a slightly better deal.

2.35%
49-month
180 days early withdrawal penalty

https://www.nasafcu.com/
https://www.depositaccounts.com/blog/2015/01/nasa-fcu-offers-nationally-top-rate-15-49month-cds.html

I opened one last month. It was free and easy to get access to the CU.

The rate is slightly higher. I'm hoping the slightly shorter term is advantageous as well.

 

[jazz4cash]

Perhaps part of the reason for the name change from GE Capital Retail Bank
to Synchrony was the similarity to GE Capital Bank which continues to cause confusion............. https://www.depositaccounts.com/blog/2014/05/ge-capital-retail-bank-changing-synchrony-bank.html

yup....I opened an account with GE Capital Retail bank not realizing they do not offer IRA's, but GE Capital Bank does......or maybe it was the other way around?!

We have two retail credit accounts with Synchrony Bank through hhgregg and Value City Furniture. They actually do a pretty good job providing detail on the monthly statement.....the terms we have are deferred interest for 6, 12 or 24 months. They tally the deferred charges and expiration dates for each purchase.

 

[SJ1_]

I was curious if anyone has any experience with Synchrony Bank. They offer 2.25%, 5 year CD rates, with a 6 mos early withdrawal penalty which is not too bad nowadays. I was thinking of opening an account but figured I would double check to see if anyone has any negative experiences and/or if you know of a better deal specifically for CDs. Thanks.

We have some CD's with them no problem...

 

[audreyh1]

I just decided to open a high yield savings account with Synchrony. I needed a "companion" account with my brokerage to keep some of the cash funds in a higher yielding FDIC insured account. Opened it on Thursday, and the deposits to verify the link to one of my checking accounts showed up today. You have to establish a lot of online passwords and security questions up front as part of the application process, and even more when you first log in. But it all worked.

Synchrony does seem to offer some nice short-term CD rates, so I may be using these in the future when my PenFed 3% 5yr CDs mature.

 

[Debinnov a]

I'm in the process of opening an account and purchasing some five year CDs at Synchrony. For some reason I choose the option to fund by sending in checks, but I will come back and post any details about the process. I have to say I called them to ask a few specific questions before opening the account , and I got an excellent customer service person who was very professional , non-pushy, and very patient. So far so good.

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[Tadpole]

Are there any got-ya's like must take a credit card or at least one direct deposit in a checking account each month? (I'm asking if you can just purchase CD products.)

 

[audreyh1]

I'm in the process of opening an account and purchasing some five year CDs at Synchrony. For some reason I choose the option to fund by sending in checks, but I will come back and post any details about the process. I have to say I called them to ask a few specific questions before opening the account , and I got an excellent customer service person who was very professional , non-pushy, and very patient. So far so good.

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When I read the reviews, the major complaints seemed to be about setting up the online passwords, etc. it was a bit cumbersome, but I was prepared and I got through it OK.

 

[audreyh1]

Are there any got-ya's like must take a credit card or at least one direct deposit in a checking account each month? (I'm asking if you can just purchase CD products.)

I didn't see any requirement for another account when purchasing the CDs. $2000 minimum is all I saw.