About bank
Synchrony Bank, formerly known as GE Capital Retail Bank, is an award-winning online bank, a subsidiary of Synchrony Financial, a consumer financial services company based in Stamford, Connecticut. Synchrony Bank provides a range of credit products, including private label credit cards, dual-card co-branded credit cards, and promotional financing, as well as general purpose credit cards.
One of the key features of MySynchrony Bank is its partnership with retailers and merchants to offer private-label credit cards that can be used exclusively at those stores. These cards often come with special financing options, discounts, and rewards programs, making them an attractive option for customers who regularly shop at those stores.
Synchrony Bank also offers general-purpose credit cards, such as the Synchrony HOME Credit Card, which can be used anywhere that accepts Mastercard.
In terms of customer service, MySynchrony Bank offers online and mobile banking options and a customer service hotline for support. The bank's website also provides educational resources and tools to help customers manage their finances, such as budgeting tools and credit resources.
Overall, MySynchrony Bank is a reputable financial institution that offers a range of credit products and services and strong customer support. Whether you're a regular shopper at one of their partner stores or looking for a general-purpose credit card, MySynchrony Bank may be worth considering as a financing option.
Key Features
Synchrony Bank is a financial institution that offers a range of banking and financial services to individuals and businesses. Here are some of its key features:
- Online and Mobile Banking. Synchrony Bank allows you to manage your account online through a secure digital platform and mobile app.
- High-Yield Savings Accounts. The bank offers high-yield savings accounts with interest rates higher than those other financial institutions provide.
- Certificates of Deposit (CDs). Synchrony Bank also offers CDs with varying terms and competitive interest rates.
- Credit Cards. The bank is a major issuer of private label and co-branded credit cards, offering a range of rewards and benefits for cardholders.
- Customer Service. You can contact customer service 24/7 through its toll-free customer service hotline.
- FDIC Insurance. Deposits at Synchrony Bank are insured up to the maximum limit the Federal Deposit Insurance Corporation (FDIC) allowed.
- Financial Tools and Resources. The bank provides its customers with a range of financial tools and resources, including online budgeting tools, financial calculators, and educational resources.
Requirements
To become a customer of Synchrony Bank, you will typically need to meet the following requirements:
- Age. You must be at least 18 years old to open an account with Synchrony Bank.
- Residency. You must be a legal resident of the United States and have a valid US mailing address.
- Identification. You will need to provide a valid government-issued photo ID, such as a driver's license or passport.
- Social Security Number. You will also need to provide your Social Security number.
- Initial Deposit. Most Synchrony Bank accounts do not require a minimum deposit or minimum balance, and it doesn't charge a monthly fee. However, if your account has a zero balance for more than 60 days, Synchrony Bank may close it.
Please note that these requirements may be subject to change, and additional requirements may apply, so it is always a good idea to check with Synchrony Bank for the most up-to-date information.
Access on the Go
Synchrony Bank provides several options for customers to access their accounts on the go:
- Mobile App. Synchrony Bank offers a mobile app for both iOS and Android devices that allows customers to manage their accounts from their smartphones or tablets.
- Online Banking. The bank provides an online platform for customers to access their accounts from any internet-enabled device.
- Mobile Check Deposit. With the mobile app, customers can deposit checks remotely by taking a photo of the check with their smartphone or tablet.
- Text and Email Alerts. Customers can sign up for text or email alerts to stay informed about their account activity, such as when a deposit has been made, or a balance is low.
By offering these convenient access options, Synchrony Bank aims to make it easy for customers to manage their finances on the go, whenever and wherever they need to.
Synchrony Bank products
Synchrony Bank offers a range of financial products and services for individuals and businesses. Here is a list of some of the bank's products:
- High-Yield Savings Accounts. With Synchrony Bank, you can open a high-yield savings account that offers competitive interest rates on deposits.
- Money market accounts. You can currently open a money market account with Synchrony at an APY of 2.25%.
- Certificates of Deposit (CDs). The bank also offers CD accounts with terms ranging from 3 to 60 months and varying interest rates.
- Credit Cards. Synchrony Bank is a major issuer of private label and co-branded credit cards, offering a range of rewards and benefits for cardholders.
- ATM Card. A debit card combining up to four accounts onto a single card.
- Health Care Financing. Synchrony Bank offers health care financing solutions to help customers pay for medical expenses and procedures not covered by insurance.
- Retail Credit Cards. The bank provides retail credit cards for customers to use at a variety of stores and merchants.
Synchrony Bank does not offer checking accounts, mortgages, personal and auto loans, or investment products.
Synchrony Bank strives to offer a wide range of products and services to meet the needs of its customers. Before choosing a product or service, it is important to carefully consider your financial goals and needs to ensure that the product is a good fit for you.
Which associations the MySynchrony Bank belongs to?
Synchrony Bank is a member of several associations and organizations, including:
- Federal Deposit Insurance Corporation (FDIC). Synchrony Bank is insured by the FDIC, which provides deposit insurance to protect customers in the event of bank failure.
- The Clearing House. Synchrony Bank is a member of The Clearing House, a payment and banking organization that provides clearing and settlement services for financial transactions.
- Electronic Transactions Association (ETA). The bank is a member of the ETA, an international trade association that represents the electronic transactions industry.
- American Bankers Association (ABA). Synchrony Bank is also a member of the ABA, a professional trade organization for the banking industry.
- Consumer Bankers Association (CBA). The bank is a member of the CBA, a U.S. trade organization representing financial institutions offering retail lending services and products.
By being a member of these organizations, Synchrony Bank is able to stay current with industry developments and participate in advocacy efforts on behalf of the banking industry. Additionally, membership in these organizations may help the bank maintain high service and security standards for its customers.
Bank Reliability
Synchrony Bank is considered a reliable bank. As a member of the Federal Deposit Insurance Corporation (FDIC), deposits in Synchrony Bank are insured up to $250,000 per depositor, per account ownership category, in the event of bank failure. This provides customers with a level of protection for their funds.
In addition, Synchrony Bank has a strong financial track record and has been operating for over 90 years. The bank is committed to maintaining high standards of security for its customers and uses state-of-the-art technology to protect personal and financial information.
Additionally, Synchrony Bank is regularly examined by government agencies, such as the FDIC, to ensure that it is following all applicable laws and regulations and that its financial practices are sound.
While no bank is immune to financial difficulties, Synchrony Bank has a history of stability and reliability. Its membership in the FDIC provides additional protection for its customers' funds. As with any financial institution, it is important to regularly review your accounts and monitor your financial situation to ensure that a reliable and trustworthy institution is holding your funds.
Synchrony Bank vs. Citi
Synchrony Bank and Citibank are both financial institutions that offer a range of banking and financial services. However, there are some key differences between the two banks that may make one a better fit for you, depending on your individual financial needs and goals.
- Types of Products and Services. Synchrony Bank specializes in consumer financing and private label credit cards, while Citibank offers a wider range of banking products and services, including checking and savings accounts, credit cards, mortgages, and more.
- Location. Citibank has a large network of branches and ATMs across the United States, while Synchrony Bank is primarily an online bank with limited brick-and-mortar locations.
- Interest Rates. Both Synchrony Bank and Citibank offer competitive interest rates on their savings and deposit accounts. However, the specific rates may vary depending on the type of account and other factors.
- Fees. Both banks charge fees for certain services, such as overdrafts or monthly maintenance fees on certain accounts. It's important to carefully review both banks' fee schedules to determine which is more cost-effective for your needs.
- Customer Service. Both Synchrony Bank and Citibank offer customer service options, including phone and online support. However, the specific hours and availability of customer service representatives may vary between the two banks.
Ultimately, the choice between Synchrony Bank and Citibank will depend on your individual financial needs and preferences. It's important to carefully consider the types of products and services each bank offers and factors such as interest rates, fees, and customer service to determine which is the best fit for you.
Synchrony Bank vs. Fifth Third Bank
Synchrony Bank and Fifth Third Bank are both financial institutions that offer a range of banking and financial services. However, there are some key differences between the two banks that may make one a better fit for you, depending on your individual financial needs and goals.
- Types of Products and Services. Synchrony Bank specializes in consumer financing and private label credit cards, while Fifth Third Bank offers a wider range of banking products and services, including checking and savings accounts, credit cards, mortgages, and more.
- Location. Fifth Third Bank has a large network of branches and ATMs across the United States, while Synchrony Bank is primarily an online bank with limited brick-and-mortar locations.
- Interest Rates. Synchrony Bank offers higher competitive interest rates on their savings and deposit accounts. However, the specific rates may vary depending on the type of account and other factors.
- Fees. Both banks charge fees for certain services, such as overdrafts or monthly maintenance fees on certain accounts. It's important to carefully review both banks' fee schedules to determine which is more cost-effective for your needs.
- Customer Service. Both Synchrony Bank and Fifth Third Bank offer customer service options, including phone and online support. However, the specific hours and availability of customer service representatives may vary between the two banks.
Ultimately, the choice between Synchrony Bank and Fifth Third Bank will depend on your individual financial needs and preferences. It's important to carefully consider the types of products and services each bank offers and factors such as interest rates, fees, and customer service to determine which is the best fit for you.
Synchrony Bank vs. First Citizens Bank
Synchrony Bank and First Citizens Bank are both financial institutions that offer a range of banking and financial services. However, there are some key differences between the two banks that may make one a better fit for you, depending on your individual financial needs and goals.
- Types of Products and Services. Synchrony Bank specializes in consumer financing and private label credit cards, while First Citizens Bank offers a wider range of banking products and services, including checking and savings accounts, credit cards, mortgages, and more.
- Location. First Citizens Bank has a large network of branches and ATMs across the United States, while Synchrony Bank is primarily an online bank with limited brick-and-mortar locations.
- Interest Rates. Synchrony Bank offers higher interest rates on their savings and deposit accounts. However, the specific rates may vary depending on the type of account and other factors.
- Fees. Both banks charge fees for certain services, such as overdrafts or monthly maintenance fees on certain accounts. It's important to carefully review both banks' fee schedules to determine which is more cost-effective for your needs.
- Customer Service. Both Synchrony Bank and First Citizens Bank offer customer service options, including phone and online support. However, the specific hours and availability of customer service representatives may vary between the two banks.
Ultimately, the choice between Synchrony Bank and First Citizens Bank will depend on your individual financial needs and preferences. It's important to carefully consider the types of products and services each bank offers and factors such as interest rates, fees, and customer service to determine which is the best fit for you.
Synchrony Bank vs. Capital One
Synchrony Bank and Capital One are both financial institutions that offer a range of banking and financial services. However, there are some key differences between the two banks that may make one a better fit for you, depending on your individual financial needs and goals.
- Types of Products and Services. Synchrony Bank specializes in consumer financing and private label credit cards, while Capital One offers a wider range of banking products and services, including checking and savings accounts, credit cards, mortgages, and more.
- Location. Capital One has a large network of branches and ATMs across the United States, while Synchrony Bank is primarily an online bank with limited brick-and-mortar locations.
- Interest Rates. Both Synchrony Bank and Capital One offer competitive interest rates on their savings and deposit accounts. However, the specific rates may vary depending on the type of account and other factors.
- Fees. Both banks charge fees for certain services, such as overdrafts or monthly maintenance fees on certain accounts. It's important to carefully review both banks' fee schedules to determine which is more cost-effective for your needs.
- Customer Service. Both Synchrony Bank and Capital One offer customer service options, including phone and online support. However, the specific hours and availability of customer service representatives may vary between the two banks.
Ultimately, the choice between Synchrony Bank and Capital One will depend on your individual financial needs and preferences. It's important to carefully consider the types of products and services each bank offers and factors such as interest rates, fees, and customer service to determine which is the best fit for you.
