Synchrony Bank (formerly GE Capital Retail Bank) is a private depository banking component of Synchrony Financial. Synchrony Bank, which also uses the Optimizer + plus brand and MyOptimizerPlus dot com site to market its deposit account, has grown to become one of the most prominent online banks in the market. Synchrony is a member of FDIC, and its account is FDIC insured (to the extent applicable).
As far as depository products go, Synchrony offers CDs, high yield savings accounts, money market accounts, and IRA CDs. Bank products have traditionally offered some of the highest interest rates on the market. A savings account requires an almost negligible minimum balance in order not to be charged a monthly service fee. Money market accounts are also available with features very similar to a savings account, although in accordance with federal regulations, the monthly withdrawal amount per statement cycle is limited to six, after which the cost is enforced. Certificates of Deposit (CD) and IRA CDs are offered with a long term ranging from 3 to 60 months at the time of this writing. This CD usually offers some of the most competitive prices on the market, but the price comes with the minimum initial deposit requirement and early withdrawal penalty, the latter varies based on the duration of the CD term.
The online banking Synchrony Bank provides a secure platform for customers to access and manage their accounts. A web-based system allows account holders to view transaction history, transfer funds, pay bills, and open new accounts.
Synchrony Bank was originally founded in 1988 as Monogram Bank, USA. Its headquarters remained in the Cincinnati, Ohio area for more than fifteen years before moving to Salt Lake City, Utah. The bank is now headquartered in Draper, Utah, a town in southern Salt Lake City, with a branch in Bridgewater, New Jersey. Prior to becoming Synchrony Bank in June 2014, the name of the bank GE Capital Retail Bank previously immediately identified with GE Capital, the financial services company from which it was born. GE Capital provides growth financing for mid-market companies around the world.
In March 2014, the GE Capital Retail Bank submitted an S-1 form with the SEC to rename the organization to Synchrony Financial and in May 2014 has published a message on its website regarding future name changes to Synchrony Bank. Name changes made official in June 2014.