Is Synchrony Bank Legit? Safety, Rates and What to Know
Synchrony Bank is an FDIC insured bank in Draper, Utah, formerly GE Capital Retail Bank. Here is who owns it, how deposits are insured, and what its savings account and CDs pay.
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Yes. Synchrony Bank is an FDIC insured bank based in Draper, Utah (FDIC certificate 27314) with about $115.2 billion in assets. It was called GE Capital Retail Bank until 2014 and is owned by Synchrony Financial. Deposits are insured up to $250,000 per depositor, per ownership category. Its High Yield Savings account pays 3.75% APY with no minimum, and its CDs pay up to 4.75% APY with no minimum deposit (rates as of Oct 27, 2026).
If the name sounds familiar, it may be from a store credit card: Synchrony issues many of them. Its savings accounts and CDs come from the same bank, and the bank itself has a long record with the FDIC under several names.
Who owns Synchrony Bank?
Synchrony Bank is owned by Synchrony Financial. FDIC records show the bank was established on Aug 1, 1988 and has had several names under General Electric: GE Capital Consumer Card Company, GE Money Bank from 2005 and GE Capital Retail Bank from 2011. It became Synchrony Bank on June 2, 2014. Same bank, same FDIC certificate the whole time.
| Fact | Synchrony Bank |
|---|---|
| FDIC certificate | 27314 (active) |
| Headquarters | Draper, Utah |
| Established | August 1, 1988 |
| Total assets | About $115.2 billion (Jun 30, 2026) |
| Deposits | About $86.0 billion (Jun 30, 2026) |
| Primary federal regulator | Office of the Comptroller of the Currency |
| Holding company | Synchrony Financial |
| Former names | GE Capital Retail Bank, GE Money Bank |
From the FDIC BankFind database, checked Oct 22, 2026.
Is my money FDIC insured at Synchrony?
Yes. Synchrony says its deposit accounts are insured up to $250,000 per ownership category. Savings, money market accounts and CDs at Synchrony all count toward the same limit in each ownership category. If you hold more, see how to insure more than $250,000. For what happens in the rare case a bank closes, see what happens if your bank fails.
What does Synchrony pay?
| Account | APY | Minimum to open |
|---|---|---|
| High Yield Savings | 3.75% | $0 |
| 9 month CD | 4.50% | $0 |
| 15 month CD | 4.50% | $0 |
| 60 month CD | 4.75% | $0 |
From Synchrony’s savings and CD pages; APYs as of Oct 27, 2026. Savings rates are variable and can change after you open the account. See every CD term in our Synchrony CD review.
On $10,000, 3.75% APY works out to about $375 in a year if the rate holds. The FDIC national average savings rate is 0.38% (as of Oct 19, 2026).
What to watch for
- The savings rate is good, not the best. At 3.75%, Synchrony pays less than the top savings account we track with no monthly rules, Pibank Savings at 4.40% APY.
- CD penalties depend on the term. Synchrony charges 90, 180 or 365 days of interest, depending on the term, if you cash out a CD early.
- Odd CD terms. Many of Synchrony’s best rates sit on unusual terms like 13 or 16 months. That is fine if they fit your plans, but check the date your money comes back.
A plus most online banks lack: an ATM card
Synchrony offers an optional ATM card with its High Yield Savings and Money Market accounts. You can use it at ATMs showing the Plus or Accel logos, in the US or abroad. Synchrony does not charge an ATM fee and refunds up to $5 per statement cycle in domestic fees other banks charge. For an emergency fund, that same day access to cash is a real advantage.
How to check you are dealing with the real Synchrony Bank
- Type synchrony.com into your browser rather than following links in texts or emails.
- Search FDIC BankFind for certificate 27314 and confirm the name Synchrony Bank.
- Never share a password or one time code with someone who contacts you first.
How it compares
Synchrony’s CDs need no minimum deposit, like E*TRADE, Barclays, American Express and Capital One 360. At our Oct 27, 2026 check, Synchrony paid 4.50% on 9 months and 4.65% on 4 years, the best no minimum rates we track for those terms, while E*TRADE paid more on 5 years (4.80% APY). Compare every option in CDs with no minimum deposit and on our best CD rates page, or see the best high yield savings accounts.
Rates are variable and can change at any time. Each rate shows the date the bank says it applies; we check every figure against the bank’s own website.
Frequently asked questions
Is Synchrony Bank a real bank?
Yes. Synchrony Bank is an FDIC insured bank in Draper, Utah (FDIC certificate 27314), owned by Synchrony Financial. It was called GE Capital Retail Bank until June 2014.
Is Synchrony Bank FDIC insured?
Yes, up to $250,000 per depositor, per ownership category, across all your Synchrony deposits in that category.
What does Synchrony High Yield Savings pay?
3.75% APY with no minimum deposit or balance and no monthly fee, as of Oct 27, 2026. The rate is variable.
Does Synchrony savings come with an ATM card?
Yes, an optional ATM card is available with High Yield Savings. Synchrony refunds up to $5 per statement cycle in domestic ATM fees charged by other banks.
Is Synchrony the same company that issues store credit cards?
Yes. Synchrony issues store credit cards and also runs Synchrony Bank, which offers savings accounts, money market accounts and CDs.
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