bank rates

GE Capital Retail Is Now Synchrony Bank

Pile of $100 bills spread out.GE Capital Retail Bank has changed its name to Synchrony Bank as of today.

You might remember that GE Capital Retail Bank bought MetLife’s deposit business in January 2013.

GE Capital Retail Bank continued to offer MetLife’s competitive CD rates, and we’ve had our fingers crossed that Synchrony Bank would maintain status quo, too.

A bank rep had told us the name would be the only change, but we didn’t know until we checked out the banks’s website whether or not that was true.

It is – only a bit better.

As of this morning at least, Synchrony Bank’s CD rates (; yes, it’s keeping its Optimizer+plus line of deposit products) almost mirror what GE Capital Retail Bank offered – including the 2.30% APY, 60-month offer that tops our CD Rates Leaderboard.

We say almost because Synchrony has raised its 12-month CD rate from 1.05% APY to 1.10% APY, placing it in a tie with two other banks on the Leaderboard.


Find all of this bank’s CD rates below, with a $25,000 minimum deposit.

Synchrony Bank CD Rates

Term APY
3-month 0.35%
6-month 0.65%
12-month 1.10%
24-month 1.15%
36-month 1.30%
60-month 2.30%

Not included in this name change was GE Capital Bank, which is also a subsidiary of GE Capital Corp. GE Capital Bank also has competitive CD rates that we track.

Just as before, both banks are separate and operate with their own FDIC insurance.

A Securities and Exchange Commission filing lays out the details on the new bank:

  • New parent company Synchrony Financial was incorporated in Delaware in September 2003 but conducted no business until April 2013.
  • By the end of September 2013, all of GE’s “North American retail finance business,” including GE Capital Retail Bank, were transferred to Synchrony.
  • GE owns all of Synchrony but plans to spin it off through an IPO and other stock maneuvers as it tries to exit retail finance.
Synchrony Bank news

Want more on Synchrony Bank? Here’s the latest:

Will Synchrony keep its top rates after it goes public?

Synchrony’s 15-month CD is even better than its 12-month CD.

If you’re looking for a reason to be optimistic that Synchrony will maintain competitive CD rates, take note of this passage from the SEC filing:

“In January 2013, we acquired the deposit business of MetLife Bank, N.A. (‘MetLife’), which is a direct banking platform that at the time of the acquisition had $6.0 billion in U.S. direct deposits and $0.4 billion in brokered deposits. Our U.S. direct deposits grew from $0.9 billion at December 31, 2012, to $10.9 billion at December 31, 2013 (including the MetLife acquisition). The acquisition of this banking platform is a key part of our strategy to increase our deposit base as a source of stable and diversified low-cost funding.” (emphasis added)

Synchrony Bank operates a single branch in Bridgewater, N.J.

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Comments (1)
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One Existing Comment
  1. Jodie said:
    on June 5th at 08:49 am

    In the last month, I have gotten letters from all my GECRB accounts either closing the accounts or lower the credit limits to what the balance is on each one. They said my credit score was lower than what it was when the accts were opened. I have never had a late payment and only one of my acct was even closed to being at its limit when all this occured