Synchony Bank? Optimizer Plus Savings Account?

ElainePDX

ElainePDX

Level 2 Member
I was poking around looking for competitive CD rates and stumbled on Synchrony Bank. They offer CDs, money market accounts, savings accounts and IRAs. Their rates seem pretty good and the fees very low and easy to avoid. For ex., keeping $50 in a savings account avoids a monthly $5 fee.

They offer mobile banking as well as bank transfers. I could not see anywhere on the site whether or not they accept MOs via mobile deposit.

From the website:

Our digital storefront lets you experience some very non-traditional freedom, while ensuring your money is as safe and stable as a traditional bank. That security is recognized across the industry, earning us accolades that include Bankrate.com's prestigious 5-Star Safe & Sound® Rating. And safety isn't the only award winning thing about us; Money® Magazine named our CDs a "Best Standalone Account" and the "Best 12-month CD."

A search of The Forum on "synchrony" and "optimizer" found no results and the customer service is not open on Sundays.

Has anyone any experience with this bank?

 
ElainePDX

ElainePDX

Level 2 Member
Matt said:
I googled this bank and came up with this https://www.mysynchrony.com/ I guess this is what you are referring to?

What's interesting about this?
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They have decent rates for CDs; my son wants to buy some CDs for some cash he isn't going to invest right now.

They have very low fees for accounts (and easy, automatic ways to pay no fees). So if they accept MOs via mobile deposit, I would consider opening an account.
 
Matt

Matt

Administrator
Staff member
Do you need an account for their CDs? What rates are they offering, link?
 
ElainePDX

ElainePDX

Level 2 Member
Anyone wanting more info can go to: https://www.synchronyfinancial.com/
for whatever details s/he wants.

In starting the thread, I was hoping someone here might have had experience using the mobile deposit function.

As my initial post said:
"....I could not see anywhere on the site whether or not they accept MOs via mobile deposit....Has anyone any experience with this bank?"

I came upon it looking for good CD rates, which perhaps may be of interest to some, but as it was a new-to-me financial institution that offers low/no cost accounts, my hope was that someone here may have an account with them and has experience trying to deposit MOs remotely.
 
Matt

Matt

Administrator
Staff member
ElainePDX said:
Anyone wanting more info can go to: https://www.synchronyfinancial.com/
for whatever details s/he wants.

In starting the thread, I was hoping someone here might have had experience using the mobile deposit function.

As my initial post said:
"....I could not see anywhere on the site whether or not they accept MOs via mobile deposit....Has anyone any experience with this bank?"

I came upon it looking for good CD rates, which perhaps may be of interest to some, but as it was a new-to-me financial institution that offers low/no cost accounts, my hope was that someone here may have an account with them and has experience trying to deposit MOs remotely.
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When you posted with no link I had to google around and find it, and it wasn't helpful at all, no reference to CD rates or MOs etc, so I couldn't help.. Here's the link to check them out: https://www.myoptimizerplus.com/banking/index.htm

So.... anyway. The reason I did that is that I was trying to help you with a benchmark, and leverage the collective of the forum for it - if you say 'they had good rates' that means little. Even if you are really good at your research, putting the number down is better because it allows you to be educated as to what is good, or it allows others to see what good really is. "Good" is such a subjective word, and I see no place for it when talking about CD rates :) rates are numbers.

I think it is always better to kick off a new thread with a bit of data, that way you can learn if it is good or not regardless of whether another person knows of them. Think about it this way- there is more chance that someone here can tell you that a 1.2% 15mth CD is good or not, than say if Syncrony is offering a good rate or not. You wouldn't need to find another customer, you could find people like @kissmyjazz above offering alternatives.

TL/DR

You might be onto something with this bank, but its more likely that nobody has heard of it, so help them help you by adding in rates and links to compare with what they think is 'good' and everyone learns. I fear otherwise at our level of forum mass right now this thread might just die as nobody does bank there - when it shouldn't, because it could be one of the top banking options for people to consider.
 
ElainePDX

ElainePDX

Level 2 Member
@Matt, yeah, I get what you are trying to do.

I probably muddied the waters by even mentioning the CD part - it was just how I got to it and I wasn't looking for help with CDs. My intent was if/how this bank could be helpful with MOs. Next time I will eliminate the context and just ask the specific question.

TL/DR - ?
 
Matt

Matt

Administrator
Staff member
ElainePDX said:
:rolleyes: Well, that explains why you were asking me questions about CD rates when I was just trying to find out if they accepted remote deposits of MOs! ;)
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I used it as a summary of my reply. But yeah, I'm looking at things pretty quickly these past days, busy times :)
 
S

Sunny

Level 2 Member
I have a CD with them. They used to be called GE capital retail bank and when I researched things they had a competitive rate. No idea if they accept MO deposits though.
 
PointsEarner615

PointsEarner615

Level 2 Member
I wish I had gone ahead with a savings account with Synchrony (the former GE bank) over American Express Personal Savings for a 15 basis points upside.
 
M

Mountain Trader

Level 2 Member
We have both an Optimizer Account and an IRA CD with Synchrony. As noted, they used to be GE Capital Retail, and they chaged their name and went public this summer as GE spun them off.

The Optimizer money market account works great. I linked it to one of our bank accounts and transfer extra funds in and out to our bank. Rates are the highest I have found for unlimited balances (but don't go over FDIC limits, you shooters you).

We then opened an IRA with them and asked Schwab to send over some money. A month after Schwab sent the check, it still wasn't at Synchrony. We had Schwab stop payment on the first check and send another. It took Synchrony a week from the date check #2 was cashed until they opened the CD. The call center in KC seems unable to get any response or action out of the ops people in NJ. I literally had my hand on the phone to call the corporate compliance officer in Connecticut when I logged on one last time, and saw they had finally opened the CD. It seemed to be more incompetence than intentional, as they had the money in a money fund paying a decent rate while the long wait played out.

I still use the Optimizer and would recommend those good rates to others. But stay away from mailed desposits with these folks, and use transfers instead. I have never done MO deposits either, and have no idea how that would ply out.
 
ElainePDX

ElainePDX

Level 2 Member
Thanks @Sunny @Mountain Trader and @PointsEarner615. Now I understand why I had not heard of them before.
Mountain Trader said:
Rates are the highest I have found for unlimited balances (but don't go over FDIC limits, you shooters you).
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Yes, this was what got my attention yesterday, and prompted the question about MOs. I will try to make some time to call them in the next few days and will report back anything I learn about depositing MOs.
 
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