Synchrony Bank
Synchrony Bank is the FDIC-insured online banking subsidiary of Synchrony Financial (NYSE: SYF), offering no-fee high-yield savings, CDs, and money market accounts to individual consumers, while issuing co-branded credit cards including CareCredit, Walmart/OnePay, Guitar Center, and Chevron through embedded retail and healthcare distribution.
- Company typePrivate
- Founded2003
- HeadquartersDraper, United States
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
What Synchrony Bank does
Synchrony Bank is the FDIC-insured direct banking subsidiary of Synchrony Financial (NYSE: SYF), a publicly traded consumer financial services company headquartered in Stamford, Connecticut, with operations based in Draper, Utah. The bank operates exclusively as an online, direct-to-consumer institution offering FDIC-insured deposit products including High Yield Savings (3.5% APY as of early 2026), Certificates of Deposit (up to 4.1% APY on a 14-month term), Money Market accounts, and IRA variations of these products, all with no minimum deposit requirements, no minimum balance thresholds, and no monthly fees. Distribution is fully digital through the Synchrony Bank website and mobile applications on iOS and Android, with ATM access via the Accel network and digital wallet integration.
Beyond deposits, Synchrony Bank functions as the card-issuing entity for Synchrony Financial's consumer credit and financing operations, including the CareCredit healthcare credit card accepted at 290,000+ provider locations, co-branded retail cards for Walmart/OnePay (launched 2025), Guitar Center, and Chevron/Texaco, as well as the Synchrony Mastercard. Revenue is generated primarily through net interest spread on deposits and lending, interchange and promotional financing fees on co-branded credit cards, and interest income from revolving credit balances (with APRs exceeding 34% on store cards) and deferred-interest products where approximately 25% of CareCredit borrowers fail to pay off within promotional periods and face 30%-39% interest charges. The business model combines B2C deposit gathering with B2B2C embedded financing at retail and healthcare point of sale.
Synchrony Financial, the parent, was spun off from General Electric's GE Capital in 2003 and reported $17.6 billion in revenue with 10,000+ employees. Synchrony Bank has received multiple industry recognitions including Fortune's #1 Best Place to Work 2026, Motley Fool's Best Bank or Credit Union for CDs, NerdWallet 5-Star Bank and CD ratings, CNBC Select's Best High Yield Savings Account (2024), and Forbes' America's Most Cybersecure Banks (2024). The bank does not operate a physical branch network, relying entirely on digital channels for customer acquisition and servicing.
Synchrony Bank firmographics
Firmographics- Name
- Synchrony Bank
- Legal name
- Synchrony Bank
- Website
- https://synchronybank.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Synchrony Bank is the FDIC-insured online banking subsidiary of Synchrony Financial (NYSE: SYF), offering no-fee high-yield savings, CDs, and money market accounts to individual consumers, while issuing co-branded credit cards including CareCredit, Walmart/OnePay, Guitar Center, and Chevron through embedded retail and healthcare distribution.
- Ownership category
- akta.pro rank
Synchrony Bank industry classification
Industry- Product category
- Retail Banking / Consumer Credit
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)
- SIC
- Savings Institution, Federally Chartered (6035), National Commercial Banks (6021)
- akta.pro primary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
- akta.pro secondary industries
- Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD)
Keywords
Where Synchrony Bank is headquartered
LocationHeadquarters
- HQ city
- Draper
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Synchrony Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Interest Income from Lending: Synchrony Bank earns interest income from consumer credit card lending and promotional financing. This includes high-interest revolving credit on store cards (APRs exceeding 34%) and deferred interest products like CareCredit where patients who fail to pay within promotional periods face 30%-39% interest rates.
- Deposit Taking and Interest Spread: Synchrony Bank attracts consumer deposits through high-yield savings accounts and CDs, earning interest spread between what it pays depositors and what it earns on loans and investments.
- Healthcare Financing (CareCredit): CareCredit generates revenue through promotional financing fees charged to healthcare providers and interest income from patients who carry balances beyond promotional periods. Over 290,000 provider locations accept CareCredit.
- Retail Co-branded Card Programs: Synchrony Bank issues store credit cards for retailers like Guitar Center, earning interchange fees on purchases, promotional financing income, and partnership fees from retailers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | High Yield Savings - 3.5% APY with no minimum balance or fees |
| One time/ perpetual license | Multi-year contract | 14-Month CD - 4.1% APY (highest rate available as of March 2026) |
| One time/ perpetual license | Pay-as-you-go | Various CD terms - short-term options for 3-12 month savings goals |
| Transaction based/ take rate | Monthly | CareCredit promotional financing - 0% interest if paid within promotional period |
| Transaction based/ take rate | Monthly | Guitar Center Credit Card - 5 points per dollar on purchases |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels4 records
Synchrony Bank product offering
Product offeringCore offering
Synchrony Bank is an FDIC-insured, online-only direct bank that offers consumer deposit products — including High Yield Savings, Money Market Accounts, Certificates of Deposit (CDs), IRA CDs, and IRA Money Markets — alongside a consumer credit card franchise anchored by the CareCredit health and wellness credit card and co-branded cards issued with national retailers. The bank sells these products directly to consumers via digital channels and through partner merchants, with no monthly fees and no minimum deposit requirements on most deposit accounts.
Product overview
Synchrony Bank operates as a digital-first banking platform offering a comprehensive suite of FDIC-insured deposit products including High Yield Savings, Money Markets, Certificates of Deposit (CDs), and IRA variations of these products. The bank also operates a large credit card and financing division, issuing co-branded retail credit cards (CareCredit healthcare financing, Walmart OnePay CashRewards Card, Guitar Center Credit Card, Chevron Credit Card) and Synchrony Mastercard products. The banking and credit card operations are accessible through online and mobile banking platforms with full account management capabilities. The company emphasizes competitive rates, no minimum balance requirements, and no monthly fees across its deposit products.
Differentiator
Problem solved
Functional benefit
Brands
- CareCredit: Healthcare and wellness credit card offering promotional financing options for medical, dental, and veterinary expenses at over 290,000 provider and retail locations across the United States.
Products and services
- High Yield Savings
Quantifiable outcome
- 4.1% APY on 14-month CD - highest rate available among major banks as of March 2026
- +3 more outcomes
Companies that use Synchrony Bank
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Synchrony Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Synchrony Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- OnePay (Walmart-backed fintech)coreWalmart-backed fintech company OnePay partnered with Synchrony Bank to launch the OnePay CashRewards Card in 2025, replacing the Capital One Walmart Rewards Card as Walmart's co-branded credit card. The card provides unlimited 3% cash back on Walmart purchases (5% for Walmart+ members) with no annual fee.
Scale indicators7 records
Recent moves5 records
Expansion highlights4 records
Synchrony Bank competitors and assessment
Company assessmentRegional players
- CIT Bank: CIT Bank (now First Citizens) operates an online deposit platform competing for the same high-yield savings and CD customers, with a smaller, more niche digital footprint than Synchrony.
Direct peers
- Capital One: Capital One competes head-to-head in U.S. credit card issuance and online banking, and previously displaced Synchrony as the Walmart co-branded card issuer before losing to OnePay/Synchrony.
- Ally Financial: Ally is the most direct online-only competitor offering FDIC-insured savings, CDs, money market and IRA products with no minimums — the same niche positioning as Synchrony Bank.
- Discover Financial Services: Discover is a direct competitor in U.S. online consumer banking and credit card issuing, with deposit products (savings, CDs) and a co-branded/private-label card portfolio that mirrors Synchrony's model.
- Comenity Capital Bank: Comenity is a private-label credit card issuer with deep retailer/healthcare partnerships — directly competing with Synchrony for co-branded card mandates across verticals.
- Bread Financial: Bread Financial is the closest comparable in private-label and co-branded credit card programs for retailers, including healthcare and point-of-sale financing — overlapping directly with Synchrony's CareCredit and retail card business.
- Marcus by Goldman Sachs: Marcus was the leading online-only high-yield savings and CD franchise; despite Goldman's 2023 strategic pullback, it remains a benchmark online deposit product and previously positioned directly against Synchrony Bank.
Emerging players
- SoFi Technologies: SoFi is a direct digital-banking and consumer-lending competitor offering high-yield deposits and personal loans, increasingly competing for the same online consumer customer as Synchrony Bank.
- Affirm: Affirm is the leading BNPL and point-of-sale lending fintech, overlapping with Synchrony's deferred-interest CareCredit and retail financing business but operating in a younger, fintech-native stack.
Broad incumbents
- American Express: Amex is a larger, diversified payments issuer with co-branded card programs and consumer banking — broader portfolio and brand but overlapping premium/spend-card categories with Synchrony.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Synchrony Bank social profiles
Digital presenceSynchrony Bank compliance and trust
Trust signalCompliance1 record
Synchrony Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Synchrony Bank leadership team
Management profileNumber of profiles
Profiles1 record
Synchrony Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
Synchrony Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Synchrony Bank M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Synchrony Bank
What does Synchrony Bank do?
Synchrony Bank is an FDIC-insured, online-only direct bank that offers consumer deposit products — including High Yield Savings, Money Market Accounts, Certificates of Deposit (CDs), IRA CDs, and IRA Money Markets — alongside a consumer credit card franchise anchored by the CareCredit health and wellness credit card and co-branded cards issued with national retailers. The bank sells these products directly to consumers via digital channels and through partner merchants, with no monthly fees and no minimum deposit requirements on most deposit accounts.
Is Synchrony Bank a public or private company?
Synchrony Bank is a private company. It is classified as public and is currently operating.
When was Synchrony Bank founded?
Synchrony Bank was founded in 2003. It employs 5,001 to 10,000 people.
Where is Synchrony Bank based?
Synchrony Bank is headquartered in Draper, United States, in the North America region.
How does Synchrony Bank make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are deposit Taking and Interest Spread, healthcare Financing (CareCredit) and retail Co-branded Card Programs.
Who are Synchrony Bank's main competitors?
CIT Bank is listed as a regional player. Direct peers are Capital One, Ally Financial, Discover Financial Services, Comenity Capital Bank, Bread Financial and Marcus by Goldman Sachs. Emerging players are SoFi Technologies and Affirm. American Express is listed as a broad incumbent.
Does Synchrony Bank have an API?
No public API is recorded for Synchrony Bank.
What industry is Synchrony Bank in?
Synchrony Bank's product category is Retail Banking / Consumer Credit. Its primary akta.pro industry code is FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs), with a secondary code of FSAGALAE, Embedded Deposit Accounts & Digital Wallet Infrastructure. Its NAICS code is 52211 and its SIC code is 6035.