How large is Synchrony Bank? (2024)

How large is Synchrony Bank?

Synchrony Bank is one of the largest issuers of store cards in the United States. More specifically, Synchrony Bank offers more than 100 credit cards that are affiliated with big-name brands like Amazon, eBay, PayPal, and Sam's Club.

Is Synchrony a big bank?

Synchrony Bank is one of the largest issuers of store cards in the United States. More specifically, Synchrony Bank offers more than 100 credit cards that are affiliated with big-name brands like Amazon, eBay, PayPal, and Sam's Club.

How strong is Synchrony Bank?

With competitive APYs on savings accounts, CDs, and MMAs, Synchrony Bank is a strong choice for savers looking to maximize their interest earnings. These accounts come with no minimum balance requirements and no monthly service fees, making them especially cost-effective for savers​.

Is Synchrony a big company?

About Synchrony Financial

Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables.

Is Synchrony Bank safe from collapse?

Is Synchrony Bank FDIC insured? Yes, Synchrony Bank is FDIC insured (FDIC# 27314). The federal government protects your money up to $250,000 per depositor, per account ownership category, in the event of bank failure.

Is Synchrony Bank a reliable bank?

Synchrony Bank is a solid online bank with competitive interest rates on savings, money market, and CD accounts. It is a good option for consumers who are happy with their current checking account but want to earn a higher rate of interest on their savings.

Is Synchrony Bank financially secure?

Synchrony is best if you want an online bank for high-yield savings and you don't mind making six or less transactions a month. Is Synchrony a safe bank? Synchrony is FDIC insured, which means your money (up to the $250,000 limit per depositor, per ownership type) is guaranteed.

What are the cons of Synchrony?

Where does Synchrony Bank rank among banks?

Synchrony ranked No. 20 overall – up 27 places from last year – and No. 2 within the consumer and diversified finance sector.

What rank is Synchrony Bank?

Is Synchrony Bank chinese?

Synchrony Financial is an American consumer financial services company with its headquarters in Stamford, Connecticut, United States.

Who is the parent company of Synchrony?

*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the GE Capital Retail Finance business.

Who runs Synchrony Bank?

Brian Doubles is President and Chief Executive Officer and a member of the Board of Directors of Synchrony, one of the nation's premier consumer financial services companies. Brian was named CEO in 2021, after serving as President for two years and as Executive Vice President and Chief Financial Officer for 10 years.

How is Synchrony Bank doing financially?

Strong Financial Profile Underpins Ratings: SYF's ratings reflect strong capitalization and liquidity levels, funding stability as a result of strong deposit growth at Synchrony Bank (SYB), above average profitability relative to peers, market-leading position in the U.S. private-label card industry, and a seasoned ...

Why did Walmart stop using Synchrony Bank?

Synchrony Bank previously issued the Walmart cards, but their partnership ended with a lawsuit from Walmart alleging financial hardship, while Synchrony publicly claimed the retailer was attempting to breach their contract and avoid paying fair market price for the credit card accounts.

What is the class action lawsuit against Synchrony Bank?

The Action alleges that Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors, but that, in truth, Synchrony relaxed its underwriting standards and increasingly offered private-label credit cards to riskier ...

Is Synchrony Bank backed by FDIC?

Currently, the FDIC insures 3,500 financial institutions, which make up half of the banks and savings associations in the U.S. If you are a deposit account holder with Synchrony Bank, your money is backed by the FDIC.

Does Amazon use Synchrony Bank?

The Amazon Secured Card and Amazon Prime Secured Card, issued by Synchrony Bank, are unique credit cards each with two sets of features – the Secured Card features and the Store Card features.

Can Synchrony Bank close my account?

Synchrony Bank High Yield Savings or Money Market accounts don't require a minimum balance or incur service fees. However, if your account is left with a $0 balance for greater than 60 days, it may be subject to closure.

What is Synchrony Bank known for?

We've earned accolades from NerdWallet and Bankrate for our great rates, innovation, security, diversity and more. We were recognized for Best CD Accounts, Best Money Market Accounts and Best Online Banks in 2024.

Is Synchrony a Fortune 500 company?

Synchrony, the largest private-label credit card provider in the U.S., ranked No. 235 in the 2023 Fortune 500. The RiverPark office building at 800 Connecticut Ave., in Norwalk, Conn., where travel-services company Booking Holdings is headquartered.

Is Synchrony Bank hard to get?

While credit scores are very important, Synchrony Bank credit card approval depends on several other factors as well. For example, applicants need to have enough income to make payments on the card. Synchrony Bank will also look at existing debts when considering your application.

What is the future of Synchrony Financial?

Synchrony Financial is forecast to grow earnings and revenue by 4.8% and 16.4% per annum respectively. EPS is expected to grow by 6.7% per annum. Return on equity is forecast to be 16.4% in 3 years.

Does Synchrony Bank hurt your credit?

Yes, Synchrony Bank does a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time.

What is the outlook for Synchrony Financial?

Based on 19 Wall Street analysts offering 12 month price targets for Synchrony Financial in the last 3 months. The average price target is $43.72 with a high forecast of $56.00 and a low forecast of $30.00. The average price target represents a 1.39% change from the last price of $43.12.