GE Capital Bank Review (Now Synchrony Bank)

General Electric has been active in the financing business for a very long time, but not in a way that hits you in the face. Don’t let their obscurity fool you, though. In banking, size has its advantages and, in terms of assets, General Electric is a powerhouse. Its banking operations have survived a number of recessions, including the Great Recession, and even grown. It therefore answers the bell on the most important question you can have about a bank: How safe is it?

GE Capital Bank Savings Accounts

GE Capital Bank isn’t a traditional bank, in that it doesn’t have branches and offer consumer mortgages and personal loans. It lends primarily to businesses, and its retail operation focuses on deposit-taking (i.e., savings accounts and similar activities).

Click here to open a GE Capital Bank savings account.

After safety, the interest rate paid on deposits is the next most important concern for customers, and this is exactly where GE Capital Bank shines. It is able to offer some of the best savings account rates around. A number of factors make this possible — it only operates online and, because of this simple fact, its cost structure is lower than a traditional bank’s cost structure. But that is just the beginning. The fact that they are focused solely on the savings side of the business is another reason they can be expected to remain competitive in the rates they offer.

Other banks offer the option of an ATM card in order to withdraw cash, but GE Capital Bank only offers online transfers and, at extra charge, wire transfers. In line with other savings institutions, there is a limit of six withdrawals per month, after which there is a $20 charge per transaction.

No minimum balance is required to open a savings account, but a $50 minimum balance ongoing is required to avoid a $5-per-month service charge. Deposits are limited to $1 million (if that is something you absolutely need to know).

GE Capital Bank’s savings accounts are FDIC-insured to the maximum amount. Interest is compounded daily and added monthly in both cases, giving you the best possible cash value for a given rate.

GE Capital Bank Certificates of Deposit (CDs)

GE Capital Bank units offer CDs and, in line with their savings accounts, the bank works to keep rates on these savings instruments among the best in the nation as well. There is a sliding rate of interest, depending on the amount invested. This makes general comparisons difficult, and it will pay you to take a look at its CD web page to determine which offering suits your exact needs. Terms offered range from six months to six years.

GEC offers great flexibility in withdrawing interest on CDs, pretty much however and whenever you like, without the penalty which would accrue for premature withdrawals on the CD itself.

Click here to open a GE Capital Bank CD account

Customer Service

The website is laid out cleanly and is easy to navigate. A toll-free number is prominently displayed at the top of the page to make it easy to get hold of a live person for help, but the site also has by far one of the best FAQ pages for financial institutions.

The website offers a nifty tool which is pretty useful. It’s a calculator which shows the value of your savings, lump sum, monthly amount, or both combined.

GE Capital Bank is tailored toward online users who conduct their business electronically. Its website and tools are simple, easy to find, uncluttered and easy on the eye. Compared with other online financial institutions, GE Capital Bank is hard to beat when it comes to savings accounts and CDs, both for the rates offered and the ease of operation of their website.