Synchrony Bank’s Optimizer Plus Review

Synchrony Bank’s Optimizer Plus is an online bank that offers a wide array of savings products. As of this writing, the bank also offers competitive annual percentage yields and rewards for customer loyalty. Formerly known as GE Capital Retail Bank, it enjoys deposit coverage of up to $250,000 per depositor from the Federal Deposit Insurance Corp.

All Optimizer Plus accounts, transactions and tax statements are accessible and viewable on the Internet around the clock or over the phone through a banking adviser.

Optimizer Plus deposit accounts

Here are the available accounts as of this writing:

• IRAs. Both traditional and Roth IRAs are available from Optimizer Plus. To open one, a $2,000 minimum deposit is required. There are no IRA-related fees, but an early withdrawal penalty applies to premature distributions.
• Savings accounts. Customers may open an account with any amount, but they need a $50 minimum balance to avoid a monthly service charge. These savings accounts are interest-bearing, and rates are tiered, increasing with larger balances. An ATM card is optional. Cash withdrawals from an ATM are unlimited, but other types of transactions are limited to six per month per federal regulations.
• Money market accounts. Money market accounts also offer competitive tiered interest rates and may be opened with any amount, but the minimum required balance to avoid a $15 monthly service charge is $1,500. As with the savings account, the number of electronic, telephonic or check transactions made on these accounts is limited to six per month. Customers may also opt for a money market IRA, though this account requires an opening deposit of $250 or more.
• CDs. With $2,000, customers can open an Optimizer Plus CD. (The minimum balance to open a Jumbo CD, though, is $100,000.) The CD options include five tiers for different dollar amounts, from $2,000 to $100,000. The more money placed in the CD, the greater the rate. As for the terms, there are nine choices that range from three to 60 months. As with most CDs, penalties apply for early withdrawal. Yet another option is an IRA CD, which also comes with various amount and term options.

Opening an Optimizer Plus account requires a valid U.S. residence and Social Security number or tax identification number, along with a U.S. driver’s license, state identification number or military identification. An application can be filled out and submitted online. Deposits can be made by transferring funds, arranging a direct deposit, sending a check or making a wire transfer.

Optimizer Plus rewards

Optimizer Plus also has a rewards program called Optimizer Plus Perks. Customers are automatically enrolled based on their account balances or length of time they’ve been with the bank, whichever is greater. Once enrolled, they’re eligible for the benefits associated with their tier.

For instance, account holders with less than $10,000 in their account who have been with the bank for less than a year can receive ATM fee reimbursements for their money market and savings accounts. Perks at the other levels include travel benefits, such as hotel and car rental discounts.

For more on Synchrony Bank’s Optimizer Plus’ current rates and terms, please review the table below.