Review: Synchrony Bank Optimizer Plus

By Holly Johnson

Ever since I opened my first checking account at the age of 18, I've used a brick-and-mortar bank. I hope I'm not aging myself too much, but that really was the only option at the time. The Internet did actually exist then (it was 1998), but online banks weren't on the scene quite yet. And, believe it or not, Facebook, Google and Twitter didn't exist either. Now I feel old.

But times have changed. Bank transactions are becoming increasingly digital and the bank branch is becoming a bit of a dinosaur. Sure, people still use them, but for many, it's not a primary banking source. In fact, almost everyone I know uses online banking because of how easy it is to make electronic transfers, track their savings and spending and shop for financial products with the click of the button. Everyone but me, of course.

However, some online banks have recently given me reason to consider some new possibilities. In fact, one online bank, Synchrony Bank Optimizer Plus almost has me convinced. Here's why.

About Synchrony Bank Optimizer Plus

Optimizer Plus is an online bank that is backed up by Synchrony Bank -- formerly known as GE Capital Retail Bank -- and its 80 years of experience in consumer banking. Headquartered in Draper, Utah, Synchrony Bank is an expert in customized credit programs for retailers and consumers in the U.S., bankcard programs to national, regional and independent retailers, and promotional and installment lending.

Because of its online nature, Optimizer Plus is able to offer personalized online banking with great rates and an Optimizer Plus Perks loyalty program that offers special rewards to its customers. It's also FDIC-insured up to the maximum of $250,000 per depositor, which adds another welcome layer of security for anyone hesitant to move their money online.

Optimizer Plus deposit accounts

One thing I noticed right away is that, as of this writing, Optimizer Plus offers highly competitive interest rates on all of its online products. This is especially noticeable when it comes to its selection of CDs, which can be purchased with terms ranging from three months to five years. To make the process as convenient as possible, you can also complete your CD purchase entirely online, just by following the prompts and entering all of the required information.

Click here to open an Optimizer Plus CD.

Synchrony Bank Optimizer Plus currently also offers competitive terms on its online money market accounts, high-yield savings accounts and no-fee traditional and Roth IRAs. What this means is that you could easily use Optimizer Plus for nearly all of your savings and retirement goals, and enjoy the added convenience of having all of your accounts in one place.

Click here to open an Optimizer Plus savings account.

And, if you're worried about losing the personal touch you get from your brick-and-mortar bank, it's worth noting that Optimizer Plus has advisers waiting by the phone Monday through Friday from 8 a.m. to 10 p.m. Eastern Time, and Saturday from 8 a.m. to 5 p.m. Eastern Time.

The verdict

If you're looking for an online bank with a convenient set-up, competitive interest rates, and plenty of personal support, Optimizer Plus may be a contender. Even though it's based online, this bank says it will go out of its way to deliver excellent customer service to customers who are accustomed to traditional banks.

To learn more about Synchrony Bank's Optimizer Plus accounts, including its current rates and terms, please see the table below.