Synchrony Bank was previously known as GE Capital Retail Bank until June 2014. --- 2.8% isn't bad, but they have a history of consumer fraud - so it might be there on the deposit side as well.
GE/Synchrony provides credit cards for people with less than prime credit records who want to finance medical procedures and private label credit cards for less than prime credit customers of Amazon, Cathay Pacific, CheapOAir, OneTravel, Lowe’s, Guitar Center, Gap, BP, Ashley HomeStores, Discount Tire, J.C. Penney, and P. C. Richard & Son.
GE Capital Retail Bank/Synchrony is comparable to Capital One, the sub-prime credit card issuer which systematically destroys their customer's credit rating by refusing to release their customer's credit limit to credit bureaus so it appears their customers are always utilizing 100% of their credit limit. It's their idea of customer retention, making their customers less likely to receive credit for other issuers.
I suppose it's similar to buying stock in a cigarette company.
In June 2014, Synchrony Bank agreed to pay $225 million after entering into a consent decree with the U.S. Consumer Financial Protection Bureau. The CFPB alleged "deceptive and discriminatory practices" regarding Synchrony's consumer credit cards.
Ally Bank, former Ditech Finance/GM Capital which issued 125% loan-to-value mortgages prior to 2008, is only offering 2.75% on a one year CD.
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