Synchrony Bank offers competitive CD rates, including 4.25% on their 13-Month CD. This is one of the big reasons it made our list of the best CD rates.
One of the big perks of Synchrony CDs is the different types of CDs they offer. You can choose from traditional CDs and no-penalty and bump CDs.
Keep reading as we look into the current Synchrony Bank CD rates.
Current Synchrony Bank CD Rates
Synchrony Bank CD rates are going to depend on the term you choose. Below is a chart showing the different CD rates you can receive.
|
CD Term
|
Annual Percentage Yield (APY)
|
CD Type |
|---|---|---|
|
3-Month |
0.25% |
Traditional |
|
6-Month |
3.70% |
Traditional |
|
9-Month |
3.90% |
Traditional |
|
11-Month |
0.25% |
No Penalty |
|
12-Month |
4.00% |
Traditional |
|
13-Month |
4.25% |
Traditional |
|
18-Month |
3.80% |
Traditional |
|
24-Month |
3.00% |
Bump-up |
|
24-Month |
3.50% |
Traditional |
|
36-Month |
4.00% |
Traditional |
|
48-Month |
3.50% |
Traditional |
|
60-Month |
4.15% |
Traditional |
Key Features of Synchrony Bank CDs
- No Minimum Deposit: There is no minimum deposit requirement with Synchrony CDs.
- Multiple Terms Available: Synchrony offers several different CD terms, from three months to 60 months.
- Access to Different CD Products: Synchrony Bank offers different types of CDs. You can choose from traditional CDs, no-penalty CDs, and Bump-up CDs.
- FDIC Insured: Synchrony CDs are FDIC insured, up to $250,000.
- Early Withdrawal Penalties: If you withdraw your money before the CD matures, you will be charged an early withdrawal penalty. For CD terms of 12 months or less, the penalty is 90 days of simple interest. For CD terms of more than 12 months but less than 48 months, the penalty is 180 days of simple interest. For CD terms of 48 months or longer, the penalty is 365 days of simple interest.
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How Do Synchrony Bank CD Rates Compare?
Do you want to compare the current Synchrony CD rates to other options? Here are a few other options to consider.
Bask Bank
Earn up to 4.35% APY on Bask Bank CDs
Marcus
Earn up to 4.30% APY on Marcus CDs.
Barclays
Earn up to 4.00% on Barclays CDs.
Pros and Cons of Synchrony Bank CD Rates
Pros of Synchrony CDs
- Competitive Interest Rates: Synchrony has some competitive interest rates on several CD products, including 4.25% on their 13-Month CD.
- No Minimum Deposit Requirements: Some CD products require a minimum deposit; however, Synchrony Bank CDs have no minimum deposit requirements. That means you could deposit $25 or $250,000.
- Variety of Terms: Synchrony offers many different CD terms ranging from three months to 60 months.
- Daily Compounding Interest: Interest on your CD will compound daily and is paid out monthly. You can deposit the interest into your CD or a separate savings account.
- FDIC Insured: Synchrony CDs are FDIC insured up to $250,000.
Cons of Synchrony CDs
- Early Withdrawal Penalties: If you withdraw your money before the CD maturity day, you will be assessed a penalty based on the term length of the CD.
- Low No-Penalty CD Rates: Synchrony Bank CD rates on their no-penalty CDs are lower than some alternatives.
- Limited Option of Specialty CDs: Synchrony only offers one no-penalty CD and one bump-up CD.
- No In-person Banking: Synchrony is an online bank, so if you prefer in-person banking, they do not have branch locations.
How to Open a Synchrony Bank CD
If you’re ready to open a new Synchrony Bank CD, follow these steps:
- Choose which CD you want to open: Synchrony offers various CDs. You’ll need to choose whether you want a traditional, no-penalty, or bump-up CD. You’ll then need to decide what CD term you want.
- Enter Your Personal Information: Once you know the CD you want to open, you’ll begin the sign-up process. You must provide your name, address, Social Security number, and a copy of a government-issued ID.
- Fund Your Account: The final step is to fund your CD. You can do this by transferring funds from another Synchrony account, linking an external account, and completing an ACH transfer, or mailing in a check.
Alternatives to Synchrony Bank CDs
Before deciding to move forward with a Synchrony Bank CD, consider some alternatives.
High-Yield Savings Account: If you’re unsure you want to lock up your money in a CD, you could use a high-yield savings account instead. Many online banks offer great rates, and you’ll always have access to your money. A couple of accounts to consider would be from Forbright Bank and Barclays.
Money Market Accounts: Money market accounts are like high-yield savings accounts, except customers can write checks from the account and have a debit card.
High-Yield Checking Accounts: You can also keep your money in a checking account, where it can earn interest. There are quite a few attractive high-yield checking accounts available.
Another CD: Synchrony offers competitive rates on several CD terms; however, other banks might offer better rates. Check out the best CD rates page to compare rates from different banks.
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