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Synchrony Bank CD rates are among the best you'll find in an online CD. And CDs offered by Synchrony Bank can be a great fit for beginning savers, since you can open a CD through Synchrony Bank with no minimum deposit requirement and withdraw interest earnings -- penalty free -- before the CD matures.
Here's a closer look at CD rates for Synchrony Online CDs, how Synchrony Bank's CDs stack up to other banks, and who should open a CD through Synchrony Bank.
APY = Annual Percentage Yield
Perhaps one of the lesser-known names on the list, Synchrony is a full-line bank with a 90-year history. Synchrony's CDs are notable for competitive rates at most term lengths, plus low or no minimum deposits.
6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|---|
4.80% | 4.90% | 4.80% | 4.50% | 4.20% | 4.15% | 4.00% | 4.00% |
Synchrony Online CD rates are competitive with offerings from other banks, including beating many high-yield options in the market. Nevertheless, you may find the best CD rates elsewhere -- sometimes with long CD term lengths.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
If you like the idea of withdrawing CD interest before your CD matures, the Synchrony Online CD CD may be a good choice for you. Here are a few more details about your CD options at Synchrony Bank.
Minimum Deposit | $0 |
---|---|
Range of Term Lengths | 3 months to 5 years |
Compounding Schedule | Daily (and paid monthly) |
Early Withdrawal Penalty | 90 days of simple interest (terms of 12 months or less); 180 days of simple interest (terms of 12-48 months); 365 days of simple interest (terms of 48 months or more) |
Grace Period | 10 days |
Interest rates on bank accounts of all kinds fluctuate, but the great thing about CDs is that when you open one, you're locking in the rate for the duration of the term.
This table shows an example of how much you could earn if you put $1,000 into a Synchrony Bank CD at common rates and terms, and don't withdraw earned interest over time.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
Term | APY | Earnings |
---|---|---|
3 months | 0.25% | $0.62 |
6 months | 5.15% | $25.43 |
9 months | 4.90% | $36.53 |
12 months | 4.80% | $48 |
18 months | 4.50% | $68.25 |
24 months | 4.20% | $85.76 |
36 months | 4.15% | $129.74 |
48 months | 4.00% | $169.86 |
60 months | 4.00% | $216.65 |
It's a wise idea to ensure any bank you do business with is covered by FDIC insurance. CDs are guaranteed for up to $250,000 per account holder in the event of bank failure. Thankfully, Synchrony Bank is a member of the FDIC and its accounts are insured.
It's not hard to open a CD with Synchrony Bank. Here are the steps you'll take.
Or if this will be your first-ever account with the bank, choose that option.
Synchrony Bank will need your name, contact information, Social Security number, and date of birth.
You've got 16 options to choose from.
There is no minimum deposit requirement, but you will need to deposit something. You can transfer money from an existing Synchrony Bank account or from another bank.
Synchrony Bank CDs are perfect for individuals with extra funds they won't need to access for a predetermined period. With CD terms from three months to five years, there's a CD to fit almost anyone's timeline. Just be wary of early withdrawal penalties, as they can be as high as a year's worth of simple interest on longer terms.
With 16 CD terms, including 11 terms under two years, Synchrony Bank CDs are ideal for flexible savings through a CD ladder. And if you're hoping to generate some regular income with your CDs, you can withdraw earned interest from a Synchrony Bank CD on a monthly basis.
Synchrony Bank also offers the following CD accounts:
APY = Annual Percentage Yield
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
There is no minimum deposit required for a CD at Synchrony Bank.
There are no fees with a Synchrony Bank CD, unless you close the account before the term is up. Then you'll be assessed a fee of 90, 180, or 365 days' worth of interest, depending on how long the CD term was.
You certainly can, but expect to pay a fee of anywhere from three months to a full year of interest on your money.
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