Synchrony Bank CD rates July 2024
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Updated 11:13 a.m. UTC July 11, 2024
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Synchrony Bank is an online financial institution with multiple certificates of deposit (CDs) available. The bank doesn’t require a minimum balance, meaning new savers can get going quickly and take advantage of competitive yields.
Annual percentage yields (APYs) and account details are accurate as of July 3, 2024.
Overview of Synchrony Bank certificates of deposit
One of the main benefits of choosing a Synchrony Bank CD is that there are no minimum deposit requirements, allowing you to get higher rates with any amount. Here are the options to choose from:
- The Synchrony Bank Bump-Up CD lasts 24 months and earns a 3.60% APY. If the rate for this CD increases at any point, you can bump up to the new rate one time during your term. If you’ve been hesitating to open a CD in case rates go higher, this option from Synchrony gives you some unique flexibility to access the best CD rates before your current account matures.
- Synchrony Bank certificates of deposit are the standard option, offering terms from 3 to 60 months, with rates varying based on the length you pick.
- The Synchrony Bank No-Penalty CD is on par with the best no-penalty CDs on the market today. The term lasts 11 months with a 0.25% APY. Once the initial six-day window passes, you can withdraw funds anytime without sacrificing any interest that has already accrued.
| OVERVIEW | |
|---|---|
Minimum deposit
| $0
|
Term lengths
| 3, 6, 9, 11, 12, 13, 14, 15, 16, 18, 19, 24, 36, 48 and 60 months
|
Compounding schedule
| Daily
|
Early withdrawal penalty
|
|
Grace period for penalty-free withdrawals after maturity
| 10 days
|
How much can you earn with Synchrony Bank CDs
The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.
| TERM | APY |
|---|---|
3 months
| 0.25%
|
6 months
| 4.80%
|
9 months
| 4.90%
|
11 months – No penalty CD
| 0.25%
|
12 months
| 4.80%
|
13 months
| 5.15%
|
14 months
| 5.00%
|
15 months
| 4.50%
|
16 months
| 4.00%
|
18 months
| 4.50%
|
19 months
| 4.00%
|
24 months
| 4.20%
|
24 months – Bump-up CD
| 3.60%
|
36 months
| 4.15%
|
48 months
| 4.00%
|
60 months
| 4.00%
|
With our CD calculator below, you can run the numbers to see how much you’d earn.
How Synchrony Bank CD rates compare
Synchrony Bank’s 12-month CD is among the top one-year CD rates out there, especially since you don’t need a four-figure minimum deposit to get started. However, Synchrony doesn’t offer jumbo CDs. It’s also missing terms beyond five years. To lock in a longer term, you’ll need to explore other options, such as the best 10-year CD rates. Compare rates from the following below: Capital One 360 certificates of deposit, Sallie Mae certificates of deposit and Edward Jones certificates of deposit.
| TERM | SYNCHRONY BANK CD RATES (APY) | CAPITAL ONE 360 CD RATES (APY) | SALLIE MAE CD RATES (APY) | EDWARD JONES CD RATES (APY) |
|---|---|---|---|---|
6 months
| 4.80%
| 4.25%
| 4.80%
| 5.40%
|
12 months
| 4.80%
| 5.00%
| 5.15%
| 5.30%
|
24 months
| 4.20%
| 4.00%
| 4.50%
| 5.00%
|
How to open a Synchrony Bank CD
Synchrony Bank offers a completely online application process for opening any CD. When opening a bank account you will need your physical address, email address, employer and occupation. You’ll also need to be able to fund the account during the application.
Once you choose your CD, you can fund your account with a transfer from either an existing Synchrony account or an external account from another financial institution. You can also transfer funds from another CD that is within 30 days of maturing or within 10 days after its maturation date.
Alternatives to CDs at Synchrony Bank
Synchrony Bank offers two other savings vehicles that offer more flexibility than CDs.
The first is the Synchrony Bank High Yield Savings. It comes with a competitive 4.75% APY, and doesn’t charge fees. That keeps your money more liquid than in a CD, although the rate could fluctuate.
Secondly, the Synchrony Bank Money Market Account comes with a 2.25% APY. It’s similar to a savings account except that you can also write checks directly from the money market. With both accounts, you can add more funds to grow your balance even more.
Frequently asked questions (FAQs)
There are no physical Synchrony Bank branches, but you can live in any state and apply for an online account. Basic eligibility requirements include being a U.S. person, having a valid U.S. residence (military addresses also work) and having a Social Security number or Tax Identification Number.
Yes, Synchrony Bank solely operates as an online bank. However, in addition to completing an online application, you can also apply over the phone or with a paper application.
In terms of access, you can always log into your account 24/7, either online or through the mobile app. Synchrony also reimburses ATM fees up to $5 per statement.
A CD ladder lets you balance locking in higher rates while still keeping cash available on an ongoing basis. Here’s how it works. Instead of placing all of your savings in one CD, you spread it out over multiple CDs with different maturity dates. As one matures, you can either access the cash if you need it, or roll it into another CD. Eventually, you’ll have a CD maturity at set intervals, such as every six months or year.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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