Updated
Fact Checked
Eric McWhinnie
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.
Synchrony Bank CD rates for 2024
Rates as of April 25, 2024
APY = Annual Percentage Yield
Synchrony Online CD
Bottom Line
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.
MINIMUM DEPOSIT $0
| 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% | 5.25% | 4.80% | 4.50% | 4.20% | 4.15% | 4.00% | 4.00% |
Compare Synchrony Bank CD rates
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.
Rates as of April 25, 2024
| 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 |
Overview of Synchrony Bank CDs
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 |
Data source: Synchrony Bank.
Pros and Cons of Synchrony Online CDs
Pros
- Competitive APYs
- Wide range of terms
- No minimum deposit requirements
Cons
- No CD terms longer than five years
How much can you earn with a Synchrony Bank CD?
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 |
Data source: Author's calculations.
Is a Synchrony Bank CD safe?
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.
How to open a Synchrony Bank CD
It's not hard to open a CD with Synchrony Bank. Here are the steps you'll take.
1. Log into your Synchrony Bank account
Or if this will be your first-ever account with the bank, choose that option.
2. Provide personal information
Synchrony Bank will need your name, contact information, Social Security number, and date of birth.
3. Choose your term
You've got 16 options to choose from.
4. Fund your CD
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.
Who is a Synchrony Bank CD right for?
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.
Other Synchrony Bank CD accounts
Synchrony Bank also offers the following CD accounts:
- IRA CDs
- Bump-up CDs
- No-penalty CDs
Bottom line: Synchrony Bank CD rates
Rates as of April 25, 2024
APY = Annual Percentage Yield
Term
Synchrony Online CD
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
4.80%
5.25%
4.80%
4.50%
4.20%
4.15%
4.00%
4.00%
Keep reading about Synchrony Bank:
Our CDs methodology
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.
FAQs
-
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.
Our Banking Experts
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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