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Synchrony Bank CD Rates for December 2022

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Synchrony Bank CD rates are among the best you'll find in an online CD. While opening a Synchrony Online CD does requires a larger deposit than some top online banks, Synchrony allows customers to withdraw interest earnings -- penalty-free -- before the CD matures. Here's a closer look at CD rates for Synchrony Online CDs, how Synchrony's CDs stack up to other banks, and who should open a CD through Synchrony.

Synchrony Bank CD rates for December 2022

Synchrony Online CD
  • 1 Year APY: 4.15%
  • 2 Year APY: 4.30%
  • 3 Year APY: 4.30%
  • 4 Year APY: 4.30%
  • 5 Year APY: 4.30%
Rates as of Nov. 30, 2022
Term
Synchrony Online CD
1 Year
2 Year
3 Year
4 Year
5 Year
4.15%
4.30%
4.30%
4.30%
4.30%

Compare Synchrony Bank CD rates

Synchrony Online CD rates are competitive with the competition, including beating many high-yield options in the market. Nevertheless, you may find the best CD rates elsewhere -- sometimes without a high deposit requirement.

Rates as of Nov. 30, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
4.00%
4.10%
4.15%
4.20%
4.25%
$2,500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
4.15%
4.30%
4.00%
4.00%
3.80%
$500
Yes

Synchrony Bank CD review

If you like the idea of withdrawing CD interest before your CD matures, the Synchrony Online CD may be a good choice for you.

Synchrony Online CD

PROS

  • Competitive rates
  • Wide range of terms
  • No fees

CONS

  • Higher deposit requirement than other banks

Synchrony Online CDs are available in 12 CD terms, ranging from three months to five years. Opening a CD with this bank requires a $2,000 minimum deposit. That isn't the highest requirement we've seen, but is more than what's required by many top banks. Customers who fund their CD within 15 days of opening can lock in an even higher rate if it increases during that time. 

Like most CDs, there are no monthly fees, but customers are subject to penalties for withdrawing their money before reaching maturity. Synchrony charges early-withdrawal fees up to one year's worth of simple interest, depending on the CD term.

Account holders can withdraw paid interest at any time without penalty. Interest compounds daily and is credited monthly. CDs automatically renew after a 10-day grace period following maturity. Customers have the option during this time to withdraw or add funds or change CD terms. 

Other Synchrony CD accounts

Synchrony also offers the following CD account:

  • IRA CDs

FAQs

  • Synchrony CDs are perfect for individuals with $2,000 or more to put into a high-yield CD account. With 12 CD terms, including eight terms under two years, Synchrony CDs are ideal for CD ladders. What is CD Laddering? See if this is the right strategy for your portfolio.

  • Synchrony CDs offer competitive rates that are among the best in the business. Customers also have access to interest earnings at any time during the CD term.

  • A Synchrony CD is worth it if you have $2,000 or more to invest in a CD account for at least three months. Like any CD, it's best to only deposit money you don't need access to during the CD term, so you avoid costly penalties.

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