Synchrony Bank CDs rates
Synchrony Bank CDs isn't available on Finder right now.
- 1-year APY
- 4.00%
- 36-month APY
- 3.75%
- 5-year APY
- 4.00%
Our verdict
CDs up to 4.3% APY with no minimum balance requirements.
Synchrony Bank, known for its co-branded credit cards and partnering with fintechs to offer banking services, has some decent certificates of deposit (CDs). With fixed-rate, bump-up and no-penalty options, it’s a solid online bank for finding high APYs and flexible opening deposit requirements. Additionally, Synchrony Bank allows you to withdraw earned interest during the CD term without penalties. But if you prefer in-person support or need to make cash deposits, look elsewhere.
Best for: Those who want flexible opening deposits and high APYs.
Pros
-
High APYs
-
Multiple CD types
-
No minimum opening deposit
-
Withdraw earned interest anytime
Cons
-
Online only
-
No-penalty rates low
Overview of Synchrony CD rates
Synchrony Bank is an FDIC-insured online bank. It’s best known for its co-branded credit cards, offering over 100 options, including store-branded credit cards from Sam’s Club, Lowe’s, PayPal and Verizon.
Synchrony also offers high-yield savings and CDs. You can choose among fixed-rate, no-penalty and bump-up CDs. None have minimum opening deposit requirements, making them a flexible option for nearly anyone looking to lock in high APYs and earn interest.
Synchrony CDs offer daily compounding interest, so you earn more than you would with a monthly or annual compounding CD.
One of the best perks of a Synchrony CD is the option to withdraw earned interest during the CD’s term without penalty, starting six days after opening. You can transfer the interest earnings to a Synchrony Bank High Yield Savings, Synchrony Bank Money Market account or a non-Synchrony account.
The fixed-rate CD rates are pretty solid across the board, with most terms beating national averages by more than double.
| CD term | APY | Minimum deposit |
|---|---|---|
| 3 months | 0.25% | $0 |
| 6 months | 3.70% | $0 |
| 9 months | 4.3% | $0 |
| 12 months | 4% | $0 |
| 13 months | 4% | $0 |
| 14 months | 3.5% | $0 |
| 15 months | 3.5% | $0 |
| 16 months | 3.5% | $0 |
| 18 months | 3.8% | $0 |
| 19 months | 3.5% | $0 |
| 24 months | 3.5% | $0 |
| 36 months | 3.75% | $0 |
| 48 months | 3.5% | $0 |
| 60 months | 4% | $0 |
Other types of CDs
Synchrony also offers no-penalty and bump-up CDs, which is a rarity among banks. However, the terms are very limited — you only have one option for each.
The no-penalty CD option lets you withdraw your earned interest and deposit before the CD has matured without early withdrawal penalties.
If rates rise during your existing term, the bump-up CD option lets you “bump up” your rate to the newer, higher one once per term.
| CD type | APY | Minimum deposit |
|---|---|---|
| 11 Months, No Penalty | 0.25% | $0 |
| 24 Months, Bump Up | 3.00% | $0 |
More about Synchrony’s CDs: Deposits, fees and details
| What it is | Details | How it compares |
|---|---|---|
| Minimum deposit | $0 | Great, most banks require at least $1,000 to open a CD. |
| Term range | 3 to 60 months | Wide range of options, even offers 12, 13, 14, 15 and 16-month terms. |
| Early withdrawal penalties |
| Similar to most competitors, though most max early withdrawal penalties to 180 days of earned interest. |
| Grace period | 10 days after the maturity date | Typical, most banks have a seven to 10-day grace period. |
Cashout and rollover details
Synchrony sends a maturity notice 30 days before the maturity date, followed by a 10-day grace period beginning on the CD’s maturity date.
During the grace period, you can add more funds to your CD, withdraw your earnings and deposit or change the term. If you don’t withdraw your earnings or make any changes, Synchrony automatically renews the CD for the same term at the current rate. If your CD is renewed, Synchrony sends you a renewal letter after the grace period ends.
Customer reviews
| BBB accredited | No |
|---|---|
| BBB rating | NR |
| BBB customer reviews | 1.06 out of 5 stars, based on 2,682 customer reviews |
| Trustpilot score | 1.1 out of 5 stars, based on 889 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 26,000 customer reviews |
| Customer reviews verified as of | 03 December 2024 |
Synchrony isn’t rated by the Better Business Bureau (BBB) and has nearly 8,000 complaints. It also has two unverified Trustpilot profiles, one with with a 1.1 and one with a 1.8-star rating.
The majority of Synchrony’s reviews and complaints focus on its co-branded credit cards. Synchrony takes time to respond to these complaints, which include frustration over credit limit decreases and declined increases.
More specifically, multiple complaints mention Synchrony’s practice of “balance chasing,” where a customer’s credit limit is lowered after paying down their balance. Synchrony’s responses to these complaints seem to confirm the reduced credit limits after paying down balances.
But overall, there’s really no talk on review platforms about Synchrony’s high-yield accounts or CDs. A few threads on Reddit mention Synchrony CDs, most of which are users just comparing rates from Synchrony and other banks, often remarking that Synchrony’s rates are high.
What do people on Reddit say?
How Synchrony’s CDs and rates compare
Synchrony CD rates are competitive, and with no opening deposit requirements, they’re hard to beat. You could open a Synchrony CD with as little as $1, while most other banks require a minimum of at least $1,000.
Another unique perk worth calling out again is the ability to withdraw interest earnings during your CD’s term, starting six days after you’ve opened the account. There are no penalties to do this, but expect to lose some compounding interest if you withdraw interest earnings before the term ends.
And lastly, Synchrony’s CD rates are significantly higher than national averages. The highest rate available with Synchrony is a 4.3% APY with its 9-month term. The average rate on a 6-month CD is 1.68% and 1.84% on 12-month terms, as reported by the FDIC.
While Synchrony’s rates are high and its deposits are flexible, it is an online bank and may not be ideal for those who prefer cash deposits or in-person support.
Compare Synchrony to competitor rates
Narrow down top CDs by APY and minimum deposits to find the best one for your financial goals. Select Compare for up to four products to see their benefits side by side.
What is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
Your reviews
Bethany Finder
Editor, Banking
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