Synchrony Bank CD

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in CD Accounts from Synchrony Bank · Member FDIC

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Highlights
Minimum Opening Deposit	Starting at $2,000
Certificate Term	3 months 6 months 9 months 12 months 13 months 15 months 18 months 2 years 3 years 4 years 5 years
APY (Annual Percentage Yield)	0.15% - 0.80%

Synchrony Bank CD Review

Synchrony Bank CD is offered by Synchrony Bank, a bank founded in 1932 and based in Bridgewater, NJ. Synchrony Bank CD is available in 50 states (and Washington, DC).

Key Takeaways

Small selection of CD account types. Synchrony CD only offers traditional and IRA CDs.
Very high APY. This account offers an annual percentage yield of up to 0.80%, which is much higher than the national average for a CD account.
$2,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
Wide selection of CD terms. Synchrony CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Synchrony Bank CD

Pros	Cons
FDIC insured. Multiple CD terms available. Available in all 50 states. High-interest yield.	There isn't a no-penalty CD option.

Synchrony Bank CD FAQ

Are cd accounts from Synchrony Bank federally insured?

Yes, your Synchrony Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #27314). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does Synchrony Bank offer?

Synchrony CD provides the following types of CDs.

Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Synchrony CD offers a CD that is specifically for retirement.

What CD rates does Synchrony Bank offer on its CDs?

Synchrony CD offers an APY starting at 0.15% and ranging up to 0.80%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What terms does Synchrony CD offer?

Synchrony Bank offers CD terms of the following lengths:

Synchrony Bank CD Rates & Terms
Description
APY (Annual Percentage Yield)	0.15% - 0.80%
3-Month APY	0.15%
6-Month APY	0.25%
12-Month APY	0.60%
2-Year APY	0.65%
3-Year APY	0.70%
4-Year APY	0.70%
5-Year APY	0.80%

What is the minimum deposit to open a CD account with Synchrony Bank?

Synchrony CD requires a minimum deposit of $2,000 to open an account.

What is the grace period for Synchrony CD?

There is a 10-day grace period for Synchrony CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Synchrony CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Synchrony Bank does not charge an early withdrawal fee.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.