Synchrony Bank CD Rates: Up to 4.20% APY
When you buy something using links found on our site, we may earn a small affiliate commission. This content is reviewed & supervised by The Los Angeles Times Commerce Team.
Advertiser Disclosure

On This Page

On This Page

Synchrony Bank CD Rates for November 2024

  • Synchrony Bank CD rates range from 0.25% APY to apy% APY.
  • Exact rates depend on the market, the type of CD you choose and the CD term.
  • Synchrony offers standard CDs, bump-up CDs and no-penalty CDs.
  • Rates are competitive and typically meet or exceed rates offered by Capital One, Marcus and Ally.
  • Synchrony CD terms range from three months, The 12-month term offers the highest APY of apy%.
Advertiser Disclosure

Synchrony Bank 12-month CD

LEARN MORE
FDIC Insured
rates_last_updated
APY
disclosure
apy%
Term Length
12 months
Minimum Opening Deposit
min_deposit
Why We Like It

Editor's take

The Synchrony 12-month CD offers a higher APY than their other CD options. It’s also competitive with many banks, which makes it a solid choice if you’re looking to grow your savings without a long-term commitment. There’s no minimum balance, so it’s accessible for anyone ready to set aside money for a year.

Interest compounds daily and is credited monthly, so your balance steadily grows. While you can’t add funds during the term, there’s a 10-day grace period after maturity where you can renew, add more, transfer, or withdraw your money. Just remember that if you need to access your funds early, there’s a penalty of 90 days’ interest.

Overall, if you’re seeking a secure, short-term savings option, the Synchrony 12-month CD provides an easy and rewarding way for you to build your savings.

PROS

  • Highest APY among Synchrony CD options
  • No minumum deposit
  • Multiple CD terms available

CONS

  • No physical branches
  • Doesn’t accept cash deposits

Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com/members for current rates, terms and account requirements. Member FDIC

Synchrony Bank CD rates

Synchrony certificates of deposit have terms ranging from as little as three-month CDs to as long as five years. Interest rates are competitive across the board, but the exact percentages vary.

One major perk is that rates are offered regardless of how much you deposit. You don’t have to meet a funding threshold to receive a favorable rate; Synchrony has no minimum deposit requirement at all.

Here’s a category-by-category look at Synchrony Bank CD rates today.

Standard CDs

Synchrony’s standard CDs have fixed interest rates and no minimum balance requirements. The 12-month term offers the highest rate of apy% APY.

Standard Synchrony CD rates

Term length APY*
3 months 0.25%
6 months 3.90%
12 months apy%
18 months 4.15%
24 months 3.90%
36 months 3.90%
48 months 3.90%
60 months 4.00%

*APYs are correct as of October 2024.

▶︎ Learn More about Synchrony

Bump-up CDs

While most CD interest rates are considered set in stone for the duration of the CD’s term, bump-up CDs offer you a chance to increase your return. If the bank boosts the APY for its bump-up CDs at any time during your initial two year investment term, you have a one-time opportunity to ask for a rate increase to match.

Synchrony’s 24-month bump-up CD offers 3.00% APY and has no minimum balance requirement.

No-penalty CDs

While most CDs levy penalties on investors who choose to withdraw money or close the CD before it reaches maturity, Synchrony’s no-penalty CD does away with those fees. But fee-free access to the money you stick into a CD comes at a cost. For the 11-month term, you’ll receive a modest 0.25% APY.

Synchrony Bank CD rates: What you need to know

Before you funnel your extra dough into a Synchrony Bank CD, take a moment to get to know how CDs work, what kind of return you can expect and what protections are in place to help safeguard your money.

Are Synchrony Bank CDs safe?

Synchrony Bank CDs are safe for two reasons:

How interest is compounded

Synchrony CD rates compound daily. The more often interest is compounded, the more you stand to earn on top of your original deposit amount. Even better, compounded interest is calculated using each day’s new account total. This is different from simple interest, which only takes your account principal into account.

Although interest is earned daily, it’s added to your monthly statement once at the end of every cycle.

Early withdrawal penalties

Unlike a transactional account, such as your standard savings or checking account, you’re not meant to make additional deposits or withdrawals after the CD is funded.

Ideally, you open the CD and then wait until the CD has matured, or reached the end of its term, to collect your funds. If you need to withdraw money early, you may be subject to early withdrawal penalties.

The amount you’ll pay in fees depends on how much you withdraw.

With Synchrony, the penalty tiers are as follows:

You can avoid early withdrawal penalties by opting for Synchrony Bank’s no-penalty CD. However, that flexibility will cost you in terms of interest, with no-penalty rates hovering at just 0.25%.

Keep in mind that Synchrony has a 10-day grace period when a CD matures. This is a window of time during which you can withdraw your funds before the CD automatically renews and you’d have to pay a penalty to retrieve your money.

▶︎ Learn More about Synchrony

How much can you earn with a Synchrony Bank CD?

The amount of money you can earn with a Synchrony Bank CD depends on several factors, including how much money you deposit, what interest rate you have and the length of your CD’s term.

For instance, Synchrony Bank’s six-month CD rates won’t be the same as the rates for a CD with a shorter or longer term. And if you withdraw money early, that will affect your final total.

One way to maximize your ROI while maintaining some financial flexibility is to build a CD ladder.

With this strategy, you open several CDs with terms of various lengths. As the short-term CDs mature, you have access to funds and can either pay bills or reinvest that money in more short-term CDs. Meanwhile, your longer-term CD investments are still earning silently in the background, undisturbed.

Amount earned with a Synchrony Bank CD on a $10,000 initial deposit

Term length APY Interest earned Total account balance at maturity
3 months 0.25% $6 $10,006
6 months 3.90% $193 $10,193
12 months 4.20% $420 $10,420
18 months 4.10% $620 $10,620
24 months 3.90% $794 $10,794
36 months 3.90% $1,214 $11,214
48 months 3.90% $1,651 $11,651
60 months 4.00% $2,165 $12,165

APYs are correct as of October 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.

Is a Synchrony Bank CD right for me?

Synchrony Bank CDs are a widely accessible investment option suitable for both novice and experienced investors.

With features like no minimum deposit, no monthly fees and terms ranging from just a few months to several years, it’s easy to choose the product that best suits your needs. CDs are also low risk, so you won’t have to worry about losing your cash if the market wobbles and interest rates veer off track.

On the other hand, Synchrony’s CD portfolio does not include jumbo CDs (CDs with a $100,000 minimum deposit) or CDs with terms exceeding five years. Therefore, consumers looking for long-term investments or interest-earning possibilities for larger amounts might want to explore alternatives.

Pros and cons of Synchrony Bank CDs

To make the decision-making process easier, see all our info about Synchrony Bank CDs in this list of pros and cons.

Pros
  • Low-risk investment that allows for worry-free earning opportunities
  • Wide-range of CD terms means you can build a CD ladder or choose a single CD for a short- or long-term investment
  • Interest rates are competitive and locked in for the duration of the CD
  • Interest is compounded daily to maximize earning potential
  • Synchrony CDs have no minimum balance requirement and no monthly fees
Cons
  • CDs are closed accounts, and you may incur a penalty for withdrawing funds before the CD matures
  • Synchrony is an online bank with only five physical branches and few in-person transaction options
  • Synchrony Bank doesn’t offer jumbo CDs or CD terms longer than five years

▶︎ Learn More about Synchrony

How to open a Synchrony Bank CD

It only takes a few minutes to open a Synchrony Bank CD. Because Synchrony is mostly an online institution with only five brick-and-mortar locations, it’s best to use the bank’s website to fill out an application.

You’ll likely be asked to provide the following information (and, in some cases, a copy or digital image or certain documentation):

How do CD rates from Synchrony Bank compare?

Synchrony Bank CDs compare favorably to CDs from other banks due to competitive interest rates, no minimum deposit requirements and no fees. You have plenty of term lengths to choose from, and specialty products like bump-up and no-penalty CDs give you even more ways to earn and save money.

But Synchrony’s commitment to accessibility falls a little short when it comes to high-end investment opportunities. You won’t find jumbo CDs or CDs with terms of more than five years here. Still, it’s hard to ignore how Synchrony’s rates stack up against other big institutions.

Synchrony Bank CD rates vs. Capital One 360

Term Synchrony Bank CD rates Capital One 360 CD rates
6 Month 3.90% 4.25%
12 Month apy% 4.50%
24 Month 3.90% 4.00%

*Figures are correct as of October 2024.

Synchrony Bank and Capital One 360 offer comparable CD rates, but Capital One edges ahead with its slightly higher rates on six-month, 12-month and 24-month CDs. Synchrony, however, provides the advantage of daily compounding interest, compared to Capital One’s monthly compounding.

Synchrony Bank CD rates vs. Marcus CD rates

Term Synchrony Bank CD rates Marcus CD rates
6 Month 3.90% 4.30%
12 Month apy% 4.20%
24 Month 3.90% 3.90%

*Figures are correct as of October 2024.

Marcus offers slightly higher rates on six-month CDs compared to Synchrony. However, Marcus requires a minimum deposit of $500, whereas Synchrony allows you to open a CD with no minimum deposit.

Synchrony Bank CD rates vs. Ally CD rates

Term Synchrony Bank CD rates Ally CD rates
6 Month 3.90% 4.60%
12 Month apy% 4.25%
24 Month 3.90% N/A

*Figures are correct as of October 2024.

Both Synchrony Bank and Ally Bank offer competitive CD rates. Ally typically has a slight advantage for short-term CDs. For 12-month CDs, their rates are usually very close, while Synchrony often has better rates for longer-term CDs. Additionally, Synchrony’s daily interest compounding can lead to slightly higher returns compared to Ally’s monthly compounding.

▶︎ Learn More about Synchrony

Other ways to save at Synchrony Bank

While Synchrony’s CD rates can be a tempting option for consumers interested in building a nest egg, the institution also has other ways it can help you grow your money.

High-yield savings account

Synchrony Bank offers high-yield savings accounts with interest rates of apy% APY. These accounts carry a host of benefits, including no minimum deposit, no minimum balance requirement and absolutely zero monthly fees. If you’re likely to need funds before a CD term ends, you may want to consider a savings account rather than a CD, as you can access funds without incurring an early withdrawal penalty.

Money market account

Money market accounts (MMAs) are an attractive product because they offer consumers the flexibility of a checking account meshed with the opportunity to amplify savings.

Synchrony Bank’s MMAs come with a number of key benefits:

Money market accounts at Synchrony come with a 2.25% APY, with no minimum deposit, minimum balance or monthly fees.

IRA CD and IRA money market account

IRA CDs are certificates of deposit that earn interest, just like a regular CD, but the interest is tax-deferred until the account holder retires. That’s a marked difference from the way the IRS views a typical CD. Usually, CDs are taxable and any interest you earn there must be declared as regular income in the same tax year in which that interest is earned.

IRA money market accounts are also tax-deferred. You make your initial deposit through a traditional or Roth IRA and pay income taxes on any interest earned either when you withdraw money (if you have a traditional IRA) or never (if you have a Roth IRA).

With a money market IRA, you can save for retirement without losing access to your money, and that kind of liquidity can be priceless. These accounts also have a distinct advantage over CDs in that you can add more money at any time.

Synchrony Bank IRA CD rates vary just like regular CD rates. Currently, an IRA CD with a 12-month term has an interest rate of 4.50% APY. Money market IRAs at Synchrony have a lower interest rate of 2.25% APY.

Our top picks for the best CDs

FAQ: Synchrony Bank CD rates

What is the highest CD interest rate Synchrony Bank offers right now?

The 12-month term offers the highest APY of apy%.

Does Synchrony Bank offer 6% APY on a CD?

Synchrony Bank does not currently offer 6% APY on a CD. You may find a 6% CD rate at some credit unions, but there may be minimum deposit requirements as well as other restrictions related to credit union membership.

Does a Synchrony Bank CD come with fees?

Synchrony Bank CDs do not come with any fees, and there aren’t any minimum deposit requirements. However, you may be given a penalty if you choose to withdraw money from your CD before your investment reaches its date of maturity.

Can I close a Synchrony Bank CD early?

If you choose to close your CD early, you may be subject to Synchrony Bank’s early withdrawal penalty schedule. Under this policy, money withdrawn from a CD before the CD’s maturity date may be assessed fees equivalent to a percentage of the interest earned. Synchrony’s penalties are tiered according to the type of CD you have.

Is Synchrony Bank available in every state?

Synchrony Bank only has five physical branches, including one location each in Georgia, Utah, North Carolina, New Jersey and Kansas. But the bank has an expansive online presence, and consumers in other areas of the United States can sign up for CDs and other Synchrony products online regardless of whether they’re near a brick-and-mortar location.

About the Author

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

BACK TO TOP