Synchrony Bank CD Rates for October 2024
Written by
Sarah Sharkey
Edited by
Elizabeth Constantineau
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Saving money is an important habit to build. But as you build your savings, where you choose to store your money matters. If you are comfortable giving up access for a set amount of time, you can lock in a higher interest rate through a certificate of deposit. However, not all CDs offer enticing returns. Synchrony Bank offers several appealing CD options. Keep reading to learn more about Synchrony Bank CD rates.
What Are the Current Synchrony Bank CD Rates?
Synchrony Bank offers four different types of CDs, all with different rates. Here is a look at each.
Synchrony Bank Standard CD Rates
Synchrony Bank’s standard CDs come in 14 different term lengths. Without any minimum deposit requirements, you can start saving right away. Here are the current CD rates:
| Term Length | APY |
|---|---|
| 3 months | |
| 6 months | |
| 9 months | |
| 12 months | |
| 13 months | |
| 14 months | |
| 15 months | |
| 16 months | |
| 18 months | |
| 19 months | |
| 24 months | |
| 36 months | |
| 48 months | |
| 60 months |
Keep in mind that you can withdraw your interest funds at any time. However, you will encounter an early withdrawal penalty if you withdraw the principal funds early. This penalty ranges from 90 days of simple interest to 365 days of simple interest, depending on your CD term length.
Synchrony Bank No-Penalty CD Rate
If you want to avoid early withdrawal penalties, Synchrony Bank offers a no-penalty CD. You’ll only find one term option of 11 months, with a APY. Hopefully, you can leave the funds untouched to earn the most interest possible. But if you need to tap into these funds, you won’t have to give up any of the interest you’ve earned.
Synchrony Bank Bump-Up CD Rate
Synchrony Bank offers one bump-up CD option. The idea is that you can ask for a one-time rate increase if interest rates rise. With that, you can ensure you’ll be able to take advantage of higher interest rates down the line. But if those higher interest rates never materialize, you’ll still have your funds locked in a CD earning an attractive rate.
This bump-up CD account comes with a APY and a 24-month term. You can only request a rate increase once over the term of this product. But if rates rise dramatically, the opportunity to tap into a higher rate can be a game changer.
Synchrony Bank IRA CD Rates
Tucking funds into an individual retirement account now can set you up for retirement in the future. If you want to push your funds into an IRA, Synchrony Bank offers IRA CD options. Before stashing your funds in an IRA CD, confirm you won’t need access to the money until you hit retirement age. If you need access to the funds early, you could face an early withdrawal penalty and a penalty from the IRS.
Thanks!
Here’s a breakdown of the IRA CD rates through Synchrony Bank:
| Term Length | APY |
|---|---|
| 3 months | |
| 6 months | |
| 9 months | |
| 12 months | |
| 13 months | |
| 14 months | |
| 15 months | |
| 16 months | |
| 18 months | |
| 19 months | |
| 24 months | |
| 36 months | |
| 48 months | |
| 60 months |
Synchrony Bank CD Rates vs. Other Options
Careful savers can get the most bang for their buck by shopping around for top CD rates. The national average for interest rates on savings accounts is 0.46%. That means almost all of the products available through Synchrony Bank offer rates that are significantly higher. In fact, some of the rates available through this bank are over 10 times higher than the national average savings rate.
While it’s undeniable that Synchrony Bank is offering worthwhile CD rates, it never hurts to shop around before opening an account. For example, you can find a APY on a 12-month CD from Marcus by Goldman Sachs, Member FDIC. But be prepared to commit to a $500 minimum deposit requirement. Take some time to shop around for the CD that best suits your needs.
Other Savings Opportunities
A CD isn’t the right fit for everyone. Many savers would prefer to maintain regular access to their stash. And that’s OK! If a more liquid option better suits your needs, a high-yield savings account might be the right choice.
With a high-yield savings account, you can tap into a relatively high interest rate without giving up access to your savings. Synchrony Bank offers a high-yield savings account with a APY that doesn’t come with a monthly fee or minimum balance requirement. Explore all of your options if you’d prefer to tuck your savings into a high-yield savings account.
The Bottom Line
If you’ve taken the time to build savings, finding the top CD rates can help you put your hard-earned money to work for you. Synchrony Bank offers some useful CD options for savers. But don’t overlook your other options when selecting the perfect CD for your funds.
FAQ
Here are the answers to some of the most frequently asked questions regarding CD rates.- What is Synchrony Bank's 12-month CD rate?
- Synchrony Bank’s 12-month CD has an APY of 4.40%.
- Who has the highest 12-month CD rate?
- Bask Bank, First Internet Bank and Bread Savings are offering some of the highest rates for 12-month CDs.
- What bank is paying the highest interest rate on a CD?
- Some of the best rates for CD accounts can be found at Barclays Bank, Bask Bank, Capital One and EverBank. Keep in mind that rates vary based on the term length and can change periodically.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 25, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- FDIC. 2024. "National Rates and Rate Caps."
