Everything You Need To Know About Synchrony Bank CD Rates


If you're considering investing in a certificate of deposit (CD), you'll want to shop around to find the best rates. One option you may come across is Synchrony Bank, an online-only bank that offers a range of CD products. In this article, we will explore Synchrony Bank CD rates, how they compare to other banks, and whether they fit your financial needs.

Synchrony Bank Cd Rates

Synchrony Bank offers CDs with terms ranging from 3 months to 5 years. The longer the term of the CD, the higher the interest rate you'll typically earn. Synchrony Bank also offers special CD promotions from time to time, which may offer higher rates for a limited time.

Synchrony Bank CD Rates Comparision To Other Banks

Synchrony Bank CD rates are generally competitive with other online banks, but better rates may be available. To get a sense of how Synchrony Bank CD rates compare to other banks, you can use a tool like Bankrate's CD rate comparison tool. This tool allows you to compare CD rates from different banks based on the term of the CD and the amount you invest. Synchrony Bank CDs are FDIC insured, which means that the full faith and credit of the U.S. government backs your investment. FDIC insurance protects your investment up to $250,000 per depositor, per bank. By carefully considering your options and comparing CD rates from different institutions, you can find the best CD for your needs and goals.

This means that if Synchrony Bank were to fail, your CD investment would be safe up to this limit.

Pros And Cons Of Synchrony Bank Cds

There are pros and cons when deciding whether to invest in Synchrony Bank CDs. Some of the pros include:

  • FDIC insurance: As mentioned above, Synchrony Bank CDs are FDIC-insured, providing security for your investment.
  • Competitive rates: Synchrony Bank CD rates are generally competitive with other online banks, making them a good option for those looking to earn a decent return on their investment.
  • Online convenience: As an online-only bank, Synchrony Bank offers the convenience of opening and managing your CD account entirely online.

There Are Also A Few Potential Cons To Consider:

  • Limited branch access: Because Synchrony Bank is an online-only bank, you won't have access to physical branches. This may be inconvenient if you prefer to do your banking in person.
  • No ATM access: Synchrony Bank does not have its own ATM network, so you may incur fees for using ATMs from other banks.
  • Minimum balance requirements: Synchrony Bank CD rates are typically only available for larger investments, with minimum balance requirements starting at $2,000. This may be challenging for those with smaller amounts to invest.

Is A Synchrony Bank CD Right For You?

Whether a Synchrony Bank CD is right for you will depend on your financial goals and needs. A Synchrony Bank CD may be a good fit if you are looking for a safe and secure investment with the convenience of online banking. However, if you prefer in-person banking or need the flexibility to access your funds more frequently, consider other options.

It's also important to carefully consider the terms of the CD, including the term length and the minimum balance requirement. Make sure you understand the terms of the CD and how they align with your financial goals before making a decision. If you need help determining whether a Synchrony Bank CD is the right choice, it may be helpful to consult a financial advisor or professional. They can help you understand your options and determine your situation's best course of action.

Other CD Options To Consider

If you're considering investing in a CD, there are many options to choose from. In addition to Synchrony Bank, you may consider CDs from other banks and credit unions and CD alternatives such as bond funds or money market accounts. Some factors to consider when comparing CD options include:


  • Term length: CD terms can range from a few months to several years, so you'll want to consider the term length that best aligns with your financial goals.
  • Minimum balance requirements: Some CDs have minimum balance requirements, so you'll want to consider whether you have the required investment.
  • FDIC insurance: It's important to choose a financial institution that is FDIC insured, as this provides a level of security for your investment.
  • By carefully considering your options and comparing CD rates from different institutions, you can find the best CD for your needs and goals.