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.

Synchrony Bank CD Rates of June 2024

  • Synchrony Bank CD rates range from 0.25% APY to 5.00% APY.
  • Exact rates depend on the market as well as the type of CD you choose and the CD term.
  • Synchrony Bank offers standard CDs, bump-up CDs and no-penalty CDs.
  • Synchrony’s CD rates are competitive, meeting or exceeding rates offered by Capital One, Marcus and Ally.

In a world where the economy can be as unstable as it is confusing, it’s nice to have an investment option that doesn’t feel like tossing pennies into a wishing well and crossing your fingers. 

Synchrony Bank CD rates are proof that putting your savings into a certificate of deposit (CD) nimbly combines stability, reliability and ROI. But how do you know for sure if opening a Synchrony Bank CD is the right move for you?

In this guide, we’ll help you find the best CDs by looking at key topics like:

  • Synchrony Bank CD rates: What you need to know
  • How much can you earn with a Synchrony Bank CD?
  • Is a Synchrony Bank CD right for me?

Our top picks for cd rates

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. That rate is currently 5.00% APY for a 14-month CD, with no minimum balance.

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 CDs offered 3.60% APY, with 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 — in this case, you’ll pay the price by agreeing to a low 0.25% APY. 

Below you can see Synchrony CDs APY against their term length:

CD Term/Type APY Minimum Deposit
3 months 0.25% $0
6 months 4.80% $0
9 months 5.10% $0
11-month no-penalty CD 0.25% $0
12 months 4.80% $0
14 months 5.00% $0
18 months 4.50% $0
24 months 4.20% $0
24-month bump-up CD 3.60% $0
36 months 4.15% $0
48 months 4.00% $0
60 months 4.00% $0

*Figures are correct as of June 2024.

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.

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

CD term APY Interest earned Total account balance at maturity
3 months 0.25% $6.23 $10,006.23
6 months 4.80% $242.05 $10,242.05
9 months 5.10% $389.07 $10,389.07
11-month no-penalty CD 0.25% $22.89 $10,022.89
12 months 4.80% $491.34 $10,491.34
14 months 5.00% $600.47 $10,600.47
18 months 4.50% $697.12 $10,697.12
24 months 4.20% $875.63 $10,875.63
24-month bump-up CD 3.50% $724.55 $10,724.55
36 months 4.15% $1,324.81 $11,324.81
48 months 4.00% $1,733.76 $11,733.76
60 months 4.00% $2,213.61 $12,213.61

*Figures are correct as of June 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.

  • 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
  • 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

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

Synchrony Bank and Capital One 360 have similar CD rates, but Synchrony comes out on top thanks to a superior six-month CD rate that interest compounds daily vs. Capital One’s monthly compounding schedule.

Check out how the rates compare:

Term Synchrony Bank CD rates Capital One 360 CD rates
6 Month 4.80% 4.25%
12 Month 4.80% 4.80%
24 Month 4.20% 4.00%

*Figures are correct as of June 2024.

Synchrony Bank CD rates vs. Marcus CD rates

Marcus edges out Synchrony for six-month and one-year CD rates. However, unlike Synchrony, Marcus requires a minimum $500 deposit.

See how the rates compare:

Term Synchrony Bank CD rates Marcus CD rates
6 Month 4.80% 5.10%
12 Month 4.80% 5.00%
24 Month 4.20% 4.20%

*Figures are correct as of June 2024.

Synchrony Bank CD rates vs. Ally CD rates

Synchrony Bank offers far more CD term lengths and better rates than Ally. With other features like a $0 minimum deposit coming up a tie, Synchrony has a distinct edge.

Here’s how the rates compare:

Term Synchrony Bank CD rates Ally CD rates
6 Month 4.80% 4.40%
12 Month 4.80% 4.50%
24 Month 4.20% N/A

*Figures are correct as of June 2024.

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 4.75% 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 — 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 4.80% APY. Money market IRAs at Synchrony have a lower interest rate of 2.25% APY.

FAQ: Synchrony Bank CD rates

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

Currently, the highest CD rate at Synchrony Bank is 5.00% APY for a 14-month certificate of deposit. As with all Synchrony CDs, there is no minimum deposit, and there are no monthly fees. Other CD term lengths have rates ranging from 0.25% APY to 5.00% 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.