Synchrony Bank CD Rates Reviewed
Synchrony Bank is one of the largest banks in the United States. To give you an idea of just how big they are; on 10/25/2022 Synchrony Bank reported $703 in net income for the 3rd Quarter of 2022
With the recent market fluctuations and an increase in financial insecurity, the time to protect your finances is now. Investing in a CD, IRA, or annuity brings a sense of security as funds are protected and interest rates are guaranteed.
Synchrony Bank CD Rates Today
We have seen fixed rates above five percent for the first time since 2009; however, all fixed-income investments are certainly not created equal. You may be surprised to see just how low the national average CD rates were in February. The national average for a 5-year CD rate is 1.26%; according to the February 21st, 2023 FDIC Monthly Rate Cap Report.It is certainly worthwhile to spend some time researching if you are on the hunt for the best-guaranteed interest rate.
| Term | APY |
|---|---|
| 3 months | 2.25% |
| 6 month | 4.25% |
| 9 month | 4.30% |
| 11 month *No penalty | 3.90% |
| 1 year | 4.50% |
| 13 month | 4.50% |
| 14 month | 5.00% |
| 15 month | 4.50% |
| 16 month | 4.50% |
| 18 month | 4.90% |
| 19 month | 4.90% |
| 2 year | 4.30% |
| 2 year bump-up | 3.70% |
| 3 year | 4.30% |
| 4 year | 4.30% |
| 5 year | 4.30% |
Visit Synchrony Bank’s website to compare more Synchrony Bank CD Rates.
Deposit accounts are provided by Synchrony Bank, N.A. Member FDIC. Only bank deposit products are FDIC insured.
Annual Percentage Yield (APY) is accurate as of 03/23/2023. The Composite Annual Percentage Yield (APY) for the Step-Up CD is accurate as of 03/23/2023 and is based on the fixed initial interest rate shown for Months 1-10, the second interest rate for Months 11-20, the third interest rate for Months 21-30.
The Composite APY assumes interest and the principal remains on deposit until maturity. Rates are subject to change before CD account opening or renewal. A penalty will be imposed for the early withdrawal of the principal.
A withdrawal will reduce earnings. The No Penalty CD allows full withdrawals beginning seven days after deposit without penalty; partial withdrawals, including interest withdrawals, are not permitted. NO minimum deposit is required. Fees could reduce account earnings. For all new CDs, APY and interest rates are based on the CD type and CD term disclosed on the applicable rate sheet delivered when your CD is opened.
For renewing CDs, the APY and interest rate will be based on the rates in effect for the CD term on the date your CD renews, but we reserve the right to apply an APY and interest rate to your new or renewing CD based on one or more of the following: Rate Region, Account Package, CD Balance Range, and Applicable Promotion. CD Accounts are subject to approval, terms, and fees.
Different rates and terms apply to a CD held in an Individual Retirement Account (IRA). Please see Synchrony Bank IRA rates for details. Your deposit must have been fully collected. Partial withdrawals, including interest withdrawals, are not permitted.
CD Balance Ranges for Interest Rate Calculations.
$0 – $9,999.99
$10,000 – $24,999.99
$25,000 – $49,999.99
$50,000 – $99,999.99
$100,000 – $499,999.99
$500,000 – $999,999.99
$1,000,000+
Synchrony Bank CD Promotion 2023
Updated March 23, 2023:
The Synchrony Bank CD Rate Promotion for March is an 11-month no-penalty CD with a 3.90% APY. In addition, Synchrony Bank is still offering the 14-month 5.00% CD rate, with no minimum deposit, which they promoted in February.
If you are in the market for a high-yield savings vehicle a Fixed Annuity may warrant consideration. For example, our best 5 years fixed annuity rate is currently 5.80%.
Synchrony Bank Money Market Rates
CDs vs Fixed Annuity
A fixed annuity, often called a CD Type Annuity, is essentially a CD that is issued by an insurance company rather than a bank.
When deciding between a CD and a fixed deferred annuity, the amount of time you need to save should be a key factor. Let’s compare and contrast two similar versions of these products:
Similarities
- Safety of Principal
- Liquidity Options Available
- Guaranteed Interest Rates
- Distribution Options at Maturity
Pros of CDs
For short-term goals, such as a down payment on a home or a new car, a CD may prove to be a better choice. CD maturity periods can be as short as one month or as long as several years.
- Short Term Accumulation
Fixed Annuity Pros
Fixed annuity earnings accumulate tax deferred and are not treated as taxable income until they are withdrawn. This could help come tax-return time. If you are saving for the long term like for retirement, the tax deferral may be helpful.
- Tax Deferral
- Long Term Accumulation
Today's Best "CD-Type" Annuity Rates
| Term | Insurer | Company Review | Rate | Annuity | AM Best | Application |
|---|---|---|---|---|---|---|
| 2 Years | 
| Upstream Life | 5.25% | Secure Legacy | B- | Apply |
| 3 Years |  | Aspida | 5.00% | Synergy Choice | A- | Apply |
| 4 Years |
| Upstream Life | 5.70% | Secure Legacy | B- | Apply |
| 5 Years |  | Farmers Life | 5.40% | Safeguard Plus | B++ | Apply |
| 6 Years | 
| Oceanview | 5.50% ($80K+) 5.15% ($20K-$80K) | Harbourview 6 | A | Apply |
| 7 Years | 
| Ibexis | 5.70% Simple | MYGA Plus | A- | Apply |
| 8 Years | 
| EquiTrust | 5.10% | Certainty Select | B++ | Apply |
| 9 Years | 
| Oxford Life | 5.10% | Harbourview 9 | A | Apply |
| 10 Years |
| Oceanview | 5.40% | Harbourview 10 | A | Apply |
Today's Best CD Rates by Term
3 Month CD Rates
| Best 3-Month CD Rates | APY | Term | Minimum |
|---|---|---|---|
| Signature Federal Credit Union | 5.55% | 3 Months | $500 |
| Ponce Bank | 5.40% | 3 Months | $1 |
| Western Alliance Bank | 5.41% | 3 Months | $1 |
Best 1 Year CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| All In Credit Union | 5.85% APY | 12 Months | $100,000 |
| My eBanc | 5.77% APY | 12 Months | $100,000 |
| State Bank of Texas | 5.75% APY | 12 Months | $50,000 |
2 Year CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| Luana Savings Bank | 5.68% APY | 24 Months | $100,000.00 |
| Maple Mark Bank | 5.40% APY | 24 Months | $25,000.00 |
| Crescent Bank | 5.35% APY | 24 Months | $1,000.00 |
3 Year CD Rates
| Bank | APY | Term | Minimum |
|---|---|---|---|
| Valley National Bank | 5.60% | 36 Months | $500 |
| Bread Savings | 4.95% | 36 Months | $1,500 |
| The State Exchange Bank | 4.70% | 36 Months | $1 |
4 Year CD Rates
| Bank | APY | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.75% | 48 Months | $1 |
| The State Exchange Bank | 4.50% | 48 Months | $1 |
| Barclays | 4.45% | 48 Months | $1 |
5 Year CD Rates
| Bank | APY | Term | Minimum |
|---|---|---|---|
| Farmers Insurance | 5.00% | 60 Months | $1,000 |
| Schools First Credit Union | 4.75% | 60 Months | $100,000 |
| Bread Savings | 4.75% | 60 Months | $1,500 |
Key Take-aways
A CD is very similar to a fixed annuity. If you are looking for a safe and steady way to grow your retirement a fixed annuity may warrant consideration. One thing to keep in mind is annuities have early withdrawal penalties that are usually more costly than a bank CD.
Synchrony Bank Contact Info
Phone Number
1-866-226-5638
24/7 automated telephone service.
Mon-Fri 8 a.m. to 10 p.m. ET
Sat-Sun 8 a.m. to 5 p.m. ET (IRA & Trust teams unavailable)
Frequently Asked Questions
Are Synchrony Bank deposit accounts FDIC insured?
Yes. Synchrony Bank is a member of the FDIC, so your deposit accounts with us are insured up to $250,000 per ownership category. If you want, learn more about FDIC insurance limits.
What is Synchrony Bank's Routing number?
Synchrony Bank’s routing number is: 021213591.
Are Annuities FDIC Insured?
While not FDIC insured, State Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent. Source: “Learn to Invest, Investment Types, Annuities, Fixed Annuities.” Financial Industry Regulatory Authority (FINRA). Visit FINRA’s Fixed Annuities Webpage
Can You Loose money in a fixed annuity?
You can not lose money in a fixed annuity. However, guarantees are backed by the claims-paying ability of the issuing insurance company so it is important to consider an insurer’s financial rating when shopping for an annuity.
What happens if I withdraw my money from a CD Early?
Withdrawing a certificate of deposit (CD) early typically results in a penalty fee. When you invest in a CD, you agree to leave your funds on deposit for a specified term, usually ranging from a few months to several years. If you withdraw the funds before the maturity date, you may be charged an early withdrawal penalty.
The amount of the penalty fee can vary depending on the financial institution and the specific terms of the CD. Some CDs may have a penalty fee equal to a few months of interest, while others may charge a percentage of the original deposit.
In general, it’s always a good idea to consider your financial goals and potential needs for access to funds before investing in a CD. If you’re unsure whether a CD is right for you, it’s always a good idea to speak with a financial advisor or a representative from your financial institution.
Shop More Bank CD Rates
What's Best for You?
CD or Annuity?
| FEATURES | FIXED ANNUITY | CD |
|---|---|---|
| Issued By | Insurance Companies | Banks |
| Investment Amount | $2,000 - $1,000,000 | Essentially Any Amount |
| Investment Term | 2 years - 10 years | 3 months - 5 years |
| Interest Rates (APY) | Varies by product. | Varies by bank, term and investment amount. |
| Liquidity | Usually, 10% annually or interest earned. | Almost always accumulated interest. |
| Guarantees | Backed by Insurer & State Guaranty Associations. | Backed by the FDIC. |
| Death Benefit | May avoid probate. | Probate process required. |
Free CD-Type Annuity Quote
Fill out the form below to receive a free annuity quote within 4 business hours, or use one of our annuity calculators.
