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5.25%
2 Year

5.90%
3 Year

6.15% Simple
5 Year

5.40%
10 Year

Synchrony Bank CD Rates, Checking, Money Market Review

Synchrony Bank CD Rates
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    Synchrony Bank CD Rates Reviewed

    Synchrony bank cd rates logoIn this guide, we’ll review Synchrony Bank CD rates and compare them to the best CD rates, savings accounts, money market, and annuity rates offered by the top Banks and insurance companies in the United States.

    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.

    TermAPY
    3 months2.25%
    6 month4.25%
    9 month4.30%
    11 month *No penalty3.90%
    1 year4.50%
    13 month4.50%
    14 month5.00%
    15 month4.50%
    16 month4.50%
    18 month4.90%
    19 month4.90%
    2 year4.30%
    2 year bump-up3.70%
    3 year4.30%
    4 year4.30%
    5 year4.30%

    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

    Up to $4,999
    2.25%
    • Annual Percentage Yield
    $4,999.01-$24,999
    2.25%
    • Annual Percentage Yield
    IRA Money Market
    2.25%
    APY
    • No Minimum
    High Yield Savings (HYS)
    4.15%
    APY
    • No Minimum

    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

    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.

    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.

    Today's Best "CD-Type" Annuity Rates

    Fixed annuity rates are guaranteed for a set number of years.
    TermInsurerCompany DetailsRateAnnuity AM BestApplication
    2 YearsOceanview life and annuity logoOceanview Life5.25%Harbourview 2A-Apply
    3 YearsSecurity sentinel life logoSentinel Security5.90%Personal Choice/a>B++Apply
    4 YearsNassau logoNassau5.50%MyAnnuityB++Apply
    5 YearsIbexis annuity logoIbexis 6.15% SimpleMYGA PlusA-Apply
    6 YearsOxford life insurance company logoOxford Life5.60%Multi-SelectA-Apply
    7 YearsNassau logoNassau5.65%Platinum AssureB++Apply
    8 YearsEquitrust annuity logoEquiTrust5.50%Certainty SelectB++Apply
    9 YearsClear spring life and annuity logoClear Spring5.40%MYGA PreserveA-Apply
    10 YearsEquitrust annuity logoEquiTrust5.60%Certainty SelectB++Apply

    Today's Best CD Rates by Term

    3 Month CD Rates

    Best 3-Month CD RatesAPYTermMinimum
    Signature Federal Credit Union5.55%3 Months$500
    Ponce Bank5.40%3 Months$1
    Western Alliance Bank5.41%3 Months$1

    Best 1 Year CD Rates

    BankRateTermMinimum
    All In Credit Union5.85% APY12 Months$100,000
    My eBanc5.77% APY12 Months$100,000
    State Bank of Texas5.75% APY12 Months$50,000

    2 Year CD Rates

    BankRateTermMinimum
    Luana Savings Bank5.68% APY24 Months$100,000.00
    Maple Mark Bank5.40% APY24 Months$25,000.00
    Crescent Bank5.35% APY24 Months$1,000.00

    3 Year CD Rates

    BankAPYTermMinimum
    Valley National Bank5.60%36 Months$500
    Bread Savings4.95%36 Months$1,500
    The State Exchange Bank4.70%36 Months$1

    4 Year CD Rates

    BankAPYTermMinimum
    Bread Savings4.75%48 Months$1
    The State Exchange Bank4.50%48 Months$1
    Barclays4.45%48 Months$1

    5 Year CD Rates

    BankAPYTermMinimum
    Farmers Insurance5.00%60 Months$1,000
    Schools First Credit Union4.75%60 Months$100,000
    Bread Savings4.75%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

    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.

    Synchrony Bank’s routing number is: 021213591.

     

    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

    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.

    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?

    FEATURESFIXED ANNUITYCD
    Issued ByInsurance CompaniesBanks
    Investment Amount$2,000 - $1,000,000Essentially Any Amount
    Investment Term2 years - 10 years3 months - 5 years
    Interest Rates (APY)Varies by product.Varies by bank, term and investment amount.
    LiquidityUsually, 10% annually or interest earned.Almost always accumulated interest.
    GuaranteesBacked by Insurer & State Guaranty Associations.Backed by the FDIC.
    Death BenefitMay avoid probate.Probate process required.

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