The recent rate hike by the Fed has a number of banks and credit unions increasing their rates, and Synchrony Bank CD rates are no exception.
The bank recently bumped up its rate on 5-year CD rates by a whopping 30 basis points.
It’s now offering 2.25% APY on a 5-year CD with a minimum deposit of $2,000, or 2.30% APY for a minimum deposit of $25,000. The national average 5-year CD pays just 0.88% APY.
Here are Synchrony Bank’s CD rates for five terms:
Requirements to open
Synchrony Bank is an online bank and does not have branch locations. You can open up an account online.
In addition to the minimum deposit requirements, you’ll need to keep the CD through the full term to earn the APY. If you decide to withdraw early, you may get hit with a penalty. Funds must be deposited in a single transaction.
The future of CDs
While the Fed rate hike has promoted some banks to increase their rates, not all will be so quick to react. That makes it crucial to keep an eye out for banks, like Synchrony and Capital One, that are already on the move.
Make sure to check out the best CD rates daily.