bank rates

Synchrony Bank CDs Are Worth A Look

Woman holding up a piggy bank with money coming out of it.We’ve been chatting a lot about Synchrony Bank lately. That’s because the bank keeps¬†offering great deals.

While it’s not the leader on any single term, it’s in the top three on nearly every term.

It’s now offering 1.95% APY on a 5-year CD with a minimum deposit of $2,000, or 2.35% APY for a minimum deposit of $25,000. The national average 5-year CD pays just 0.97% APY.

On 4-year CDs, it’s offering 1.95% APY with a minimum deposit of $2,000.

Here are Synchrony Bank’s CD rates for six terms:

Synchrony Bank CD Rates
Term Rate Minimum
6-month 0.41% APY $2,000
1-year 1.40% APY $2,000
2-year 1.65% APY $2,000
3-year 1.80% APY $2,000
4-year 1.95% APY $2,000
5-year 2.35% APY $25,000

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 hikes have pushed 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.

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