bank rates

Don’t Miss Out On Synchrony Bank’s Leading CD Rates

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 on its CDs.

It’s currently leading the pack on 1-year, 2-year and 5-year certificates of deposit, and it’s extremely competitive on all other terms.

You’ll now find it offering 3.10% APY on a 5-year CD, with a minimum deposit of $2,000.

Of course, in this rising-rate environment, you may want to go with a shorter term. Synchrony’s 1-year CD pays a respectable 2.80% APY.

Here are Synchrony Bank’s CD rates:

Synchrony Bank CD Rates
Term Rate Minimum
1-year 2.80% APY $2,000
2-year 2.90% APY $2,000
3-year 2.90% APY $2,000
4-year 3.00% APY $2,000
5-year 3.10% APY $2,000

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.

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