bank rates

Synchrony To The Rescue With Higher CD Rates…Now Leads 1-, 2- And 3-Year CDs

At least one bank isn’t pulling back on interest rates this year.

Synchrony Bank raised the yield on three nationally available CDs today, and now leads two terms on our CD Rates Leaderboard and co-leads a third.

Let’s start with 36-month CDs.

Synchrony now pays 1.50% APY, a tenth of a percentage point higher than its previous offering of 1.40% APY.

That increase came the same morning Nationwide Bank cut its top 3-year CD rate from 1.50% APY to 1.45% APY – a move we gave you a heads up about over the weekend.

Of course, the best national deals on 36-month certificates of deposit began the year at 1.70% APY, but at least we’re not losing more ground.

At least not today.

Synchrony also boosted its return on 12-month CDs from 1.15% to 1.20% APY, moving past the 1.17% APY previous leader BankDirect is paying.

It also moved the top rate closer to the 1.25% APY that Citizens State Bank was paying at the start of the year, before it stopped selling certificates of deposit nationwide.

Finally, Synchrony increased the yield on its 24-month CDs from 1.25% to 1.35% APY, joining CIT Bank as co-leader for that term.

Unfortunately, that continues to be less than the 1.55% APY that Citizens State was paying at the start of the year and the 1.40% APY iGObanking offered until reducing its rates on Jan. 13.

Formerly known as GE Capital Retail Bank, Synchrony is a predominately online bank with a single branch in Bridgewater, New Jersey.

Although it’s still controlled by the manufacturer, General Electric is in the process of selling Synchrony to the public.

Banks qualify for these rankings by imposing no geographic restrictions on who can buy their certificates of deposit either online or through the mails.

You can compare all of the top returns on 1-month to 5-year CDs in Bankrate’s extensive database of the best national CD rates.

Or check out our Highest CD Rates Roundup for lots of local deals from community banks and credit unions that are paying more than the best national rates.

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