Synchrony Bank CD Rates: Competitive APY, No Minimum Deposit
source link: https://www.businessinsider.com/personal-finance/synchrony-bank-cd-rates
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Synchrony Bank pays high interest rates on CDs with no minimum deposit
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The bottom line: Synchrony pays competitive rates on CDs with terms from 3 months to 5 years.
Synchrony Bank CD rates
| Term length | APY |
| 3 months | 0.50% |
| 6 months | 0.75% |
| 9 months | 1.00% |
| 1 year | 1.50% |
| 13 months | 1.50% |
| 14 months | 1.50% |
| 15 months | 1.50% |
| 16 months | 1.50% |
| 18 months | 1.75% |
| 19 months | 1.75% |
| 2 years | 1.90% |
| 3 years | 2.30% |
| 4 years | 2.30% |
| 5 years | 2.60% |
- Competitive APY
- Variety of term lengths
- No minimum deposit
- No terms over 5 years
- Standard-to-high early withdrawal penalties
- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 90 days simple interest for terms of 12 months or less; 180 days simple interest for terms over 12 months but under 48 months; 365 days interest for terms of 48+ months
- Interest compounded daily, paid monthly
- FDIC insured
Synchrony pays high rates on CDs and doesn't require any account minimums to open a CD.
Synchrony vs. Discover Bank
|
|
|
CD APY 0.50% to 2.60% APY | CD APY 0.30% to 2.75% APY |
Minimum deposit | Minimum deposit $2,500 |
| Open a CD | Open a CD |
Synchrony and Discover both pay competitive rates. The better rate will come down to which term length you choose.
Your choice between the two banks could also come down to which term length you want. Synchrony offers a wider variety of shorter-term CDs, including 13-month, 14-month, and 15-month terms. But Synchrony's longest term is 5 years, while Discover has 7-year and 10-year options.
Synchrony vs. Marcus
|
|
|
CD APY 0.50% to 2.60% APY | CD APY 0.75% to 2.75% APY |
Minimum deposit | Minimum deposit |
| Open a CD | Open a CD |
Synchrony and Marcus both pay good rates on regular CDs, so your choice might come down to which bank pays the better rate on the specific term length you want.
You might like Marcus if you want to open a no-penalty CD, which doesn't charge you for withdrawing funds before your CD matures. The Marcus No-Penalty CD pays competitive rates, too.
Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.
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