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Synchrony CD Rates: Earn up to 4.40% APY

This online-only bank offers higher APYs than most, but is it right for you?

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Those searching for a certificate of deposit (CD) with a high rate of return and plenty of flexibility may find a friend in Synchrony. 

This online-only bank offers interest rates that higher than most, and its No-Penalty CD lets you withdraw funds without a fee should you need access to your savings early. What’s more, Synchrony’s Bump-Up CD gives you a one-time option to choose a higher APY, provided rates increase before maturity.

Here’s what you need to know about opening a certificate of deposit with Synchrony Bank.

Synchrony CD Rates

3-month term2.25%
6-month term3.50%
9-month term3.55%
11-month term (no-penalty)3.00%
12-month term4.15%
13-month term4.15%
14-month term4.15%
15-month term4.40%
16-month term4.15%
18-month term4.25%
19-month term4.75%
2-year term4.30%
2-year term (bump-up)3.50%
3-year term4.30%
4-year term4.30%
5-year term4.30%
Average percentage yields (APY) are accurate at time of writing and may change without notice before a CD account is opened and funded.

How Synchrony CD Rates Compare

Synchrony CD rates are higher than most big banks, like Chase and Wells Fargo. When it comes to online banks, Synchrony’s rates are among the highest in the marketplace, too. It typically outpaces competitors, including Marcus by Goldman Sachs, Discover Bank and Capital One. Yet you may find better rates with a few other online-only banks, such as Bread Financial (formerly Comenity Bank).

While CD rates are higher now than they’ve been in the past decade or so, be mindful of the fact that APYs can rise and fall. Chasing the highest interest rate can be alluring. But when you consider how long your certificate of deposit will take to reach maturity, think about prioritizing banks and financial institutions that are trustworthy and well established. 

However, if you are seeking even higher yields, Gainbridge offers deferred fixed annuities starting at 5.25% APY. Keep in mind that while they share some similarities, annuities and CDs are different financial products. So be certain to understand how an annuity works before making any decisions.

That said, Synchrony’s CD rates are competitive and higher than most. But always compare offerings from several banks and credit unions before committing.

Synchrony CD Overview

buildings view
  • Minimum deposit: None
  • Interest: Compounded daily and credited monthly
  • CD terms: 16 options that range between 3 months to 5 years
  • Monthly fees: None

Synchrony Bank offers competitive rates and a variety of CD term lengths from 3 months to 5 years. Synchrony has no minimum opening deposit for its CDs, which is a rare feature that you won’t find with every bank.

CDs renew automatically, but you will have 10 days to make any changes, including adding or withdrawing funds, transferring funds to a different CD, switching term lengths, or even closing the account altogether.

Interest is compounded daily and credited to your account each month. You are able to withdraw any interest earned without paying fees. But if you need access to the principal, you will be charged an early-withdrawal penalty of up to 12 months’ worth of interest.

Early Withdrawal

Most banks charge an early withdrawal fee for tapping your account balance before its maturity date, and Synchrony is no different. The amount of the penalty is based on your term length and account balance at the time of withdrawal.

Early Withdrawal Penalties
Terms of 1 year or less: 90 days worth of simple interest
Terms of more than 1 year but less than 4 years: 180 days worth of simple interest
Terms of 4 years or more: 12 months worth of simple interest

No-Penalty CDs

Synchrony features a No-Penalty CD for those who may need access to their money before maturity. In contrast to a traditional CD, the no-penalty variety does not charge an early withdrawal fee for closing your account before the term concludes. Be aware that the bank limits its No-Penalty CD to an 11-month term.

While this flavor of CD may sound appealing, Synchrony’s high-yield savings account currently offers a higher interest rate than its no-penalty option. So if access to your cash reserves is a concern, a high-yield savings account could offer less hassle and more interest-earning potential. 

Bump-Up CDs

Those who are reluctant to commit to an APY in a rising rate environment may have a lot to like about the Synchrony Bump-Up CD. This unique account gives you the option to increase your rate once during its 24-month term, provided rates increase. If rates do not increase, you hold the initial APY at account opening.

The compromise with the Bump-Up CD is that it carries a lower interest rate than Synchrony’s standard 24-month CD. So you could stand to earn less money should rates hold steady. Still, it’s an alternative that gives risk-averse investors flexibility.

Bottom Line

Synchrony Bank offers some of the highest CD rates in the marketplace, and its Bump-Up and No-Penalty CDs give risk-averse investors plenty of flexibility. In addition, it’s an award-winning online bank with a proven track record of providing financial solutions for its clients.
Yet, it’s always prudent to compare CDs from several providers before deciding on the account that’s best for you. You can begin your journey with our round-up of the best CD rates today.

Frequently Asked Questions

How do I withdraw funds from a Synchrony No-Penalty CD?

You can withdraw funds from a no-penalty CD before its term ends by contacting customer support at 1-866-226-5638. Keep in mind that if you withdraw funds from your no-penalty CD, you will need to withdraw the full balance and close your account.

How do I increase the rate of my Bump-Up CD?

You can request a rate increase once during your CD term either through the Synchrony website or the mobile app. Simply select the “Bump Up My CD” option from your account dashboard, and your new rate will be granted on the day of your request. Alternatively, you can request a rate increase by phone call when contacting customer support.

Are Synchrony CDs FDIC insured?

Yes, Synchrony CDs are FDIC insured up to $250,000 per depositor and ownership category. This is the standard protection offered by most banks that are Member FDIC.

Featured photo courtesy of Synchrony

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ryan M Tronier
Ryan M Tronier
Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at

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