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Synchrony Bank Certificates of Deposit

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  • Our Rating 5/5 How our ratings work
  • Minimum
    Deposit Required
    $0
  • 1 Year APY4.80%
  • 3 Year APY4.15%
  • 6 Months APY5.15%

Synchrony Bank offers some of the most flexible CD options currently available. With terms ranging from three months to five years, as well as a Bump-Up CD and No-Penalty CD option, there's likely a certificate of deposit in Synchrony's roster that lines up with your needs. Additionally, none of Synchrony's CDs require a minimum opening balance, which is remarkably rare (many of the best CD rates require a minimum deposit of $1,000 or more). Across the board, Synchrony offers higher rates than most traditional banks, and some even outpace the best online banks' rates. All this makes Synchrony CDs an easy recommendation.

Strong APY With No Minimum Deposit Requirement

Some of Synchrony’s certificates of deposit (CDs) offer higher-than-average APYs, plus the online bank offers a wide range of terms. So there may be a CD with Synchrony that will work for most people, regardless of their financial goals. Synchrony also offers a no-penalty CD that lets you withdraw funds early without a fee, which isn’t typical with traditional CDs, but its rate is very low. What’s more, with Synchrony’s Bump-Up CD, you have a one-time option to choose a higher APY, provided rates increase before maturity.

Pros

  • Strong interest rates on some term lengths
  • No minimum deposit requirement
  • Strong bump-up CD option

Cons

  • Only offers terms of up to 60 months
  • No-penalty CD rate is very low

Synchrony CD Rates

CD Term APY

3 months

0.25%

6 months

5.15%

9 months

4.90%

11 months (No-Penalty)

0.25%

12 months

4.80%

13 months

4.50%

14 months

5.00%

15 months

4.50%

16 months

4.00%

18 months

4.50%

19 months

4.00%

24 months

4.20%

24 months (Bump-Up)

3.60%

36 months

4.15%

48 months

4.00%

60 months

4.00%


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, though some rates have fallen from last year. When it comes to online banks, Synchrony’s rates are among the highest in the marketplace, too. It sometimes 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).

That said, keep in mind that APYs can rise and fall. Chasing the highest interest rate can be appealing but CDs take time to mature. In many cases, you could be better off prioritizing trustworthy and well-established banks that fit your financial needs.

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Synchrony CD Overview

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Unsplash
  • 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 you won’t find with every bank.

CDs renew automatically, but you have 10 days to make changes, such as:

  • Add or withdraw funds
  • Transfer funds to a different CD
  • Switch term lengths
  • Close the account

Quick Tip

Interest is compounded daily and credited to your account monthly. You can withdraw interest earned with no fee, but if you want the principal, you’ll pay 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 has 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. Synchrony's only no-penalty CD has a term length of 11 months, and its rate dropped dramatically in March 2024.

While this type of CD may sound appealing, Synchrony’s high-yield savings account offers a stronger interest rate. So if access to your cash reserves is a concern, a high-yield savings account could offer less hassle and more interest-earning potential. 

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Bump-Up CDs

Those who are reluctant to commit to an APY in a rising rate environment can consider a 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 if 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, though their rates aren't as competitive as they used to be. In addition, it’s an award-winning online bank with a proven track record of providing financial solutions for its clients.

Unlock High Interest Rates

Ready to open a Synchrony Bank CD account? Start here.

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at Synchrony


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.

FAQs

  • 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.

  • 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.

  • 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

RT

Ryan 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 ryantronier.com.