Synchrony Bank, based out of Stamford, Connecticut is a popular online bank offering a full suite of fixed and variable rate deposit accounts with competitive yields to consumers in all 50 states.
They offer a high yield savings account, a money market account and CDs (certificates of deposit) with terms ranging from 3 months to 5 years.
For the purpose of this review, we will focus on Synchrony Bank’s CDs. Synchrony Bank is member FDIC and all deposit accounts are federally insured up to the applicable limits.
Synchrony Bank CD Rates + Account Details
Synchrony Bank’s CDs have no minimum deposit requirements to open and feature tiered rates by deposit amount. That said, all 3 tiers currently pay the same APY (annual percentage yield). For future reference the tiers are broken down as follows: $0.01 – $24,999.99, $25k – $99,999.99, $100K or more.
The CD rates shown below were surveyed on August 28, 2023. You can see their rate sheet here.
CD Rates
| CD Term | APY |
| 3 months | 2.25% |
| 6 months | 4.90% |
| 9 months | 5.00% |
| 11 month No Penalty | 4.40% |
| 12 months | 5.10% |
| 13 months | 4.80% |
| 14 months | 4.80% |
| 15 months | 4.80% |
| 16 months | 5.25% |
| 18 months | 5.00% |
| 19 months | 4.50% |
| 24 month | 4.40% |
| 24 month Bump Up | 4.00% |
| 36 months | 4.30% |
| 48 months | 4.00% |
| 60 months | 4.00% |
To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.76% and 1.41% APY, respectively, according to recent FDIC data.
How Much Can You Earn with a Synchrony Bank CD?
The amount of money you can make with a CD from Synchrony Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). The table below shows potential earnings based on a $100,000 deposit on a handful of Synchrony Bank’s best CD rates and terms.
| CD Term | APY | Earnings |
| 9 months | 5.00% | $3,727.04 |
| 12 months | 5.10% | $5,100.00 |
| 16 months | 5.25% | $7,060.55 |
| 60 months | 4.00% | $21,665.29 |
How Do Synchrony Bank’s CD Rates Compare?
Take a look at the table below to see how Synchrony Bank’s CD rates compare to competitive CD rates offered by other FDIC-insured online banks.
| Bank | Best CD Rate (APY) |
| First Internet Bank | 5.35% |
| My Banking Direct | 5.15% |
| Popular Direct | 5.50% |
| Synchrony Bank | 5.05% |
15 Day Best Rate Guarantee
A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.
đź“Ś Please Note – APY GUY reader Richard reached out to us to clarify the 15 day rule. As per his experience, Synchrony Bank only applies the higher yield if the CD is unfunded when their rates change. Once funded the CD rate is locked-in. He noted that he had purchased a CD and funded it on the same day, then 6 days later Synchrony Bank raised their CD rates, however, his CD was not eligible for the new rate. We’ve reached out to Synchrony Bank for clarification and will post the response here.
Compounding and Crediting Interest
Synchrony Bank’s CDs feature daily compounding interest that credits back to the account monthly.
Early Withdrawal Penalties & Grace Period
Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.
CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.
Opening an Account
As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.
To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.
To get started, visit the Synchrony Bank website and select “Open Account.”
You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.
The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.
Funding your Deposit Account
Fund your Synchrony Bank savings accounts via:
- ACH transfer from an external account,
- transfer from a Synchrony account,
- mobile check deposit,
- direct deposit from a third party,
- wire transfer, or
- personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972
Synchrony Bank Certificate of Deposit FAQs
Still have questions regarding Synchrony Bank’s CD accounts? Take a look at some of the questions from consumers around the web along with our responses below.
Are Synchrony Bank’s CD Rates FDIC Insured?
Yes. Synchrony Bank’s CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts. Synchrony Bank’s FDIC number is 27314.
Does Synchrony Bank Offer Joint Ownership of CDs?
Yes. Synchrony Bank allows up to 4 owners of any CD account. Each individual is covered up to $250,000 by the FDIC for a total of $1 million in total coverage for a CD with 4 joint owners.
You may assign joint owners to the account in the sign up process.
We should also note that their online savings account only allows up to 3 joint owners per account.
What is Synchrony Bank’s Routing Number?
Synchrony Bank’s routing number is 021213591.
Opened and funded a 15 month cd 6 days ago. Rate went up today. There is no 15 day higher rate guarantee. I won’t get the higher rate. Why? Because I funded the account already! So, I’m being penalized for funding the account quickly.