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Synchrony Reviews

8.4

bestfor-icon Wide range of financing options across business sectors

mattlevy
Written by Matthew Levy

About Synchrony | Read More

8.5

LS Score

9

Credibility

8

Support

9

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon - Sun 8AM - 12AM EST
Contact Information Contact Information drop-down-btn
  • Customer.Servicing@mail.synchronybank.com
  • 1-866-664-0968
  • 777 Long Ridge Rd, Stamford, Connecticut 06902
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Synchrony Certificate of Deposit Review

Synchrony Bank offers Certificates of Deposit (CDs) with competitive interest rates and various term lengths, typically ranging from 3 months to 5 years. These CDs feature no minimum deposit requirement and offer fixed interest rates for the duration of the term, making them a stable option for savers. Synchrony also offers a 24-month Bump-UP CD and a No-Penalty CD, allowing customers to withdraw their full balance without penalty after 6 days following funding. These CDs are FDIC-insured, providing peace of mind and security for long-term savers looking to grow their money safely.

 

Synchrony Certificate of Deposit Highlight

No minimum

Minimum Deposit

$0

Minimum Balance

None

Monthly fee

Yes

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

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  • con-icon Variety of CD terms
  • con-icon Competitive rates
  • con-icon No minimum deposit
  • con-icon No terms over 5 years
  • con-icon Only one term option for No-Penalty and Bump-Up CDs

Account types

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  • 3-Month APY 0.25%
  • 6-Month APY 4.20%
  • 9-Month APY 4.50%
  • 12-Month APY 4.40%
  • 18-Month APY 4.25%
  • 24-Month APY 3.90%
  • 36-Month APY 4.00%
  • 48-Month APY 4.00%
  • 60-Month APY 4.00%
  • 11-month No-Penalty CD 0.25%
  • 24-month Bump-Up CD 3.00%
Get Rates

Synchrony Certificate of Deposit Terms & Requirements

Here are the general terms and requirements for a Certificate of Deposit (CD) with Synchrony Bank:

  1. Minimum Deposit: No minimum deposit requirement.
  2. Term Lengths: CD terms range from 3 months to 5 years.
  3. Fixed Interest Rates: The interest rate is locked in for the entire term.
  4. Early Withdrawal Penalty: An early withdrawal penalty applies if you withdraw funds before the CD matures. The penalty varies based on the CD term length:
    • For terms less than 12 months, the penalty is typically 90 days of simple interest.
    • For terms of 12 months or more, the penalty is usually 180 days of simple interest.
  5. No-Penalty CD Option: Withdraw your full balance anytime after 6 days from funding without incurring any penalties.
  6. FDIC Insured: All Synchrony CDs are insured by the FDIC up to the standard limits, providing security for your investment.

These CDs are ideal for savers looking for a reliable, risk-free way to grow their money over a fixed period with guaranteed returns.

 

How to Apply

Qualification Requirements

To open a Certificate of Deposit (CD) with Synchrony Bank, the general qualification requirements are as follows:

  1. U.S. Residency: You must be a U.S. citizen or a resident alien with a valid Social Security number or Taxpayer Identification Number (TIN).
  2. Age Requirement: You must be at least 18 years old to open a CD account.
  3. Identification: When you open an account you will need to provide valid identification, such as a driver’s license or passport.
  4. Bank Account Information: To fund the CD, you’ll need an existing bank account. This is where you’ll transfer the money into the Synchrony CD.
  5. No Minimum Deposit: Synchrony does not require a minimum deposit, however, you still need to deposit funds to activate the CD account.
  6. Online Application: The CD can be opened online through Synchrony’s website, and you must complete an application with personal details, including contact information and Social Security number.

These requirements make it easy for most people to open a CD with Synchrony Bank and start earning interest on their savings.

Early Withdrawal Penalty Amounts

Terms Penalty
12 months or less 90 days of simple interest at the current rate
12-48 months 180 days of simple interest at the current rate
48+ months  365 days of simple interest at the current rate

State Availability

- Available in all states

mattlevy
Written by Matthew Levy

Matthew is a freelance financial copywriter with 14+ years in financial services. He holds a Bachelor of Science degree in Economics with business and finance options and is a CFA Charterholder. He is from Vancouver, Canada, but writes from all over the world.

faq-icon

FAQ’s

What kinds of financing products does Synchrony offer?

Synchrony provides a wide range of personal and business financing solutions, partnering with partners in retail, healthcare, auto, travel, and more.

Is Synchrony a regulated institution?

Yes, Synchrony is an FDIC-insured bank, and must adhere to strict standards and offer the stability and support customers expect from a financial institution.

Does Synchrony only offer credit cards?

Aside from credit cards, Synchrony offers High-Yield Savings Accounts Certificates of Deposit (CDs) Money Market Accounts IRA CDs Health & Wellness Financing.

Customer Support

Synchrony offers online customer support starting with a live chatbot after which issues can be routed to a human representative.

Secure emails are addressed within 24 hours.

Phone support is also accessible from 8:00 a.m. to 12 midnight Eastern Time with the option for a callback service if the lines are full.

Online customer reviews tend to be positive. 

Privacy & Security

The company is fully committed to safeguarding its users’ privacy and security. As they are a significant player in the financial services industry, they have established strong measures to protect sensitive data, using encryption and secure servers. Their privacy policy and disclaimers highlight their attention to detail and pledge to keep personal information safe. In addition, Synchrony provides detailed information on how they share or refrain from sharing client data with third parties. They are a U.S.-based company and are thus subject to federal laws and regulations pertaining to financial institutions.

In Conclusion

Synchrony stands out as a leading financial services provider, offering robust and flexible solutions tailored to consumers and businesses alike. Whether through its wide array of credit card partnerships or high-yield savings products, Synchrony prioritizes customer convenience and digital accessibility. With its longstanding reputation for reliability and its focus on financial innovation, Synchrony is a solid choice for those seeking savings and financing options.

 

 

 

Brand Disclaimer

Subject to credit approval. Minimum monthly payments required.

Offers that do not require use of a credit product issued by Synchrony Bank are provided for your convenience. Synchrony makes no representations or warranties regarding such offers and is not responsible for such offers or products or their fulfillment or customer service.

†Credit offers cannot be combined.

*Disclosures:

ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 10/15/2024.

APYs are subject to change at any time without notice. Offers apply to personal non-IRA accounts only. Charges for specific services may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time. The maximum APY shown for CDs is for a 9-month CD.

BUMP-UP CD: A rate increase may be requested once during the term of the CD should the rate we offer for the Bump-Up CD rise.

NO-PENALTY CD: Early withdrawals are not permitted within the first 6 days after account funding. Following that, only withdrawal of the entire balance is allowed.

NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Curinos LLC as of 10/01/2024. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. Although the information provided by Curinos LLC has been obtained from the various institutions, accuracy cannot be guaranteed.

FDIC INSURANCE: up to $250,000 per depositor, per insured bank, for each ownership category.