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Synchrony Reviews


bestfor-icon Wide range of financing options across business sectors

Written by Matthew Levy

About Synchrony | Read More


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Mon - Sun 8AM - 12AM EST
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  • Customer.Servicing@mail.synchronybank.com
  • 1-866-664-0968
  • Stamford, Connecticut, 777 Long Ridge Rd, United States 06902
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Synchrony Certificate of Deposit Review

Synchrony Bank stands out as an excellent option for individuals with limited funds to open an account due to its $0 minimum deposit requirement. Additionally, for those seeking to partner with a reputable institution or diversify their CD options, Synchrony Bank proves to be a compelling choice. The bank offers a variety of CDs, including no-penalty and bump-up CDs, along with multiple terms for regular CDs, all of which offer competitive rates. This combination of flexibility and attractive interest rates makes Synchrony Bank a top contender in the CD market.

Synchrony Certificate of Deposit Highlight


12-Month APY


36-Month APY


60-Month APY

No minimum

Minimum Deposit


Minimum Balance


Monthly fee


Daily Compounded Interest


Early withdrawal penalty

Pros & Cons

  • con-icon Variety of CD terms
  • con-icon Competitive rates
  • con-icon No-Penalty and Bump-Up CDs each only have one term
  • con-icon No minimum deposit
  • con-icon No terms over 5 years

Account types

  • 3-Month APY 0.25%
  • 6-Month APY 4.80%
  • 9-Month APY 5.25%
  • 12-Month APY 4.80%
  • 18-Month APY 4.50%
  • 24-Month APY 4.20%
  • 36-Month APY 4.15%
  • 48-Month APY 4.00%
  • 60-Month APY 4.00%
  • No-Penalty CD 11 Months 4.50%

Synchrony Certificate of Deposit Terms & Requirements

  • Minimum Deposit: Synchrony Bank offers CDs with a $0 minimum deposit requirement, making them accessible to savers with limited funds.
  • CD Types: Synchrony Bank provides a variety of CD options, including no-penalty and bump-up CDs, along with regular CDs with multiple terms.
  • Competitive Rates: All types of Synchrony Bank CDs offer competitive interest rates, allowing customers to maximize their earnings on their savings.
  • FDIC Insured: Synchrony Bank CDs are FDIC insured up to the maximum allowed by law, providing protection for deposited funds.
  • Maturity Terms: Customers can choose from various CD maturity terms, ranging from short-term to long-term, to suit their specific financial goals.
  • Early Withdrawal Penalties: It’s essential to be aware of potential penalties for withdrawing funds before the CD’s maturity date.
  • Online Banking: Synchrony Bank is an online-only bank, providing customers with convenient access to their CD accounts through online banking platforms.
  • Documentation and Personal Information: To open a CD account, customers will need to provide personal information and complete the necessary documentation as per banking regulations.
  • Eligibility: Customers must meet the bank’s eligibility criteria to open a CD account, which typically includes being of legal age and a U.S. citizen or resident.

Account Opening Process: The account opening process may involve completing an application online and funding the CD account electronically or through other accepted methods.

Qualification Requirements

To qualify for opening a CD account at Synchrony Bank, you need the following:

  • Age Requirement: You must be of legal age in your state or jurisdiction to enter into a financial contract, which is usually 18 years old or older.
  • U.S. Citizenship or Residency: Synchrony Bank typically requires customers to be U.S. citizens or legal residents to open a CD account.
  • Personal Information: You will need to provide personal information, including your full name, date of birth, Social Security Number (or Tax Identification Number), and contact details.
  • Funding Deposit: While Synchrony Bank offers CDs with a $0 minimum deposit requirement, you will still need the initial deposit amount to fund the CD account you choose.

Application Process: The process to open a CD account with Synchrony Bank may involve completing an application online or through other channels, as per the bank’s policies.

Early Withdrawal Penalty

An early withdrawal penalty applies under the following conditions:

If you withdraw your money before the CD matures.

  • The penalty is based on the amount of time remaining on the CD and the current APY.

State Availability

- Available in all states

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.



What kinds of financing products does Synchrony offer?

Synchrony provides a wide range of financing solutions, partnering with several major sectors, such as retail, healthcare, auto, travel, and home.

Is Synchrony a regulated institution?

Yes, Synchrony operates as a regulated 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?

Synchrony is known as the largest private-label credit card brand in the U.S., but it offers more than just credit cards. They attempt to find innovative financing tools and solutions for both businesses and customers.

Customer Support

During our test of Synchrony’s customer support, we found various channels to gauge responsiveness and efficiency. They offer emails to be addressed within a 24-hour window and a live chat with a bot for basic questions that can be routed to a human representative. Phone support is also accessible from 8:00 a.m. to 12 midnight Eastern Time. Although most reviews online are positive, there will always be some negative reviews with client sizes this large and reliance on third-party financing avenues. There is also a ‘call back’ feature when they are busy, to ensure customer concerns aren’t left unsolved.

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 that oversee financial institutions as well.

In Conclusion

Synchrony is a major player in the finance sector, with partners in the retail, healthcare, auto, travel, and home businesses. They want to build long-lasting, loyal relationships through credit and have positioned themselves as the largest private-label credit card brand in the U.S. They operate as a federally chartered savings association and are subject to regulation like any other major financial institution. Their emphasis is on financing purchases and delivering innovative tools and solutions to empower businesses and customers, and Synchrony is definitely a brand worth considering.

Brand Disclaimer

This online credit center that may be accessed directly through a website or through a mobile application (the “Site”), is provided by Synchrony Bank (“Bank”), the issuer of the retailer or dealer branded credit cards (including any retailer or dealer branded Visa, Mastercard®, American Express® or Discover cards) (each, respectively, a “Card”) or installment or other financing product which may be associated or used with this Site. In these terms and conditions, the term “Retailer” relates to each retailer/dealer/merchant that is associated with a Card account or financing product (in each case, an “Account”) and “you” or “your” means an individual that is the applicant or holder of an Account.
This Site may be used to obtain information about an Account, obtain and submit an application for an Account, to perform account servicing functions for an Account, which may include, without limitations, to view account summaries, make payments, review payment history, and view transaction history or to make purchases through a third-party site, using an Account. Bank may change, modify, remove, suspend, discontinue or terminate any aspect of this Site or service, including the availability of any features or content at any time without notice or liability. Bank, in its sole discretion, may also impose limits or restrictions on certain services, features or content, or terminate your access to parts or all of this Site or service without notice or liability.
The provisions herein are referred to as the “Terms and Conditions” and constitute an agreement between you and Bank. YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE READ THE TERMS AND CONDITIONS CAREFULLY, UNDERSTAND EACH OF THEM AND AGREE TO BE BOUND BY ALL OF THEM. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS AND THE SYNCHRONY ONLINE PRIVACY POLICY (WHICH ALSO GOVERNS YOUR VISIT TO THE SITE AND WHICH IS INCORPORATED BY REFERENCE INTO THESE TERMS AND CONDITIONS), AS AMENDED FROM TIME TO TIME, YOU MAY NOT USE OR OTHERWISE ACCESS THIS SITE AND SHOULD EXIT THE SITE. These Terms and Conditions apply exclusively to your access to and use of the Site and do not alter the terms and conditions of any other agreement you may have with Bank, including the Account agreement for your Account. Please note that these Terms and Conditions contain waivers by you of certain rights you may have against Bank and its affiliates.