Synchrony Bank has among the highest rates for certificates of deposit among online banks, and there’s no minimum opening deposit. The bank also offers two types of specialty CDs — no-penalty and bump-up CDs — some with solid yields.
» COMPARE: See the best CD rates
NerdWallet's take: Synchrony has one of the widest ranges of high-yield CDs, particularly between one- and two-year terms, two uncommon specialty CDs and mostly competitive rates among online banks.
Synchrony CDs: 3 types
Synchrony offers three types of CDs, all with a minimum deposit of $0:
- High-yield CDs: These CDs have a fixed rate and are subject to early withdrawal penalties. Rates for these CDs are the highest among Synchrony’s CDs.
- No-penalty CDs: These CDs have a fixed rate and the added benefit of no early withdrawal penalty, meaning you can withdraw the full amount any time after the first six days without cost.
- Bump-up CDs: These CDs have fixed rates with the possibility of one rate increase if the bank raises the rate on newly issued Bump-Up CDs and you request an increase. The CDs are subject to early withdrawal penalties.
| CD term | CD rate |
|---|---|
| 3-month CD | 0.25% APY |
| 6-month CD | 3.50% APY |
| 9-month CD | 3.70% APY |
| 11-month no-penalty CD | 0.25% APY |
| 1-year CD | 3.70% APY |
| 13-month CD | 4.00% APY |
| 14-month CD | 3.70% APY |
| 15-month CD | 3.80% APY |
| 16-month CD | 3.70% APY |
| 18-month CD | 3.70% APY |
| 19-month CD | 3.70% APY |
| 2-year CD | 3.50% APY |
| 2-year bump-up CD | 2.80% APY |
| 3-year CD | 3.60% APY |
| 4-year CD | 3.50% APY |
| 5-year CD | 3.75% APY |
Frequently Asked Questions
Is Synchrony FDIC insured?
Yes. As at most banks, funds saved in a CD at Synchrony are insured by the Federal Deposit Insurance Corporation, up to $250,000 per account as the standard cap.
What are the CD rates at Synchrony Bank?
Rates on new CDs fluctuate, but today, Synchrony is offering a rate of 3.70% APY for a 12-month CD, 3.60% for a 3-year CD and 3.75% for a 5-year CD. Read on for more rates and terms.
Member FDIC
E*TRADE Certificate of Deposit 
APY
4.05%
Term
6 months
Member FDIC
Synchrony Bank CD 
APY
4.00%
Term
13 months
Member FDIC
Bread Savings® CD 
APY
4.15%
Term
9 months
More details about Synchrony CDs
| Minimum deposit | None. Most banks have an opening requirement, such as $500 or $1,000, so no minimum is an uncommon perk. |
| Range of CD terms | 3 months to 5 years. This is a standard range of terms, though Synchrony has more mid-range terms than the average bank. |
| Early withdrawal penalty | Varies by term:
*The penalty can include more than interest earned if the withdrawal occurs early enough. Compare early withdrawal penalties by bank. |
| Other fees | None, which is common for CDs. |
| Grace period | 10 days after the CD's maturity date. Synchrony CDs automatically renew, so this 10-day window is the only time to withdraw without getting hit by a penalty (except for no-penalty CDs). Compare grace periods by bank. |
| Main types of account ownership |
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» Learn more about accounts on our Synchrony bank review
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What to consider when opening CDs
- CD rates are fixed. If you open a Synchrony CD today, its annual percentage yield will stay the same until the CD expires. The exception is a bump-up CD.
- Be aware of two common rules with CDs: You can’t make partial withdrawals of the original CD amount or add more money after the initial funding of a CD.
- You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a standard Synchrony CD before it expires, there’s an early withdrawal penalty, which means losing some or all of the interest you earned. There is an exception: a Synchrony no-penalty CD. (Compare to other no-penalty CDs.)
- Interest accrues in a CD during the term, so you can benefit from compound interest. Alternatively, you can request to receive interest during the term to another bank account at Synchrony or another bank.
- CDs auto-renew unless you opt out. To avoid renewal, withdraw during the grace period.
- Compounding frequency doesn’t often help you compare rates. Like a savings account, a CD’s rate is primarily quoted as an annual percentage yield (APY), meaning the annual interest rate that factors in compounding. You can compare two interest rates with different compounding periods using APY. Alternatively, if you only know a CD’s interest rate, you need to know the compounding frequency — often daily or monthly — to estimate your return. Learn more about APY vs. interest rate.
» Unsure about CDs? Consider the best high-yield savings accounts instead
CD details
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