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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 — with solid yields.
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 are the highest among Synchrony’s CDs.
No-penalty CDs: These CDs also 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.
11-month no-penalty CD
2-year bump-up CD
» Want other options? See the best CD rates
Synchrony no-penalty CD rate
Synchrony’s no-penalty CD balances flexibility and a solid return. It’s on our list of the best no-penalty CD rates.
11-month no-penalty CD
Synchrony bump-up CD rate
Synchrony’s bump-up CD has a key advantage during a rising-rate environment. You may have the chance to get a rate increase during the CD term, which is a rare perk that reduces the risk of missing out on higher rates in the near future.
24-month bump-up CD
Compare CD Rates: Synchrony vs. Marcus vs. Ally
If you’re considering high-yield, no-penalty and bump-up CDs, there are three online banks that have them all: Ally Bank, Marcus by Goldman Sachs and Synchrony Bank. See how they differ based on three CDs each:
Marcus’ 1-year CD
5.10% APY (annual percentage yield) as of 08/30/2023.
Synchrony’s 1-year CD
Ally’s 1-year CD
Marcus’ 13-month CD
Synchrony's 11-month CD
Ally’s 11-month CD
Marcus’ 20-month Rate Bump CD
Synchrony’s 2-year Bump-Up CD
Ally’s 2-year Raise Your Rate CD
More details about Synchrony CDs
None, which is common for CDs.
Range of CD terms
3 months to 5 years.
Bonus rate feature
Best rate when funding a CD during the first 15 days of opening. If the bank receives your money on or before 15 calendar days since you opened the CD, you’ll either get the rate in effect the day you opened the CD or the current rate for that CD term, whichever is higher.
Early withdrawal penalty
*The penalty can include more than interest earned if the withdrawal occurs early enough.
Daily. (This detail helps you estimate what you can earn using a CD calculator or other compound interest calculator.)
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).
POD designation available?
Yes, Synchrony CDs can be “payable on death” accounts, meaning an account owner can choose individuals as beneficiaries to receive funds in the event of the owner’s death. The availability of this type of account ownership may vary based on state laws.
Synchrony IRA CD available?
Yes; compare with other banks' options on our list of the best IRA CD rates.
» Learn more about accounts on our Synchrony bank review
What to consider when opening CDs
Interest 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.) This fixed rate enables you to lock in a CD if rates are relatively high, though there is a risk of losing out if rates continue to rise. It’s hard to know when CD rates will go up, but CD rates are trending upward thanks to multiple Fed rate increases since March 2022. Here’s a quick look at historical CD rates, including this year’s. Or, if you want a sample of rates each month, see current CD rates.
Be aware of a common rule with CDs, including Synchrony CDs: You can’t add additional funds after making a deposit into 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 with other no-penalty CDs).
» Unsure about CDs? Consider the best high-yield savings accounts instead
More about Synchrony Bank
Synchrony is an online-only bank with a focus on two main product categories: credit cards and savings accounts. Its three types of savings accounts include a regular savings account, a money market account and CDs. All have competitive rates, and none of them have monthly fees or minimum balance requirements. Synchrony doesn’t have a checking account, but it provides free ATM access through an optional ATM card linked to the savings account or MMA. The bank has highly rated mobile apps, and phone support is available every day for savings customers.
See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
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See CD rates by bank
Here’s a quick list of CD rates at traditional and online banks and a brokerage:
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