Updated October 30, 2023

Synchrony Bank CD Rates

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Are CD rates good at Synchrony Bank? Find out if you should open a Synchrony CD.

With an online bank like Synchrony, you can enjoy really competitive CD rates.

They offer a wide range of CD terms and features that allow you to grow your money. Let's dive into the details.

Have you ever opened a CD with Synchrony Bank?

Which CDs Are Available at Synchrony?

Synchrony offers four types of CDs for you to choose from. There is no minimum deposit requirement for any of Synchrony's CDs.

  • Standard CDs - Lock in a rate for a fixed term like any regular CD.
  • No-Penalty CD - Pay no penalties for withdrawing your CD before maturity.
  • Bump-Up CD - Get an option to increase your rate at least once during the term.
  • IRA CD - An individual retirement account (IRA) CD that lets you enjoy tax benefits.

Each of these CDs will cater to different types of people. To give you a better idea of what'll fit best for you, let's discuss each of them.

What is the most important factor for you in selecting a CD?

Synchrony CD Rates

Synchrony Bank has straightforward, standard CDs with competitive rates. But what stands out is their broad range of CD terms. You have 14 CD terms to choose from.

You have term options for relatively short-term goals as short as 3 months. And for the long haul, you can get terms for up to 60 months.

While Synchrony's 3-month CD rate isn't the best, the rest of the terms are some of the highest in the market.

Synchrony No-Penalty CD Rates

In most cases, CDs will penalize you for withdrawing your money before the term ends. However, Synchrony has an 11-month no-penalty CD to address that.

With this account, you won't have to pay penalties for withdrawing your money. As soon as 6 days after funding the account, you'll be able to pull your money out without any penalties.

Typically, no-penalty CDs have relatively low rates to make up for higher accessibility. However, Synchrony's no-penalty CD is worth considering compared to its peers.

Synchrony Bump-Up CD Rates

Synchrony's 24-month bump-up CD gives you the choice to increase your rate once during your CD's term. When you decide to increase your rate is up to you, and it will take effect until the end of the term.

A bump-up CD is great to have if you're conscious of interest rate changes. You never know if the rate you locked in will remain attractive until maturity—especially if you're committing to a CD term longer than a year.

In an environment where interest rates may increase, getting a bump-up CD could be a good strategy.

With bump-up CDs, the new rate will only apply from the point of your bump-up request forward. It does not apply retroactively to the entire term of the CD.

Synchrony IRA CD Rates

Synchrony's CDs are a good option if you're planning to get CDs as part of your retirement portfolio.

All CD types offered by Synchrony—standard, no-penalty, and bump-up—are available as IRA CDs. And you can choose to get them either as Traditional or Roth IRA CDs.

What is an IRA CD?
An individual retirement account (IRA) CD combines the features of an IRA and a certificate of deposit. That means you get tax advantages on your retirement savings. Unlike a regular CD, where you have to pay taxes on your earnings annually.

Fees & Penalties

Most CDs won't allow you to close your CD before maturity without paying early withdrawal penalties.

This applies to Synchrony's standard CDs and it's bump-up CD. However, its no-penalty CD won't charge you for withdrawing early.

If you need to close your standard or bump-up CD earlier than expected, here's what you'll have to pay by CD term.[1]

CD TermEarly Withdrawal Penalty
12 months or less90 days' worth of interest at the current rate
More than 12 months but less than 48 months180 days' worth of interest at the current rate
48 months or more365 days' worth of interest at the current rate

To manually calculate the early withdrawal penalty, you can use this formula:
Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366 in a leap year) × Penalty Days × Principal

Synchrony CDs Pros and Cons

Here are the pros and cons of Synchrony CDs:


  • No opening fees
  • No maintenance fees
  • No minimum deposit
  • Daily compounding
  • Multiple CD options
  • IRA CDs available
  • 15-day rate guarantee[2]
  • FDIC-insured


  • Early withdrawal penalties
  • No physical branches
  • Limited customer service hours
  • You must call the bank if you decide to cash out the CD upon maturity

Synchrony CD Rate Guarantee
Synchrony honors a rate guarantee and will give you the highest rate they published on a CD if you fund your CD within 15 days of opening the account.

How Synchrony CD Rates Compare

If you have a CD with Synchrony Bank, how does it compare with CDs from other banks you've used?

How to Open a CD at Synchrony

You can open a CD with Synchrony online. Here's how:

  1. Go to Synchrony's website and click on "Start Saving Now."
  2. Select "I'm Already a Customer" if you have an existing account. If not, select "Yes, Open a Synchrony Bank Account."
  3. Input personal information and Social Security number. You must be 18 years old to open an account.
  4. Select the CD account and review the terms.
  5. Fund your CD account. You have up to 60 days to add funds to your CD to avoid closure.

How to Fund a CD at Synchrony

There are four ways to fund a Synchrony CD:

  1. Electronic transfer (ACH) - Use an existing Synchrony Bank account or an external bank account.
  2. Wire transfer - Ask your bank about any related fees.
  3. Send a check - Deposit your check via Mobile Check Deposit in the Synchrony Bank mobile app or send it to the following address:
    Synchrony Bank
    PO Box 669802
    Dallas, TX 75266-0955

How to Withdraw Upon Maturity

Synchrony Bank will send you a reminder 30 days before your CD matures. You should start thinking about what to do with your CD when you receive it. You can choose to do any of the following:

  1. Automatic renewal with the same terms
  2. Renew CD with a different principal balance, term, or both
  3. Close the CD and withdraw all funds

When your CD matures, you get a 10-day grace period to decide and inform Synchrony what to do with your CD. If you don't do anything, your CD is automatically renewed. Synchrony will send you a renewal letter after the grace period ends.

Withdrawals before maturity will incur penalties for Synchrony's standard CDs and Bump-Up CDs. But if you're withdrawing your No-Penalty CD, you must call Synchrony at 1-866-226-5638 to withdraw your funds.

Either way, you must withdraw the full balance of your CD, which will ultimately close the account.

Building a CD Ladder with Synchrony

A CD ladder is a common strategy where you split your money up into multiple CDs with different rates and terms. The idea is to have CDs mature at regular intervals. That way, you'll have cash on hand every time a CD matures.

This strategy is worth doing with Synchrony CDs because you have multiple terms available. Having more terms to choose from gives you more flexibility when setting up your CD ladder—whether it's a short-term ladder or a longer one.

Think of it as "not putting all your eggs in one basket." As one CD term ends, you can use it or reinvest it into a new CD.

If you want to set up a sample CD ladder to see how much you can earn with Synchrony's CDs, use our CD ladder calculator below.

CD Ladder Calculator

Should I open a CD at Synchrony?

Synchrony Bank has some of the highest CD rates and a broad range of CD terms to choose from. These make Synchrony CDs a good choice for building a CD ladder.

Its 3-month CD might not be the best, but for goals as long as 6 to 24 months, you have reasonable rates to work with. Plus, you have more flexibility with Synchrony's No-Penalty and Bump-Up CDs.

Ultimately, you're locking up your money for some time. Synchrony Bank's CDs may not suit everyone, so take your time to shop and compare CD rates and features before you commit.

If you're undecided about getting a Synchrony CD, check out what other online banks offer.


  1. ^ Synchrony Bank. FAQ: Is there an early withdrawal penalty for CDs?, Retrieved 10/18/23
  2. ^ Synchrony Bank. FAQ: Are there rate guarantees for CDs?, Retrieved 10/18/23
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