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Synchrony Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 4.0 Star Icon


  • Competitive interest rates on CDs
  • Good variety of CD terms available
  • Encourages CD laddering
  • Fifteen-day interest rate guarantee


  • Fee for quickly closing the account
  • CDs have required amounts to open
  • Rate guarantee does not apply to renewal
  • Best perks for diamond customers

What You Need to Know

The interest rates for Synchrony CDs are competitive. Each of the CD terms offers competitive interest rates. They are competitive with other online CD accounts. Synchrony rates are much higher than typical bank rates. They are not tiered, so any balance over $2,000 earns the competitive rate.

There are a good variety of CD terms available through Synchrony Bank. The CDs range from 3-months to 60-month terms. There is a total of nine CD terms available. Synchrony Bank also offers a Special Rate 15-month CD term.

Synchrony encourages CD laddering to earn more interest. By laddering CDs, you earn competitive rates from investing in longer-term CDs. Laddering means one long term CD matures each year. This means you can access your money more often, without paying a fee. Your money earns the best rate, but one CD matures each year in case you need to access it.

When you open a CD with Synchrony, you receive the interest rate the day you open the account. If the rates increase during the time Synchrony receives and processes your deposit you will receive the higher rate. The window for the rate to increase is 15 days for regular CDs. IRA CDs have a 60-day window. Once Synchrony determines the rate, it is locked in for the life of the CD term.

If you open a Synchrony account and quickly change your mind, there is a fee for closing the account. Customers can close their CD within six calendar days after the CD funds. The fee for withdrawing money within the first six days is seven days of interest. If you close the account after one day, you are still charged seven days of interest.

The minimum required amount to open any of the Synchrony CDs is $2,000. The deposit must be from one single transaction. With the $2,000 you can open any of the CDs offered, including the 15-month CD. You cannot open a CD with Synchrony Bank without at least $2,000.

Synchrony offers a 15-day rate guarantee for regular CDs and a 60-day rate guarantee for IRA CDs. The rate guarantees do not apply when you renew a CD after it reaches maturity. The interest rate guarantee only takes effect when you open a new CD.

Synchrony offers perks to each of its customers. To earn the best perks, you must be a Diamond member and meet those set requirements. To be a Diamond member, you must have account deposits over $250,000 and be a customer for more than five years.

Cool Things

Synchrony Bank Perks

Synchrony customers are automatically enrolled in their Perks Program when they open an account. Customers earn rewards based on account balances and length of time they are a customer. Any account balance earns some perks. To earn the most perks requires a total account balance of over $250,000. You must also be a Synchrony customer for five years. See what perks you qualify for by logging into your Synchrony account.

Synchrony Blog

The Synchrony Blog offers a variety of financial topics. These include saving and spending money. Learn how to make your financial life simpler and keep your money safe. Learn about retirement as a small business owner or as an employee. There are a variety of financial topics to help your knowledge and understanding.


Synchrony started in the 1930s. In 2014 the name changed from GE Capital Retail Bank to Synchrony Bank.

Today Synchrony is the largest provider of private label credit cards. Some of those companies include Walmart, Gap, Discount Tire, Old Navy, and Amazon.

Synchrony offers CareCredit. You can use this credit card to help pay for dental, veterinary, hearing, or vision needs.

They have over $56 billion in deposits and over 74 million active customer accounts. Synchrony employs more than 16,000 employees. The financial headquarters are in Stamford, Connecticut. Their banking division offers online accounts. Those include high yield savings and money market accounts, and CDs.

Awards and Recognition

  • Bankrate Safe & Sound 5-Star Rating from 2014 to 2018
  • The best 1-Year CD in 2016 from Money Magazine
  • Best CD for the 5-Year CD from in 2018

Giving Back

The Synchrony Families that Work foundation provides the basic needs to low-to-moderate income families. That includes stable housing to those who are homeless or close to it. They offer childcare to parents who need someplace for their kids to go while they work. This foundation offers economic security to help families move ahead.

Synchrony employees donate their time and skills to nonprofits around their communities. They work to see these organizations succeed. Synchrony supports its employees through the Matching Gifts Program. Scholarships for Children of Employees is another way Synchrony gives back.

Synchrony supports women in business. Their philanthropic program supports female business owners. They offer financial classes and mentoring help. Synchrony gives women business owners the option to apply for specific loans.

Frequently Asked Questions

Is Synchrony FDIC insured?

Yes. Synchrony is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Synchrony offer?

Synchrony offers nine CD terms. They offer a Special Rate 15-month CD as well.

What is the required amount to open a CD with Synchrony?

Each of the CD terms requires $2,000 to open.

How do I deposit money into Synchrony CDs?

Through an electronic transfer from a linked external account. You can also mail a check into Synchrony Bank or wire the balance.

How do I access my money?

Through electronic transfers from a linked external bank account. To avoid a penalty, only access money in CDs during the grace period after the CD reaches maturity.

Do I have to open other Synchrony accounts before I can open a CD?

No. You can open a Synchrony CD without opening any other accounts.

Do Synchrony CDs offer competitive interest rates?

Yes. Synchrony CDs offer very competitive interest rates. The rates are competitive with other online CDs.

Can I choose how to receive my interest payments from Synchrony CDs?

Yes. You can transfer interest into a Synchrony Bank money market or high yield savings account. You can also choose to have the money transferred into a linked external account. You can withdraw interest without being charged a fee.

What percentage am I charged if I withdraw money before the maturity date?

For CD terms 12-months or less, the fee is 90 days of interest. The fee for terms more than 12-months, but shorter than 48-months is 180 days of interest. For terms longer than 48-months, the fee is 365 days of interest.

How do I make changes during the grace period?

Customers can set up maturity plans anytime during the CD term. Make those changes through online banking or by calling customer service. You can make changes through these methods during the CD grace period as well.

How will I know my Synchrony CD is nearing maturity?

Synchrony sends a CD maturity notice. The notice is set 30 days before the CD matures.

How long is the grace period between renewal?

The grace period is ten days.

Are Synchrony CD rates guaranteed for the entire term?

Yes. Synchrony gives you 15 calendar days from the opening date to receive your deposit. If the rate increases in that time, Synchrony will give you the higher rate. Once you determine the rate, it is fixed for life for the CD term.

Does Synchrony offer mobile banking?

There is not a specific Synchrony app. You can access mobile banking through the Synchrony website. You can see account balances, deposit checks, and access secure messaging.

Is Synchrony a good bank?

The interest rates for Synchrony CDs are competitive with other online accounts. They offer a good variety of CD terms. Each CD requires $2,000 to open.

Is Synchrony secure online?

Synchrony encrypts browsers and networks. They offer 24-hour network security monitoring. Their security measures comply with federal law.

What is the shortest Synchrony CD term offered?

The shortest term offered from Synchrony is a three-month term.

What is the longest Synchrony CD term offered?

The longest CD terms offered from Synchrony is a 60-month term.

Does Synchrony offer accounts other than CDs?

Yes. Synchrony offers a high yield savings account and money market account. They offer IRA CDs and an IRA money market account.

Can I use Synchrony CDs for my business accounts?

There are no specific business accounts listed on the website. The accounts offered are a high yield savings account, a money market account, and CDs. They offer IRA CDs and IRA money market.

How do I reach customer service?

Contact a customer service representative through online chat, phone, or mail. Customers can send a secure message through online banking. Online chat is not always available, even during business hours.

Bank Contact Information

Synchrony Bank
P.O. Box 105972
Atlanta, GA 30348-5972

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