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Home Savings Bank VS Synchrony Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 3.0 Star Icon
0.25%APY
CD Account
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Pros:

  • Good variety of CD terms available
  • Competitive interest rates on CDs
  • CDs renew automatically
  • Early withdrawal fees low

Cons:

  • High opening required amounts
  • Must schedule CD closure before maturity
  • All banking needs must be done online
  • Does not offer interest rate guarantee
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 4.0 Star Icon
No Rate Information
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Pros:

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

Cons:

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

Home Savings Bank offers a good variety of CD terms. They offer online only terms for those who do not live by a branch location and in-branch terms for those who do. There are a total of seven different CD terms for each type. The terms range from six-months to 60-months.

The CDs with Home Savings Bank offer competitive interest rates. The rates are much higher than typical bank rates. They are competitive with other online CD rates. Even the short-term CDs offer rates competitive with other short-term online CDs.

Home Savings Bank CDs will automatically renew after the CD reaches maturity. If you wish to keep your money in your Home Savings Bank CD, you do not have to contact customer service. The CD will automatically renew to the same CD term length. The rate will be determined on the day the CD renews.

The early withdrawal fees are low compared to other online CD accounts. For terms from six-months to 15-months, the fee is three months of interest on the withdrawn amount. For terms longer than 15-months, the fee is six-months of interest on the withdrawn amount.

The opening required amounts for Home Savings Bank CDs are high. Each CD term requires $5,000 to open. You can open any of the CD terms online with this set required amount. You must keep $5,000 in the CD to earn interest.

You cannot close your Home Savings Bank CD during the grace period. You must specify you want to close the account before the CD reaches maturity. You can set up to close your CD 30 days prior to the CD maturity date up to the day before maturity. Upon maturity, the money transfers into the initial account the money transferred from. Set up CD closure through online banking.

Home Savings Bank has specific online accounts. All activity for those accounts must be through online banking. Those activities include opening and closing CDs and all inquiries about the accounts. There is a $10 fee per transaction if any of this activity is done in a branch location.

Home Savings Bank does not offer an interest rate guarantee. The interest rate on the day you open the account is the rate you receive for the CD term. If the rates increase shortly after you open the CD, your interest rate will not increase.

Read the full Home Savings Bank review.

Synchrony Bank CD Review

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.

Read the full Synchrony Bank review.

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