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Synchrony Bank VS Citizens Trust Bank

Which bank is better for you?

  • 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
CD Account
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  • 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
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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  • Low opening required amounts
  • Good variety of CD terms
  • Can open CD terms online
  • Account statements are electronic


  • Low interest rates on CDs
  • Jumbo CDs do not earn higher rates
  • Short-term rates are much lower
  • Customer service has limited hours
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.

Citizens Trust Bank CD Review

The initial amount required to open standard Citizens Trust Bank CDs is low. All the standard CDs only require $500 to open. The jumbo CDs require $100,000 to open.

Citizens Trust Bank offers a variety of CD terms. The terms range from seven days to 60-months. There is a total of ten standard CD terms offered. The jumbo CDs also offer the same ten CD terms.

The CD terms offered through Citizens Trust Bank can be opened online. The application is online and completed entirely online.

The statements for Citizens Trust Bank accounts are free. To receive the free statements, signup to receive them electronically. If you wish to receive a statement in the mail, there is a fee of $5 per statement cycle.

The interest rates for Citizens Trust Bank are not competitive with other online CDs. These CD rates are competitive with typical bank rates. The interest rates are not tiered. Any amount over $500 earns the highest rate offered for Citizens Trust Bank CDs.

The jumbo Citizens Trust Bank CDs do not offer any higher interest rates. To open a jumbo CD requires $100,000. These rates are not competitive with other jumbo online CDs. The jumbo rates are not higher than the Citizens Trust Bank standard CD rates.

The short-term CDs hardly earn interest. The seven-day to 31-day terms, 90-day term, and six-month term earn very low interest. These term rates are similar to typical bank savings accounts. Online CDs earn much higher interest.

There are specific hours Citizens Trust Bank operates. Customer service is open Monday through Friday from 8:30 a.m. to 6 p.m. ET. You can call or email customer service. Citizens Trust Bank does offer some branch locations.

Read the full Citizens Trust Bank review.

Favorite Rates

Capital One
1 Year CD 12/7/2022
APY 4.00%
Rate 4.00%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns
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