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.

MYSB Direct CDs offer competitive interest rates. Their rates are competitive with other online CDs. They are much higher than the typical bank rates. Even the shorter-term CDs offer competitive interest rates. Those rates are very competitive with short-term online CDs.

There are a good variety of CD terms available through MYSB Direct. The terms range from three months to 72-months. Between these terms, there are a total of nine different CDs. MYSB Direct CDs are entirely online CDs.

You can open each of the MYSB Direct CD terms entirely online. These CDs range in terms from three-months to 72-month terms. The application is available on the M.Y. Safra Bank website.

The opening required amounts for MYSB Direct CDs are low. The MYSB Direct accounts require either $500, $750, or $1,000 to open. The required opening balances vary depending on the CD term.

The MYSB Direct CDs offer competitive interest rates on their terms. But there is not an interest rate guarantee. If the interest rates increase shortly after you open your CD, your rates will not increase. MYSB Direct guarantees rates for the life of the CD term.

MYSB Direct is an online division of M.Y. Safra Bank. These accounts are entirely online. Customer service for these accounts is not available 24/7. Reach customer service through email, phone, mail, or their branch location in New York. Customer service hours are Monday-Friday from 9 a.m. to 4 p.m. EST.

To deposit money into MYSB Direct CDs, you must link an account. The account can be another M.Y. Safra account or an external account. Because MYSB Direct accounts are entirely online, electronic transfers are necessary.

You cannot add money to your MYSB Direct accounts after the initial deposit. Once you open the CD, you must wait until it reaches maturity to add money to the CD. The opening required amounts for the MYSB Direct CDs is $500, $750, or $1,000 depending on the term.

Read the full My Safra Bank FSB review.