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Synchrony Bank CD Rates for September 2023

This online-only bank offers competitive rates and no monthly maintenance fees or balance requirements.

Synchrony is an online-only bank that offers competitive rates for money market, savings and certificate of deposit accounts. We like that Synchrony has a wide range of CD terms, ranging from six months to five years. Like most of the best online banks, Synchrony has no minimum deposit or monthly fees. 

However, Synchrony doesn’t offer a checking account, so if you want to keep all your money in one place, you’ll need to look elsewhere. And since it’s online-only, you’ll need to be comfortable opening, funding and managing your account digitally.

Here are the CDs Synchrony offers and how they stack up to the competition.

Synchrony’s CD rates

Synchrony boasts competitive rates for its high-yield CDs, with its best terms offering over 5.25% annual percentage yield right now. Here’s where rates currently stand.

Here are Synchrony’s current CD terms and rates.

CD termAPY
3 months2.25%
6 months4.90%
9 months5.00%
12 months 5.10%
13 months 4.80%
14 months4.80% 
15 months4.80%
16 months5.25%
18 months5.00%
19 months4.50%
24 months4.40%
36 months4.30%
48 months4.00%
60 months4.00%
Rates as of Aug. 28, 2023.

Synchrony’s specialty CDs

Synchrony also has two specialty CDs: a one-time bump-up CD and no-penalty CD.

This bank’s bump-up CD lets you raise your APY once during your CD term. So if rates rise after you fund your CD, you can request an APY adjustment. In a rising rate environment, bump-up CDs are more attractive, though they generally have lower interest rates than high-yield CDs. However, once rates begin holding steady or dropping, like we’re beginning to see today, a bump-up CD isn’t usually the best option, since you’ll be unlikely to take advantage of the rate bump and can often lock in a higher CD rate with a traditional CD type.

Synchrony’s no-penalty CD is a good fit if you’re worried about accessing your money during your CD term. This CD has an 11-month term that doesn’t require a minimum deposit. But if it’s flexibility you’re worried about, Synchrony’s high-yield savings account may be a better fit. It’s currently one of the most competitive no-penalty CD rates available, offering 4.40% APY.

Here’s where Synchrony’s bump-up and no-penalty CD rates currently stand.

Bump-up CD24 months4.00%
No-penalty CD11 months4.40%
Rates as of Aug. 28, 2023.

How much you can earn with Synchrony’s CDs

Right now, Synchrony’s longest CD term offers a 4.00% APY for a five-year term. Interest compounds daily, offering you a little more money than CDs that compound monthly or yearly. That places Synchrony in the upper tier of the competition regarding CD rates.

Here’s how much you’ll earn from the following terms if you deposit $1,000.

CD termAPYEarnings on $100 depositEarnings on $1,000 deposit
Rates as of Aug. 28, 2023.

Early withdrawal penalties for Synchrony

Like other banks, Synchrony charges a fee for withdrawing money from your CD before it reaches maturity (the end of the CD’s term). If you have to pull out your funds early, how much you pay will depend on the CD term. 

One year or less90 days of simple interest
More than one year but less than four years180 days of simple interest
Four years or more365 days of simple interest

How Synchrony CD rates compare with other banks

Synchrony has above-average CD rates right now, offering a max of 5.10% APY on a one-year CD.

While big banks with physical branches have been increasing some of their CD rates, they’re still much lower than the earning potential at Synchrony and other online-only banks like Ally and Barclays. Here’s how Synchrony stacks up when comparing five-year CD rates.

CD rates, compared

BankFive-year CD APYInterest earned with $1,000 deposit
Ally 4.10%$222.51
Rates as of Aug. 28, 2023.

What to consider before opening a CD with Synchrony

If you’re considering opening a new CD with Synchrony, ask yourself these three questions first.

1. How long are you comfortable locking your cash away? 

Consider when you’ll need your money before investing in a CD. For example, if you’re confident you won’t need the money for a year, Synchrony’s one-year CD currently offers a competitive 5.10% APY. But if you think you’ll need the money sooner, consider a shorter term, like a nine-month CD.

2. Is Synchrony’s high-yield savings account a better fit than a CD? 

With a 4.50% APY, this bank’s high-yield savings account offers a competitive rate without worrying about an early withdrawal penalty. In fact, its savings account beats the bank’s no-penalty CD rate. But there’s a key difference: High-yield savings accounts have variable interest rates that fluctuate with market conditions. And while a bank’s advertised CD rate also changes, once you lock in a CD, your rate stays the same. That means even if rates drop, your rate is locked in. 

If you think you might need to withdraw funds during the CD term, consider a no-penalty CD or a high-yield savings account instead. 

3. How much are you planning to deposit? 

While Synchrony doesn’t require a minimum deposit, opening a CD is only successful if you can contribute a sizable amount of money. 

Some of the best CD rates have minimum balance requirements. If you can meet them, you’ll earn more than you will at Synchrony. For example, some banks or credit unions may require a $1,000 deposit. But a bank with a slightly lower APY may not have a minimum deposit requirement. 

Lastly, keep in mind that CDs only let you make one deposit, so you won’t be able to make any additional deposits unless the bank offers an add-on CD, an option Synchrony doesn’t have. 

How to open a CD with Synchrony Bank

If you already have an account with Synchrony, you can log in online and open a CD account. If not, you’ll need to create an account online. Here’s how:

  • Fill out an online application: You’ll need your Social Security number and other personal identification information -- including your phone number, email address and physical address. You’ll also need to share your current employment.
  • Select the account type you’re looking for: You’ll also see the current CD rates for terms you’re interested in before opening an account. 
  • Review the fine print: Make sure you read the details of potential withdrawal penalties, options for transferring your interest, and other terms and conditions of your CD.
  • Fund the CD: The easiest option for funding your CD is arranging an ACH transfer from your checking account. However, you can snap a photo of a physical check and deposit it via the bank’s mobile app, or you can mail a check to the bank’s PO box address in Atlanta.

The editorial content on this page is based solely on objective, independent assessments by our writers and isn’t influenced by advertising or partnerships. It hasn’t been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Dashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
Liliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.