Synchrony Bank CD Review

Even if you’re satisfied with the overall performance of your online savings or money market account, it doesn’t hurt to add a certificate of deposit to your portfolio.

CDs are time deposits, and offer one of the safest investment strategies available. They typically come with better rates than other types of savings accounts, which is good news if you’re saving up for something big, such as college tuition, a wedding, a house or retirement.

You can open a certificate of deposit with just about any bank. But if you’re looking for a competitive rate and peace of mind, you need an account with Synchrony Bank.

Here are five features of a certificate of deposit with Synchrony Bank.

Related: Synchrony Bank Ups Its High-Yield Savings to 1.00% APY

1. Flexible CD Terms

Savings goals vary from person to person. One account holder might seek a long-term savings solution, whereas another needs short-term options. A CD with Synchrony Bank accommodates both needs with a variety of flexible terms to choose from, ranging from three to 60 months.

2. Competitive CD Rates

If you compare regular savings account rates offered by banks and credit unions, you’ll discover that many financial institutions pay less than 0.10% APY on deposits. With a Synchrony Bank CD, you’ll not only earn a fixed rate for the duration of your term, you’ll earn a rate that exceeds the national savings account average.

Rates vary based on the term and deposit amount; however, you can currently earn anywhere between 0.75% APY and 2.25% APY on a Synchrony Bank CD.

3. The Assurance of FDIC Insurance

Like your checking and regular savings account, each certificate of deposit you open is federally insured up to $250,000.

Keep reading: 5 Things You Probably Don’t Know About Certificates of Deposit

4. Manageable Minimum Deposit Requirement

Every Synchrony Bank CD requires a minimum opening balance of at least $2,000. At the end of your CD term, the bank returns your deposit, along with any interest earned during the term. This type of savings vehicle encourages you to leave your savings undisturbed, as early withdrawals could incur a penalty.

5. Free Identity Theft Protection

The bank is committed to helping its customers protect their information and money. Open a Synchrony Bank CD and you’ll have access to a range of security features, including multi-factor authentication and complimentary identity theft assistance through Identity Theft 911.

How to Get Started With Synchrony Bank

A certificate of deposit is one of the simplest tools to reach short- and long-term goals. Get started today and open your account in just a few easy steps.

Visit the bank’s website to complete an application or log into your account if you’re an existing customer, choose the desired CD product and then fund your account.

About the Author

Valencia Higuera is a personal finance expert who enjoys articles on budgeting, saving money and credit cards. She holds a B.A in English from Old Dominion University and currently lives in Chesapeake, Virginia.