Synchrony Bank Savings Rates for July 2024

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If you have ever used a store credit card, the name Synchrony might seem familiar to you. Synchrony is the world’s largest provider of private-label credit cards in the U.S. In addition to credit products, Synchrony Bank is an online-only bank boasting straightforward, FDIC-insured, high-yield savings products.

Synchrony is a name you can trust, and the bank’s high-yield savings products can help your money grow faster. Read on to find out Synchrony Bank savings rates for its savings account, money market account and CDs.

Synchrony Bank Savings Account Rates

Synchrony offers an online-only High Yield Savings account, delivering a APY for July 2024. The account needs no minimum deposit to get started, no minimum balance to earn interest and no monthly fees.

Synchrony makes it easy to access the money in your savings account through an ATM card at any machine bearing the Plus or Accel logo. Synchrony charges no fees for ATM use, although the ATM provider may charge a fee. You can also use your ATM card for point-of-sale transactions. Take note that withdrawals are limited to $1,000 per day at an ATM and $500 in point-of-sale purchases.

You can also transfer funds into or out of a linked external checking account from another online or traditional bank. To deposit funds, you can also use the mobile check deposit feature in the Synchrony Bank app.

Synchrony Money Market Account Rates

Like the Synchrony High Yield Savings account, Synchrony offers a Money Market account with an interest rate higher than the national average. Synchrony Bank’s Money Market account delivers a APY, with no minimum balance, no minimum deposit and no monthly fees.

Synchrony’s Money Market account offers the ability to order checks, giving you another way to access your money. As with the High Yield Savings account, you can use the ATM card at any Pulse or Accel machines and at point-of-sale systems in stores and online.

Synchrony CD Account Rates

Synchrony offers three different types of CDs to fill your short- and mid-term savings needs. Refer to the chart below for interest rates on all Synchrony Bank CDs for July 2024.

Regular CD Accounts

A Synchrony Bank certificate of deposit offers an APY as high as . Rates and terms vary. You might think you’ll earn a higher rate by locking up your money for a longer period of time, but that’s not the case with Synchrony. You’ll find the best rate with a 15-month CD.

You can also earn with a 9-month CD, making this an ideal product to set aside money for a vacation, a down payment for a car, or other short-term, big-ticket purchases.

Bump-Up CDs

If you’re counting on interest rates increasing within the next two years, a bump-up CD is your solution to start earning today with no risk. This CD account gives you the opportunity to increase your APY and interest rate, in line with market rates, once during the term of your 24-month CD. The CD has a APY as of July 12, 2024, and if rates rise in the future, you can take advantage of a higher interest rate.

No-Penalty CDs

Looking for a safe place to save your money with no penalties for early withdrawal? Synchrony offers an 11-month CD with an APY of and no early withdrawal penalties. You can withdraw your money at any time, as long as it’s at least six days since you funded it.

The interest rate is higher than you’d get with a savings account at a traditional bank, but if you’re considering this option, you might prefer a Synchrony High Yield Savings or Money Market account to earn even more.

Individual Retirement Accounts at Synchrony

Synchrony also makes it easy to save for retirement with individual retirement accounts. If you’ve already maxed out your 401K contributions for the year, experts recommend an IRA or Roth IRA. Synchrony combines the benefits of a CD, including a fixed rate for stability and FDIC insurance for security, with the tax benefits of a traditional or Roth IRA.

IRA CDs

Synchrony offers traditional or Roth IRAs. In a traditional IRA, your money grows tax-deferred. You’ll pay taxes upon withdrawal. With a Roth IRA, you pay into the account with after-tax dollars, which means you can minimize your tax liability later in life. This can help you manage your money better in retirement, especially if a large portion of your retirement income is derived from a tax-deferred 401(k) plan.

A Roth IRA has no required minimum distributions, while a traditional IRA requires you to begin withdrawing funds at age 72. Early withdrawal tax penalties apply to both types of accounts if you withdraw money before you are 59 ½ years old.

The rates for Synchrony IRA CDs are the same as for regular CDs, making them a great way to boost your retirement income if you have five years or fewer until retirement. You can also roll over the funds into a new CD, tax-free, at the end of the term.

However, if you have plenty of time to save for retirement, you might consider an IRA that’s not tied to a CD. The average rate of return for an IRA is 9%, according to Forbes, which is nearly double that of Synchrony CDs.

IRA Money Markets

Synchrony Bank also offers an IRA Money Market savings account. This product combines the tax advantages of a Roth IRA or a traditional IRA with the convenience of an easy-to-access money market account.

The interest rate is only , however, which means you might do better with an IRA based on a mix of stocks, bonds and mutual funds.

How To Open a Synchrony Bank Account

To open a bank account online, visit the website and click “Start Saving Now” or “Open An Account.” From there, you’ll be prompted to enter your personal information, including your name, address, phone number, Social Security number and date of birth. You must be at least 18 years old to open an account.

Then, choose the account you’d like. You don’t need a minimum deposit to open the account, but you can fund your account at any time through an electronic transfer from a linked bank, a mobile check deposit through the Synchrony app, direct deposit from a third party, a wire transfer or a check by mail.

Final Take

Synchrony Bank savings rates are industry-high. There aren’t a lot of bells and whistles with the accounts, but if you are serious about saving, Synchrony’s APY will help your money grow quickly.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 12, 2024. 

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