Dedicated to Deposits: Deals, Data, and Discussion

4.25% 16-Month CD at a Florida Bank - Early Withdrawal Option (Synovus)


Synovus Bank is offering a 4.25% APY 16-month CD special. The minimum deposit is $5,000. It's available for new personal and commercial deposits only. The CD also has an early withdrawal option which allows a one-time penalty free withdrawal of 50% of the balance after the initial 90 days of the term. This special doesn't seem to be listed at the bank's website. It was listed in yesterday's Tampa Tribune. The ad is available online here.

The bank has been offering this special CD for awhile. My last post was in June when the yield was 4.14%.

It appears likely to require a branch visit. Branches are located throughout Southwest Florida including the cities of Naples, Fort Myers, Clearwater, Bradenton, Bonita Springs, Sarasota, St. Petersburg and Tampa.

FDIC Insurance of up to $3.5 Million

One noteworthy feature of this bank is that it claims to provide FDIC insurance on Shared CD deposits of up to $3.5 million by structuring deposits of $100,000 in up to 35 Synovus banks. I just called and spoke with a banking rep at one of the branches, and she said that this CD special would qualify for this FDIC coverage. Please confirm the details with a banking rep. Synovus Bank has been FDIC insured since 1996 (Certificate # 34172). Please refer to the FDIC's Bank Find Tool for the FDIC information on the other banks in the Synovus network.

Update: Added link/info on the Synovus networkd of banks.

  Tags: CD rates, Synovus Bank, Florida

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Comment #1 by Anonymous posted on
If you go to their "Privacy" page, it lists all the banks in the Synovus family where the Shared CD deposits could be spread.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post with the link to this page.