Synchrony Bank Ups CD Rates - 1-Year Rises to 2.15% APY


Deal Summary: CD rate increases, including 1-Year CD (2.15% APY, $2k minimum)

Availability: Nationwide

This morning Synchrony Bank increased rates on six of its CDs. The most competitive is now its 1-year CD; the rate increased 10 bps to 2.15% APY. This is the second round of CD rate hikes at Synchrony since last month’s Fed rate hike. Synchrony’s High Yield Savings Account rate is unchanged; its rate continues to be 1.55% APY for all balances. All six of the new CD APYs are shown below in bold and are effective as of 4/10/2018. The previous APYs are noted inside parentheses.

  • 12 mo - 2.15% (2.05%)
  • 18 mo - 2.15% (2.10%)
  • 24 mo - 2.25% (2.20%)
  • 36 mo - 2.35% (2.25%)
  • 48 mo - 2.45% (2.30%)
  • 60 mo - 2.60% (2.50%)

Minimum deposit for the CDs is $2,000. Synchrony’s CDs are also available as IRAs (Traditional and Roth) earning the same APYs, with the same funding requirements. The details of the current rates and the histories can be seen in the following table. For the full list of Synchrony CD and IRA CD rates, please refer to the CD rates section of our Synchrony Bank page.

2.60%$2k-Synchrony Bank60 Month CD
2.45%$2k-Synchrony Bank48 Month CD
2.35%$2k-Synchrony Bank36 Month CD
2.25%$2k-Synchrony Bank24 Month CD
2.15%$2k-Synchrony Bank12 Month CD
2.15%$2k-Synchrony Bank18 Month CD
Rates as of April 19, 2018.

Synchrony’s new CD rates still lag the rate leaders. The rate increases move them closer the leaders, and that’s especially the case with the 12-month CD which lags the leaders by only 5 bps. Even though they’re rarely a rate leader, Synchrony does have a history of remaining competitive on their CDs and savings accounts.

Synchrony’s FAQs describe several important features of the CDs. Below are three FAQs on CDs that I thought would be worth mentioning:

Q: Can I withdraw my interest from a CD?

Any amount of interest paid during the current term of the CD can be withdrawn at any time without penalty

Interest can be transferred internally to a Synchrony Bank Money Market or High Yield Savings Account, a registered external account, or sent by check to the account address we have on file.

Q: Are there rate guarantees for CDs?

The Bank guarantees CD rates for 15 calendar days after the opening of the CD including the day the account was opened. This means that the opening deposit needs to be received and processed by the 15th calendar date. We will not go by the postmark date of a deposit. Once the account is funded, even before the 15 days is up, the rate is locked. However if the bank rates go up during the rate lock period, the Bank will give you the higher rate.

IRA CD rates are guaranteed for 60 calendar days as long as you are actively participating in the account opening process. This means all appropriate paperwork must be completed and that funding or appropriate account funding documents must be provided.

The 15-day rate guarantee does not apply to CD renewals, which receive the rate in effect on the renewal date.

Q: Is there an early withdrawal penalty for CDs?

An early withdrawal penalty may be assessed if you make a withdrawal prior to the CD maturity date, which is the last day of the CD term. The penalty is applied to the amount of principal withdrawn (no penalty on interest). The bank does not charge an early withdrawal penalty on a CD for the death of an account owner with proper verification.

Penalty Amounts:

  • Terms of 12 months or less: 90 days of simple interest at the current rate.
  • Terms of more than 12 months but less than 48 months: 180 days of simple interest at the current rate.
  • Terms of 48 months or more: 365 days of simple interest at the current rate.

High Yield Savings Account

The rate of Synchrony’s High Yield Savings Account (HYS) remains at 1.55% APY. Based on this account’s history, we may see some upward movement later this month. Synchrony waited until January before responding to the December Fed rate hike. On January 4th, the HYS rate increased from 1.30% to 1.45% APY. The rate went up 5 bps on February 6th and another 5 bps on February 21st to reach its current level of 1.55% APY.

1.55*%--Synchrony BankHigh Yield Savings
Rates as of April 19, 2018.

The HYS account has no minimum balance or monthly service fee. Synchrony Bank offers an ACH bank-to-bank transfer service that allows customers to link up to ten accounts at other banks. Once the link is established, the customer can initiate electronic deposits and withdrawals to and from those external bank accounts. According to a Synchrony CSR, customers can initiate ACH transfers at Synchrony Bank of up to $500k per transaction.

Additional Services for Deposit Account Customers

Synchrony Bank provides deposit account holders with complimentary Identity Theft Resolution Services through CyberScout which can offer assistance if you are ever a victim of Identity Theft.

Synchrony Perks Program offers additional rewards based on account balance size and the length of time you’ve been a customer. Diamond level is reached with a $250k balance or 5 years of tenure. Some of the perks that Diamond customers receive include three free wire transfers per statement cycle, a dedicated customer service phone number and unlimited ATM reimbursements.


Headquartered in Draper, Utah, Synchrony Bank is an internet bank that offers its services and product line to U.S. citizens and “U.S. lawful permanent residents” who are 18 years or older, have a permanent U.S. residential address, and possess a valid Social Security number.


Synchrony Bank accounts can be opened online, but IRA and Trust accounts require paper forms. Funding an account can be done with an electronic funds transfer. This is done by providing Synchrony with the account number and routing/transit number of an external bank account. If Synchrony can’t automatically verify your external account, it’ll use a trial deposit system. Once the online application completes, Synchrony Bank will mail a welcome kit within 7 to 10 days. The welcome kit includes a signature card that must be signed and mailed back. In addition, the welcome kit includes a deposit slip. If you decide to fund the account with a check instead of an online transfer, a check must be mailed with the deposit slip.

The online application can accommodate up to four beneficiaries per account. Unlike some other financial institutions, Synchrony Bank does not require Social Security numbers for beneficiaries: only name, address, and date of birth are necessary to add a beneficiary. CSR suggested having all information and documentation for the applicant and any beneficiaries on hand, since the online application is time sensitive and will time out if there’s a long period of inactivity.

Bank Overview

Synchrony Bank has an overall health grade of “A" at, with a Texas Ratio of 10.66% (excellent), based on December 31, 2017 data. In the past year, Synchrony Bank has increased its total non-brokered deposits by $3.43 billion, an excellent annual growth rate of 8.46%. Please refer to our financial overview of Synchrony Bank (FDIC Certificate # 27314) for more details.

Synchrony Bank can trace its origins to a brick-and-mortar institution, the Monogram Bank, USA, which was established in Ohio in 1988. From 1989 to 2014, the Bank moved its headquarters four times and re-branded five times, with the current name change occurring in June 2014. Prior to the name Synchrony Bank, the Bank was known as GE Capital Retail Bank, reflecting its tie to GE Capital, its parent company. In January 2013, GE Capital Retail Bank acquired the deposit base and online deposits business of MetLife Bank, N.A.

Currently, Synchrony Bank is the 32nd largest bank in the country with assets in excess of $79 billion.

How the 1-Year CD Compares

When compared to 203 similar length-of-term CDs tracked by which are available nationally and with similar minimum deposit requirements, seven banks offer higher rates than Synchrony.

Interest RateCD Length of TermCredit Union/Bank
2.20% APY12-month CD ($1k min)iGObanking
2.17% APY12-month CD ($1k min)First Internet Bank
2.15% APY12-month CD ($2k min)Synchrony Bank

The above rates are accurate as of 4/10/2018.

To find the top CD rates, both nationwide and in your state, please refer to our CD rates page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

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