Synchrony Bank Debuts 13-Month CD with Very Competitive Rate


Deal Summary: 13-month CD Special (2.65% APY); Rate increases on five CDs, including 5-Year CD (3.00% APY)

Availability: Nationwide

This morning Synchrony Bank launched a new 13-month CD special with a very competitive 2.65% APY. Synchrony Bank also increased the rates of five of its standard CDs. Most noteworthy is the 60-month CD which joins the 3% club with a 3.00% APY. For all of the CDs, the minimum opening deposit is $2,000. All six of the new CD APYs are shown below in bold and are effective as of 8/14/2018. The previous APYs are noted inside parentheses.

  • 13 mo - 2.65% (new)
  • 18 mo - 2.55% (2.40%)
  • 24 mo - 2.65% (2.50%)
  • 36 mo - 2.70% (2.55%)
  • 48 mo - 2.80% (2.65%)
  • 60 mo - 3.00% (2.85%)

All of the CDs are also available as IRAs (Traditional and Roth) earning the same APYs, with the same funding requirements. For the full list of Synchrony CD and IRA CD rates, please refer to the CD rates section of our Synchrony Bank page.

3.00%$2k-Synchrony Bank60 Month CD
2.80%$2k-Synchrony Bank48 Month CD
2.70%$2k-Synchrony Bank36 Month CD
2.65%$2k-Synchrony Bank24 Month CD
2.65%$2k-Synchrony Bank13 Month CD
2.55%$2k-Synchrony Bank18 Month CD
Rates as of August 21, 2018.

When compared to nationally available CDs with terms around one year, the 2.65% APY 13-month CD is near the top. In the last year, Synchrony Bank has occasionally offered CD specials with terms close to one year. Last month, Synchrony Bank ended its 14-month CD special with a 2.45% APY. For one week after last year’s Thanksgiving, Synchrony Bank offered a Cyber Week 13-month CD special with a 1.75% APY. This shows how rates have risen in the last nine months.

My thanks once again to DA reader, buckeye61, for a DA Forum post on the new CD rates.

Synchrony CD Features

One downside with Synchrony Bank’s 13-month CD as compared with its 12-month CD (besides the longer term) is an early withdrawal penalty (EWP) that is double in size (180 days rather than 90 days of interest). The full details of the EWPs are described in Synchrony’s FAQs:

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 The penalty is applied to the amount of principal withdrawn (no penalty on interest).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.

There’s one FAQ on the 15-day rate guarantee period that has recently changed. This FAQ now reads as follows:

Q: Are there rate guarantees for CDs?

The Bank will give you the CD interest rate in effect on the day the CD was opened as long as we receive and process your opening deposit on or before 15 calendar days from the opening date. We will not go by the postmark date of a deposit. If we receive your deposit within the 15-day period and the current rate for your CD term is higher on the date we receive and process your deposit, the Bank will give you the higher rate. Your interest rate is locked for the term of your CD once we receive and process your deposit.

For IRA CDs, the bank will give you the interest rate in effect on the day the CD was opened as long as we receive and process your opening deposit on or before 60 calendar days from the opening date and 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 and 60-day rate guarantees do not apply to CD renewals, in which case your CD will receive the rate in effect on the renewal date.

The rate guarantee is important for those who may have opened one of the above standard CDs in the past week or two. According to this current FAQ, “[y]our interest rate is locked for the term of your CD once we receive and process your deposit.” So if you opened one of the above CDs last Tuesday, and Synchrony received and processed your deposit last week, you will not qualify for the new higher rate. However, if Synchrony received and processed your deposit today, you should receive the higher rate. Previously, the FAQ stated that “if the bank rates go up during the rate lock period, the Bank will give you the higher rate.”

Two additional CD FAQs that are noteworthy are as follows:

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: Can I add funds to my CD during the term of the CD?

You are only allowed to add funds at the initial funding of a CD, or during the 10-day grace period beginning on the maturity date of the CD.

High Yield Savings Account

Synchrony Bank High Yield Savings Account (HYS) remains at 1.85% APY for all balances. The last rate increase occurred on July 24th when the rate went up by 10 bps. This rate continues to be competitive for a no-minimum, non-promotional savings account. Please refer to my Synchrony High Yield Savings review for more details.

1.85*%--Synchrony BankHigh Yield Savings
Rates as of August 21, 2018.

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.

Account Beneficiaries

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 9.83% (excellent), based on March 31, 2018 data. In the past year, Synchrony Bank has increased its total non-brokered deposits by $3.8 billion, an excellent annual growth rate of 8.92%. 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 13-Month CD Compares

When compared to 223 similar length-of-term CDs tracked by which are available nationally, Synchrony Bank’s 13-month CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.80% APY12-month CD ($1k min)United Texas Bank
2.65% APY13-month CD ($2k min)Synchrony Bank
2.60% APY12-month Online CD ($10k min)PurePoint Financial

The above rates are accurate as of 8/14/2018.

To find the highest CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

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

Busan   |     |   Comment #1
Can someone explain the CD maturation process at Synchrony? Is it similar to Ally and CapitalOne where months in advance you can setup online for the CD to close at maturity and proceeds transferred to your savings account? Or do you need to call them and this call can only be when the CD matures (including grace period)? Thanks for any assistance.
Robb   |     |   Comment #3
I called and asked this very question. I was told by a CSR that 1 month before maturity there would be an option to close out the CD at maturity. I have one due in 2019 so have not been through this process yet. Would be nice if someone who has closed one out at maturity could add some color.
jjflyman   |     |   Comment #4
I have several CD's at Synchrony. 30 days before the term ends you can make changes to the renewal as far as the new term, but unfortunately it does not give an option to close the CD. I was not happy about that.
jjflyman   |     |   Comment #5
Also, it says I can have the interest payments sent to my savings account, but sadly I can not find that option for my interest online, and I have looked hard. Ally has a very easy way to do this,
klink   |     |   Comment #8
Having just got off the phone with a Synchrony CSR, I was told that I had followed the correct procedure of calling them with the CD acct. # within 1 mo. of maturity and asking them to transfer the funds to my external linked acct. That account was the original acct. I had funded the CD from and took the time to link it to Synchrony Bank. She advised me that the maturing funds should be back in my linked acct. within 2-3 business days.
Earlier today I jumped on the 13mo. special. Had it and for short term, why not?
Amos   |     |   Comment #2
Got an email from Northwest FCU today. Seems that I have a couple of their 3% Dream Certificates coming due in October so, as an 'enticement', they are offering some 30 month, 2.75%, Dream-On Certificates to replace them. Wow, what a deal! Dream-On, Northwest, Dream-On.
111   |     |   Comment #6
Yeah, I also received 2 of these emails during the past 2 days, for my NWFCU 3% CDs expiring in October. To the first I responded (to paraphrase) "your proposed rate is a joke in today's environment", etc., etc. Even though I immediately received an automated response saying "this is a non-monitored email address ...", hours later I actually DID get a response from a human, saying "I'll forward your message to management...", etc.

Well, let's face it - either response will probably have the same effect. What they're doing is trying to "lock in" folks who were paying attention 3 years ago, but for whatever reason, no longer are today. They may think there is no collateral damage to that, but they're wrong - I just lost a fair amount of respect for what I used to consider a decent FCU.
DTC   |     |   Comment #7
I agree w/ your sentiment as well. So what are you both planning on doing w/ your NWFCU's CD at maturity? I'm in the same boat and not sure where to go from here...Thanks.
Synchrony Bank High Yield Savings Account Reaches 1.85% APY
Deal Summary: High Yield Savings Account (1.85% APY for all balances)

Availability: Nationwide

This morning Synchrony Bank increased the rate on its High Yield Savings Account (HYS) by 10 bps to 1.85% APY. Synchrony Bank also increased the rate by 10 bps of its Money Market Account, but the rate (1.15% APY) remains much lower than the savings account rate. Both accounts have no minimum balance requirement or monthly service fees. The APY applies to all balances.

This is the first rate increase of the Synchrony HYS since the...

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Synchrony Bank Boosts Rate of 14-Month CD Special

UPDATE 7/17/18: The 14-month CD special has ended. Please refer to this page for the latest Synchrony Bank CD rates.

Deal Summary: 14-month CD Special (2.45% APY, $2k minimum)

Availability: Nationwide

This morning Synchrony Bank increased the rate of its 14-month CD special by 10 bps to 2.45% APY. Minimum opening deposit is $2,000. Synchrony Bank first introduced this 14-month special on May 1st. At that time, the special CD was a rate leader for nationally available CDs with terms around 12 months. Since May 1st, rates have gone up,...

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Synchrony Bank Raises High Yield Savings Account Rate
Deal Summary: High Yield Savings Account (1.75% APY for all balances); 18-month CD (2.35% APY, $2k minimum)

Availability: Nationwide

This morning Synchrony Bank increased the rate on its High Yield Savings Account (HYS) by 10 bps to 1.75% APY. Synchrony Bank also increased the rate of its 18-month CD. The CD rate went up 20 bps to 2.35% APY. This now matches the rate of Synchrony Bank’s 14-month CD special which continues to be offered and is still very competitive when compared to CDs with terms around 12 months....

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Synchrony Bank Hikes Rates on CDs and IRA CDs
Deal Summary: CD rate increases, including 1-Year CD (2.25% APY) and 5-Year CD (2.85% APY)

Availability: Nationwide

Yesterday Synchrony Bank increased rates on five of its CDs. The long-term CDs had larger rate increases with the 5-year CD rate rising 25 bps to 2.85% APY. The 12-month CD rate increased 10 bps to 2.25% APY. Synchrony Bank’s best short-term CD deal continues to be its special 14-month CD which was introduced on May 1st with a 2.35% APY. The 14-month CD rate remains unchanged. This is the third round...

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UPDATE 6/19/2018: The rate of the CD special has increased. Please see this latest review of the 14-month CD special for the details.

Deal Summary: High Yield Savings Account (1.65% APY for all balances); 14-month CD (2.35% APY, $2k minimum)

Availability: Nationwide

This morning Synchrony Bank increased the rate on its High Yield Savings Account (HYS) by 10 bps to 1.65% APY. Synchrony Bank also added a special 14-month CD with a very competitive rate (2.35% APY). Minimum opening deposit for the CD is $2,000.

This is the first rate increase...

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