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New 19-Month CD Rate Special at Synchrony Bank


Synchrony Bank has started to offer a nice CD special for the holidays. It’s a 19-month CD with a 1.25% APY. Minimum deposit is $10,000. The APY for balances from $2K to under $10K is 1.05%. This offer is scheduled to last at least until 1/15/2015.

Synchrony Bank continues to offer a competitive 15-month CD special with a 1.20% APY. Minimum deposit is only $2,000. That rate has remained the same since I first reported on it in July.

To view both specials, click on the "Big Plus Offers" link on the bottom left of their home page. They’re also including their 1% High Yield Savings account as one of the three specials. For all three specials, the small print states that the funds must come from a source outside of Synchrony Bank. Only the 19-month CD special has the January 15th deadline. I’m not sure why they’re considering the savings account a special. In November I reported on this savings account rate reaching 1%. I also reported on the bank’s other CDs which have very competitive rates. These include a 2.25% APY 5-year CD and a 1.10% APY 1-year CD.

Application Process

You can apply for these CDs with an online application (To open an IRA or Trust Account a call to the bank is required). As Synchrony’s promotions page says, make sure to include MERRY3 as the promo code for the 19-month CD special and MERRY2 as the promo code for the 15-month CD special.

Accounts are available to people in any state. At the end of the application process, the bank requires that you sign and mail the new account form.

Bank Overview

Synchrony Bank has gone through three names in the last two years. Before 2013, it was named MetLife Bank. In January 2013 MetLife Bank officially became GE Capital Retail Bank. Then in June 2014, GE Capital Retail Bank became Synchrony Bank.

Synchrony Bank is part of Synchrony Financial which was spun off from GE as a public company.

Synchrony Bank is an internet bank, but it also has a branch office where you can visit in person. It’s located at 200 Crossing Blvd, Bridgewater, NJ.

The bank has an overall health grade at DepositAccounts.com of an "A+" with a Texas ratio of 7.99% (excellent) based on September 30, 2014 data. Please refer to our financial overview of Synchrony Bank for more details.

How the CD Compares

When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are nationally available, Synchrony Bank’s 19-month CD is shown to be quite competitive:

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

Related Pages: CD rates, IRA rates, Synchrony Bank, New York, savings account

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Anonymous   |     |   Comment #1
Isn't that TWO name changes?
Ken Tumin
Ken Tumin   |     |   Comment #3
Good catch. It should be three names and two name changes. Post has been updated.
Anonymous   |     |   Comment #2
Not enough beef for my taste.
gregk (anonymous)   |     |   Comment #4
"Nice"?  No, it's a trap.  Almost two years at just slightly more than the current (easily obtainable) liquid rate, in an environment when deposit rates MIGHT be headed up in the 
next six months and are unlikely to fall further under any circumstances?

No thanks.
Anonymous   |     |   Comment #5
How much and how fast are they going to raise rates?  Only the fed knows and things can change at any time.  I've read about maybe 2015 or 2017.  
gregk   |     |   Comment #6
Here's the bottom line, - 1 friggin % on an almost 2 year commitment.  I don't know why Ken bothers writing up these scurrilous "deals" quite honestly, let alone finding them worthy of headlines.  Is there a single person on DA who's actually invested in this thing (and willing to admit it)?  Is 1% worth the bother on anything other than a typical checking or MM account one can just dump everything into and wait for something better to come along?  Are depositors here laddering all these 1% CD's in some grand protective strategy?  Aren't FI's embarrassed to be marketing and selling them? Ef the Fed is what I have to say. 
Anonymous   |     |   Comment #7
Gregk tells it like it is. The reality though is that something is better than nothing. Switzerland just went negative on its national rate to minus .25. Demand is so high for US debt that interest rates don't have to go up for a long while. Happy Holidays DA!