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Higher CD and IRA CD Rates at Synchrony Bank


Synchrony Bank increased the rates by 5 to 20 basis points of its mid-term CDs and IRA CDs. The new rates are leaders compared to other internet banks, and they’re close to the best rates at all-access credit unions. One of the noteworthy CDs is the 1-year CD, which now has a 1.20% APY for a minimum deposit of $2,000. Another noteworthy one is the 3-year CD, which has a 1.60% APY for a $100K minimum deposit and a 1.50% APY for a $2K minimum.

Below is a list of the CD rates that have gone up:

4.80%--Synchrony Bank12 Month CD
4.50%--Synchrony Bank18 Month CD
4.20%--Synchrony Bank24 Month CD
4.15%--Synchrony Bank36 Month CD
Rates as of April 21, 2024.

To view the CD account details, please refer to the account agreement document. This can be found by clicking on the disclosure link at the bottom of most pages of the Synchrony Bank’s Optimizer Plus website. Below is an excerpt from the account agreement document describing the early withdrawal penalties:

Early Withdrawal Penalty – We will impose a penalty if you withdraw any of the deposited funds before the maturity date. The fee imposed will be equal to the following:

  • For a CD with a term of 12 months or less, the penalty will be an amount equal to 90 days simple interest on the amount withdrawn at the current rate.

  • For a CD with a term of more than 12 twelve months, the penalty will be an amount equal to 180 days simple interest on the amount withdrawn at the current rate.

Synchrony Bank also has other competitive rates, including a 1% APY savings account and a 2.25% APY 5-year CD. I last reviewed the savings account in November. The 5-year CD requires a minimum deposit of $25,000 to qualify for the 2.25% APY. As you can see above, the early withdrawal penalty for the 5-year CD is 180 days of interest. By using our CD early withdrawal penalty calculator, you can see how the rates of the 5-year CD that’s closed early compare to these mid-term CD rates. The 5-year CD is the best deal for all cases except for the 1-year term.

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).

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 Rates Compare

When compared to other similar length-of-term CDs and IRA CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are nationally available, Synchrony Bank’s CDs are shown to be quite competitive. Below is a comparison of the 1-year and 3-year CDs:

These rates are accurate as of 1/27/2015.

To search for the best CD and IRA CD rates in your state, please refer to our CD rates tables and our IRA CD rates tables.

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

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Great CD rates

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