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Top 1-Year and 2-Year CD Rates at Synchrony Bank


Availability: Nationwide

Synchrony Bank increased the rates by 2 to 10 basis points on its 12-month and 24-month CDs and IRA CDs. The new Synchrony CD rates are very competitive: 1.25% APY for 12 months and 1.45% APY for 24 months. Minimum deposit is $2,000. This continues the trend that we’ve seen for the last several months in which banks are making slight rate increases on their mid-term CDs. Synchrony Bank’s 5-year CD rates haven’t changed since November. They remain very competitive with a 2.25% APY for a $25K minimum deposit and 2.20% APY for a $2K minimum deposit.

4.80%--Synchrony Bank12 Month CD
4.20%--Synchrony Bank24 Month CD
4.00%--Synchrony Bank60 Month CD
Rates as of April 23, 2024.

To view the CD account details, please refer to the Synchrony account agreement document. This can be found by clicking on the disclosure link at the bottom of most pages of Synchrony Bank’s 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For a CD with a term of 12 months or less, the penalty will be an amount equal to 90 days simple interest on the amount withdrawn at the current rate.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a term of more than 12 twelve months, the penalty will be an amount equal to 180 days simple interest on the amount withdrawn at the current rate.

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 1-year CD will return more than the 5-year CD if the 5-year CD is closed at one year. However, that’s not the case for the 2-year CD. Synchrony Bank’s 5-year CD has an effective yield of 1.69% when closed early after 2 years which is quite a bit higher than the 2-year CD rate.

Synchrony Bank also has other competitive rates, including a 1.05% APY savings account. I last reviewed the savings account in April.

Application Process

Accounts are available to people in any state. You can apply for these CDs with an online application (To open an IRA or Trust Account a call to the bank is required), and the CDs can be funded electronically with an ACH transfer from an existing bank account. The application process isn’t 100% electronic. I was told by the CSR that you’ll be receiving a welcome package in the mail after you apply. The signature card has to be returned (a postage paid envelope is included).

The online application can accept up to four beneficiaries per account. They don’t require beneficiary social security numbers. Only their names, addresses and dates of birth are required. I was advised to have all the necessary information ready when you apply since the online application is time sensitive and it will time out if there’s a long period of inactivity.

Bank Overview

Synchrony Bank went through a name change last year from GE Capital Retail Bank. In January 2013, GE Capital Retail Bank acquired the retail deposits business from MetLife. Synchrony Bank is part of Synchrony Financial, which conducted an IPO of its business as a public company as a step in its planned separation from GE.

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, New Jersey.

The bank has an overall health grade at DepositAccounts.com of an "A" with a Texas ratio of 7.37% (excellent) based on March 31, 2015 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 very competitive. Below is a comparison of the 1-year and 2-year CDs:

These rates are accurate as of 6/3/2015.

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.

Edit 6/5/15: Corrected the details about bank name changes.

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

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  |     |   Comment #1
GE is closing the GE INTEREST PLUS PROGRAM.  http://www.gecapitalinvestdirect.com/  They probably want you to move your money to another GE product.  At least, this one is FDIC insured.
  |     |   Comment #2
One more thing, in the lower right hand corner of the above link http://www.gecapitalinvestdirect.com/.  They are advertising "A special Offer from Synchrony Bank" which is a 1.10% High Yield Savings Account.  https://www.synchronybank.com/banking/promotions/geippromo
  |     |   Comment #3
And if you follow that link then you're offered 1 and 2 year CDs that are 0.05% above what's stated in this blog post.

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