Do you want to have all the complete information about the Synchrony certificate of deposit? Alfredo Barandiarán analyzes for Responsible Economy all the features, requirements and opinions of the Synchrony CD. Welcome!
Features
We start the article seeing all the characteristics of the Synchrony CD:
Fees
Synchrony’s certificate of deposit is commission-free. You do not have to pay anything monthly or to open it.
Yield
You can get a return of up to 4.60% depending on the term you choose. We show you a table with the terms and yields:
| Terms | Yields |
|---|---|
| 3 Months | 2,25% APY |
| 6 Months | 3,90% APY |
| 9 Months | 3,95% APY |
| 12 Months | 4,30% APY |
| 13 Months | 4,30% APY |
| 14 Months | 4,60% APY |
| 15 Months | 4,30% APY |
| 16 Months | 4,30% APY |
| 18 Months | 4,50% APY |
| 24 Months | 4,30% APY |
| 36 Months | 4,30% APY |
| 48 Months | 4,30% APY |
| 60 Months | 4,30% APY |
Minimum deposit
It is not necessary to have a minimum balance to open the deposit.
Terms
You can open a certificate of deposits with terms from 3 months to 60 months.
Comparison with the best CDs en 2023
Here is a comparison of Synchrony with the best CDs you can open in 2023:
- 5% APY
- Minimum deposit: $0
- Term: 11 months
- Member FDIC
- 4,40% APY
- Minimum deposit: $5000
- Term: 12 months
- Member FDIC
- 4,65% APY
- Minimum deposit: $1000
- Term: 13 months
- Member FDIC
- 4,60% APY
- Minimum deposit: $0
- Term: 14 months
- Member FDIC
- 4,60% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
- 4,55% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
- 4,50% APY
- Minimum deposit: $0
- Term: 12 months
- Member FDIC
- 4,50% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
Open a deposit without penalty
Synchrony offers a CD without any penalty for taking money early. The great drawback of this deposit is that the yield is lower, at most you can get 3.50% APY.
In summary, the Synchrony No Penalty CD has a term of 11 months and a yield of 3.50% APY.
Bump-up Certificate of deposit
Bump-up is a certificate of deposit with a term of 24 months and an interest rate of 3.70% (lower than the main Synchrony CD) but which can increase the yield over time.
Requirements
The requirements to open a certificate of deposit with Synchrony are as follows:
- Must be over 18 years old
- Live in the United States
- Have an American phone number
How to open a certificate of deposit with Synchrony
With Synchrony you can open a CD both online and in branches.
Frequent questions
Now we answer all the questions you may have:
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Updated the day 5 February, 2023 by Alfredo Barandiarán
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