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Synchrony Bank CDs Review

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Synchrony Bank, a subsidiary of Synchrony Financial, provides online banking services and digital financial solutions for consumers. Synchrony's products include certificates of deposit (CDs), high yield savings and money market accounts, and store branded cards. Founded in 2003, Synchrony is based in Stamford, Connecticut and has an A+ with the BBB.
 
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How is Synchrony Bank rated?

Breakdown

0.0/5
Types of CDs
5.0/5
Term Lengths and Features
5.0/5
Minimum Deposits, Fees, and Penalties
5.0/5
Customer Experience

Overall Rating: 4.9 / 5 (Excellent)

The main reasons Synchrony should be considered for opening a CD are the outstanding rates, good customer service, and ability to apply for and manage accounts digitally. Synchrony also has some of the lowest fees around, and no fees for CDs except for the early withdrawal penalty. Synchrony also rewards long term customers with tiered bonus perks. Depending on your balances and time with the company, account holders can enjoy earned discounts on travel, hotels, and restaurants.

Synchrony Bank Account Features

Term Lengths and Features - 5 / 5

Synchrony offers traditional CDs and IRA CDs. Because the bank is wholly online, they are able to offer higher than average APYs, particularly for those account holders choosing longer terms. Term lengths are between 3 months and 5 years, and customers must have a minimum of $2,000 to open an account. A standout feature of Synchrony is that it allows earned interest to be withdrawn at any time, not just paid on a monthly or quarterly basis. Additionally, the bank is flexible when it comes to how that interest is paid. It can be transferred to a linked Synchrony Money Market Account or High Yield Savings Account, to a eligible external account, or be sent as a physical check.

Synchrony gives customers the locked interest rate the day the CD was opened as long the bank receives and processes the opening deposit on or before 15 calendar days from the opening date. After which, the interest rate is locked for the term of the CD.

Synchrony's IRA CDs are for those who want to invest their retirement deductions in a CD rather than a brokerage account. Synchrony's IRA CDs offer the same rates and terms as their standard CDs. These typically will not make as much money with a traditional brokered IRA account which is invested in mutual funds and the like, but can appeal to those who want maximum security and stability considering the fixed rate of return.
Type of Rate (Traditional)
Fixed
Types of CDs
Traditional CD
IRA CD
Interest Compounded
Daily
Term Range
3 months to 60 months
Minimum Deposit Amount
No minimum
CD Calculator
Yes

Synchrony Bank Fees and Penalties

Minimum Deposits, Fees, and Penalties - 5 / 5

A big selling point with Synchrony Bank is that it has some of the most minimal fees among the financial institutions we evaluate. Aside from the early withdrawal fee, which all certificates of deposit have, there are no other associated fees for a Synchrony CD account.
Early Withdrawal Penalty
Terms less than 12 months - 90 interest; 12-48 months - 180 days inters; more than 48 months - 365 days interest

Synchrony Bank Financial Strength and Reputation

Customer Experience - 5 / 5

Synchrony Bank has above average financial strength ratings from Moody's and solid ratings from Standard and Poor's. Although the company has many complaints online they majority of them have to do with credit card and billing issues. To Synchrony's credit, they have responded and resolved a significant amount. In fact, because of this diligence, Synchrony maintains an A+ with the BBB. Synchrony customers have 24/7 access to customer support via online chat and an automatic phone service if called after business hours.
Year Founded
2003
Standard & Poor's Financial Rating
BBB
Moody's Financial Rating
Aaa
Live Help 24/7
Yes
Customer Support Hours
24/7 (automated telephone service)
Contact Methods
Phone
Email
Chat
BBB Rating
A+
BBB Resolved Complaints
4,528 complaints closed in last 3 years
Consumer Financial Protection Board (CFPB) Complaints
3,195
Date Collected
2018-09-27

Company Profile

Full Name
Synchrony Bank CDs
Company Website
https://www.synchronybank.com/
Headquarters
170 West Election Road, Suite 125, Draper, UT, 84020

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Customer Comments & Reviews

Loading Reviews ...
1lylabell
11/28/2023
I have had numerous cd accounts with them over the last 10 years and I have never had a problem with anything. They aren't the first to start paying higher interest rates as the Fed kept increasing their rates, but usually they get closer in a few weeks. As a longtime customer I get a little higher rate than new customers. I received an email from them yesterday informing me of their 14-month CD special at 5.70%. I will be taking advantage of that. It ends 12-04-2023. New customers receive 5.65%.

D
Dr. C
5/19/2022
No phone number answers, no chat available, message just gives a standard response to call the phone number. After three calls and over an hour wait, I got a supervisor who said she would close my accounts and cancel transfers. She gave me an extension. No accounts are canceled and transfers were not blocked. I called back and entered the extension. I get in a loop-- doesn't take the extension, just keep asking for it. I have never seen such a noncommunicative legitimate company. I got an error online twice and was told to retry. Each time a CD was created. On the third time I was successful and saw I had 3 CDs instead of one. So website errors too. I tried to send five... Read More

I
Inabit
2/7/2022
CD Rates are competitive and service is good - until you choose not to renew for another term. There is no way to cancel the automatic renewal online so you must call the (866) number. First, you wade through the menus and call waiting. Then the service person will ask you to verify every bit of information they have on file for you, including sending a text to "verify" that you are you. All seems a ploy to make non-renewal difficult as possible, hoping you'll give up and let Synchrony keep your money.

R
Romel M
3/27/2020
Takes more than a week to withdraw fund from online Synchrony bank accounts. Cannot depend on their withdrawal policies it takes too long to get your money back when you need it.

Top Rated
Our Partner
  • 1.21% high-yield CD, 7.1X higher than national average.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
  • No fees.
  • FDIC insured.
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