Those who save using a certificate of deposit often seek the highest rates. Synchrony Bank offers competitive, award-winning rates that go beyond the national average+. Here is a look at how to purchase a CD and start accumulating interest today.
Typically certificates of deposit (or CDs) have lower interest rates than investments such as stocks or bonds. This low return is because CDs offer little if any risk compared to bonds. Because of this, many find CDs a secure, sound way to save their money.
Just because certificates of deposit have relatively low yields doesn't mean you have to settle for the lowest rate. By shopping around, it is possible to obtain a higher yield on your deposit.
One of the great things about a certificate of deposit is the length of the term is predetermined by you. Once you have selected the term that fits your savings goals, there is no worry about fluctuating rates or losing money.
When CDs are left untouched for the entire duration of their term, they typically produce yields higher than regular savings or money market accounts.
Once you have decided upon a term between three and 60 months, you are ready to open a CD from Synchrony Bank.
You'll need to deposit a minimum deposit of $2,000 to open an account, but you'll have peace of mind knowing your money is protected. FDIC insures our customers up to $250,000, per depositor, per insured bank, for each ownership category.
Synchrony Bank makes it easy to keep track of how your money is doing. Whatever your rate, monitor your certificate of deposit's yield using our online banking portal. You'll also receive 24/7 customer support by calling one of our representatives.
The bank offers more than just CDs. Award-winning products include money-market savings accounts, IRAs, and other other savings tools.
Find Synchrony Bank online today or call us at 1-844-345-5789 and speak with our banking representatives.
Wall Street Journal: guides.wsj.com/personal-finance/banking/what-is-a-certificate-of-deposit-cd/
+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.