Safe, low-risk deposit products such as certificates of deposit (or CDs) feature fixed deposit rates that stay consistent during the entirety of the term. By using the online calculator from Synchrony Bank, you can determine how much your money will grow during different terms. Learn below about CDs and other deposit products from Synchrony Bank.
Fixed deposits (also known as term deposits) are similar to products like bonds and certificates of deposit that pay a certain interest rate after a set period of time. Fixed deposits are attractive because they’re predictable and there is a guaranteed return once the deposit matures.
There is usually a fee associated with early termination. The trade-off is these usually offer higher yields than regular savings accounts but more security than a 401(k) or the stock market.
Certificates of deposit are most suitable for those who know they won’t need their cash again for months or years. However, keep in mind that should an emergency arise where some cash is needed, our CD products may be a better option than a traditional brick-and-mortar bank with no yearly interest.
Rates are determined based on term, so the longer you wait, the better interest rate you will receive.
Synchrony Bank leaves the term up to you. By putting the desired length of time into our growth calculator, you’ll know exactly how much your money will grow for the selected time period.
Synchrony Bank offers more than just higher interest rates on fixed deposits. Nationally competitive rates extend to other products as well, including high yield savings accounts, money market accounts and IRAs. Synchrony Bank’s rates on these products often go beyond the national average.+
With our variety of award-winning deposit products, Synchrony Bank makes it possible to meet savings goals.
CDs and savings accounts with fixed rates are protected and insured up to $250,000 per depositor, per insured bank, for each ownership category. That provides the ultimate peace of mind and the knowledge that your savings are safe and growing.
Select a savings product that best fits your stage of life. Call 1-844-345-5789 or visit Synchrony Bank online today to get started.
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 07/14/2018.
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.