Opening a certificate of deposit (CD) provides the security and comfort of knowing that your money is in a product with a consistent rate. This article provides a few tips to help you find the best certificate of deposit rate and maximize your CD earnings.
Keep reading to learn about CD rates and where to open your deposit product.
Many experts have noted that online banks frequently offer the best certificate of deposit rate options, as compared to traditional brick-and-mortar banks. Many online banks offer better rates on deposit products because they avoid the increased overhead of operating numerous physical locations.
Not only do online banks frequently offer better deals, but you're not restricted to local bank CD choices. The internet makes it easy to search for banks and compare rates nationwide. Be sure to research your online bank options before opening a CD.
Do you need your CD contribution back quickly? If not, consider a longer term. A CD with a longer term often offers a higher rate. For instance, opening a CD for 36 months will often provide a higher interest rate than a 12-month CD.
If you need to withdraw from your CD before it reaches maturity, you may experience a financial penalty and forfeit several months of earned interest. Plan ahead for a rainy day with a different savings vehicle to best maximize your earnings from your CD.
Consider creating more liquid accounts, such as a traditional deposit account, for quick access to money.
Synchrony Bank has award-winning certificates of deposit, as well as the security and convenience to know you're banking on your terms.
Opening a CD with Synchrony Bank offers the peace of mind that the product is insured by the FDIC up to $250,000 per depositor for each ownership category. Our online portal and tools make it easy to check on your funds at any time. Synchrony Bank also provides 24/7 customer service on your computer, smartphone or tablet.
Call Synchrony Bank at 1-844-345-5789 to learn more about getting a great rate on a certificate of deposit or other savings products. Or you can click here to open an account with Synchrony Bank today.
*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.