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Synchrony Bank CD Rates Reviews

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  • Pros
  • Interesting promotional offers
  • Excellent Customer Perks program
  • Offers rates above market averages
  • Cons
  • Minimum deposits are a bit high

Synchrony Bank CD Rates

Best Value Award 2016

Synchrony Bank is a leading online bank offering customers competitive interest rates on its' savings accounts, money market accounts and certificates of deposit. The award winning bank has been praised for its' safety, technology and creativity in addition to being recognized by Bankrate.com, Money Magazine, Kiplinger, GOBankingRates.com and other notable websites and publications.

Synchrony Bank has one brick and mortar location in Bridgewater, NJ, but most of their customers have to manage their account online or via phone. The bank receives mixed customer reviews on their Better Business Bureau profile and an A rating on DepositAccounts.com. Nevertheless, this bank offers some of the most flexible CD rates and terms in the industry.

Features and Benefits

If you're interested in opening a certificate of deposit, Synchrony Bank offers many terms and interest rates to choose from. The lowest term starts at 3 months with a .25% interest rate while the highest term lasts for 60 months with a 2.20% interest rate. There is a minimum deposit requirement of $2,000 for all CDs. Rates vary based on the term and amount you deposit. As with most other banks, the higher CD rates are reserved for the larger deposits. The maximum APY for a CD to date with Synchrony is 2.25%. In order to obtain this rate, you'll need to deposit a minimum amount of $25,000.

Synchrony runs promotions regularly and currently they are offering customers a promotion that allows them to open a 14-month CD with a minimum deposit of $2,000 and 1.30% APY.

If you prefer to invest directly in your retirement, you can choose an IRA CD with a maturity date anywhere between 6 months and 60 months. There is still a $2,000 deposit minimum required. The IRA CDs have very similar rates as the regular CDs.

All deposits are FDIC insured up to $250,000 per depositor. The bank's customer service department is available during flexible hours from 8 am to 10 pm Monday through Friday EST and 8 am to 5 pm on Saturday EST to help meet your needs and address any issues or questions you may have. Customers can also access their account online and use the bank's automated telephone service 24/7.

Customers who open a CD with Synchrony Bank are automatically enrolled in their Customer Perks program. The perks start with deposit perks like ATM reimbursements, money market checks, free identity theft resolutions services and include travel discounts and benefits as well.

Drawbacks

While Synchrony Bank offers interest rates that are 5 times the national average for 12-month CDs they require a minimum deposit fee which might be high for some people. In addition, you won't be able to reap the benefits of their extremely competitive interest rates if you don't deposit a large sum of money.

Customers have also complained of long wait times when they call customer service and the fact that the bank doesn't offer a proper working mobile app for convenience making it harder to manage your account on the go. Accessing Synchrony's website from your smartphone's browser can use up a lot of data and take longer to access than a mobile friendly app.

Setting Up and Managing Your Account

Setting up your account and depositing funds for your CD can be done online through their application form. While you can submit your application online, you'll also need to have some personal information documents ready to submit in order to verify your identity.

To start, you'll need to disclose your full name, address, date of birth, and tax identification or social security number.

In addition, you'll need your driver's license and or state ID number. If you are applying for a joint account, you need to be a U.S. citizen or U.S. unlawful permanent resident, have a U.S. permanent residence address and be 18 years or older.

To fund your CD, you'll need your bank account number and routing number and be able to meet the minimum deposit amount of course.

Not all applications are approved instantly online. Some applicants will be notified that they'll need to call customer service or send in additional materials to complete their application and set up their account.

Helpful Tools

Synchrony Bank offers quite a few helpful tools on their website. To start, there's calculator on their site that customers can use to determine how much they would earn in interest depending on the amount of their deposit and the current APY rates.

They offer a convenient online banking system that allows you to view your account 24/7, transfer funds, link to external accounts and more. While they don't offer a mobile app for smartphone users, their website is mobile friendly and customers can still access it and manage their account directly from their phone.

Synchrony has a resourceful FAQ section and glossary on their website to help current and potential customers understand more about their products if they are new to online banking or investing. The FAQ section addresses common questions like what you need to open an account, how you can access your money, which ATMs to use and what fees are associated just to name a few main points.

While the FAQ section touches briefly on IRA CDs, it fails to mention anything directly about regular CDs. While most banks have a rule that you shouldn't be allowed to withdraw money from your CD until maturity date or risk paying a penalty, Synchrony mentions little to nothing regarding maturity dates and early withdrawals and or penalties on their website so it would be important to submit a question to the bank, call customer service or thoroughly review your terms when opening a CD account to learn more about withdrawing your funds.

Verdict - Superb

Synchrony Bank offers some of the industry's most competitive rates when it comes to CDs. The bank offers a safe and convenient way to store your money over time and earn a suitable amount of interest on it.

This is a great option for someone who can meet the $2,000 minimum deposit requirement or decides to deposit a large amount of money to take advantage of the highest APY offered.

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Synchrony Bank CD Rates Consumer Reviews

Average Customer Rating

4 out of 10 rating 4 2 User Reviews

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 1
Ratings: 6 - 5 0
Ratings: 4 - 3 0
Ratings: 2 - 1 1
7 out of 10 rating 7 Easy process None

When I opened my account it was done in no time. I called up and spoke to a friendly lady who talked through everything, gave me the details and rates, which are amazing, and then took all the details and within 20 minutes it was done. I had to send in some paperwork, but I had confirmation of my account set up within two days.

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2 out of 10 rating 2 None Customer service

When my CD matured I called up to get the funds moved to my savings account. It would have been quicker to start from scratch the amount of calls I had to make. After 4 phone calls and 2 weeks after the initial phone call the money was finally transferred to my savings account. Although it took 8 days from when they said it was done to actually show in my account!

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.