Monday, 23 November 2020

Synchrony Bank Review: CD, Savings Account, Money Market, and IRA Rates

Synchrony Bank Review: CD, Savings Account, Money Market, and IRA Rates
15 Aug
12:44

Synchrony Bank’s Most Popular Accounts

APY

Account Type

Account Name

3.00%

CD Rates

Synchrony Bank 60 Month CD

on Synchrony Bank’s secure website

2.70%

CD Rates

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.45%

CD Rates

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

1.85%

Savings

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

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How Synchrony Bank’s CD rates compare

While Synchrony doesn’t currently offer the highest rates, they’re still consistently among the top of the pack for the current highest CD rates. Specifically, their 12-month and 60-month CDs are among some of the best offerings out there right now.

The early-withdrawal penalties at Synchrony Bank are also right on par with many of their competitors. You can rest assured that you won’t be paying inordinately high fees should you need to withdraw your cash early.

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How Synchrony Bank’s savings account compares

Synchrony currently has one of the best online savings accounts. For people looking for a no-minimum-balance account, or those looking to grow a small savings account balance into a larger one, you can’t go wrong with this account.

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How Synchrony’s money market account compares

Synchrony Bank offers exceptional rates on their savings accounts and CDs. However, their money market account is a little underwhelming in the interest rate department. If you’re looking for the best money market account rates, you can easily find better accounts at other banks and credit unions.

However, Synchrony Bank still does stand out in the fee department. This account — like Synchrony’s savings account — comes with very little fees attached.

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How Synchrony Bank’s IRA CD rates compare

Synchrony’s IRA CDs are again very close to being the top IRA CD rates around. However, there are a few banks offering higher rates on IRA CDs, so if this is your preferred retirement savings option, it may pay to shop around.

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Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/synchrony-bank215435240/

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