Syncrhony is an online-only institution.
Synchrony; Alyssa Powell/Business Insider
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The bottom line: Synchrony pays competitive rates on Synchrony CD with terms from 3 months to 5 years.
Synchrony Bank CD rates
Term lengthAPY3 months1%6 months1.50%9 months1.65%1 year2.30%13 months2.30%14 months2.30%15 months2.30%16 months2.30%18 months2.50%19 months2.65%2 years2.60%3 years2.80%4 years2.80%5 years3.25%
Synchrony CD
Synchrony pays high rates on CDs and doesn’t require any account minimums to open a CD.
Synchrony vs. Discover Bank
Synchrony Bank
Discover Bank
CD APY
0.25% APY to 0.90% APY
CD APY
0.25% to 0.80% APY
Minimum deposit
$0
Minimum deposit
$2,500
Synchrony Synchrony CDDiscover Discover CD
Synchrony and Discover both pay competitive rates. The better rate will come down to which term length you choose.
Your choice between the two banks could also come down to which term length you want. Synchrony offers a wider variety of shorter-term CDs, including 13-month, 14-month, and 15-month terms. But Synchrony’s longest term is 5 years, while Discover has 7-year and 10-year options.
Synchrony vs. Marcus
Synchrony Bank
Goldman Sachs
CD APY
0.25% APY to 0.90% APY
CD APY
0.45% to 0.90% APY
Minimum deposit
$0
Minimum deposit
$500
Synchrony Synchrony CDMarcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD
Synchrony and Marcus both pay good rates on regular CDs, so your choice might come down to which bank pays the better rate on the specific term length you want.
You might like Marcus if you want to open a no-penalty CD, which doesn’t charge you for withdrawing funds before your CD matures. The Marcus No-Penalty CD pays competitive rates, too.