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As interest rates continue to climb, investors are constantly on the lookout for the best CD rates to maximize their returns. Two popular options for investing in CDs are Synchrony Bank and Citibank. While both banks offer competitive rates, their early withdrawal fees and terms can vary.
In this article, we'll compare the CD rates, early withdrawal fees, and terms offered by Synchrony Bank and Citibank to help you make an informed decision when choosing the best CD for your investment strategy. Here's a general CD comparison:
Synchrony Bank CDs | Citibank CDs | |
|---|---|---|
CD Range | Up to 4.20% | 0.05% – 4.15% |
Minimum Deposit | $0 | $500 – $2,500 |
Early Withdrawal penalty | 90 – 365 days of interest | 90 -180 days of interest |
Term | 3 months – 5 year | 3 months – 5 years |
Synchrony vs. Citibank: CD Rates Side By Side
The table compares the CD rates offered by Synchrony Bank and Citibank for specific terms. Based on the comparison, Synchrony Bank generally offers higher CD rates compared to Citibank, except for the few specific terms.
CD Term | Synchrony Bank APY | Citibank APY |
|---|---|---|
3 Months | 0.25% | 0.05% |
6 Months | 3.90% | 3.25% |
9 Months | 4.05% | 2.50% |
12 Months | 4.20% | 2.50% |
18 Months | 4.10%
| 2.45% |
24 Months | 3.90% | 2.00% |
30 Months | N/A | 0.10% |
36 Months | 3.90% | 2.00% |
48 Months | 3.90% | 2.00% |
60 Months | 4.00% | 2.00% |
Citibank Offer Higher Rate On No Penalty CD
There is no clear winner when it comes to no penalty CD. both banks offer a similar rate and the terms are also close.
If you may need the money before maturity, you may want to consider this option.
Synchrony Bank | Citi Bank | |
|---|---|---|
11 Months | 0.25% | N/A |
12 Months | N/A | 0.05% |
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Which Is Better If You Need An Early Withdrawal?
An early withdrawal penalty is a charge levied by financial institutions when an account holder takes out money from a certificate of deposit (CD) account before it matures.
As demonstrated by the table below, the penalties for different terms are nearly identical for both banks, and no clear winner emerges. Nevertheless, for the longest terms, Citibank is the superior choice, as it imposes marginally lower penalties than Synchrony.
CD Term | Synchrony Bank | Citibank |
|---|---|---|
3 Months | 90 days of interest | 90 days of interest
|
6 Months | 90 days of interest | 90 days of interest |
9 Months | 90 days of interest | 90 days of interest |
12 Months | 90 days of interest | 90 days of interest |
18 Months | 180 days of interest | 180 days of interest |
24 Months | 180 days of interest | 180 days of interest |
30 Months | N/A | 180 days of interest |
36 Months | 180 days of interest | 180 days of interest |
48 Months | 365 days of interest | 180 days of interest |
60 Months | 365 days of interest | 180 days of interest |
CD Alternatives: What Do Citibank And Synchrony Offer?
For individuals who value liquidity and flexibility over higher interest rates provided by CDs, savings account is a viable option. While savings accounts offer lower interest rates than CDs, they allow easy access to funds without early withdrawal penalties.
Citi Accelerate Savings | Synchrony High Yield Savings | |
|---|---|---|
Savings Rate | 4.45% | 4.30% |
Minimum Deposit | $0 | $0 |
Fees | $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
| $0 |
Promotion | N/A
Minimum deposit of N/A needed. Expired on N/A
| None |
The Synchrony High Yield Savings account is an appealing option for savers due to its many features. With competitive rates , no minimum balance requirements, free ATM access, no maintenance fees, multiple withdrawal methods, and a savings goal calculator, this account provides a high-yield savings solution with easy accessibility and transparency.
On the other hand, Citi also has a good alternative to CDs. Citi's Accelerate Savings Account offers a simple and flexible option for savers who want a high-interest rate without complicated fees or minimum deposit requirements. Its benefits include a competitive interest rate of 4.45%, overdraft protection, all-in-one banking, automated savings, and no minimum opening deposit.
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The Smart Investor CDs Comparison Methodology
In our comprehensive certificate of deposit (CD) comparison, The Smart Investor team meticulously evaluated various CDs across four key categories to assist you in selecting the most suitable option for your savings goals.
- CD Rates: We thoroughly examined the interest rates offered by each CD, considering their competitiveness in the market. Higher rates typically translate to greater returns on your investment over the CD's term. Additionally, we scrutinized any special promotional rates or conditions that might affect the overall value of the CD.
- CD Features: This category focuses on the unique features and terms associated with each CD. We assessed factors such as minimum deposit requirements, early withdrawal penalties, and the availability of flexible terms. Additionally, we considered any additional perks like interest compounding frequency or options for automatic renewal.
- Customer Experience: A positive customer experience is crucial in banking, and we evaluated each institution's performance in this regard. We looked into aspects such as the ease of opening a CD, the quality of customer service, and the availability of support channels. Reviews from reputable sources such as Trustpilot and JD Power rankings were also considered to gauge overall user satisfaction.
- Bank Reputation: The reputation of the bank is a significant factor in the decision-making process. We examined the bank's financial stability, regulatory compliance, and public perception to assess its overall trustworthiness and reliability as a CD provider.
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