Banking » Compare Banks » Comparing CD Rates: Synchrony and Ally Head-to-Head
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Comparing CD Rates: Synchrony and Ally Head-to-Head

Synchrony Bank and Ally CDs offer competitive rates, including no penalty CDs. Which one is the winner? Check out our full comparison
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

When choosing a bank for your CD, it's important to compare interest rates and fees to ensure you're getting the best deal possible. Two popular options for CDs are Ally Bank and Synchrony Bank, both of which offer competitive rates and flexible terms.

In this article, we'll take a closer look at the CD rates and early withdrawal fees for both banks, as well as the terms and features of their CDs. Here's a general CD comparison:

Synchrony Bank CDs
Ally CDs
CD Range
2.05% – 5.15%
3.00% – 4.50%
Minimum Deposit
$0
$0
Early Withdrawal penalty
90 – 365 days of interest
60-150 days of interest
Term
3 months – 5 year
3 – 60 months

Synchrony vs. Ally: Compare CD Rates

The table compares the CD rates offered by Synchrony Bank and Ally Bank for specific terms.

As you can see, the differences are minor, and there is no clear advantage for any banks. For some terms, Ally offers a slightly higher rate, while on others – Synchrony is better. So, it mainly depends on which term you want to invest in and understanding which offers more.

CD Term
Synchrony Bank APY
Ally Bank APY
3 Months
0.25%
3.00%
6 Months
5.15%
4.40%
9 Months
4.90%
4.45%
12 Months
4.80%
4.50%
18 Months
4.50%
4.45%
24 Months
4.20%
N/A
36 Months
4.15%
4.00%
48 Months
4.00%
N/A
60 Months
4.00%
3.90%

Ally Has Higher Rate On No Penalty CD

If you're looking for a no penalty CD, both companies can be a perfect fit for you.

While Ally's rate is a bit higher, both banks offers a competitive rate on no penalty CD and it can be a good idea if you may need the money before maturity and want to avoid early withdrawal penalty.

Synchrony Bank
Ally Bank
11 Months
0.25%
4.00%
Ally no penalty CD
(Screenshot from Ally Bank, rates are not updated)

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Which Is Better If You Need An Early Withdrawal?

The penalty amount can either be a percentage of the earned interest or a fixed number of days' worth of interest. Its purpose is to compensate the institution for the costs associated with the early withdrawal, including lost interest and administrative expenses.

Ally Bank imposes lower early withdrawal penalties on CDs compared to Synchrony Bank, as evidenced by the table below. So, in case you need your money earlier than expected, Ally is a better bank for you.

CD Term
Synchrony Bank
Ally Bank
3 Months
90 days of interest
60 days of interest
6 Months
90 days of interest
60 days of interest
9 Months
90 days of interest
60 days of interest
12 Months
90 days of interest
60 days of interest
18 Months
180 days of interest
N/A
24 Months
180 days of interest
N/A
36 Months
180 days of interest
90 days of interest
48 Months
365 days of interest
N/A
60 Months
365 days of interest
150 days of interest

CD Alternatives: What Do Ally And Synchrony Offer?

Ally High-Yield Savings Account
Synchrony High Yield Savings
Savings Rate
4.25%
4.75%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
None
None

Ally High-Yield Savings account offers an interest rate over 10 times the national average, no monthly maintenance fees, no minimum balance requirements, and 24/7 customer support.

It also has savings organization tools, such as “buckets” for different savings goals, Safe to Save feature to boost savings balance, and Round Ups to round up transactions to the nearest dollar and transfer the funds to the High Yield Savings Account.

On the other hand, Synchrony online savings account offers high-yield rates over 10 times the national average APY, no minimum balance requirements, free ATM access up to $5 per month, and no maintenance fees. The account also offers multiple withdrawal methods and a savings goal calculator. 

Synchrony products
(Screenshot from Synchrony Bank, rates are not updated)

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Compare Ally CDs

Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Discover CDs vs Ally CDs

Citi Bank and Ally offer competitive CD rates, including no penalty CDs. Which one is the winner? Check out our full comparison: Citibank CDs vs Ally CDs

Compare Synchrony CDs

Synchrony and Marcus offer high CD rates, including no penalty CD. How they compare when it comes to termss and early withdrawal penalty?

Synchrony vs Marcus: Which Offers Better CD Rates?

Synchrony Bank offers higher CD rates than Citibank on most terms. Compare CD rates, minimum deposit and early withdrawal fees.

CD Rate Battle: Comparing Synchrony Bank vs. Citibank

Synchrony Bank offers better CD rates than Discover for most terms. Compare CD rates, minimum deposit, and early withdrawal fees.

CD Rates Full Comparison: Synchrony vs. Discover

Compare CD Rates

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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