Banking » Compare Banks » CD Rate Battle: Comparing Synchrony Bank vs. Citibank
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CD Rate Battle: Comparing Synchrony Bank vs. Citibank

Synchrony Bank offers higher CD rates than Citibank on most terms. Compare CD rates, minimum deposit and early withdrawal fees.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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

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
2.25% – 5.00%
0.05% – 4.75%
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
2.25%
0.05%
6 Months
5.00%
1.10%
9 Months
4.80%
4.05% – 4.75%
12 Months
4.50%
4.05%
18 Months
4.50%
4.05%
24 Months
4.30%
2.50%
30 Months
N/A
0.10%
36 Months
4.30%
2.50%
48 Months
4.00%
2.50%
60 Months
4.00%
2.50%

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
4.10%
N/A
12 Months
N/A
0.05%

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
3.85%
4.15%
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
$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023
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 3.85%, overdraft protection, all-in-one banking, automated savings, and no minimum opening deposit. 

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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The product offers that appear on this site are from companies from which this website receives compensation.