![]() Synchrony Bank’s IRA money market and CD accounts offer competitive APYs, but make sure to consider a full range of factors-such as your time horizon and risk tolerance-when making decisions about where to put your retirement savings. Synchrony Bank is not a full-service bank, but if you want high yields on your savings and flexible access to funds in a savings account or money market account, this online bank may be right for you. However, if you want to invest your retirement savings in a wider range of potentially higher-risk/higher-reward assets-like stocks and bonds-Synchrony Bank’s IRAs do not offer those options. Depending on your investing time horizon, goals for short-term income, risk tolerance and other retirement savings strategies, a Synchrony Bank IRA could potentially be a helpful part of your financial planning for retirement. Synchrony Bank offers its IRA money market accounts and IRA CDs for both traditional and Roth IRAs. The APY rates on Synchrony Bank’s IRA account offerings are the same as its other money market accounts (2.25% APY) and CDs (5.10% APY for a 12-month term with no minimum deposit). You also can invest retirement savings in Synchrony IRA Money Market Account (individual retirement account) money market accounts or Synchrony IRA CDs. If you want a checking account that pays interest, you may want to consider a different bank. However, savings accounts and money market accounts are not designed to be used for everyday banking and bill-paying-they are intended to be stable deposit accounts where your money accrues interest. Synchrony Bank does not offer a checking account, although you do have the option to write checks from your Synchrony Bank Money Market Account. Synchrony Bank’s early withdrawal penalties range from 90 days of simple interest to 365 days of simple interest, depending on the term of the CD. Synchrony Bank’s CDs with durations of three months to nine months pay slightly less than Synchrony Bank’s high-yield savings account, while CDs of 12 months or longer duration pay up to 5.25%.Īlso, when you put your money into a CD, you are committing that money for a specific period of time (the “term” of months or years), and you cannot withdraw the money until the term is up without incurring an early withdrawal penalty. Remember there are trade-offs: The CD’s APY is fixed for the duration of the term, whereas the APY of the savings account can fluctuate at any time. Synchrony’s CDs may or may not offer a higher APY than a high-yield savings account, depending on the term. Here’s a look at the current terms and rates: Synchrony Bank Certificates of Deposit (CDs) offer terms of three months to five years, with no minimum deposit, and APYs ranging from 2.25% APY on a three-month CD to 4.00% APY on a five-year CD. If you intend to frequently write checks or transfer funds out of the MMA, you might be better off with a checking account. Keep in mind that money market accounts may still be subject to monthly transaction limits. The Synchrony Bank Money Market Account (like the Synchrony Bank High Yield Savings) also offers an optional ATM card to access your cash. If you don’t know when you may need to access your savings, the Synchrony Bank Money Market Account gives you the ability to write checks, while earning a higher APY than a typical savings account or checking account. Although this APY is lower than that of the Synchrony Bank high-yield savings account, the money market account offers the ability to write checks. dba TAB Bank, which determines qualifications for and terms of credit, excluding AK, AZ, CA, DE, ID.The Synchrony Bank Money Market Account (MMA) offers 2.25% APY with no minimum balance requirement. Synchrony Bank is not affiliated or associated with this promotion in any way.Īll loans made by Transportation Alliance Bank, Inc. † 90% chance customers will be approved after pre-qualification. *** For new accounts: Purchase APR is 29.99% Minimum Interest Charge is $2. Valid everywhere Synchrony Car Care TM is accepted in the U.S., including Puerto Rico. Existing cardholders: See your credit card agreement terms. For New Accounts: Purchase APR is 29.99%. Regular account terms apply to non-promo purchases and, after promo period ends, to the promo balance. The required minimum monthly payments may or may not pay off the promo balance before the end of the promo period, depending on purchase amount, promo length and payment allocation. If you do not, interest will be charged on the promo balance from the purchase date. No interest will be charged on the promo balance if you pay it off, in full, within the promo period. * Qualifying purchase amount must be on one receipt.
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