Latest news with #SynchronyBank
Yahoo
3 days ago
- Business
- Yahoo
Synchrony Bank review (2025): Earn more on your savings with this top-rated online bank
Summary: Based in Connecticut, Synchrony Bank is an online bank that offers consumer savings and credit products, including savings accounts, money market accounts (MMAs), certificates of deposit (CDs), credit cards, and more. Synchrony also provides business banking products and services. Synchrony's high-yield savings account ranks as one of our top 10 high-yield savings accounts available today. It's a free online savings account with no minimum balance requirements or monthly fees. This account currently boasts an annual percentage yield (APY) of 4.00% and offers an optional ATM card for easy access to your funds. Synchrony Bank will refund domestic ATM fees charged by other financial institutions, up to $5.00 per statement cycle. Synchrony's money market account, which ranks among our 10 best high-yield money market accounts, is also free to open with no minimum deposit or minimum balance required. This account currently offers 2.00% APY and no monthly fees. An IRA money market account is also available for your retirement savings. Synchrony Bank's CDs come in several term lengths, ranging from three months to five years. CDs do not have a minimum balance requirement and offer rates as high as 4.25% APY. Synchrony also offers IRA CD accounts for customers who are focused on saving for retirement. Synchrony currently offers a range of cash back and retail credit cards, as well as financing through popular merchants such as Rooms To Go, Sam's Club, JCPenney, Belk, QVC, Lowes, and more. It also offers Synchrony Pay, a buy now, pay later (BNPL) embedded content is not available in your region. If you're considering banking with Synchrony, here are some of the fees you should be aware of: Here's a closer look at some of the major pros and cons of banking with Synchrony: Pros: Competitive interest rates on deposit products: Synchrony's bank accounts come with rates as high as 4.25% — well above national averages. No minimum opening deposit: Synchrony does not require a minimum deposit amount to open an account. It also doesn't require customers to maintain a minimum balance. Cons: Does not offer a checking account: Synchrony does not currently offer a checking account, only savings products and credit cards. Does not have any physical branches: Synchrony is an online-only bank with no physical branches for customers to visit. Synchrony Bank representatives are available via live chat and telephone Monday through Friday from 8 a.m. to 10 p.m. ET and weekends between 8 a.m. and 5 p.m. ET. There is also a 24/7 automated telephone service. You can also contact the bank via secure message and mail. Synchrony customers can bank directly from their mobile phones by downloading the Synchrony mobile app, which is available on the App Store and Google Play and has an average rating of 4.8 and 4.6 stars, respectively. On the app, customers can transfer money between accounts, check balances, deposit checks, chat with customer support, and more. Synchrony focuses on a few key areas to make the greatest impact in the communities it serves. This includes volunteering time and skills to serve communities in need, supporting nonprofit organizations that benefit small businesses, donating to charitable organizations, and closing the financial knowledge gap through its 'Education as an Equalizer' initiative. Through this initiative, Synchrony has committed to investing $50 million into the program to fund grants to academic institutions, nonprofits, and skills credentialing organizations. Synchrony has also worked to reduce its consumption, lower emissions, and waste, and improve efficiency through the implementation of more energy-efficient buildings, reducing waste from paper, food, electronics, and more. Yes, Synchrony is a Fortune 500 company with a history that spans more than 80 years. While Synchrony Bank operates primarily online, it does have one branch location in each of the following states: Georgia, Kansas, New Jersey, North Carolina, and Utah. Formerly known as GE Capital Retail Bank, Synchrony Bank is owned by Synchrony Financial, based in Stamford, Connecticut. Yes, Synchrony Bank is an FDIC-insured bank. All of the accounts offered by Synchrony are insured up to $250,000 per depositor, per insured bank, for each ownership category. Synchrony Bank's routing number is 021213591. No. Synchrony Bank currently offers savings and credit card products. It does not offer a checking account.
Yahoo
20-05-2025
- Business
- Yahoo
We financially support the oldest of 3 adult children. I believe in equal support, but my husband disagrees.
Parents spend nearly two decades preparing their children to grow up and leave the nest. But sometimes those little birds fly back, and they need financial help. But how much is too much, and when there's multiple children involved, when does that help become unfair? Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Those questions are haunting plenty of parents these days. It sounds like you and your husband can't agree on whether to provide equal financial assistance to your three kids. Your husband may believe one child needs more support because of their circumstances or what they have done for you. You may think the other two deserve and need to be helped as well. How can parents keep a healthy family dynamic when one or more of their adult kids need help? Couples usually love their children and want to help, but their handouts may come at the expense of their own retirement planning. There's no getting around the anxiety – and the money math – of just how much help their kids need. In this case, Mom and Dad are also a house divided. If you're a parent and this scenario sounds familiar, you may already know that supporting your adult children financially is hard work. But your marriage and relationships with your kids can benefit greatly from some advance planning. Have a long discussion with your partner on these points. Getting on the same page with your spouse is the first step before giving your adult children any significant sum of money and can help avoid future arguments. Don't overextend yourself: Budget just how much you can afford to give without jeopardizing your own financial health. While being able to help our kids at any age seems like the right thing to do, a new study from found nearly 50% of parents who financially support at least one adult child say they have sacrificed their financial security to help their grown kids financially. Will you provide just the essentials? Pay off credit debt? Finance their future financial dreams or goals? Such questions are worth resolving first before anyone's asked for a dime. Decide on fairness: Decide if you're going to give each child an equal amount or if you will adjust based on their situation. Does one deserve more help than the other two? 'Maybe one kid lost their job, or maybe they're having a harder time getting a business off the ground,' said Leslie Tayne, a financial attorney and author of the book Life & Debt, to Synchrony Bank. 'These are all OK times to help out one child more than another.' Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now The blog post added: "But all financial professionals caution against allowing an adult child's short-term financial need to become long-term financial dependency." There's no easy answer, but it's time to think carefully about your reasons and what impact your actions have. Determine if your help is based on your child's financial behavior. If the money is helping with discretionary spending or anything other than the everyday basics, it's fair to scrutinize the help and ask if feeding a child's poor spending habits is doing more harm than good. Consider if your support for one child is affecting their motivation or drive. Is your eldest really in more need of help than the other two or is she making a choice to rely on you more? If you've decided to set limits on how much you can give to each child, you need to communicate that to them. Be clear on your own financial goals and retirement plans so your kids know what you can afford. Being firm on what you're willing to fund and for how long is critical, so your children know you haven't morphed into a 24-7 ATM. Communicate your support boundaries, and expect pushback. But now that you're aligned as parents, you're ready to stand your ground. Be specific, too. For instance, for your first child, consider calculating their exact monthly rent and for how many months you're willing to pay it. If you can't give lots of money to your adult children, you can still support them emotionally and encourage success. Offer help on their resumes, interview skills, money-saving tips, and offer to help them find a life or financial coach if needed. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
11-02-2025
- Business
- Yahoo
CD rates today, February 11, 2025 (Lock in up to 4.35% APY)
The Federal Reserve lowered the federal funds three times in 2024. As a result, deposit account rates are on the decline. The good news: You can lock in a competitive return on a certificate of deposit (CD) today and preserve your earning power. In fact, the best CDs still pay rates above 4%. Read on for a snapshot of CD rates today and where to find the best offers. CDs today typically offer rates significantly higher than traditional savings accounts. As of February, the best short-term CDs (six to 12 months) generally offer rates around 4.00% to 4.50% APY. Today, the highest CD rate 4.35% APY, offered by two banks: Synchrony Bank (13-month CD) and LendingClub (10-month CD). The following is a look at some of the best CD rates available today from our verified 2000s were marked by the dot-com bubble and later, the global financial crisis of 2008. Though the early 2000s saw relatively higher CD rates, they began to fall as the economy slowed and the Federal Reserve cut its target rate to stimulate growth. By 2009, in the aftermath of the financial crisis, the average one-year CD paid around 1% APY, with five-year CDs at less than 2% APY. The trend of falling CD rates continued into the 2010s, especially after the Great Recession of 2007-2009. The Fed's policies to stimulate the economy (in particular, its decision to keep its benchmark interest rate near zero) led banks to offer very low rates on CDs. By 2013, average rates on 6-month CDs fell to about 0.1% APY, while 5-year CDs returned an average of 0.8% APY. However, things changed between 2015 and 2018, when the Fed started gradually increasing rates again. At this point, there was a slight improvement in CD rates as the economy expanded, marking the end of nearly a decade of ultra-low rates. However, the onset of the COVID-19 pandemic in early 2020 led to emergency rate cuts by the Fed, causing CD rates to fall to new record lows. The situation reversed following the pandemic as inflation began to spiral out of control. This prompted the Fed to hike rates 11 times between March 2022 and July 2023. In turn, this led to higher rates on loans and higher APYs on savings products, including CDs. Fast forward to September 2024 — the Fed finally decided to start cutting the federal funds rate after it determined that inflation was essentially under control. Today, we're beginning to see CD rates come down from their peak. Even so, CD rates remain high by historical standards. Take a look at how CD rates have changed since 2009: Traditionally, longer-term CDs have offered higher interest rates compared to shorter-term CDs. This is because locking in money for a longer period typically carries more risk (namely, missing out on higher rates in the future), which banks compensate for with higher rates. However, this pattern doesn't necessarily hold today; the highest average CD rate is for a 12-month term. This indicates a flattening or inversion of the yield curve, which can happen in uncertain economic times or when investors expect future interest rates to decline. Read more: Short- or long-term CD: Which is best for you? When opening a CD, choosing one with a high APY is just one piece of the puzzle. There are other factors that can impact whether a particular CD is best for your needs and your overall return. Consider the following when choosing a CD: Your goals: Decide how long you're willing to lock away your funds. CDs come with fixed terms, and withdrawing your money before the term ends can result in penalties. Common terms range from a few months up to several years. The right term for you depends on when you anticipate needing access to your money. Type of financial institution: Rates can vary significantly among financial institutions. Don't just check with your current bank; research CD rates from online banks, local banks, and credit unions. Online banks, in particular, often offer higher interest rates than traditional brick-and-mortar banks because they have lower overhead costs. However, make sure any online bank you consider is FDIC-insured (or NCUA-insured for credit unions). Account terms: Beyond the interest rate, understand the terms of the CD, including the maturity date and withdrawal penalties. Also, check if there's a minimum deposit requirement and if so, that fits your budget. Inflation: While CDs can offer safe, fixed returns, they might not always keep pace with inflation, especially for longer terms. Consider this when deciding on the term and amount to invest.
Yahoo
06-02-2025
- Business
- Yahoo
CD rates today, February 6, 2025 (lock in up to 4.35% APY)
If you're looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely. Learn more about CD rates today and where to find high-yield CDs with the best rates available. CD rates are relatively high compared to historical averages. This is especially true for shorter terms (around a year or less). For short-term CDs, you can expect the top offers to hover around 4% APY. Longer-term CDs, however, are a bit lower. Today, the highest CD rate 4.35% APY, offered by Synchrony Bank on its 13-month CD. There is no minimum opening deposit required. Here is a look at some of the best CD rates available today from our verified partners: The Federal Reserve recently began decreasing the federal funds rate in light of slowing inflation and an overall improved economic outlook. It cut its target rate three times in late 2024 by a total of one percentage point. The Fed has indicated it will continue cutting its target rate in 2025. However, it now projects a total of two cuts, down from its previous projection of four. The federal funds rate doesn't directly impact deposit interest rates, though they are correlated. When the Fed lowers rates, financial institutions typically follow suit (and vice versa). So now that the Fed has lowered its rate, CD rates are beginning to fall again. That's why now may be a good time to put your money in a CD and lock in today's best rates. The process for opening a CD account varies by financial institution. However, there are a few general steps you can expect to follow: Research CD rates: One of the most important factors to consider when opening a CD is whether the account provides a competitive rate. You can easily compare CD rates online to find the best offers. Choose an account that meets your needs: While a CD's interest rate is a key consideration, it shouldn't be the only one. You should also evaluate the CD's term length, minimum opening deposit requirements, and fees to ensure a particular account fits your financial needs and goals. For example, you want to avoid choosing a CD term that's too long, otherwise you'll be subject to an early withdrawal penalty if you need to pull out your funds before the CD matures. Get your documents ready: When opening a bank account, you will need to provide a few pieces of information, including your Social Security number, address, and driver's license or passport number. Having these documents on hand will help streamline the application process. Complete the application: These days, many financial institutions allow you to apply for an account online, though you might have to visit the branch in some cases. Either way, the application for a new CD should only take a few minutes to complete. And in many cases, you'll get your approval decision instantly. Fund the account: Once your CD application is approved, it's time to fund the account. This can usually be done by transferring money from another account or mailing a check. Read more: Step-by-step instructions for opening a CD
Yahoo
30-01-2025
- Business
- Yahoo
CD rates today, January 30, 2025 (lock in up to 4.35% APY)
If you're looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely. Learn more about CD rates today and where to find high-yield CDs with the best rates available. CD rates are relatively high compared to historical averages. This is especially true for shorter terms (around a year or less). For short-term CDs, you can expect the top offers to hover around 4% APY. Longer-term CDs, however, are a bit lower. Today, the highest CD rate 4.35% APY, offered by Synchrony Bank on its 13-month CD. There is no minimum opening deposit required. Here is a look at some of the best CD rates available today from our verified partners: The Federal Reserve recently began decreasing the federal funds rate in light of slowing inflation and an overall improved economic outlook. It cut its target rate three times in late 2024 by a total of one percentage point. The Fed has indicated it will continue cutting its target rate in 2025. However, it now projects a total of two cuts, down from its previous projection of four. The federal funds rate doesn't directly impact deposit interest rates, though they are correlated. When the Fed lowers rates, financial institutions typically follow suit (and vice versa). So now that the Fed has lowered its rate, CD rates are beginning to fall again. That's why now may be a good time to put your money in a CD and lock in today's best rates. The process for opening a CD account varies by financial institution. However, there are a few general steps you can expect to follow: Research CD rates: One of the most important factors to consider when opening a CD is whether the account provides a competitive rate. You can easily compare CD rates online to find the best offers. Choose an account that meets your needs: While a CD's interest rate is a key consideration, it shouldn't be the only one. You should also evaluate the CD's term length, minimum opening deposit requirements, and fees to ensure a particular account fits your financial needs and goals. For example, you want to avoid choosing a CD term that's too long, otherwise you'll be subject to an early withdrawal penalty if you need to pull out your funds before the CD matures. Get your documents ready: When opening a bank account, you will need to provide a few pieces of information, including your Social Security number, address, and driver's license or passport number. Having these documents on hand will help streamline the application process. Complete the application: These days, many financial institutions allow you to apply for an account online, though you might have to visit the branch in some cases. Either way, the application for a new CD should only take a few minutes to complete. And in many cases, you'll get your approval decision instantly. Fund the account: Once your CD application is approved, it's time to fund the account. This can usually be done by transferring money from another account or mailing a check. Read more: Step-by-step instructions for opening a CD
