Synchrony Bank also offers a savings account and a money market account.
Best available rates across different account types for Friday, December 01, 2023
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Reaching your savings goals can be challenging, and having easy access to funds in a money market or savings account doesn’t help.
If you struggle to keep your hands off your savings, a nine-month CD might be a good solution. As with other CDs, there’s an early withdrawal penalty, which may be reason enough to keep you from touching your deposits before the maturity date.
With a nine-month CD, you’ll avoid tying up your funds for an extended period of time. What’s more, you’ll earn a higher rate of return than you would through most savings accounts or a CD with a shorter term. Calculate how much interest you could potentially earn when your CD matures.
Note: Annual percentage yields (APYs) shown are as of Dec. 1, 2023, and may vary by region for some products. Today’s top widely available nine-month CD pays 5.50 percent APY.
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.