Synchrony Financial, formerly part of GE Capital, is a big player in promotional savings/CD rates, and promotes them heavily with advertising. I’ve been lured into many CD deals with them and thought I’d share data points on the experience:
Minor nit: It is somewhat annoying that they do not offer a consolidated statement, either on paper or digitally, showing all CDs. If you have 12 CDs with them, you’re looking at a stack of twelve envelopes once a month, and as many PDF files to download and save if you keep the digital copy.
When opening a CD, you cannot specify any disposition at closing other than renewing the CD. Their customer service will not change the disposition to anything else either until the CD is about to mature. Even after you are within a 30 day window of maturity, they say they have changed the disposition but it still says “renew” on the account status. Worse, they continue to send email and pop-ups on the website warning you that you need to change the disposition if you don’t want it to renew automatically.
Funds are not available from a maturing CD on maturity date. Or the day after. Or the day after that. According to Synchrony, closing the account takes five business days, and you can’t get access to your money during that period.
ACH transfers are delayed to achieve maximum float for Synchrony. Between that and the point just above, it took 6 days to get access to my funds after the CD matured. I am certain the issue is not on the receiving end as I frequently ACH into the account and it is consistent same day once the originating bank sends it. I transferred funds from CIT Bank and Synchrony at the same moment to the same bank, and CIT Bank ACH was credited same day.
So while their occasional promos are difficult to resist, it is doubtful I’ll put more rungs on the CD ladder at Synchrony.