how often does synchrony bank compound interest

"@type": "Answer", Learn more: Looking for a safe place to stash your cash? Synchrony Bank's online options make banking easy. If you have a one percent APY, for instance, then you earn one dollar on every hundred dollars you keep in that account, each year. Marc is senior editor at CNET Money, overseeing banking and home equity coverage. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Many loans, including auto loans and most mortgages, charge simple interest. Just two visits to the ATM in one month would already put you over the refundable amount. Usually, a jumbo CD has a minimum account opening balance of $100,000, but that isnt always the minimum amount.Some of those lower minimum deposits on jumbos are a vestige of back when the FDIC insurance limit was $100,000, rather than ($250,000), says Greg McBride, CFA, Bankrate chief financial analyst. Interest is compounded daily and is credited monthly. If you were looking for a high-yield savings account where you could open a checking account as well, consider the Ally Online Savings Account. Its also easy to get money into your High Yield Savings account, despite the lack of physical locations. } Though Synchrony Banks high-yield savings account does not have a monthly fee, there are other fees to be aware of. Here's how it works. } If you want to access your money at will and don't mind earning slightly less interest, a high-yield savings account may make more sense. . (CDs lock in your deposit and interest rate for a certain period of time, making it relatively inaccessible, but providing a guaranteed return.) When you save money, you probably think of it as adding up with each deposit, a little bit at a time. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Keep in mind, however, that if CD rates don't rise, or if you forget to bump up your rate, you'll earn only 3.70% APY on your investment. "@type": "Question",

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