Feedback on CD with Synchrony Bank
Anyone here has invested in CD with Synchrony Bank? They are offering 3.5% for 5 years CD. Online reviews are good. Anybody here for experience with them? #personalfinance #investments
Microsoft OQUG41 OP Sep 2, 2022
I’m not comfortable putting my entire savings in stocks. Money in cd is not locked, u just lose internet for last 6 months for early withdrawal. I m thinking of “CD ladder” so I’ll have cash access at regular interval. Thinking splitting my savings into 80% stocks and 20% cd
Do you really want to lock your money up for five years? I'm not sure of the reasoning behind long term CDs especially if you're early/mid-career other than you're very conservative and worried about the stock market. You could look at <12 - 24 month CDs instead (I like using doctorofcredit - https://www.doctorofcredit.com/high-interest-savings-to-get/#Best_CD_Rates), some of which have very similar rates for a shorter lock up period.