82% of Americans are missing out on a savings account that pays over 10 times the national average

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Phil Osagie

Updated Aug 27, 2024

Phil Osagie

Updated Aug 27, 2024

Where do you keep your savings?

If you’re like most Americans, you might be missing out on an FDIC-insured savings vehicle that pays well above the interest rate of traditional savings accounts.

According to a survey by CNBC Select and Dynata Banking Behaviors, over 82% of Americans aren’t taking advantage of savings accounts that offer a higher rate of return.

The same survey found that 57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.46%.

But if you are willing to park your money for a little over a year, you can get a rate of return over ten times higher with a certificate of deposit (CD).

What is a CD?

A CD is a savings product that offers a fixed interest rate for a specified period. You get a higher interest rate as a reward for that commitment. If you’re looking to earn a steady, predictable return on your savings without the risk of market volatility, a CD is for you.

You now earn even more with Synchrony Bank’s 9-month CD, offering a 4.80% Annual Percentage Yield (APY) ^1. That’s over 10x higher than the 0.46% national average for traditional savings accounts, according to the FDIC.

Synchrony Bank’s 9-month CD also outperforms other CDs, offering more than twice the national average APY of 2.33%.

To get started, just set up an account, select the 9-month CD product and add the amount you want to deposit.

Get Started

Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC

Phil Osagie Staff Writer

Phil is a writer at Moneywise with a background in public relations, financial communications, and copywriting. Educated in Cambridge, UK, he has vast experience creating content for several blue-chip corporations. He enjoys research, and his favorite quote is, "When prosperity comes, do not waste it.

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