Personal Resource Center

Take Advantage of High Interest Rates With an Interest-Bearing Account

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The FDIC insures most interest-bearing accounts up to $250,000, providing a safety net and protecting your savings even if the bank fails.

Savings accounts can be a good option if you are setting aside money that you intend to spend soon — and you don't have enough money to qualify for higher interest rates on a money market account. For example, a savings account could be a good place to put money you're setting aside for an upcoming vacation, an emergency fund, or a down payment on a home (if you're currently — or about to start — house hunting).

To learn more about the benefits and features of Synovus savings accounts, check out our Personal Savings Accounts page.

Money Market

Money market accounts offer the security and liquidity of a savings account but with higher returns.

Some banks offer higher interest rates on money market accounts than regular savings accounts in exchange for maintaining a higher deposit balance. You may also qualify for a higher rate when you have other types of accounts, such as a checking or savings account, CD, or IRA, with the same bank.

Money market accounts can be a good alternative to a savings account if you have enough money to qualify for a higher rate of return. If you tend to hold a lot of cash in your checking account, a money market account can be a good addition too. Just be sure that you can easily transfer funds from one to the other if need be — and be sure you understand how many withdrawals you're allowed to make from the money market account each month. (Unlike traditional checking accounts, many banks will limit how many withdrawals you can make from a money market account each month.)

To learn more about current interest rates on money market accounts at Synovus, check out our Money Market Account page.

Certificates of Deposit

CDs are time-bound accounts that offer a fixed interest rate for a specific period (typically from a few months to several years). You'll have to pay a penalty if you withdraw money before the maturity date. They typically offer higher interest rates than savings or money market accounts, but not always. Because banks lock interest rates for the duration of the CD, they may offer lower rates on longer-duration CDs when market rates are forecasted to decline.

CDs are a good option if you have a lump sum that you don't need immediate access to and want to earn a guaranteed rate of return. For example, a CD may be a good option if you're saving to buy a house in a few years because you don't need the money right away and can therefore take advantage of the higher yield.

If you're retired or close to it, putting some money into laddered CDs2 when interest rates are higher can be a good way to protect your principle and secure a decent return while ensuring you can access your money on a regular basis. IRA CDs are generally too conservative of an investment for most working-age people. If you're considering making a CD part of your retirement plan, talk to a financial advisor.

To learn more about current CD interest rates at Synovus, check out our Certificates of Deposit page.

With interest rates at their highest in decades, interest-bearing accounts allow you to get a decent return on your money with little effort or upkeep. If you're ready to explore savings accounts, CDs, or money market accounts, visit your local branch to talk with a banker. They can explain the different accounts available and which option is right for your savings goals.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. FDIC, "Understanding Deposit Insurance," updated September 21, 2023, accessed October 19, 2023.

  2. Martha C. White, "What Is a CD Ladder and How Do You Build One?" The Wall Street Journal. Published November 1, 2022, accessed October 11, 2023.