Tax Smart1 Bank Products

Tax season is a great time to think about products and strategies for your future.  Here are some of the tax-advantaged bank products to consider. 

IRA Certificate of Deposit (IRA CD)

An Individual Retirement Account (IRA) is an account where the funds are invested in a certificate of deposit (CD) that earns interest. The interest is not taxable until the account holder takes a distribution or closes the account. Learn more.

Health Savings Account (HSA)

An HSA allows you to save pre-tax contributions2 set-aside for qualified medical expenses3.  By keeping the funds in a separate account under your control, an HSA puts you in charge of how you spend your health care dollars. You can contribute funds into an HSA on a pre-tax basis to save for current and future medical expenses. Learn more.

Home Equity Line of Credit (HELOC)4

A HELOC allows you to borrow against your home’s equity to fund anything from home improvement to debt consolidation.  Plus, a HELOC generally offers a lower rate of interest than other types of credit including credit cards, personal loans and unsecured lines of credit.  And, some of the interest paid may be tax deductible.1 Learn more.

  1. Synovus does not give tax advice. Consult your tax advisor for tax deductibility. Back
  2. The Self-Only Coverage Maximum Contribution Amount is $3,550 in 2020 and Family Coverage Maximum Contribution Amount is $7,100 in 2020. HSA holders can make a one-time, tax-free distribution from their Roth and/or Traditional IRA to their HSA. Certain restrictions may apply. Back
  3. Refer to IRS publication 502 for a complete list. Back
  4. All loans and lines of credit are subject to credit approval. Back

Do I need a CD or a money market account?

Understand the differences between a CD and a money market account and find out which is right for you.

Read now

Interested in a home equity line of credit?

Visit your local branch or call us at
1-888-SYNOVUS (1-888-796-6887) to learn more.