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Read Now: Synchrony Bank CD Rates for September 2022 – CNET – 101 Latest News
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Certificates of deposit, while not typically a lucrative investment, are a safe spot to place your money. CDs are even more attractive today, as the US economy teeters towards a recession. And while interest rates on CDs have been scant over the last few years, they’re rising again.
The Federal Reserve has continued to increase the federal funds rate in an attempt to bring down inflation. While interest rates on five-year CDs barely scraped 1% over the last decade, interest rates are now surpassing 3% at some banks, including Synchrony.
Synchrony is an online-only bank without physical branches with above-average CD rates. It only offers credit cards and savings products, including savings accounts and CDs, but not checking accounts. Without physical branches to manage, Synchrony, like other fully online banks, saves on overhead costs and passes savings along to customers, in the form of higher interest rates on savings accounts and CDs.
CDs are safe, low-risk investments — as long as you’re OK with parting with your money for the duration of the term. With a CD, you’ll earn fixed interest, which means you know exactly how much money you’ll earn for a given period of time. The catch is that you’ll pay a penalty if you withdraw your money before the term ends.
Here’s a breakdown of Synchrony’s CD offerings, and how they compare to the competition.
Note: The CD rates provided were collected from the issuing organizations’ websites and are valid as of Aug. 31, 2022.
Synchrony CDs and rates
Synchrony mostly offers traditional CDs, which earn a set interest rate for the CD term and charge a penalty for withdrawing early. Here are Synchrony’s current CD terms and rates:
Synchrony CD rates
| CD term | APY |
|---|---|
| 3 months | 1.35% |
| 6 months | 1.80% |
| 9 months | 1.90% |
| 11 months* | 1.75% |
| 12-16 months | 2.75% |
| 18 months | 2.85% |
| 19 months | 2.85% |
| 24 months | 3.00% |
| 24 months, Bump Up** | 2.50% |
| 36 months | 3.10% |
| 48 months | 3.10% |
| 60 months | 3.50% |
Synchrony also offers two CDs with additional perks: a no-penalty CD and a one-time bump-up CD:
- The no-penalty CD from Synchrony lets you withdraw your money early, penalty-free. Right now, this offer only applies to 11- month term CDs, which sit at 1.75% APY. While this may sound compelling, Synchrony’s high-yield savings account currently earns more interest (1.80% APY) and lets you withdraw your funds more easily. So, if access to your savings is your main concern, you can likely find a high-yield savings account with comparable or higher APY at online banks like Synchrony.
- Synchrony’s “bump-up” CD lets you raise your APY one time if Synchrony adjusts its interest rate offering for this product. This bump-up CD has a 2.50% APY and 24-month term, lower than Synchrony’s traditional 24-month term CD’s APY (3.00%). So, why would you consider grabbing the bump-up CD? With interest rates poised to rise several times this year, Synchrony might raise the APY on its bump-up CD above 2.50%, giving you the option to increase your interest rate after depositing your cash. But, if CD rates do not go up or if you forget to bump up your rate, you’ll only earn 2.50% APY on your investment.
How much can you earn with a Synchrony CD?
Since CDs are safer investments with guaranteed interest rates, you can earn more in interest than you would with a traditional savings account. Synchrony offers competitive APYs on its CDs, ranging from 1.35% APY for a three-month CD to 3.50% APY for a five-year CD, with interest compounding daily (offering you a little extra money than CDs that compound monthly or yearly). That places Synchrony in the upper-tier of the competition when it comes to CD rates, with many other online-only banks also surpassing the 3% APY threshold.
How much you earn with Synchrony CDs
| CD term | APY | Earnings on $5,000 deposit |
|---|---|---|
| 3 months | 1.35% | $16.88 |
| 1 year | 2.75% | $137.50 |
| 2 years | 3.00% | $300.00 |
| 5 years | 3.50% | $875.00 |
Penalties for early withdrawal at Synchrony
Like other banks, Synchrony charges a fee for withdrawing money from your CD before it’s reached maturity (i.e., the final day of the CD’s term). The fee will be applied to the amount of money you withdraw, meaning how much you pay will depend on how much you take out and what your current interest rate is.
Synchrony CD penalties
| Term | Penalty |
|---|---|
| 1 year or less | 90 days of simple interest |
| More than 1 year but less than 4 years | 180 days of simple interest |
| 4 years or more | 365 days of simple interest |
For example, if you were to withdraw all of your money ($5,000) from a 12-month CD at 2.75% APY, you’d pay a penalty of $33.90. But say that you didn’t want to withdraw all of your money, just some of it — how much would you pay?
With the same scenario, to withdraw $1,000, you’d pay a penalty of $6.78. That penalty will be subtracted from the $1,000 you’re withdrawing. With the fee subtracted, instead of receiving $1,000, you’ll receive $993.22.
How Synchrony CD rates compare to other banks
Synchrony has above-average CD rates right now, offering a max of 3.50% APY on a five-year CD.
In contrast, national banks with physical branches are offering CDs with very low APYs. For example, both Chase and Bank of America offer a maximum APY of 0.05% on their CDs. That’s a stark contrast to online-only banks, which are currently offering rates upwards of 3% APY for a five-year term.
But online-only banks aren’t the only ones offering attractive CD rates, as many credit unions and state-chartered banks, like Pentagon Federal Credit Union and First Internet Bank of Indiana are also offering CDs with APYs reaching or surpassing 3.20% for five-year CDs.
CD rates, compared
| Bank | 5-year CD APY | Interest earned with $5,000 deposit |
|---|---|---|
| Synchrony | 3.50% | $875 |
| Chase | 0.02% | $5.00 |
| Bank of America | 0.03% | $7.50 |
| Pentagon Federal Credit Union | 3.20% | $800 |
FAQs
A certificate of deposit is a type of savings account that pays you fixed interest when you deposit money for a set period of time, called the term. A CD’s term could be as short as one to three months and typically goes up to five years (though there are a few longer-term CDs out there).
The interest you’ll earn with a CD is listed as your annual percentage yield, which measures how much compound interest your money will earn over the course of the year (interest on CDs usually compounded daily or monthly). With compound interest, you’ll earn interest on not only the money you deposited into the CD (the principal), but also on any interest that accumulates. The more often interest compounds, the more money you’ll earn over time. So, a CD that compounds daily would earn you a little more money than a CD that compounds weekly at the same rate.
What is the penalty for withdrawing early from a CD?
Most banks offer early-withdrawal penalties, but the exact penalty depends on the bank. Many banks, like Synchrony, will calculate a penalty as a number of days’ simple interest at the current interest rate. That will be deducted when you withdraw money from the CD. Thus, the amount you pay in these circumstances depends on the length of the CD term and the amount of money you’re withdrawing (for example, a longer CD term will typically have a greater penalty). Other banks may simply deduct from the interest you’ve earned, deducting anywhere from 90 days to one year of interest.
There aren’t caps on how much of a penalty banks can charge for withdrawing early. Thus, it’s a good idea to read the fine print before investing in a CD, especially if you think you may withdraw money before the CD matures. If you’ll need the money before the term ends, a high-yield savings account may be the better option. You’ll earn slightly less interest but have direct access to your savings without penalty.
Should you put your money in a CD?
CDs are more stable investments that offer guaranteed growth.They are a good savings option if you don’t need to touch your money right away, and want to earn a guaranteed interest rate. If you’re looking for a longer-term, safer savings option, you might consider an I bond — secure government-backed investments sold directly to the public — which right now earns 9.62% APY and allows you to withdraw your money penalty-free after five years (and you can leave your money in there for up to 30 years).
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. With a high-yield savings account, you can earn a higher than average interest rate (though not as high as some CDs), but have easier access to your savings.
Those looking to grow their money even more may be less enthusiastic about the safe and stable gains from CDs. While it’s possible to earn more through the stock market or other investment strategies, the stock market is much higher risk — and in the current bear market, it isn’t the safest place to invest right now.
Are there no-penalty CDs?
A no-penalty CD lets you withdraw your money before the term is up. The benefit of being able to withdraw early without penalty is certainly attractive, but, depending on the bank, this also means you might be earning a lower APY. This isn’t the case with all banks, though, so it’s important to understand your options in the market. If you think you’ll need money out of your CD before it matures, consider going with a no-penalty CD.
Interest rates as of Aug. 31, 2022.
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#iPhone #Camera #Accessories #CNET
Not too long ago, photographers used to laugh at smartphones. A lot has changed over the years, however, with many phone launches focusing on the cameras themselves. Now smartphones can take impressive photos on par with even the best cameras. All you need is some additional gear, and you can be shooting photos that border on professional-grade.
The iPhone 14 and 14 Pro offer excellent features that creative professionals will enjoy, like multiple rear cameras — including a superwide-angle lens — that can capture incredible photos and videos.
Perhaps the most notable, however, is the addition of ProRes, which started in the previous generation and is available on the iPhone 14 Pro and Pro Max. It enables you to produce a far more professional-looking postproduction look. This means that, now, creative professionals can incorporate these phones into their productions.
And sure, you can simply walk outside with your phone and snag some beautiful footage, but there’s a wealth of iPhone 14 accessories you can use that’ll help elevate both your videos and photos to new levels to wow your followers.
Here’s our list of the best gear to pair with your iPhone to give your shots a boost. Every iPhone 14 accessory listed here has been tested by us to make sure it works as well as it’s supposed to. If it didn’t impress, it didn’t make the list. Look no further if you’re after the best iPhone filming accessories to take your skills to the next level. These excellent accessories will make shooting a breeze.
Read more: Best iPhone 14 and iPhone 14 Pro Cases You Can Buy Right Now
The best iPhone camera accessories
There’s no one accessory that by itself will revolutionize your iPhone photography, as different products bring different things to the table. I love the Moment Anamorphic lens as it lets you achieve a stunning cinematic look with your phone. DJI’s phone gimbal meanwhile provides superb stability to get super smooth-looking shots, while the Aputure MC LED video light simply lets you light up the scene you’re shooting when the sun goes down.
But an LED light will do nothing to improve your audio, so you’ll need to look towards the Rode VideoMicro if sound quality is important. These items all add something different to your photo and video production and used together let you take your mobile video production to a whole new level. Want some inspiration? Here’s my guide for shooting better video with your phone.
Camera cages are common tools that let you attach a wide variety of accessories to a DSLR, including lights, microphones, handles and external monitors. SmallRig’s new mobile cage offers much the same functionality, but for your iPhone, and with multiple mounting points around the edge to attach whatever accessories you need like microphones.
I’ve been using the cage with an attached Aperture LED light, PolarPro tripod and Rode microphone (all seen below), which makes for an incredible mobile vlogging rig. SmallRig also offers various attachments of its own, including top and side handles, which help provide stability when you’re hand-holding while filming. The cage is solidly built from aluminum, has bayonet lens mounts (see below), and has a convenient clasp for easily slotting your phone in and out.
Anamorphic lenses are normally something you’d find in a professional cinematographer’s kit bag. These lenses provide a wider aspect ratio that you get in a wide angle lens, along with distinctive blue-line lens flares that give footage a much more filmic quality. Moment’s mobile anamorphic lens does exactly that for your iPhone.
Clip it on and it’ll squeeze your footage into the shorter, wide shots format that completely transforms the look of the video you can take from your phone. I’ve absolutely loved the look of my phone footage using the lens and it’s a must-have for any budding film producers wanting to up their game with their phone.
You’ll need to shoot with apps like Filmic Pro that let you “unsqueeze” the footage so it doesn’t look all distorted on most cameras. The lens uses a bayonet mount that attaches to compatible cases, including Moment’s own ones or a variety of third-party options, including the SmallRig cage mentioned above.
iPhone cameras don’t have the greatest lighting, so having a backup light is always a good idea. This USB-C rechargeable video light is packed with LED lights and is small enough to fit into the palm of your hand but puts out a huge amount of light when you’re short of proper lighting.
It’s great for lighting up your subjects, whether that’s for portraits, product photography or macro or to light up yourself if you’re vlogging at night. The power output is easily adjustable, as is the color temperature of the light.
It also has a variety of creative light effects to spice up your production, including simulations of fireworks, lightning, a flickering fireplace or the flashing red and blue of police car lights.
The iPhone 14’s built-in image stabilization is already superb, but for an even smoother ride, consider using a dedicated gimbal like DJI’s OM 5. It evens out all but the most aggressive movements, allowing you to get smooth tracking footage of you running behind your subject as you film a chase scene.
It also has a built-in extendable selfie stick, which not only makes it great for YouTube vloggers, but also allows for more creative angles by holding it up higher, or even flipping it over and having the camera run close to the ground or through grasses.
Recording good audio for your vlogs or your next iPhone-based short film is crucial, and while the iPhone does a decent job of capturing audio, a dedicated microphone will take things to the next level. Rode’s VideoMicro shotgun mic can plug into your phone’s Lightning port (via an adapter) and provides crystal-clear audio when recording with the standard iPhone camera app or any third-party video app, making it one of the best iPhone camera accessories on the market.
I love using it on top of my phone for vlogging and the included wind shield is superb for cutting out wind noise when working on location. Alternatively, get a 3.5mm extension cable and you can try using the mic on the end of a boom pole for recording audio in a conversation you’re filming.
It’s a great investment if you’re looking for a directional microphone.
At $1,349, industry goliath Profoto’s B10 studio flash will be little more than a pipe dream for most. But if you want to get truly professional lighting on location or in a studio using your iPhone, the B10 is second is one of the best iPhone camera accessories. . This pro flash is designed primarily for use with DSLRs but can also be used with iPhones and Android phones via the Profoto app. If you’re ready to take your smartphone photography to the next level, it allows you to get shots with your phone that would simply not be possible to achieve without it.
Sure, most pros probably wouldn’t consider shooting a major project on just their phone, but it’s a potentially great backup in case of camera failure, or simply a lightweight and convenient way to test ideas in the field without hauling bags of gear around.
It also comes with a carrying case that will protect it from other elements. Its rechargeable battery provides a battery life that can provide more than 400 full flashes.
Rather than use screw clamps to secure your phone in place, Moment’s tripod mount uses Apple’s MagSafe system, which makes it incredibly quick to pop your phone in place and start shooting. When you’re done, just rip your phone away from the magnetic disk and pop it back in your pocket. Easy!
The minimalist approach to the mount’s design makes it extremely compact so it’s no hassle to always carry it with you for when inspiration strikes. The magnets are strong, too, so you don’t need to worry about your phone popping loose while you’re walking along. It’s available as a mount by itself, or with the cold-shoe bracket (pictured) to attach a microphone when vlogging.
Having a solid tripod can make all the difference in getting stable, wobble-free video, particularly if you want to put yourself in the frame. PolarPro’s Apex Minimalist tripod is a great option for mobile producers, as its compact size means it’s easy to chuck into a backpack, but it’s burly enough to support bigger cameras should you need to.
I love using it for static shots, and for holding my phone up to shoot vlogs while walking around. It comes either with an integrated twist-locking ball head, or as the tripod legs only. I prefer the latter as it allows me to use my own compact ball heads, which are more stable with heavier loads.
How we test iPhones
We test phones in real-world scenarios, looking at the performance of the processor, battery and cameras, and judge how each model compares to its competition. We take value into account, as well as extra features like storage, connectivity, software additions and anything else that will make a real difference to your life with the product.
Accessories like the ones seen in this list are treated in exactly the same way; they’re put to real-world use both indoors and outside, evaluating how well they perform and whether they’re worth the money. Everything that’s featured here has been tested by our own fair hands and if it didn’t impress, it didn’t make the list.
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