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The bottom line: Synchrony and Marcus only offer different types of savings accounts, not checking accounts. As a result, choosing between the two banks may ultimately hinge on your preferences on account management. You may gravitate more toward Synchrony than Marcus if you’d like to have an ATM card or debit card linked to your account. Otherwise, you might end up choosing the bank that currently offers the highest interest rate on an account. See how each bank compares to the best CD rates out there.
Synchrony and Marcus by Goldman Sachs are two online banks known for paying high interest rates on savings accounts. If you’re trying to figure out which bank is a good match for you, we’re here to help.
We’re comparing individual bank accounts, so you can see if Synchrony or Marcus is right for you. We’ll also assess the banks’ trustworthiness for you to learn more about how each bank responds to customers’ dilemmas.
Pros and Cons of Synchrony
ProsCons
24/7 live customer support through live chat
High interest rates on savings, money market accounts, and CDs
ATM card included with a savings account
Unable to deposit cashNo checking accountNo physical locations
Pros and Cons of Marcus
ProsCons
24/7 live customer support through live chat
High interest rates on savings and CDs
Marcus Insights allows you to track spending and monthly cash flow through the bank’s mobile app
Unable to deposit cashNo checking account or money market accountMobile app doesn’t come with a mobile check deposit featureNo physical locations
Synchrony vs. Marcus Savings Account Comparisons
Synchrony High-Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings AccountAPYSynchrony High-Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings AccountMinimum opening depositSynchrony High-Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings AccountMonthly service feeNoneNonePerksATM card includedMarcus Insights allows you to track your spending and monthly cash flow through the bank’s mobile appCaveatsTo deposit cash, you’ll need to transfer money from an external bank accountTo deposit cash, you’ll need to transfer money from an external bank accountNext stepsSynchrony High-Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings Account
The Synchrony High Yield Savings Account – Product Name Only and Marcus by Goldman Sachs High Yield Online Savings Account share many features — a Synchrony High-Yield Savings Account minimum opening deposit, zero monthly service fees, and online-only accessibility.
The primary difference between the two accounts is how you’ll manage them.
The Synchrony High-Yield Savings Account comes with an ATM card which isn’t commonly offered with most savings accounts. An ATM card might be a useful tool if you need to have access to cash quickly. Marcus doesn’t have any accounts with a debit card or ATM card. If you’d like to withdraw money from a Marcus account, you’ll have to transfer funds to an external bank account. Outgoing transfers may take at least a business day to process — it’ll depend on your external bank and when you initiated the transfer.
You may prefer the Marcus by Goldman Sachs High Yield Online Savings Account if you prioritize robust savings tools, though. The Marcus mobile app has a feature called Marcus Insights. Marcus Insights can help you track your monthly cash flow and spending, so you know where your money is going.
Winner: Synchrony
Both banks have strong savings accounts, but Synchrony is our top pick because Marcus savings rates are a bit lower right now. It also provides an ATM card for easy access to your savings — this is an especially important distinction because neither bank offers a checking account, so without an ATM card, you’d have to transfer money to an external bank account to access it. Synchrony has one of the best high-yield savings accounts out there right now.
Synchrony vs. Marcus CD Comparisons
Synchrony CDMarcus by Goldman Sachs High-Yield CDTerms lengths3 months to 5 years6 months to 6 yearsMinimum opening depositSynchrony CDMarcus by Goldman Sachs High-Yield CDTypes of CDsTraditional CDs, bump up CDs, no-penalty CDsTraditional CDs, no-penalty CDs, rate bump CDAPYSynchrony CDMarcus by Goldman Sachs High-Yield CDEarly withdrawal penalties90 days to 365 days of interest90 days to 365 days of interestNext stepsSynchrony CDMarcus by Goldman Sachs High-Yield CD
For CDs, both banks have regular CDs, no-penalty CDs, and CDs that let you request a rate increase at one point during your term. (Synchrony calls these bump up CDs, Marcus calls them rate bump CDs.)
The best choice will depend on which type of CD you want to open, and which term length. Depending on these two choices, you could earn a higher rate with one bank over the other.
If you are specifically looking to open a CD for less than $500, you may favor Synchrony to Marcus. Synchrony lets you open a CD with Synchrony CD upfront.
Winner: Synchrony
Synchrony may be a better choice if you’d like to open a CD with a low account balance. Synchrony Bank CD rates are also higher on a handful of terms.
Synchrony vs. Marcus Money Market Comparisons
Money market accounts are interest-earning bank accounts that often include debit cards or checks.
Marcus only offers a high-yield savings account and CDs, not a money market account. Synchrony does have a money market account, though.
The Synchrony Money Market Account is a strong account overall. It has a low minimum opening deposit and doesn’t charge monthly service fees. The account also offers many ways to access your funds — you can use a debit card and write checks.
One downside to the account is Synchrony only reimburses $5 per month in out-of-network ATM fees. If you exceed $5 per month, you’ll have to pay charges from out-of-network ATM providers.
Winner: Synchrony
Synchrony automatically wins in this category because Marcus doesn’t have a money market account. That said, the Synchrony Money Market Account is an excellent pick for a money market account. It’s featured in our best money market accounts guide because it pays a solid interest rate and provides easy access to funds.
Synchrony vs. Marcus: Which Bank is More Trustworthy?
We use ratings from the Better Business Bureau so you can see how a bank deals with customer issues.
Marcus received an A+ rating, and Synchrony has an A+ rating.
A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if a financial institution might be a good fit.
Synchrony has been involved in a few public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn’t have. In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.
Synchrony vs. Marcus: Frequently Asked Questions
Is Synchrony or Marcus better?
Choosing between Synchrony and Marcus will likely depend on how you plan to use your account. If you frequently require cash or use ATMs, Synchrony might be a better option. The Synchrony High-Yield Savings Account has an ATM card, and the Synchrony Money Market Account comes with a debit card and checks. You might favor Marcus over Synchrony if you don’t mind transferring money to another bank account or if you’re searching for savings tools. The Marcus mobile app has Marcus Insights. You can link your Marcus by Goldman Sachs High Yield Online Savings Account to the app, and it tracks things like your spending and monthly cash flow.
Which bank, Synchrony or Marcus, has the highest interest rate?
The Synchrony High-Yield Savings Account pays Synchrony High-Yield Savings Account APY, while the Marcus by Goldman Sachs High Yield Online Savings Account offers Marcus by Goldman Sachs High Yield Online Savings Account APY. In regards to CDs, it will depend on the term you want but Synchrony notably has higher rates for 6-month, 9-month, 1-year, 18-month, and 5-year terms. Keep in mind interest rates fluctuate.
