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Synchrony and Marcus have lower minimum opening deposits than most financial institutions.
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The bottom line: Synchrony and Marcus only offer savings accounts, not checking accounts. As a result, choosing between two banks may ultimately hinge on how 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.
Synchrony and Marcus by Goldman Sachs are two online banks known for paying competitive 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 determine 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
Below, we’ve compared high-yield savings accounts offered by each bank.
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 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 a 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
The Synchrony High-Yield Savings Account narrowly beats the Marcus by Goldman Sachs High Yield Online Savings Account because it has an ATM card. You may prefer the Marcus High Yield Online Savings Account if you want robust savings tools, though.
Synchrony vs. Marcus CD comparisons
Below we’ve compared Synchrony and Marcus’s regular CDs.
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 CDsTraditional CDs, no-penalty CDsAPYSynchrony 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, it’ll probably be a toss-up between the two banks. Synchrony and Marcus CDs are almost identical. The two institutions pay comparable rates and charge similar early withdrawal penalties.
There are only a few situations where you might find a clear preference between the two banks.
For example, you might be more inclined to choose Marcus over Synchrony if you’re searching for no-penalty CDs. Most banks don’t have no-penalty CDs, but Marcus is unique in that it has a 7-month, 11-month, and 13-month no-penalty CD. No-penalty CDs let you withdraw money from a CD before the end of a term.
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: Tie
For most circumstances, it’s likely a draw between Synchrony and Marcus CDs — the two banks pay similar CD rates and have nearly identical early withdrawal penalties. The only exceptions might be if you want to open a CD with less than $500 (Synchrony’s a better fit) or if you are looking for a no-penalty CD (Marcus is your best bet).
Synchrony vs. Marcus money market account 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.
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.
Neither Synchrony nor Marcus has been involved in any recent public scandals.
Winner: Tie
Synchrony and Marcus are equally trustworthy options. Both have great BBB ratings and haven’t experience recent public controversies.
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.
Marcus doesn’t have accounts with debit cards or ATM cards, so you’ll have to transfer money to an external bank account.
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.
In terms of CDs, both banks are equally strong options and pay high interest rates.
Which bank, Synchrony or Marcus, has the highest interest rate?
The Synchrony High-Yield Savings Account pays Synchrony High-Yield Savings Account, while the Marcus by Goldman Sachs High Yield Online Savings Account offers Marcus by Goldman Sachs High Yield Online Savings Account. In regards to CDs, the two banks have similar CD rates for most terms.
Keep in mind interest rates fluctuate, and savings rates are expected to increase throughout 2022.