Which bank pays higher interest rates?

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Synchrony and Marcus by Goldman Sachs are two online banks that are known for paying competitive interest rates on savings accounts. If you are trying to figure out which bank is right for you, we are here to help.

We compare individual bank accounts, so you can decide if Synchrony or Marcus is right for you. We will also assess banks’ trustworthiness to learn more about how each bank responds to customer dilemmas.

Synchronicity vs. Marcus

  • synchronization

  • Marcus by Goldman Sachs

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Easy access to your savings or money market account

Marcus Insights helps track your monthly spending and cash flow

Pros and cons of synchronization

Marcos Pros and Cons

Comparison between Synchrony and Marcus in a savings account

Below, we’ve compared the high-yield savings accounts that each bank offers.

The High Yield Concurrent Savings Account And the Marcus by Goldman Sachs Online High Yield Savings Account Sharing many features – minimum opening $0 deposit, zero monthly service fee, and online only access.

The main difference between the two accounts is how you manage them.

The High Yield Concurrent Savings Account It comes with an ATM card that is not commonly offered with most savings accounts. An ATM card can be a useful tool if you need to get cash quickly. Marcus does not have any debit or ATM card accounts. If you want to withdraw money from your Marcus account, you will have to transfer the money to an external bank account. Outgoing transfers may take at least one business day to process – it will depend on your external bank and when you initiated the transfer.

you may prefer Marcus by Goldman Sachs Online High Yield Savings Account If you prioritize powerful savings tools. 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.

Annual Percentage Return (APY)

1.65% APY

Minimum deposit amount

no one

Annual Percentage Return (APY)

1.65% APY

Minimum deposit amount

no one

more information

  • Access your money online, over the phone, or via an ATM
  • Manage your accounts from virtually anywhere in the Synchrony app
  • There is no minimum balance
  • Compound interest daily, paid monthly
  • FDIC insured

Synchronicity vs. Marcus Comparisons CD

Below we have compared Synchrony and Marcus regular CDs.

For CDs, this is likely a negligence between the two banks. Synchrony and Marcus CDs are nearly identical. The two institutions pay similar rates and impose 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 looking for penalty-free CDs. Most banks don’t have penalty free CDs, but Marcus is unique in that it has 7 months, 11 months, and 13 months. CD without penalty. No penalty CDs allow you to withdraw funds from a CD before the end of the term.

If you’re specifically looking to unlock a CD for under $500, you can prefer Synchrony over Marcus. Synchrony allows you to unlock a $0 CD up front.

Annual Percentage Return (APY)

1.00% to 3.25% APY

Minimum deposit amount

no one

Annual Percentage Return (APY)

1.00% to 3.25% APY

Minimum deposit amount

no one

more information

  • Periods ranging from 3 months to 5 years
  • 90-day early withdrawal penalty with simple interest for 12 months or less; 180 days simple interest for terms over 12 months but less than 48 months; 365 days of interest for 48 months or more
  • Compound interest daily, paid monthly
  • FDIC insured

Annual Percentage Return (APY)

1.30% to 3.20% APY

Minimum deposit amount

500 dollars

Annual Percentage Return (APY)

1.30% to 3.20% APY

Minimum deposit amount

500 dollars

more information

  • Periods ranging from 6 months to 6 years
  • 90 days early withdrawal interest penalty for a CD term of less than 12 months, 270 days interest penalty for 12 months to 5 years, and 365 days interest penalty for a period greater than 5 years
  • Compound interest to maximize your profits
  • No monthly maintenance fee
  • FDIC insured

Comparison between Synchrony and Marcus for money market accounts

Money market accounts are interest-bearing bank accounts that often include debit cards or checks.

Marcus only offers a high yield savings account and CDs, not a money market account. However, Synchrony does have a money market account.

The Synchronous money market account It is a solid account in general. It has a low minimum opening deposit and does not charge a monthly service fee. The account also offers many ways to access your money – you can use a debit card and write checks.

One downside to the account is that Synchrony only pays $5 per month in out-of-network ATM fees. If you exceed $5 per month, you will have to pay fees from out-of-network ATM providers.

Annual Percentage Return (APY)

1.10% APY

Minimum deposit amount

0 dollars

Annual Percentage Return (APY)

1.10% APY

Minimum deposit amount

0 dollars

more information

  • Access your money online, over the phone, or via an ATM
  • No opening deposit or minimum account balance
  • Comes with a discount card and paper checks

Which bank is more trustworthy?

We use ratings from the Better Business Bureau so you can see how the bank handles customer issues.

Marcus received rated A+, And Synchrony has a file A + . rating.

A good BBB rating doesn’t have to be everything and its end. Talk to existing clients or read online customer reviews to see if the financial institution is a good fit.

Neither Synchrony nor Marcus have been involved in any recent public scandals.

Frequently Asked Questions

Is Synchrony or Marcus better?

The choice between Synchrony and Marcus will likely depend on how you plan to use your account.

If you frequently ask for cash or use an ATM, Synchrony may be a better option. The High Yield Concurrent Savings Account He has an ATM card, and Synchronous money market account Comes with a debit card and checks.

Marcus does not have debit or ATM card accounts, so you will have to transfer the money to an external bank account.

You can prefer Marcus over Synchrony if you don’t mind transferring money to another bank account or if you are looking for savings tools. The Marcus mobile app contains Marcus Insights. You can link a file Marcus by Goldman Sachs Online High Yield Savings Account into the app, and keeps track of things like your spending and monthly cash flow.

In terms of CDs, both banks have equally solid options and pay high interest rates.

Which bank, Synchrony or Marcus, has the highest interest rate?

The High Yield Concurrent Savings Account He pays 1.65% APY, while Marcus by Goldman Sachs Online High Yield Savings Account It offers 1.50% APY. Regarding CDs, the two banks have similar rates on certificates of deposit for most terms.

Keep in mind that interest rates fluctuate, and Savings rates are expected to increase throughout 2022.