Which Bank Pays Higher Interest Rates?


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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.

Compare Today’s Savings Rates

Pros and Cons of Synchrony

Pros and Cons of Marcus

Synchrony vs. Marcus Savings Account Comparisons

Synchrony vs Marcus savings accounts

  • Synchrony High-Yield Savings Account

  • Marcus by Goldman Sachs High Yield Online Savings Account

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Learn more


On Synchrony’s website. Synchrony Bank, FDIC Insured.


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On Marcus by Goldman Sachs’s site. Marcus by Goldman Sachs, FDIC Insured

The Synchrony High-Yield Savings Account and Marcus by Goldman Sachs High Yield Online Savings Account share many features — a $0 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.

Synchrony High-Yield Savings Account


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$0


Fees

no monthly service fee

Synchrony High-Yield Savings Account


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$0


Fees

no monthly service fee

On Synchrony’s website. Synchrony Bank, FDIC Insured.


Synchrony High-Yield Savings Account

Details


Fees

no monthly service fee


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$0

Pros & Cons
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Highlights
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Additional Reading
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Read Insider’s guides to the best savings accounts and the best high-yield savings accounts »

Synchrony vs. Marcus CD Comparisons

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 $0 upfront.


Annual Percentage Yield (APY)

2.25% to 5.15%


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% to 5.15%


Minimum Deposit Amount

$0


Synchrony CD

Details


Annual Percentage Yield (APY)

2.25% to 5.15%


Minimum Deposit Amount

$0

Pros & Cons
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Highlights
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Additional Reading
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Annual Percentage Yield (APY)

3.70% to 5.05%


Minimum Deposit Amount

$500


Annual Percentage Yield (APY)

3.70% to 5.05%


Minimum Deposit Amount

$500

Marcus by Goldman Sachs, FDIC Insured


Marcus High-Yield CD

Details


Annual Percentage Yield (APY)

3.70% to 5.05%


Minimum Deposit Amount

$500

Pros & Cons
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Highlights
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Additional Reading
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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.

Synchrony Money Market Account


Annual Percentage Yield (APY)

2.25%


Minimum Deposit Amount

$0

Synchrony Money Market Account


Annual Percentage Yield (APY)

2.25%


Minimum Deposit Amount

$0


Synchrony Money Market Account

Details


Annual Percentage Yield (APY)

2.25%


Minimum Deposit Amount

$0

Pros & Cons
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Highlights
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Additional Reading
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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.

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

Synchrony vs. Marcus: Frequently Asked Questions

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.



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