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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
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
On Synchrony’s website. Synchrony Bank, FDIC Insured.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.15%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
Comes with an ATM card
No required opening deposit or minimum account balance
No monthly service fee
No physical branch locations
Only reimburses up to $5 of out-of-network ATM fees per month
Highlights
Access your cash online, by phone or via ATM
Manage your accounts from virtually anywhere in the Synchrony app
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
Competitive APY
Variety of term lengths
No minimum deposit
No terms over 5 years
Standard-to-high early withdrawal penalties
Highlights
Terms ranging from 3 months to 5 years
Early withdrawal penalty of 90 days simple interest for terms of 12 months or less; 180 days simple interest for terms over 12 months but under 48 months; 365 days interest for terms of 48+ months
When you’re ready to cash out your CD, you must call Synchrony
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
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
Marcus by Goldman Sachs, FDIC Insured
Details
Annual Percentage Yield (APY)
3.70% to 5.05%
Minimum Deposit Amount
$500
Pros & Cons
Competitive APY
Variety of term lengths
$500 initial deposit
Easy-to-use mobile app
Standard early withdrawal penalties
No physical branch locations
Highlights
Terms ranging from 6 months to 6 years
90 days interest early withdrawal penalty for a CD term of under 12 months, 180 days interest penalty for a CD term of 12 months to 5 years, 270 days interest penalty for a CD term of more than 5 years
Compounding interest to maximize your earnings
No monthly maintenance fees
FDIC insured
Additional Reading
Read our review
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
No opening deposit or minimum account balance
Competitive APY
No monthly service fee
Comes with an ATM card and paper checks
No physical branch locations
Only reimburses $5/month in out-of-network ATM fees
Highlights
Access your cash online, by phone, or via ATM
No opening deposit or minimum account balance
Comes with a debit card and paper checks
Additional Reading
Read our review
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.
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.
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.
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.