Marcus by Goldman Sachs vs Synchrony Bank: Which is Better?

Synchrony Bank offers high interest savings with an ATM card for easy withdrawals and there are no minimum deposits on their accounts. Their CDs however, require a $2,000 minimum deposit to open. There are no service fees for any products so be sure to take advantage of both a personal and business checking account.

Marcus by Goldman Sachs offers savings accounts and CDs at high interest rates. Marcus (previously GS Bank) is the online bank offered by the investment giant, Goldman Sachs. It offers savings products with very competitive rates and no minimum deposit and no services fees.

	Synchrony Bank	Marcus by Goldman Sachs
Locations	Online Only	Online Only
ATMs	Any ATMs with Plus or Accel logos	None
Savings	5/5	3/5
CD	4/5	–
Checking	–	3/5
Money Market	4/5	–
Customer Service	4/5	3/5
Mobile App	–	–
Pros	Savings with ATM card High APY All balance tiers receive same rate	CD options Good Savings Rates
Cons	No checking account $2,000 minimum deposit for CDs Limited customer service hours	Low Checking APY for lower balance customers
Bottom Line	Good online bank offering high interest rates	Solid online bank with savings products with competitive rates and no minimum deposit

Synchrony Bank Promotions

Synchrony is one of the nation’s premier consumer financial services companies – pioneering the future of finance – engaging consumers as they spend and save.

Synchrony provides a range of credit products through programs they have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for their partners and offer financial flexibility to our customers.

Savings Account Offers

• Available nationwide, Synchrony Bank is offering you a 1.20% APY on your funds for opening a new Synchrony Bank Money Market Account.
• If you’re looking for a new savings account available nationwide, Synchrony Bank High Yield Online Savings is offering you 1.50% APY on your funds.
• Consider opening a Synchrony Bank Certificate of Deposit Account if you’re looking for a CD with a high competitive rate! Rest assured that your money is FDIC-insured up to $250,000!

Marcus by Goldman Sachs Promotions

Marcus by Goldman Sachs isn’t meant to replace all your banking needs. It’s good as a bare-bones savings account with high rates. You can park your money there and have it grow securely.

Marcus by Goldman Sachs only offers savings products and personal loans. Here’s a quick overview:

• Online Savings Account: Earn competitive interest rates with as little as just $1 deposit. This is like a typical savings account, except that there are no physical branches or an ATM network.
• High-Yield and No-Penalty CDs: CDs have $500 minimum opening deposit. You lock in a rate, so you know exactly how much interest you will earn. You can earn a higher APY if you can commit to tying up your money for longer.

Pros

• High interest rates. Interest rates are competitive with other online savings and CDs, and as much as 25x more than traditional brick-and-mortar banks.
• Low opening deposits. There is no opening deposit for the Online Savings Account, and only $500 for CDs.
• No fees. There are no monthly service fees, no transaction fees, and no transfer fees.
• FDIC insured. If the bank goes out of business or runs out of money, the FDIC will reimburse you up to $250,000.

Cons

• No mobile deposits. If you want to make a deposit, you’ll have to do so the old-fashioned way – via the mail. You can also deposit the money into an external account and then make a transfer online. Either way, it’s extra steps.
• No checking accounts. If you like to keep all of your accounts in one place, this could be a downside.
• No ATM card or ATM network. There is no way to get fast access to your funds.
• No physical branches. All business must be done online or over the phone.

Conclusion

In conclusion, Synchrony Bank and Marcus by Goldman Sach both offer fantastic saving rates and service and care for their customers. Marcus by Goldman Sach savings account is an excellent account that  earns a great  interest rate.  However, Synchrony Bank’s customer service is outstanding with around the clock tech support.

For more variety of options, see our list of the best bank account bonuses & savings account offers.

Huntington Bank Bonuses & Promotions: $100, $400, $1,000 Checking Offers 2024

TD Bank Promotions: $200, $300, $500 Checking, Savings, Business Bonuses 2024

U.S. Bank Promotions 2024: $400, $450, $900 Personal Checking & Business Bonuses

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