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The bottom line: Synchrony and Marcus only offer savings accounts, not checking accounts. As a result, choosing between the two banks may ultimately hinge on 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 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.
Pros and Cons of Synchrony
Pros
Cons
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 cash
No checking account
No physical locations
Pros and Cons of Marcus
Pros
Cons
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 cash
No checking account or money market account
Mobile app doesn’t come with a mobile check deposit feature
No physical locations
Synchrony vs. Marcus Savings Account Comparisons
Below, we’ve compared high-yield savings accounts offered by each bank.
Synchrony High-Yield Savings Account
Marcus by Goldman Sachs High Yield Online Savings Account
APY
Synchrony High-Yield Savings Account
Marcus by Goldman Sachs High Yield Online Savings Account
Minimum opening deposit
Synchrony High-Yield Savings Account
Marcus by Goldman Sachs High Yield Online Savings Account
Monthly service fee
None
None
Perks
ATM card included
Marcus Insights allows you to track your spending and monthly cash flow through the bank’s mobile app
Caveats
To deposit cash, you’ll need to transfer money from an external bank account
To deposit cash, you’ll need to transfer money from an external bank account
Next steps
Synchrony High-Yield Savings Account
Marcus by Goldman Sachs High Yield Online Savings Account
The Synchrony High-Yield Savings Account and Marcus by Goldman Sachs High Yield …read more
Source:: Business Insider