Synchrony Bank is an online bank that comes with minimal fees and has interest rates. However, they aren’t a full service bank and they mainly offer savings accounts. Fortunately, they are very malleable when you need to get a hold of your funds.
Meanwhile, Marcus by Goldman Sachs has savings, and CD accounts to offer. They do not have any checking or ATM networks to use. However, their CD account normally comes with a $500 minimum deposit to open an account. But, you won’t need to pay for any monthly service fees.
Read below for more information on comparing Marcus by Goldman Sachs and Synchrony Bank.
| BONUS LINK | OFFER | REVIEW |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
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| Synchrony Bank | Marcus by Goldman Sachs | |
| Locations | Online only | Online only |
| ATMs | More than thousands of ATMs | None |
| Savings | 1.30% APY. No monthly service fees and no minimum balance. ATM card is given for an easy withdrawal. | 1.55% APY. $1 to open APY Rate. No fees to open or maintain account. |
| CD | 0.25% to 1.50% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit of $2,000 to open. | 0.60% to 1.65% APY. Terms from 6 months to 6 years. 12-Month CD with 1.60% APY. $500 to open account. |
| Checking | None | None |
| Money Market | 0.75% APY. No monthly fees and no minimum deposit. | None |
| Customer Service | Monday – Friday: 8am-8pm (ET)
Saturday – Sunday: 8am-5pm (ET) |
Monday – Friday 8am-10pm (ET)
Saturday – Sunday 9am – 7pm (ET) |
| Mobile App | None | None |
| Pros | -Savings with ATM card -High APY -All balance tiers receive same rate |
-CD accounts -Savings rates |
| Cons | -No checking account
-$2,000 minimum to open CD -Limited customer service hours. |
-No ATMs
-Minimum opening deposits -Limited customer service hours. |
| Bottom Line | Synchrony Bank is a great online bank with high interest rates. | Marcus by Goldman Sachs has better CD rates. |
Comparing Both Banks
Synchrony Bank says they come with one of the highest APY Rates an online bank can offer with a lower price tag. However, there are some disadvantages to their financial products you must be mindful of. Fortunately, they have ATM services and will even provide an ATM card to make withdrawing money much easier. One thing that both of these banks have in common is that they don’t offer a checking account to their members.
With Marcus by Goldman Sachs, there aren’t many products to choose from. Since they mainly have CD accounts, their rates are much higher than Synchrony Bank. However, keep in mind that these come with minimum opening requirements.
Different Bank Accounts
With Synchrony Bank, they mainly focus on different savings accounts. Their high-yield savings account has somewhat higher interest rates than other banks. Plus, they don’t come with a minimum balance or monthly service charges. A big advantage is that it comes with an ATM card to use at any ATM bank with the Plus or Accel logo with no charges. Synchrony Bank’s CD accounts are pretty average and has a $2k minimum opening deposit requirement.
Meanwhile, Marcus by Goldman Sachs only has a few products to pick from. The Online Savings account, High-Yield, No Penalty CD, and Personal Loan accounts. They are more popular for the CD rates. Just put in a rate and see how much interest you’ll be able to earn. Your rate will be locked in for the whole term. Plus, their high-yield account will come with a 10-day guarantee as well.
Conclusion
Now, you’ve seen what both of these online banks have to offer. If you’re looking for a checking account, then these options aren’t good choices for you. Both Synchrony Bank and Marcus by Goldman Sachs have many things in common. However, Marcus by Goldman Sachs has slightly higher rates to offer when compared to Synchrony Bank.
