When it comes to choosing a bank for your savings account, two popular options are Synchrony and Marcus by Goldman Sachs. These online banks are known for offering high interest rates on their savings accounts. In this article, we will compare the pros and cons of each bank and help you decide which one is the right fit for you.
Let’s start by comparing the savings accounts offered by Synchrony and Marcus. Both banks offer similar features such as a $0 minimum opening deposit, zero monthly service fees, and online-only accessibility. However, there are a few key differences in how you can manage your account.
The Synchrony High-Yield Savings Account comes with an ATM card, which is not commonly offered with most savings accounts. This can be a useful tool if you need quick access to cash. On the other hand, Marcus does not offer any accounts with a debit card or ATM card. If you want to withdraw money from a Marcus account, you will need to transfer funds to an external bank account, which can take at least a business day to process.
Another factor to consider is the savings tools provided by each bank. Marcus has a mobile app feature called Marcus Insights, which helps you track your monthly cash flow and spending. This can be useful for those who prioritize robust savings tools.
Now, let’s talk about trustworthiness. Both Synchrony and Marcus have a good reputation for customer service. However, it’s important to note that trustworthiness can vary from person to person based on personal experiences. It may be helpful to read customer reviews and do further research before making a decision.
When it comes to choosing between Synchrony and Marcus for a savings account, the decision ultimately boils down to your personal preferences. If having an ATM card or debit card linked to your account is important to you, then Synchrony may be the better choice. On the other hand, if you prioritize robust savings tools and don’t mind transferring funds to an external bank account for withdrawals, then Marcus may be the right fit.
In terms of interest rates, both banks offer competitive rates. However, at the time of writing, Synchrony offers a slightly higher interest rate, making it our top pick. It’s worth noting that neither bank offers checking accounts, so having an ATM card from Synchrony can provide easy access to your savings without the hassle of transferring funds.
Moving on to CDs (Certificate of Deposit), Synchrony and Marcus offer similar options with comparable rates and early withdrawal penalties. The best choice will depend on the type and length of CD you want to open. Synchrony may be a better choice if you want to open a CD with a low account balance, as they allow opening a CD with $0 upfront.
In conclusion, both Synchrony and Marcus are reputable banks offering high interest rates on their savings accounts. If having an ATM card or debit card with easy access to your savings is important to you, then Synchrony may be the better choice. However, if you prioritize robust savings tools and don’t mind transferring funds for withdrawals, then Marcus may be the right fit. Ultimately, the decision depends on your personal preferences and banking needs.
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