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Ally and Marcus are two online-only banks.
Ally; Marcus by Goldman Sachs; Insider
The bottom line: Marcus may be more appealing option if you’d like to open a savings account, while Ally has more competitive CDs. If you want to open a checking or money market account, Ally is your only option between the two.
Find the right savings account for you
Marcus by Goldman Sachs and Ally are two top-tier online banks. To help you figure out which one is the best fit for you, we’ve analyzed the details of each of their bank accounts, then selected a winner for each category. We’ve also compared the financial institutions in trustworthiness so you can see how a bank deals with customer issues and complaints.
Pros and cons of Ally
ProsCons
24/7 live customer support over the phone and through live chat
Savings, checking, CDs, and money market accounts
Variety of additional banking services, like mortgages, loans, and investment accounts
Savings account helps you save for individual goals
Unable to deposit cashNo physical locations
Pros and cons of Marcus
ProsCons
24/7 live customer support through live chat
Savings and CDs
Some banking services, like loans and investment accounts
Marcus Insights allows you to track spending and monthly cash flow through the bank’s mobile app
A+ rating from the Better Business Bureau
Unable to deposit cashNo checking account or money market accountSome banking services aren’t offered, like mortgagesMobile app doesn’t come with a mobile check deposit featureNo physical locations
Ally vs. Marcus savings account comparisons
Below, we’ve compared high-yield savings accounts offered by each bank.
Ally High Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings AccountAnnual Percentage Yield (APY)Ally High Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings AccountMinimum opening depositAlly High Yield Savings AccountMarcus by Goldman Sachs High Yield Online Savings AccountMonthly service feeNoneNonePerksSavings buckets allow you to separate money and create individual goalsSurprise savings tools automatically transfer extra money from your checking account to help you saveMarcus Insights allows you to track your spending and monthly cash flow through the bank’s mobile appCaveatsTo deposit cash, you’ll need to transfer money from another Ally account or an external bank accountTo deposit cash, you’ll need to transfer money from an external bank accountNext stepsAlly High Yield Savings AccountMarcus by Goldman Sachs High-Yield CD
Winner: Marcus
The bare bones of both banks’ high-yield savings accounts are similar — no minimum opening deposit and no monthly services fees. Marcus slightly edges out Ally because it offers a higher interest rate right now.
Ally vs. Marcus CD comparisons
Below we’ve compared Ally and Marcus’s regular CDs.
Both institutions offer more CD options, though. Ally has an 11-month no-penalty CD and Raise Your Rates CDs that may increase your rate if Ally’s rates rise during your term. Meanwhile, Marcus has a 7-month, 11-month, and 13-month no-penalty CD.
Ally High Yield Certificate of DepositMarcus by Goldman Sachs High-Yield CDTerms lengths3 months to 5 years6 months to 6 yearsMinimum opening depositAlly High Yield Certificate of DepositMarcus by Goldman Sachs High-Yield CDAnnual Percentage Yield (APY)Ally High Yield Certificate of DepositMarcus by Goldman Sachs High-Yield CDEarly withdrawal penalties60 to 150 days of interest90 days to 365 days of interestNext stepsAlly High Yield Certificate of DepositMarcus by Goldman Sachs High-Yield CD
Winner: Ally
Ally has a Ally High Yield Certificate of Deposit opening deposit and lower early withdrawal penalties. You might still consider Marcus if you want to open a 6-year CD or a higher interest rate on select CDs, though.
Ally vs. Marcus checking account and money market account
Marcus only offers a high-yield savings account and CDs. If you’d like to open a checking account or money market account, then you’ll have to turn to Ally.
Ally has an Ally Interest Checking Account that doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees. You’ll have access to 43,000 ATMs throughout the US, and Ally also reimburses up to $10 in out-of-network ATM fees and you can get your paycheck up to two days early if you set up direct deposit.
Ally’s Ally Money Market Account is pretty similar to the bank’s high-yield savings account. The main difference between the two accounts is the money market account includes a debit card and paper checks.
Winner: Ally
Marcus doesn’t have checking accounts or money market accounts, so Ally is the default winner for these categories.
Ally vs. Marcus trustworthiness and BBB rating
We use ratings from the Better Business Bureau so you can see how a bank deals with customer issues.
Ally received an A rating from the BBB because it has three unresolved complaints. Marcus received an A+ rating.
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 Ally nor Marcus has been involved in any recent public scandals.
Winner: Marcus
Marcus hasn’t been involved in any public controversies, and according to the BBB, it efficiently responds to customer complaints. While Marcus beats Ally in this category, Ally is still a trustworthy bank.