Marcus by Goldman Sachs is an online bank that specializes in savings products like high-yield savings and certificates of deposit (CDs). It also offers investing options and co-branded credit cards. Ally is another online bank but has a wider range of products: checking, savings, CDs, money market, mortgages, credit cards and much more.
If you just need an online savings account, Marcus usually offers a higher APY. But if you need multiple banking products in one place, Ally might be the way to go.
Earn an additional 0.25% APY on your Online Savings Account for three months with a successful referral.
N/A
Savings
Up to 4.1%
Up to 4%
Checking
N/A
Monthly fee: $0
Minimum deposit: $0
0.1% to 0.25% APY, depending on balance
CDs
Terms: 6 to 72 months
Up to 4.2% APY
$500 minimum deposit
Terms: 3 to 60 months
Up to 4.3% APY
$0 minimum deposit
ATMs
N/A
43,000 Allpoint ATMs
Out-of-network ATM fee: $0
ATM reimbursements: Up to $10 per month
Branches
Online only
Online only
Marcus vs. Ally: Account options
Ally Bank and Marcus by Goldman Sachs are both online, FDIC-insured banks. Neither provides branch access, but both are fully-fledged banks with deposit accounts insured up to the standard $250,000 per depositor.
Marcus focuses on savings products, offering CDs and a top-notch, high-yield savings account. Ally has the fixings you’d expect from a bank, offering checking, savings, credit cards, loans and more.
Banking
While Marcus tends to offer higher savings rates on average, Ally would win the options game, as it has significantly more products and services. Marcus lacks basic deposit accounts like checking accounts and doesn’t offer typical lending services you’d expect from a bank.
Marcus offers:
Marcus’ Online Savings account has a high 4.1% APY with no monthly fees, opening deposit requirements or balance requirements. You can open as many of these accounts as you want, making them great for sinking funds. Marcus also offers a referral program where you and a referred person can earn an additional 0.25% APY for up to three months.
Marcus’ high-rate CDs offer a variety of terms, ranging from six to 72 months. All terms require a minimum deposit of $500, and rates can be as high as 4.2% APY on the 6, 9 and 12-month terms.
Ally offers:
Ally’s savings account is very comparable to Marcus’. It has no monthly fees or balance requirements, and you earn 4% APY on all balances. It also comes with “buckets” so you can sort your savings goals.
Ally Spending is the bank’s checking account, offering no monthly fees or overdraft fees. It earns up to 0.25% APY on balances over $15,000 and 0.1% APY on balances under $15,000. The checking also comes with “buckets” just like the savings account, and you can turn on savings round-ups, receive free incoming wires, get $10 in out-of-network monthly ATM reimbursements and receive free cashier’s checks.
Ally CDs are also similar to Marcus’, but Ally doesn’t require a minimum opening deposit on any of its terms or CD types. The highest rate is 4.3% APY for a 6-month term. Ally also offers rate boosters for renewals and no-penalty options.
Ally’s offers a money market account (MMA), and it’s one of the best MMAs in the current market. You can earn up to 4% APY on all balances, with no monthly fees, overdraft fees, excessive transaction fees or incoming wire fees. You’ll also get a debit card and checkwriting privileges.
Marcus credit cards. Marcus offers a few co-branded credit cards, like the GM Rewards Mastercard, which offers GM employee and supplier discounts and features an unlimited points reward system on select purchases.
Ally borrowing. There are four credit cards (some with cashback rewards), mortgages, auto loans, refinancing options and even business loans.
Marcus Invest offers customizable investment portfolios and creates a managed portfolio based on your risk tolerance. Plus, it only requires $5 to get started.
Ally Invest features self-directed trading, robo portfolios and personal investment advice. You can trade stocks and exchange-traded funds (ETFs), commission-free ETFs, bonds, mutual funds and margin accounts. However, you can’t trade fractional shares or cryptocurrencies. Ally also offers IRAs.
There isn’t much to worry about in terms of fees with either Ally or Marcus. Both banks offer high-yield savings accounts with no monthly fees or deposit requirements. Ally doesn’t charge monthly fees for its Spending Account, either.
Ally doesn’t have a minimum deposit requirement for its CDs. Marcus requires a $500 minimum deposit, which is still lower than the typical $1,000 minimum at most banks.
Marcus and Ally customer reviews
Marcus
BBB accredited
Yes
BBB rating
A+
BBB customer reviews
1.1 out of 5 stars, based on 378 customer reviews
Trustpilot score
3.2 out of 5 stars, based on 249 customer reviews
Customer reviews verified as of
04 October 2024
Ally
BBB accredited
No
BBB rating
A
BBB customer reviews
1.11 out of 5 stars, based on 193 customer reviews
Trustpilot score
2.5 out of 5 stars, based on 237 customer reviews
Customer reviews verified as of
04 October 2024
Final verdict: Ally wins
If you’re seeking a full-service bank, Ally is the clear choice. It has checking, savings, CDs, MMAs, lending products, credit cards and more. Marcus is a bit of a one-trick pony, focusing on high-yield savings and CDs, with rates only slightly higher than Ally’s. On top of that, Ally offers very comparable rates on CDs and doesn’t have any opening deposit requirements.
Ally at a glance
Ally is the better option for a full-service, online bank.
Pros
No-fee checking and savings
High APYs on savings products
No opening deposit requirements
MMAs, investing, lending and more
Cashback credit card options
Cons
No physical branches
No cash deposits
Marcus at a glance
Marcus is a trusted bank by many, but it lacks basic deposit accounts, like checking accounts.
Pros
No monthly fees
High APYs on savings products
Investing platform
Referral bonuses
Cons
No physical branches
No cash deposits
No checking accounts
Limited lending options
Alternatives to Ally Bank and Marcus
Ally and Marcus are formidable online banks, and Ally often lands a spot on our best online banks list. But if neither is the option for you, consider these top alternatives:
SoFi®. One of the best online banks out there, SoFi offers high APYs, no-fee deposit accounts, personal loans, investing and so much more.
Chase Bank. The largest bank in the US, Chase is one of the better options if you prefer in-person support via physical branches. It also has a variety of deposit accounts, investing, lending and more.
Chime. While not a bank on its own, Chime is a great fintech with banking partners. Its checking and savings accounts are packed with modern features. It also offers cash advances, credit-building opportunities and its well-known overdraft protection service, Chime SpotMe.
Holly Jennings is an editor and updates writer at Finder, working with writers across all niches to deliver quality content to readers. She’s edited hundreds of financial articles ranging from credit cards to investments. With empathy at heart, she especially enjoys content that breaks down complex financial situations into easy-to-understand information. Prior to her role at Finder, she collaborated with dozens of small businesses to maximize the reach and impact of their blog posts, website copy and other content. In her spare time, she is an award-winning author for Penguin Random House, writing about virtual reality worlds, magical girls and lasers that go pew-pew. See full bio
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Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
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