Ally Bank Vs. Marcus By Goldman Sachs

Logos by Ally Bank and Marcus by Goldman Sachs; Illustration by Hunter Newton/Bankrate

Ally Bank and Marcus by Goldman Sachs, two leading online-only banks, offer high yields on their deposit products, including certificates of deposit (CDs) and savings. With little to no fees and low (or no) minimum deposit requirements, accounts at both Ally and Marcus are accessible and will help consumers grow their savings. But since both banks are online-only, you won’t have access to physical branches.

Here’s a breakdown of Ally Bank and Marcus by Goldman Sachs, compared by account type.

Ally Bank vs. Marcus: Overview

Ally Bank vs. Marcus: Comparing savings accounts

Ally and Marcus offer similar savings accounts, with competitive APYs and no monthly fees. Ally offers more features for automating and growing your savings. Crucially, Marcus doesn’t offer mobile deposit, making it more difficult to deposit money into the account when compared to Ally.

Ally Bank vs. Marcus by Goldman Sachs: Comparing certificates of deposit

Both Ally and Marcus offer a wide variety of certificates of deposit, including standard, rate-bump and no-penalty CDs. Both banks are offering some of the highest CD yields in the market right now. Marcus requires a $500 deposit to open a CD, which is reasonable, but Ally doesn’t require a minimum deposit to open an account.

Ally Bank vs. Marcus by Goldman Sachs: Comparing checking accounts

While Marcus doesn’t offer a checking account, Ally Bank offers a stellar checking account that even earns a solid interest rate — a rare find in banking. Customers will get all the bells and whistles of modern banking, including access to a highly-rated app with access to Zelle, early direct deposit, Apple Pay and Google Pay. 

Ally Bank vs. Marcus by Goldman Sachs: Banking experience

As online-only banks, neither Ally nor Marcus have physical branches where you can access your cash. However, Ally is part of the Allpoint and MoneyPass networks, giving customers access to their cash through more than 75,000 ATMs nationwide. Marcus doesn’t offer any such ATM access. Both banks offer highly-rated apps on the Apple App and Google Play stores.

Ally Bank vs. Marcus by Goldman Sachs: Which should you choose?

Choose Marcus if: you’re a long-term saver who wants some of the highest CD rates on the market.

Choose Ally if: you want more flexibility and access to your money while still earning competitive yields or you want to do more of your banking in one place.

If having a checking account at the same bank as your savings isn’t a priority, look at Marcus. It has higher CD rates and a higher rate on its savings account.

But if you want all your deposit accounts in one place, Ally is better. It has a great checking account and its savings rates aren’t far behind Marcus’ (plus, its savings account offers more features to help build a savings habit and organize your savings goals).

— Yuliya Goldshteyn, Bankrate deposits editor