Friday, December 2, 2022

    Ally vs Marcus: Which online bank is better?

    Ally vs Marcus: Which online bank is better?

    Updated

    2022-10-28T18:26:29Z

    Ally logo and Marcus by Goldman Sachs logo side by side on personal finance background

    Ally and Marcus are two online-only banks.

    Ally; Marcus by Goldman Sachs; Insider



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    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

    Pros and cons of Marcus

    Ally vs. Marcus savings account comparisons

    Below, we’ve compared high-yield savings accounts offered by each bank. 

    Ally Ally High Yield Savings Account

    Ally High Yield Savings Account


    Annual Percentage Yield (APY)

    2.35%


    Minimum Deposit Amount

    $0

    Ally Ally High Yield Savings Account

    Ally High Yield Savings Account


    Annual Percentage Yield (APY)

    2.35%


    Minimum Deposit Amount

    $0

    Details


    Annual Percentage Yield (APY)

    2.35%


    Minimum Deposit Amount

    $0

    Pros & Cons

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    High APY

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No minimum opening deposit

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No monthly service fees

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Savings buckets help you save for different goals

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Surprise savings transfers help you save extra money from your checking account

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No physical branch locations

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No way to deposit cash

    Highlights

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    • Create separate savings buckets in a savings account
    • Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
    • Interest compounded daily, paid monthly
    • FDIC insured

    Additional Reading

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account

    Marcus by Goldman Sachs High Yield Online Savings Account


    Annual Percentage Yield (APY)

    2.50% (as of 10/27/2022)


    Minimum Deposit Amount

    $0

    Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account

    Marcus by Goldman Sachs High Yield Online Savings Account


    Annual Percentage Yield (APY)

    2.50% (as of 10/27/2022)


    Minimum Deposit Amount

    $0

    On Goldman Sachs’s website

    Details


    Annual Percentage Yield (APY)

    2.50% (as of 10/27/2022)


    Minimum Deposit Amount

    $0

    Pros & Cons

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Competitive APY

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Easy-to-use mobile app

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No required initial deposit or minimum account balance

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No monthly service fee

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No digital check deposit

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No physical branch locations

    Highlights

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    • No fees and no minimum deposit
    • Link other bank accounts for incoming and outgoing transfers
    • US-based contact center open 7 days a week
    • FDIC insured

    Additional Reading

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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.

    Marcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD

    Marcus by Goldman Sachs High-Yield CD


    Annual Percentage Yield (APY)

    3.00% to 3.90%


    Minimum Deposit Amount

    $500

    Marcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD

    Marcus by Goldman Sachs High-Yield CD


    Annual Percentage Yield (APY)

    3.00% to 3.90%


    Minimum Deposit Amount

    $500

    On Marcus by Goldman Sachs’s website

    Details


    Annual Percentage Yield (APY)

    3.00% to 3.90%


    Minimum Deposit Amount

    $500

    Pros & Cons

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Competitive APY

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Variety of term lengths

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    $500 initial deposit

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Easy-to-use mobile app

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Standard early withdrawal penalties

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No physical branch locations

    Highlights

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    • Terms ranging from 6 months to 6 years
    • 90 days interest early withdrawal penalty for a CD term of under 12 months, 270 days interest penalty for a CD term of 12 months to 5 years, 365 days interest penalty for a CD term of more than 5 years
    • Compounding interest to maximize your earnings
    • No monthly maintenance fees
    • FDIC insured

    Additional Reading

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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 interest-earning 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 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.

    Ally Ally Interest Checking Account

    Ally Interest Checking Account


    Annual Percentage Yield (APY)

    0.10% to 0.25%


    Minimum Deposit Amount

    $0

    Ally Ally Interest Checking Account

    Ally Interest Checking Account


    Annual Percentage Yield (APY)

    0.10% to 0.25%


    Minimum Deposit Amount

    $0

    Details


    Annual Percentage Yield (APY)

    0.10% to 0.25%


    Minimum Deposit Amount

    $0

    Pros & Cons

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Competitive APY

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No initial deposit

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No minimum account balance

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No monthly service charge

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Connect your account with Zelle

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Easy-to-use mobile app

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Early direct deposit

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Reimburses up to $10/month in out-of-network ATM fees

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Online bill pay

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    24/7 customer service

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No overdraft fees

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Overdraft protection

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No physical branch locations

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No way to deposit cash

    Highlights

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    • You can deposit checks right from your smartphone
    • Ally reimburse’s up to $10 per statement cycle for fees charged at other ATMs nationwide
    • Transfer money with your voice through Ally Skill™ for Amazon Alexa
    • Interest compounded daily, paid monthly
    • FDIC insured

    Additional Reading

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Ally Ally Money Market Account

    Ally Money Market Account


    Annual Percentage Yield (APY)

    2.35%


    Minimum Deposit Amount

    $0

    Ally Ally Money Market Account

    Ally Money Market Account


    Annual Percentage Yield (APY)

    2.35%


    Minimum Deposit Amount

    $0

    Details


    Annual Percentage Yield (APY)

    2.35%


    Minimum Deposit Amount

    $0

    Pros & Cons

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No opening deposit or minimum account balance

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    No monthly service fee

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Access to a debit card

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Access to paper checks

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Out-of-network ATM reimbursements of up to $10 per month

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    24/7 customer service

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Easy-to-use mobile app

    Check mark icon A check mark. It indicates a confirmation of your intended interaction.

    Link to other Ally bank accounts

    Dash icon A dash. It often indicates an interaction to shrink a section.

    Not the highest money market account APY

    Dash icon A dash. It often indicates an interaction to shrink a section.

    No physical branch locations

    Dash icon A dash. It often indicates an interaction to shrink a section.

    $10 excess transaction fee (paused during COVID-19)

    Highlights

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    • Access to checks and a debit card
    • Interest compounded daily, paid monthly
    • FDIC insured

    Additional Reading

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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 a C- rating from the BBB because it has a high volume of customer complaints and two 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. 

    Sophia Acevedo, CEPF

    Junior Banking Reporter

    Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
    She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team.
    Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020.
    You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.com.
    Read more about how Personal Finance Insider chooses, rates, and covers financial products and services>>


    Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.

    Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.

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