Logos by Ally Bank and Marcus by Goldman Sachs; Illustration by Hunter Newton/Bankrate
Online-only banks typically offer higher yields on deposit products — including CDs, savings and money market accounts — compared to large brick-and-mortar banks like Chase and Bank of America. Ally Bank and Marcus by Goldman Sachs are no exception.
With little to no fees, accounts at both Ally and Marcus are easily accessible and will help consumers grow their savings. But since both banks are online-only, you won’t have access to physical branches, which may be a deal-breaker for some.
Here’s a breakdown of Ally Bank and Marcus by Goldman Sachs, compared by account type.
Ally Bank vs. Marcus: Overview
| Ally Bank | Marcus by Goldman Sachs | |
|---|---|---|
| Overall Bankrate score | 4.7 | 4.1 |
| Overview | Consumers comfortable banking completely online will find a great one-stop shop in Ally Bank. It offers competitive yields on its deposit products and a large fee-free ATM network that will give you access to your cash from coast to coast. | As the online-only division of Goldman Sachs, Marcus offers higher-than-average rates on its deposit products. Moreover, the bank charges no monthly fees and opening deposit requirements are zero or small, making the accounts easily accessible. |
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Ally Bank vs. Marcus: Comparing savings accounts
Ally and Marcus offer similar savings accounts, with robust APYs and no monthly fees. While both banks offer great digital tools for growing and managing your savings, Marcus doesn’t offer mobile deposit, making it more difficult to deposit money into the account when compared to Ally.
| Ally Bank | Marcus by Goldman Sachs | |
|---|---|---|
| Note: Annual percentage yields (APYs) shown are as of June 21, 2024 and may vary by region for some products. | ||
| Bankrate score | 4.4 | 4.7 |
| APY | 4.20% | 4.40% |
| Monthly fees | None | None |
| Minimum deposit to open | None | None |
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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 CDs | Marcus CDs | |
|---|---|---|
| Note: Annual percentage yields (APYs) shown are as of June 21, 2024, and may vary by region for some products. | ||
| Bankrate score | 4.6 | 4.9 |
| Term lengths | Three months to five years | Six months to six years |
| Minimum deposit to open | None | $500 |
| APY for one year | 4.50% | 5.00% |
| APY for three years | 4.00% | 4.15% |
| APY for five years | 3.90% | 4.00% |
| IRA CDs | Available | None available |
| Specialty CDs | No-penalty and bump-up CDs are available. | No-penalty and bump-up CDs are available. |
| Featured CDs | None available | None available |
Ally Bank vs. Marcus by Goldman Sachs: Comparing checking accounts
Ally Bank offers a stellar checking account that even earns a solid interest rate — a rare find in banking. Customers will get all of 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.
Marcus by Goldman Sachs doesn’t offer a checking account.
| Ally Bank | Marcus by Goldman Sachs | |
|---|---|---|
| Note: Annual percentage yields (APYs) shown are as of June 21, 2024, and may vary by region for some products. | ||
| Bankrate score | 5.0 | N/A |
| Monthly fees | None | N/A |
| Minimum deposit to open | None | N/A |
| APY | 0.10% – 0.25%* | N/A |
| Overdraft fee | None | N/A |
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N/A |
| What to watch for | Outgoing domestic wire transfers cost $20 per transfer. | N/A |
*Balances less than $15,000 earn 0.10 percent APY, while balances above that threshold earn 0.25 percent APY.
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 Network, giving customers access to their cash through more than 43,000 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 | Marcus by Goldman Sachs | |
|---|---|---|
| Branches | None | None |
| Customer service | Available by phone, e-mail and mail. Phone and online chat service hours are available 24/7. | Available by phone, e-mail and mail. Phone and online chat service hours are available 24/7. |
| ATM network | Approximately 43,000 no-fee Allpoint ATMs | None |
| Mobile app rating | iOS: 4.7 Android: 2.3 |
iOS: 4.9 Android: 4.4 |
| Philanthropy | Ally Charitable Foundation Grants | Goldman Sachs Bank USA Community Development Grants Program |
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