Ally Vs. Marcus: Which Online Bank Is Better?
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Ally vs Marcus: Which online bank is better?
Ally and Marcus are two online-only banks. Ally; Marcus by Goldman Sachs; Insider
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Ally may offer a more appealing savings account and CDs depending on your preferences. 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
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Pros and cons of Marcus
| Pros | Cons |
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Ally vs. Marcus savings account comparisons
Below, we've compared high-yield savings accounts offered by each bank.
| Ally High Yield Savings Account | Marcus by Goldman Sachs High Yield Online Savings Account | |
| Annual Percentage Yield (APY) | 2.35% APY | 2.35% (as of 10/13/2022) (as of 10/13/2022) |
| Minimum opening deposit | $0 | $0 |
| Monthly service fee | None | None |
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| Caveats |
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| Next steps | Learn more | Learn more |
Winner: Ally
The bare bones of both banks' high-yield savings accounts are similar — no minimum opening deposit and no monthly services fees. However, Ally provides more actionable savings tools that can help you follow through with your personal finance goals.
Ally High Yield Savings Account
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt 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.
| Ally High Yield Certificate of Deposit | Marcus by Goldman Sachs High-Yield CD | |
| Terms lengths | 3 months to 5 years | 6 months to 6 years |
| Minimum opening deposit | $0 | $500 |
| Annual Percentage Yield (APY) | 1.00% to 3.50% APY | 2.50% to 3.50% APY (as of 10/13/2022) |
| Early withdrawal penalties | 60 to 150 days of interest | 90 days to 365 days of interest |
| Next steps | Learn more | Learn more |
Winner: Ally
Marcus and Ally offer similar interest rates, but Ally lets you open a CD with $0. You might still consider Marcus if you want to open a 6-year CD or multiple no-penalty CDs, though.
Ally High Yield Certificate of Deposit
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt 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.
Winner: Ally
Marcus doesn't have checking accounts or money market accounts, so Ally is the default winner for these categories.
Ally Interest Checking Account
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally Money Market Account
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt 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.
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.
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