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 Wells Fargo, 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 4.8 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.
Pros
  • Ally offers a wide array of deposit products, loans and services.
  • There are no monthly fees or minimum balance requirements for Ally accounts.
  • Yields on deposit products, including CDs, are very competitive.
  • Ally has a large fee-free network of more than 43,000 ATMs nationwide.
  • Marcus offers competitive yields for all of its deposit products.
  • The opening deposit requirement for CDs is relatively low.
  • Savings accounts don’t have a minimum balance requirement or monthly service fee.
  • Customer service is available 24/7.
Cons
  • As an online-only bank, cash deposits aren’t accepted.
  • You can’t send international wire transfers from Ally Bank.
  • Marcus offers a limited selection of financial products.
  • The bank doesn’t offer a debit or an ATM card.
  • As an online-only bank, cash deposits aren’t accepted and mobile check deposits are also unavailable.
  • There is no branch or ATM access.

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
Bankrate score 4.4 4.7
APY 4.00% 4.15%
Monthly fees None None
Minimum deposit to open None None
Features
  • The top yield is available on all balance tiers.
  • You can set up recurring transfers into your savings on a schedule you create.
  • Checking accounts can round up to the nearest dollar, which are subsequently transferred to your savings.
  • Ally analyzes your linked checking accounts to identify “safe-to-save” money, which is subsequently transferred to your savings account.
  • There is no monthly withdrawal limit.
  • The account can be opened quickly online.
  • Marcus doesn’t charge for wire transfers.
  • The yield is highly competitive.
  • Same-day transfers of $100,000 or less to and from other banks are available.
What to watch for
  • Outgoing domestic wire transfers cost $20 per transfer.
  • Ally doesn’t accept cash deposits.
  • Marcus doesn’t accept cash or mobile deposits.
  • There is no branch or ATM access.

Note: Annual percentage yields (APYs) shown are as of June 23, 2023, and may vary by region for some products. 

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.

If you’re just looking for the highest yield on a standard CD between the two, it may be worth looking at Ally Bank’s 18-month CD, which is currently offering a 5.00 percent APY. 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
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% 4.75%
APY for three years 4.25% 4.30%
APY for five years 4.10% 3.80%
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 Available*

Note: Annual percentage yields (APYs) shown are as of June 23, 2023, and may vary by region for some products. 

*The promotional 10-month CD offers a 4.75 percent APY, available until Sept. 15, 2023.

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
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
Features
  • There are no overdraft or low daily balance fees.
  • Early direct deposit, up to two days sooner, is available.
  • Customers have fee-free access to more than 43,000 ATMs through the Allpoint network.
  • Mobile check deposit is available.
  • There’s access to Zelle through Ally’s mobile app.
  • A free overdraft service called CoverDraft is available.
 N/A
What to watch for Outgoing domestic wire transfers cost $20 per transfer. N/A

Note: Annual percentage yields (APYs) shown are as of June 23, 2023, and may vary by region for some products. 

*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: 4.7Android: 3.7 iOS: 4.8Android: 4.4
Philanthropy Ally Charitable Foundation Grants Goldman Sachs Bank USA Community Development Grants Program