Published May 22, 2024
Fact Checked
Ashley Maready
Bottom line: Ally is an excellent choice for customers who want an all-in-one banking relationship, while Marcus by Goldman Sachs offers highly competitive savings products.
Ally vs. Marcus by Goldman Sachs: Account options
Savings accounts
The Ally Savings account is an excellent product with a competitive APY, no minimum balance requirement, and no monthly maintenance fees. It doesn't require any particular balance to earn the top APY. The Marcus by Goldman Sachs Online Savings Account is also a highly competitive product. It has an excellent APY, and like Ally's savings account, it has no minimum balance or monthly fees.
Rates as
of Jun 15, 2024
| Offer |
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|---|---|---|
| Account | ||
| Rating |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 4.25% | 4.40% |
| Min. to earn APY | $0 | $0 |
| Next Steps |
|
|
Checking accounts
The Ally Spending Account is the online checking account offered by Ally, and it is a highly competitive product. It has a $1 minimum, no monthly maintenance or overdraft fees, and even pays a modest APY. While Ally doesn't have physical locations, Ally allows Spending Account customers free access to their money at more than 43,000 free ATMs and will even reimburse up to $10 per month in out-of-network ATM fees.
On the other hand, Marcus by Goldman Sachs doesn't currently offer an online checking account.
Ratings Methodology
Rates as
of Jun 15, 2024
Ally Spending Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Fair
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= Poor
= Best
= Excellent
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor- Strong online and mobile tools
- No monthly maintenance or overdraft fees
- Monthly ATM fee reimbursements
- Competitive APY
- Early direct deposit
- Higher APY available at other financial institutions
- No physical locations
- No cash deposits
The Ally Spending Account is an appealing option for those who are comfortable managing their money online. Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to. That, plus its APY, means you should only make money with this account.
CDs
Ally offers three different types of CDs -- the High Yield CD, Raise Your Rate CD, and No Penalty CD. The APYs offered by Ally High Yield CDs aren't the highest on our radar, but are highly competitive. They also have no minimum deposit requirement. The Raise Your Rate CDs come in two and four-year terms, and allow customers to raise their rates one or twice, respectively, during the term if market interest rates go up. And finally, the No Penalty CD comes in a 11-month term and combines a fixed APY with the ability to withdraw your money at any time.
Marcus by Goldman Sachs offers its Marcus by Goldman Sachs High Yield CD, as well as a No Penalty CD. Its rates on its High Yield CD are quite competitive with most other online banks on our radar, but it's worth noting that they have a $500 minimum deposit requirement.
Rates as of June 7, 2024
APY = Annual Percentage Yield
| Offer |
|
|
|---|---|---|
| Account | Ally High Yield CD | Marcus by Goldman Sachs High Yield CD |
| 3 Mo. | 3.00% | -- |
| 6 Mo. | 4.40% | 5.10% |
| 9 Mo. | 4.25% | 5.00% |
| 1 Yr. | 4.50% | 5.00% |
| 1.5 Yr. | 4.25% | 4.60% |
| 2 Yr. | -- | 4.20% |
| 3 Yr. | 4.00% | 4.15% |
| 4 Yr. | -- | 4.05% |
| 5 Yr. | 3.90% | 4.00% |
| 6 Yr. | -- | 3.90% |
| Min. Deposit | $0 | $500 |
| Early Withdrawal Penalty | Yes | Yes |
| Next Steps |
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Ally vs. Marcus by Goldman Sachs: APYs
Both of these banks offer competitive APYs for their deposit accounts, although Ally certainly has more variety when it comes to the account types offered, as we saw in the previous section. With that in mind, here's a comparison of the APYs offered by each of these banks on various products:
| Product | Ally | Marcus by Goldman Sachs |
|---|---|---|
| Savings account | 4.25% | 4.40% |
| Checking account | up to 0.25% | N/A |
| 1-year CD | 4.50% | 5.00% |
| 3-year CD | 4.00% | 4.15% |
| 5-year CD | 3.90% | 4.00% |
Data source: Company websites. Rates as of May 22, 2024.
Ally vs. Marcus by Goldman Sachs: Customer service
One big caveat for customer service is that these are both fully online banks. Ally has no physical branches, and Goldman Sachs doesn't have any physical locations for consumer banking (although it does for services like wealth management). So, you need to be comfortable with not being able to get face-to-face help.
Having said that, both of these banks have strong customer service marks. Ally achieved third place in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study and has 24/7 customer support available by phone, live chat, or email.
Not to be outdone, Marcus by Goldman Sachs beat Ally with a second-place ranking in the J.D. Power satisfaction study mentioned above. It also has live, U.S.-based customer support available 24/7 by phone for banking customers.
Ally vs. Marcus by Goldman Sachs: Mobile apps
Ally's app is designed as an all-in-one financial hub. It allows you to manage bank accounts, loans, investment accounts, and more in one place. However, while it has a very high rating in the App Store, the Android version does not, with many reviews specifically calling out the app's latest updates. The Marcus by Goldman Sachs app has high ratings from both stores, and is a user-friendly way to manage your savings and other Marcus financial accounts.
| Banking App | Rating in App Store | Rating in Google Play Store |
|---|---|---|
| Ally | 4.7 | 2.4 |
| Marcus by Goldman Sachs | 4.9 | 4.3 |
Data source: App Store and Google Play. Ratings are out of five stars.
Ally vs. Marcus by Goldman Sachs: Which is right for you?
The short answer is the better choice for you depends on what you're looking for. On one hand, Ally has more of a full-featured banking platform. Not only does it have savings, checking, and CD accounts, but it has an excellent investment platform, several types of loans, and more, all in one platform.
On the other hand, Marcus offers excellent savings accounts and CDs, but doesn't offer checking accounts, loans, or other financial products you might want from a bank. However, if you're simply looking for a user-friendly way to maximize your savings yield, Marcus is a solid choice.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.36%
Rate info
5.36% annual percentage yield (APY) is accurate as of 5/10/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
N/A
|
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.75%
Rate info
Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC
Min. to earn: $0
|
N/A
|
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Article sources
- https://www.ally.com/bank/
- https://www.marcus.com/us/
- https://www.jdpower.com/business/press-releases/2023-us-direct-banking-satisfaction-study
- https://apps.apple.com/us/app/ally-banking-investing/id514374715
- https://play.google.com/store/apps/details?id=com.ally.MobileBanking&hl=en_US&gl=US
- https://apps.apple.com/us/app/marcus-by-goldman-sachs/id1489511701
- https://play.google.com/store/apps/details?id=com.marcus.android&hl=en_US&gl=US
FAQs
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Ally is a solid choice for people looking to replace their brick-and-mortar financial institution. It offers online checking, savings, and CD accounts, as well as a self-directed investment platform, a robo-advisor, several types of loan products, and more.
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Marcus by Goldman Sachs is a good fit for consumers who want to maximize the yield from their savings accounts and CDs, but who want an account with a reputable and stable financial institution. It might not be the best fit for customers looking for an all-in-one banking relationship, as it doesn't offer checking accounts, but its savings platform is one of the best on our radar.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Ally is an advertising partner of The Ascent, a Motley Fool company. Matt Frankel has positions in Ally Financial. The Motley Fool has positions in and recommends Alphabet, Apple, and Goldman Sachs Group. The Motley Fool has a disclosure policy.