Banking » Compare Banks » Ally Bank Savings Account vs Marcus Online Savings Account: Which Is Better?
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Ally Bank Savings Account vs Marcus Online Savings Account: Which Is Better?

Ally and Marcus Savings account offer competitive rates on savings with no monthly fees. Compare account features, benefits and drawbacks.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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When it comes to choosing a bank for your savings account, there are numerous factors to consider. Ally Bank and Marcus by Goldman Sachs are two popular banks that offer high-yield savings accounts with competitive interest rates, low fees, and great deposits options.

However, each bank has its own set of features and limitations, making it important to compare them before making a decision. In this article, we will compare Ally High-Yield Savings and Marcus Savings Account in detail.

Savings Rate and Deposit Comparison: Ally vs Marcus

Marcus Savings
Ally High-Yield Savings
Savings Rate
4.50%
4.35%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
None
None

In comparing Marcus Savings and Ally High-Yield Savings, Marcus Savings has an interest rate of 4.50% compared to Ally High-Yield Savings' rate of 4.35%.

However, both banks have no minimum deposit requirements and no monthly maintenance fees, making them accessible to a wide range of customers.

Breaking Down Savings Account Perks

Marcus and Ally's savings accounts are quite similar – they both offer high rates, no monthly fees, and online-only services. Here are the main benefits of each:

Marcus Savings
Ally High-Yield Savings
High Interest Rate
High Interest Rate
Limited Fees
No Monthly Fees / Account Minimum
No Account Minimums
Savings Organization Tools
Same Day Transfers
Safe to Save
Savings Calculator
Round-Ups

Marcus Savings Account offers a high-interest rate of 4.50% APY, which is four times the national average savings rate.

There are no fees associated with opening or maintaining a Marcus Savings Account, and no transaction fees for transferring funds to or from the account.

There are no minimum deposit requirements for opening a Marcus Savings Account, and no need to maintain a minimum balance.

Marcus Savings Account facilitates same-day transfers to other banks for up to $100,000.

Marcus Savings Account provides a savings calculator tool to help customers see what they can earn by storing their emergency savings or reaching financial goals with the account.

You can earn over 10 times the national average savings rate with Ally's High-Yield Savings account.

There are no monthly maintenance fees or minimum balances to worry about. This is one of the things that makes Ally savings one of the most appealing savings accounts available.

Ally's “buckets” feature allows you to organize your savings into different categories, all within the same account.

This feature analyzes your linked checking account to identify areas where you can boost your savings balance.

Ally's round-up feature allows you to transfer spare change from your checking account to your savings account automatically.

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Minimum Deposit:
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Savings Rate: 4.50% APY
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How Can Ally And Marcus Improve?

Marcus Savings
Ally High-Yield Savings
No Mobile Check Deposit
No Physical Branches
No Checking Account
No Cash Deposits
Online Only
Maximum Monthly Withdrawals

Both Ally and Marcus have no physical branches or  promotions. Marcus doesn't offer a checking account, unlike Ally. Additionally, the lack of mobile check deposit may be an inconvenience for some customers.

As a high-yield savings account, there is a limit of six withdrawals per month, which may not be sufficient for those needing more frequent access to their savings. 

Steps to Opening Ally And Marcus Savings Account

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Here are the main steps to Open a Marcus Savings Account:

  1. Click “Open an Account” button: Visit the Marcus website and click the “Open an Account” button to begin the account opening process.
  2. Fill out the online form: Provide your name, address, and contact details on the online form. You can also link your bank account to fund your savings account, but this can be done later.
  3. Complete the process on the app: Alternatively, you can download the Marcus app on your iOS or Android device and follow the instructions to set up your account. You'll need to provide your occupation, yearly income and social security number.

Opening an Ally savings account is a straightforward process that can be done online. To begin, visit the Ally website and click on the high yield savings account page. After reading through the details, click the “Apply” button to start the application process.

You will need to provide your basic personal information, including your full name, address, email, phone number, and social security number. Next, you will need to verify your identity by submitting a copy of an acceptable form of identification, such as a driver's license or passport.

You will also have the option to choose your preferred funding options, but this is an optional step. After submitting your application, you will need to wait for Ally to send you an email confirming your account is open.

Compare Ally Savings

Compare Ally and Capital One Savings account rates, features, benefits, and limitations to determine which one is the best option for you.

Ally Bank Savings Account vs. Capital One 360 Performance Savings: Which Is Best?

Ally and SoFi savings account rates are among the highest in the market and no monthly fees required. Compare account features and drawbacks.

SoFi High Yield Online Savings Account vs. Ally Bank Savings Account: Compare Side By Side

Compare Citi Accelerate Savings and Ally Savings rates, features, benefits, and limitations to determine which one is the best option for you.

Citi Accelerate Savings vs Ally High-Yield Savings: Comparison

Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison: Ally Bank Savings Account vs American Express High Yield Savings Account 

Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Ally Bank Savings Account vs Discover Online Savings

Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison: Chase Savings vs Ally Bank Savings Account

 

Compare Marcus Savings

American Express and Marcus offer competitive rates on savings with no monthly fees. However, a mobile check deposit is not available.

Amex High Yield Savings vs Marcus Savings Account

Compare SoFi and Marcus Savings account rates, features, benefits, and limitations to determine which one is best for your needs.

SoFi High Yield Online Savings Account vs. Marcus Online Savings Account: Which Offers More?

While Citi is a traditional bank, its savings rates are very competitive. How's the rates, features and tools compare – and who is the winner?

Marcus Online Savings Account vs Citi Accelerate Savings: Compare Side By Side

How We Compare Savings Account: Methodology

The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.

  • Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
  • Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
  • Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
  • Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.

Savings Accounts Reviews

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Savings Rate: 5.07% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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