Banking » Compare Banks » Marcus vs Ally Bank: Where to Save Your Money?
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Marcus vs Ally Bank: Where to Save Your Money?

Both Ally and Marcus offer similar accounts including a fee free savings account to make managing your money easy.
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: June 3, 2024
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: June 3, 2024

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.

Table Of Content

When Marcus Wins?

As part of the Goldman Sachs Group, Marcus has a product line that reflects its investment pedigree. The bank offers high yield savings, CDs, investment options, and various loans. However, the bank does not offer a checking account.

So, if you are looking for an alternative to your high street bank, this is not the right choice for you. However, if you’re a newbie investor who wants to investigate investing, this could be a good starting point.

Marcus can be a better choice than Ally Bank if:

  • You want access to same day transfers

  • You don’t need a checking account

  • You have a large sum of money to deposit

Marcus logo

When Ally Bank Wins?

Ally has a more comprehensive line of banking products that rival a conventional bank.

In addition to the savings account, checking account, and CDs, you can access retirement products, investments, mortgages, personal loans, and auto loans.

Ally Bank can be a better choice than Marcus if:

  • You want a savings & checking account with the same bank

  • You don’t want to be restricted to minimum deposits on your CDs

  • You may need a mortgage or a debit card
ally bank
Marcus
Ally Bank
Savings Accounts
Checking Accounts
CDs
Money Market Account
Debit Card
Credit Cards
Personal Loans
Mortgage
Government Mortgage
Business Loans
Investing Capabilities

Savings Account

The Marcus and Ally savings accounts look very similar. Both offer competitive rates with no fees. However, they do have some different features that allow the banks to distinguish themselves.

For example, Ally allows you to organize your funds into “Buckets”. This means that you can allocate money to different savings goals without needing to open separate accounts.

Ally savings select buckets example
(Screenshot taken by our team from Ally app)

On the other hand, Marcus offers same day transfers for up to $100,000 to and from other financial institutions and banks.

Marcus
Ally Bank
APY
4.40%
4.2%
Fees
$0
$0
Minimum Deposit
$0
$0
Checking Needed?
No
No
Main Benefits
  • No fees or minimum deposits
  • Same day transfers up to $100,000 to and from other banks
  • Access to 24/7 support and learning resources
  • Buckets to organize your savings, so you can allocate funds and work towards your savings goals
  • 24/7 support via chat, email or phone

Checking Account

There is no comparison in this area. Ally has an interest bearing checking account that is fee free and has no minimum deposits. The account also has some nice features including remote check deposits, Zelle transfers and Round up.

Ally round up feature
(Screenshot from Ally app)

This feature helps you to boost your savings with small amounts. Essentially, when you make a purchase with your debit card, Ally will “round up” the amount debited to your account. You can easily transfer money to your Ally's investment account.

For example, if you make a purchase for $7.65, $8 will be debited to your account and the $0.35 difference will go into your savings account. These amounts are so small, you are not likely to notice them, but they can start to add up.

However, Marcus does not have a checking account option.

Ally Bank
APY
0.25%
Fees
$0
Minimum Deposit
$0
Main Benefits
  • Remote check deposit using your smartphone
  • Rounds up your checking account purchases into your linked savings account
  • Easy transfers with Zelle and Ally Skill, an Amazon Alexa compatible voice transfer system.
  • ATM network of over 43,000 fee free machines

The following screenshot shows how Ally presents checking account APY in a clear, understandable manner. This feature allows you to track your earnings over time.

Ally account APY
(Screenshot taken by our team from Ally app)

CDs

On the surface, the Marcus and Ally CD products look the same. Both offer rates of 0.55% to 0.80% depending on your CD term. So, with either bank, you can access higher rates if you’re prepared to commit to a longer CD term.

However, while Ally has no minimum deposit, Marcus requires a $500 minimum deposit. This gives Ally the edge in this area of comparison.

Marcus
Ally Bank
Minimum Deposit
$500
$0
APY Range
3.90% – 5.10%
3.00% – 4.50%
APY 6 months
5.10%
4.40%
APY 12 months
5.00%
4.50%
APY 24 months
4.20%
/
APY 36 months
4.15%
4.00%
No Penalty CD
13 months, 4.70% APY
11 months, 4.00% APY

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Mortgage Options

There is no comparison in this area. Ally has mortgage products for refinancing or home purchase, including fixed rates, adjustable rates, and jump loans. The bank also has home loan tools including guides and calculators to help you choose the right product. Additionally, Ally states that customers can obtain pre approval in approximately three minutes.

However, Marcus does not currently have any mortgage or home loan products.

Explore Ally Bank banking options
(Screenshot taken by our team from Ally app)

Loan Options

Marcus has personal loans for up to $40k with no prepayment fees, sign up fees or even late fees and if you sign up for auto pay, you can get a rate discount of 0.25% on your rate.

Marcus also has a payment break scheme. If you make your monthly payments on time and in full for 12 consecutive months, you can skip a month with no penalties. The bank also has home improvement and debt consolidation loans.

Ally works with lending service providers to offer loan solutions. Ally Lending has loans for home renovations or medical bills with no application fees or down payments. So, if you want a straight personal loan, Marcus is the better option.

Customer Service

Marcus has multiple toll free numbers, according to your query area, but none of the lines are 24/7. Most of the departments are available from 8 am or 9 am to 10 pm ET.

On the other hand, Ally has 24/7 customer service. In fact, the bank claims a typical wait time for customers calling in of just one minute.

Unfortunately, this is not reflected in the consumer review ratings. Ally has a Trustpilot rating of just 2 out of 5, while Marcus is rated a poor 2.6 out of 5. However, Ally is better rated with Consumer Affairs with a rating 3.6 out of 5.

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Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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Promotion:
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Promotion:
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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
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Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
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• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Online/Digital Experience

Both Marcus and Ally have easy to use websites to check the products and access support for help with various finance topics. This ensures a solid user experience, particularly if you’re not sure exactly what banking services and products are the best option for you.

Both the banks also have highly rated apps. The Marcus app is rated 4.9/5 on the Apple Store and 4 out of 5 on Google while Ally’s app is rated 4.7/5 for Apple and 4.2 out of 5 for Google.

These apps allow you to not only transfer funds and manage your transactions, but you can access support and manage your card. You can even locate the nearest ATM using the app, making it highly convenient particularly if you’re away from home in an unfamiliar neighborhood.

Ally savings dashboard
Ally savings dashboard and activities (Screenshot taken by our team from Ally app)

Which Bank is The Winner?

These banks offer different products and services, but does this mean one is a better bank? We’ll need to look a little closer to make that determination.

Both Ally and Marcus offer similar accounts including a fee free savings account to make managing your money easy. The savings accounts have the same rate, but have a slightly different feature set. Additionally, neither company offers a credit card, and Marcus lacks a checking account option.

ally bank
Marcus logo
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APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
4.2%
4.40%
Up to 5.02%
Checking Fee The monthly fee on checking account
$0
Not Available
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Mobile App Rating
4.7/5 on iOS
3.7/5 on Android
4.9/5 on iOS
3.9/5 on Android
Various Banks
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FAQs

Ally’s primary promotion is that the accounts have no hidden fees or account minimums. Currently, there is no cash or cashback bank promotion for new accounts.

You can close your Marcus account by calling the bank's customer service number or sending an email to the bank. The phone method is most likely the simplest, as the Marcus team will walk you through the closing process.

A Marcus savings account can be opened with two account holders. This means that both parties can enjoy co-ownership of the account and make independent decisions. As a result, if one account holder notifies the bank of an action, Marcus will not confirm the action with the other party.

However, you must open a new joint account because converting a sole account to a joint account is not possible.

Because Ally is a completely online bank, opening a checking account online is the best option. While you can open an account over the phone or by printing and mailing the forms, the online application is simple and straightforward.

Ally does need to review your checking account application, and there is a chance that it will be denied. However, based on customer feedback, Ally appears to have quite relaxed criteria, so you are unlikely to be denied unless there is a major red flag on your application.

Marcus vs Ally Bank: Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked at Marcus and Ally Bank in five main areas:

  1. Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  2. Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  3. Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  4. Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  5. Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Compare Ally With Other Banks

Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.

Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.

Read Full Comparison: Ally vs Chime: Which Banking Account Wins?

Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.

Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.

Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options

Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.

Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.

Read Full Comparison: Ally vs Capital One: Compare Banking Options

Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.

Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.

Read Full Comparison: Discover vs Ally: Which Bank Wins?

Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.

Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.

Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?

Aspiration has a streamlined banking product line that includes a hybrid account with a $7.99 per month upgrade option and only one credit card option. Aspiration's premise is to help you live a greener life, so the products are heavily weighted in this category. This means that you can earn cash back and other rewards for making environmentally conscious purchases and taking action.

Ally offers a much broader range of banking products. In addition to checking, savings, and CD accounts, you can also get investment and retirement products, mortgages, auto loans, and personal loans. This brings it more in line with a traditional bank, which may make switching from your high street bank easier.

Read Full Comparison: Aspiration vs Ally Bank: Where to Save Your Money?

While Wells Fargo has a far more comprehensive product line, Ally does offer better rates on savings, CDs and even its checking account. The only areas where Wells Fargo has the edge is its credit cards and its impressive selection of mortgage products and loans.

Ally vs Wells Fargo: Which Bank Account Is Better For You?

Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank

If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.

Ally Bank vs. Bank of America: Which Bank Account Is Better?

U.S. Bank is one of the largest brick-and-mortar banks, while Ally is among the best online banks. Let's compare them and find our winner: Ally Bank vs. U.S. Bank

Citi is our winner for most consumers, but Ally is also a great option if you are willing to manage your account online. Here's why:

Citibank vs. Ally Bank: Which Bank Account Is Better?

While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.

Ally vs. TD Bank: Which Bank Account Is Better?

While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior. Here's our comparison: American Express Bank vs. Ally Bank

Ally Bank is one of the top online banks, while HSBC Bank focuses on serving wealthier customers. Let's compare them side by side: Ally Bank vs. HSBC Bank

Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank

Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.

Ally Bank vs. Synchrony Bank: Compare Banking Options

Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards. Here's our side by side comparison.

Upgrade vs. Ally Bank: Compare Banking Options

Compare Marcus With Other Banks

Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.

Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.

Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?

CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.

Marcus provides an impressive 0.50 percent without the CIT hoops. There is no required minimum deposit or balance. You can also make same-day transfers to and from the account of up to $100,000.

Read Full Comparison: CIT Bank vs Marcus: Compare Banking Options

Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing. 

Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.

Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?

Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.

SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.

Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?

Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.

In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.

Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?

Both Barclays and Marcus bank offer great savings rates for depositors who are interested in CDs or savings accounts. How they compare? Barclays Bank vs. Marcus

Banking Reviews

Picture of 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: 5.21% APY
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$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
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With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
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Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
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• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

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