Marcus by Goldman Sachs offers savings accounts, term CDs, and a no-penalty CD at high interest rates. Do note that there’s not any checking or ATM network, as well as branches since all banking is done online or over the phone.
In comparison to Ally Bank who offers high interest rates on their savings as well as offering interest on their checking and CD account options. There’s no minimum deposits or service fees on their banking products.
Continue reading below to see a side-by-side comparison between the two banks, so you can see which one offers the services you need the most.
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| Marcus by Goldman Sachs | Ally Bank | |
| Locations | 1300 locations along the east cost (Locator) | |
| ATMs | 1,300 ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida | |
| Savings | 5/5 | 3/5 |
| CD | 5/5 | 3.5/5 |
| Checking | 4.5/5 | |
| Money Market | 3.5/5 | |
| Customer Service | 5/5 | |
| Mobile App | 4.5/5 | |
| Pros | -High interest rates -Low opening deposits -No fees -Extended customer service |
-Extended banking hours -Low requirements to waive monthly fees -No foreign transaction fees |
| Cons | -High interest rates -Low opening deposits -No fees -Extended customer service |
-No free checking -Low APY -Only on East Coast |
| Bottom Line | Marcus by Goldman Sachs offers savings accounts and CDs at high interest rates. | Ally Bank is an online only based banking that offers full service with the most competitive rates. |
Ally Bank Promotions
Open an Ally Invest account to enjoy all these benefits: • Earn up to $3,000 cash bonus with deposit amount requirement • Free Trades for 90 days (up to $500 in value) when you open a new Ally Invest Securities Individual, Joint or Retirement account. • 500+ commission-free ETFs • $4.95 per equity trade with no opening minimum & option trades 65¢ per contract • $3.95 per equity trade for high-balance/high-volume traders & option trades 50¢ per contract • LIVE Trading Platform & Mobile App: Stay on top of the market with live news/streaming quotes available across multiple devices the mobile app. • Get a wide variety of investment products built with the do-it-yourself investor in mind PLUS in-depth research & market analysis tools to support all types of investment strategies |
Bottom Line
Which Bank is Better: Marcus by Goldman Sachs or Ally Bank?
In summary:
- Marcus (previously GS Bank) is the online bank offered by the investment giant, Goldman Sachs. It offers savings products with very competitive rates and no minimum deposit and no services fees.
- Ally Bank offers good interest rates and no account minimum or service fees.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
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