Ally vs. Marcus by Goldman Sachs: Which Bank Is Right for You?
Review
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
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.
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.
| Offer |
|
|
|---|---|---|
| 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 | 3.80% | 3.90% |
| Min. to earn APY | $0 | $0 |
| Next Steps |
|
|
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.
Ally Spending Account
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.
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.
APY = Annual Percentage Yield
| Offer |
|
|
|---|---|---|
| Account | Ally High Yield CD | Marcus by Goldman Sachs High Yield CD |
| 3 Mo. | 2.90% | -- |
| 6 Mo. | 4.00% | 4.20% |
| 9 Mo. | 4.00% | 4.30% |
| 1 Yr. | 3.90% | 4.25% |
| 1.5 Yr. | 3.80% | 4.10% |
| 2 Yr. | -- | 4.10% |
| 3 Yr. | 3.50% | 4.00% |
| 4 Yr. | -- | 3.75% |
| 5 Yr. | 3.50% | 3.75% |
| 6 Yr. | -- | 3.75% |
| Min. Deposit | $0 | $500 |
| Early Withdrawal Penalty | Yes | Yes |
| Next Steps |
|
|
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 | 3.80% | 3.90% |
| Checking account | up to 0.25% | N/A |
| 1-year CD | 3.90% | 4.25% |
| 3-year CD | 3.50% | 4.00% |
| 5-year CD | 3.50% | 3.75% |
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'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 |
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.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
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 3.80%²
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!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
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 |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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.
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.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
