Ally Bank vs. Marcus by Goldman Sachs

Logos by Ally Bank and Marcus by Goldman Sachs; Illustration by Hunter Newton/Bankrate

Online-only banks typically offer higher yields on deposit products — including CDs, savings and money market accounts — compared to large brick-and-mortar banks like Chase and Bank of America. Ally Bank and Marcus by Goldman Sachs are no exception.

With little to no fees, accounts at both Ally and Marcus are easily accessible and will help consumers grow their savings. But since both banks are online-only, you won’t have access to physical branches, which may be a deal-breaker for some.

Here’s a breakdown of Ally Bank and Marcus by Goldman Sachs, compared by account type.

Ally Bank vs. Marcus: Overview

Ally Bank vs. Marcus: Comparing savings accounts

Ally and Marcus offer similar savings accounts, with robust APYs and no monthly fees. While both banks offer great digital tools for growing and managing your savings, Marcus doesn’t offer mobile deposit, making it more difficult to deposit money into the account when compared to Ally.

Ally Bank vs. Marcus by Goldman Sachs: Comparing certificates of deposit

Both Ally and Marcus offer a wide variety of certificates of deposit, including standard, rate-bump and no-penalty CDs. Both banks are offering some of the highest CD yields in the market right now.

Marcus requires a $500 deposit to open a CD, which is reasonable, but Ally doesn’t require a minimum deposit to open an account.

Ally Bank vs. Marcus by Goldman Sachs: Comparing checking accounts

Ally Bank offers a stellar checking account that even earns a solid interest rate — a rare find in banking. Customers will get all of the bells and whistles of modern banking, including access to a highly-rated app with access to Zelle, early direct deposit, Apple Pay and Google Pay.

Marcus by Goldman Sachs doesn’t offer a checking account.

*Balances less than $15,000 earn 0.10 percent APY,  while balances above that threshold earn 0.25 percent APY.

Ally Bank vs. Marcus by Goldman Sachs: Banking experience

As online-only banks, neither Ally nor Marcus have physical branches where you can access your cash. However, Ally is part of the Allpoint Network, giving customers access to their cash through more than 43,000 ATMs nationwide. Marcus doesn’t offer any such ATM access. Both banks offer highly-rated apps on the Apple App and Google Play stores.