Ally Bank and Marcus by Goldman Sachs are two of the most popular online savings options in the United States. Both offer competitive APYs, no monthly fees, no minimum balances, and access to traditional banking products at online-bank rates. Ally is a full-service online bank with checking, savings, CDs, mortgages, auto loans, and brokerage. Marcus is the consumer banking arm of Goldman Sachs, focused primarily on savings and CDs (the planned Marcus checking account was discontinued, and Marcus Invest closed in 2023). For pure savings rate optimisation, the two are direct competitors; for broader banking needs, Ally has a more complete product surface.
The Short Answer
Choose Ally if you want a full-service online bank that handles checking, savings, CDs, and other banking products in one place, value strong customer service ratings, or are interested in Ally's competitive auto loan and mortgage products. Choose Marcus if you specifically want a high-APY savings account from one of the most prestigious financial institutions in the world (Goldman Sachs), prefer a simple, focused product surface (savings and CDs only), or want access to Marcus's competitive CD rates with potentially slightly higher APYs than Ally. For most users, the choice is between a "broader bank" (Ally) and a "focused savings product" (Marcus).
Savings APY Comparison
Both pay highly competitive APYs that fluctuate with the Federal Reserve. As of 2026, Ally Online Savings pays around 4.20% APY and Marcus High-Yield Online Savings pays around 4.50% APY — Marcus is typically slightly ahead. Both have no minimum balance, no fees, and unlimited transfers (post-2020 Reg D suspension). The 30-basis-point difference between the two is modest in absolute dollars: on $10,000 in savings, the annual difference is about $30. For very large balances, the gap matters more; for typical balances under $50,000, the difference is small enough that customer service and product breadth often matter more.
CD Rates and Options
Both offer competitive CDs across multiple terms. Ally's CD lineup includes the 11-month No Penalty CD (no early-withdrawal penalty), Raise Your Rate CD (one-time rate increase opportunity), and standard CDs from 3 months to 5 years. Marcus offers standard CDs with terms ranging from 6 months to 6 years and a No-Penalty CD across multiple terms. Marcus's CD APYs are typically 0.05–0.20 basis points higher than Ally's on equivalent terms, but Ally's flexibility (the Raise Your Rate option specifically) is unique. For pure rate hunting on CDs, Marcus often wins; for CD laddering with flexibility, Ally's product variations are more useful.
Product Depth and Account Types
Ally is the broader bank: in addition to savings, it offers checking with no minimum and ATM rebate up to $10/month, money market, CDs, credit card, Ally Invest brokerage, auto loans (Ally's legacy strength), mortgage purchase and refinance, and home equity products. Marcus is much more focused: high-yield savings, CDs, and personal loans (Marcus also issues the Apple Card on Goldman's behalf, though this is a separate consumer relationship). Marcus discontinued plans for a checking account and closed Marcus Invest in 2023. For users who want one bank for everything, Ally is meaningfully more capable. For users who want a Goldman-backed high-yield savings, Marcus delivers exactly that.
Customer Service and Brand
Ally publishes 24/7 US-based phone, chat, and email customer support, and is frequently mentioned in third-party banking surveys. Marcus, the consumer banking arm of Goldman Sachs, also offers customer support but with a narrower scope (no checking account means fewer support scenarios). The brand factor: Marcus carries the Goldman Sachs name, which some users specifically want backing their savings. Ally is a separate, FDIC-insured chartered bank without the Wall Street parent, but with a longer-running online consumer-banking operation.
Who Each Bank Is Best For
Choose Ally if you want a full-service online bank that consolidates checking, savings, CDs, brokerage, and lending products in one place. Choose Marcus if you specifically want a focused high-APY savings or CD product backed by Goldman Sachs and don't need additional banking products from the same provider. The most common pattern is to use Ally as the primary bank (checking, savings, brokerage, lending) and to consider Marcus specifically for additional savings or CD allocation when its APY is meaningfully higher. For pure savings APY optimisation across $250,000+ in deposits, a multi-bank strategy using both is also common.
Key Takeaways
- Both are FDIC-insured chartered banks offering competitive online savings (around 4.2–4.5% APY).
- Marcus is part of Goldman Sachs and focuses on savings and CDs only; Ally is a full-service online bank.
- Marcus typically pays slightly higher savings APY (~30 bps); Ally has more flexible CD products.
- Ally offers checking, brokerage, auto loans, and mortgage; Marcus does not (Marcus checking was discontinued).
- Both are highly rated for customer service; Ally has the longer track record at the top of industry rankings.
Top Platforms
| Platform | Category | Key Feature | |
|---|---|---|---|
| Ally Bank | Full-Service Online Bank | Broad product range with flexible CD options and live phone support | View |
| Marcus by Goldman Sachs | Focused Savings + CDs | Goldman-backed high APY savings and CDs, simple focused product | View |
| Discover Bank | Online Bank with Card | Competitive online banking from a well-known credit card brand | View |
| CIT Bank | Online-Only | Money market and savings products with competitive APYs | View |
How to Choose a Platform
- For pure savings APY optimisation: Marcus typically pays slightly higher rates than Ally.
- For a complete banking relationship (checking, savings, lending): Ally — Marcus does not offer checking.
- For CD laddering with flexibility: Ally's Raise Your Rate and No Penalty CD options are unique.
- For users with significant savings ($250K+): consider holding both for FDIC coverage diversification across institutions.
- For Apple Card users: Marcus is on the back end of the Apple Card; managing both at Marcus consolidates the relationship.
Frequently Asked Questions
Is Marcus safer than Ally?
Both are FDIC-insured chartered banks with deposits covered up to $250,000 per depositor under the standard FDIC framework. Marcus is the consumer banking arm of Goldman Sachs Bank USA. Ally Bank is a separate entity that grew out of GMAC's consumer division. Both deliver standard FDIC coverage of up to $250,000 per depositor; the "safer" question typically reflects brand perception rather than the deposit-protection mechanics, which are the same.
Why did Marcus close Marcus Invest?
Goldman Sachs strategically refocused Marcus on savings and CDs after evaluating its consumer banking initiatives. Marcus Invest, the robo-advisor, was closed in 2023 with assets transferred to Betterment. Goldman also abandoned plans for a Marcus checking account and ended its partnership with General Motors and Apple credit card products gradually as the bank emphasised its core institutional and wealth management businesses. The result: Marcus today is a more focused product than originally envisioned, but the savings and CD products remain competitive and well-supported.
Can I use Marcus as my primary bank?
Not really — Marcus does not offer a checking account, debit card, or bill pay services. It is functionally a high-yield savings account (and CD platform) rather than a full bank. Users typically pair Marcus with a separate checking account at Ally, Chime, SoFi, or a traditional bank. For users who want one bank for all banking activities, Ally is the more practical choice.
Should I move my Ally savings to Marcus for the higher APY?
It depends on the APY gap and your account size. If Marcus is paying 30 basis points higher than Ally on a $10,000 balance, the annual difference is about $30 — small enough that the inconvenience of switching may not be worth it. On a $100,000 balance, the difference grows to $300 annually — meaningful enough to justify the move. A common pattern: hold checking and a portion of savings at Ally for the full banking experience, and hold an additional savings allocation at Marcus when its APY is materially higher.
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