Ally and Marcus are home to some of the strongest deposit accounts available today. And while they offer similar rates and fees, the differences between the two could help you determine which is best for you.
Easy access. Ally offers a cutting edge mobile app and widespread ATM access.
Wide range of financial products. Ally offers a broad selection of financial products, allowing you to do all or most of your banking in one place.
24/7 customer service. Customer service is available around the clock.
Cons
Slightly lower savings rates. You’ll earn slightly less interest on Ally accounts than with Marcus.
Higher fees. Ally has higher service charges and monthly fees on its deposit accounts.
Fewer loan options. If loans are your priority, Marcus may be better suited for your needs.
Marcus
Pros
Personal loans. Marcus offers a wide range of loan options and specializes in debt consolidation.
Slightly higher savings rates. You’ll earn a bit more interest with Marcus accounts.
Lower fees. Marcus has lower service charges and monthly fees than Ally.
Cons
More difficult to access money. Marcus doesn’t have ATMs or branches, so getting access to your money could be more difficult.
Limited financial products. Despite its selection of deposit accounts and loan offerings, Marcus doesn’t have many other financial products.
No 24/7 customer service. Unlike Ally, you won’t have 24/7 access to customer service.
Ally vs. Marcus savings accounts
These institutions offer two extremely competitive high-yield savings accounts, but Ally wins this category for its savings tools. You can split your money up into different savings buckets, have money automatically moved from checking each time you get paid and have Ally analyze your checking account for unused money that could be earning you more interest in your savings account.
Winner: Ally
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Ally vs. Marcus checking accounts
Marcus doesn’t currently offer a checking account, giving Ally the clear edge in this category.
Winner: Ally
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Ally vs. Marcus certificates of deposit
Ally and Marcus both offer a number of CD terms and competitive rates. While Marcus has slightly higher rates for shorter terms, Ally wins for its larger selection, higher rates for longer terms and lower deposit requirements.
Winner: Ally
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Ally vs. Marcus other products
While both of these institutions offer other financial products, has a much larger selection:
Ally
Credit cards
Money market account
IRAs
IRA CDs
Home loans and refinancing
Brokerage accounts
Portfolio management
Marcus
Personal loans
Debt consolidation
Home improvement loans
Ally vs. Marcus branches and ATMs
Choosing to bank online makes good customer service even more important. Here’s how the two banks measure up:
Ally
Marcus
Branches
0
2
ATMs
43,000
80,000+
Customer service
Phone 24/7
Social media
Live chat
Email
Phone 24/7
Social media
Email
Ally vs. Marcus special features
Both banks have a couple of features that make them stand out from their competition:
Ally
24/7 customer service
Mobile app with card management
Marcus
Loan specialization
Learning center + debt resources
Winner: Tie
Bottom line
These top-rated online banks both offer a selection of personal banking options and other financial products, but the best one will depend on your situation. Pick Ally for more banking products and a mobile app, or go with Marcus for slightly higher savings rates and specialized loans. Or if neither is right for you, compare options from other banks to find a good fit.
Frequently asked questions
No. That said, it does offer personal loans that could be used to consolidate debt.
Yes. Ally bank deposit accounts are covered by FDIC deposit insurance for up to $250,000.
Yes. Marcus accounts are insured for up to $250,000 by FDIC deposit insurance.
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
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