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When it comes to choosing a bank for your savings account, there are numerous factors to consider. Ally Bank and Marcus by Goldman Sachs are two popular banks that offer high-yield savings accounts with competitive interest rates, low fees, and great deposits options.
However, each bank has its own set of features and limitations, making it important to compare them before making a decision. In this article, we will compare Ally High-Yield Savings and Marcus Savings Account in detail.
Savings Rate and Deposit Comparison: Ally vs Marcus
Marcus Savings | Ally High-Yield Savings | |
|---|---|---|
Savings Rate | 4.40% | 4.25% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
In comparing Marcus Savings and Ally High-Yield Savings, Marcus Savings has an interest rate of 4.40% compared to Ally High-Yield Savings' rate of 4.25%.
However, both banks have no minimum deposit requirements and no monthly maintenance fees, making them accessible to a wide range of customers.
Breaking Down Savings Account Perks
Marcus and Ally's savings accounts are quite similar – they both offer high rates, no monthly fees, and online-only services. Here are the main benefits of each:
Marcus Savings | Ally High-Yield Savings |
|---|---|
High Interest Rate | High Interest Rate |
Limited Fees | No Monthly Fees / Account Minimum |
No Account Minimums | Savings Organization Tools |
Same Day Transfers | Safe to Save |
Savings Calculator | Round-Ups |
- High Interest Rate
Marcus Savings Account offers a high-interest rate of 4.40% APY, which is four times the national average savings rate.
- Limited Fees
There are no fees associated with opening or maintaining a Marcus Savings Account, and no transaction fees for transferring funds to or from the account.
- No Account Minimums
There are no minimum deposit requirements for opening a Marcus Savings Account, and no need to maintain a minimum balance.
- Same Day Transfers
Marcus Savings Account facilitates same-day transfers to other banks for up to $100,000.
- Savings Calculator
Marcus Savings Account provides a savings calculator tool to help customers see what they can earn by storing their emergency savings or reaching financial goals with the account.
- High Interest Rate
You can earn over 10 times the national average savings rate with Ally's High-Yield Savings account.
- No Monthly Fees or Account Minimum
There are no monthly maintenance fees or minimum balances to worry about. This is one of the things that makes Ally savings one of the most appealing savings accounts available.
- Savings Organization Tools
Ally's “buckets” feature allows you to organize your savings into different categories, all within the same account.
- Safe to Save
This feature analyzes your linked checking account to identify areas where you can boost your savings balance.
- Round-Ups
Ally's round-up feature allows you to transfer spare change from your checking account to your savings account automatically.
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How Can Ally And Marcus Improve?
Marcus Savings | Ally High-Yield Savings |
|---|---|
No Mobile Check Deposit | No Physical Branches |
No Checking Account | No Cash Deposits
|
Online Only | Maximum Monthly Withdrawals |
Both Ally and Marcus have no physical branches or promotions. Marcus doesn't offer a checking account, unlike Ally. Additionally, the lack of mobile check deposit may be an inconvenience for some customers.
As a high-yield savings account, there is a limit of six withdrawals per month, which may not be sufficient for those needing more frequent access to their savings.
Steps to Opening Ally And Marcus Savings Account
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Marcus Savings Account
Here are the main steps to Open a Marcus Savings Account:
- Click “Open an Account” button: Visit the Marcus website and click the “Open an Account” button to begin the account opening process.
- Fill out the online form: Provide your name, address, and contact details on the online form. You can also link your bank account to fund your savings account, but this can be done later.
- Complete the process on the app: Alternatively, you can download the Marcus app on your iOS or Android device and follow the instructions to set up your account. You'll need to provide your occupation, yearly income and social security number.
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Ally High-Yield Savings
Opening an Ally savings account is a straightforward process that can be done online. To begin, visit the Ally website and click on the high yield savings account page. After reading through the details, click the “Apply” button to start the application process.
You will need to provide your basic personal information, including your full name, address, email, phone number, and social security number. Next, you will need to verify your identity by submitting a copy of an acceptable form of identification, such as a driver's license or passport.
You will also have the option to choose your preferred funding options, but this is an optional step. After submitting your application, you will need to wait for Ally to send you an email confirming your account is open.
Compare Ally Savings
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Citi Accelerate Savings vs Ally High-Yield Savings: Comparison
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Compare Marcus Savings
American Express and Marcus offer competitive rates on savings with no monthly fees. However, a mobile check deposit is not available.
Compare SoFi and Marcus Savings account rates, features, benefits, and limitations to determine which one is best for your needs.
SoFi High Yield Online Savings Account vs. Marcus Online Savings Account: Which Offers More?
While Citi is a traditional bank, its savings rates are very competitive. How's the rates, features and tools compare – and who is the winner?
Marcus Online Savings Account vs Citi Accelerate Savings: Compare Side By Side
How We Compare Savings Account: Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
