Investment Apps and Websites

Marcus Review: How It Differs From Other Online Banks

In this Marcus review, we will look into how this online bank stands as compared to other banks of the same level in the market.

Marcus Review: How It Differs To Other Online Banks

In a Business Insider article, it says that based on a survey by Finder, which is a banking comparison site, it was found that today, American of all ages are open to online-only banks.

In fact, about 30% of American people have an existing account or are planning to open an account with their preferred online bank.

Currently, according to a Forbes report, there are 58 nationally available online banks in the country. Among these online banks is Marcus, which is what we are going to focus on in today’s review.

By the way, for those who are not that familiar with the term “online bank” yet, it basically refers to financial institutions that operate mainly or primarily on the internet. Also known as virtual banks or internet banks, these institutions allow their users or account holders to manage their accounts using either their mobile devices or their computer anytime and anywhere they are.


In most cases, online banks do not have a physical branch, which means all banking transactions are made entirely online.

Now, moving back, as mentioned, today, we are going to particularly focus on Marcus, which is an online bank by Goldman Sachs, which is one of Wall Street’s best-known names in investment banking.

We’ll see how this online bank fairs as compared to other online banks out there.

For your reference, we are going to particularly tackle the following:

  • What is Marcus?
  • What does Marcus offer?
  • How to open a Marcus account?
  • Are there fees involved?
  • What to like about Marcus?
  • What not to like about Marcus?
  • Is Marcus safe?


As mentioned earlier, Marcus is the consumer banking offering of Goldman Sachs, which is one of Wall Street’s best-known names when it comes to investment banking. It was in 2016 when the bank expanded its offering to online banking.

Marcus offers high-yield savings accounts, high-yield certificates of deposit, as well as no-fee personal loans.

Although the online bank is relatively new as compared to other institutions of the same level, as of October 2020, Marcus reported having $96 billion in deposits already.

Marcus was named after one of its founders, Marcus Goldman, and is positioned as a simple and accessible online banking that provides consumers added control over their personal finances.

Furthermore, Marcus has a relatively approachable image that is focused on helping people achieve financial well-being, at the same time helping them become smarter when it comes to handling their money.

Contrary to other online banks out there, Marcus does not offer as many types of financial products. In fact, what they currently have are high rates.

If you are interested in knowing more about Marcus by Goldman Sachs, check this very informative video below by MONEY with Eddie Yoon:

Similar to most online banks, Marcus online bank does not have a physical branch, which means, if you are someone who prefers an online bank with a traditional banking option still, this may not be the perfect choice for you.

Marcus mobile banking app is available on both the App Store and on Google Play, making it available for both iOS and Android users.

By the way, Marcus ranks as one of the best online savings accounts. Also, the bank’s personal loans have been recognized in 2019 by J.D. Power as number one when it comes to personal loan satisfaction.

Marcus is based in the United States and is a member of the Federal Deposit Insurance Corporation (FDIC), which means all funds deposited into Marcus’s accounts are insured by the federal government for up to the maximum amount allowed by the law.


In the last section, we have provided you some of the most important information about what Marcus is all about.

This time around, in this part of our Marcus review, we are going to look deeper into what this online bank has to offer.

Currently, Marcus offers a very simple line up of products, which include:

  • Savings Account
  • Certificates of Deposit (CDs)
  • Personal Loans

Savings Account

Marcus offers an online savings account — a classic online bank account that comes without fees, and a high annual percentage yield (APY).

On one hand, while most banks say that they do not charge monthly fees, Marcus, on the other hand, explicitly says that account holders need not pay fees for this particular type of account.

This basically means, no monthly fees, no service fees, as well as other fees usually charged by other online banks.

Furthermore, Marcus Savings Account does not have a minimum deposit requirement. They do have, however, a maximum limit of $1 million per account and not to exceed $3 million per account owner.

Meanwhile, it is important to note though that while Marcus does not charge fees when an account holder exceeds the withdrawal limit, the bank may, however, close the account. So, account holders must be very careful with that.

Now, when it comes to rates, the rate offers by Marcus is quite attractive. In fact, the bank has better terms of interest rates as compared to most big banks in the country.

Currently, Marcus pays a 0.50% APY.

Based on the characteristics of Marcus Savings Account, we got to say that this type of bank account is ideal for keeping an emergency savings fund, or if you want to save up for a particular financial goal like a family vacation, a new car, home renovations, etc.

Certificates of Deposit (CDs)

As mentioned, another product offering of Marcus is Certificates of Deposit (CDs). This online bank offers a couple of different types of CDs, which include:

High-Yield CD

Marcus’s high-yield Certificates of Deposit allows consumers to lock in a relatively high rate for a particular length of time.

More so, what is nice about it is that the online bank offers a 10-day rate guarantee, which means if Marcus raises rates within 10 days after the consumer opens a CD, he or she automatically get the higher rate.

The high-yield CD is available for a minimum deposit of $500. As mentioned, it comes with a fixed rate of return depending on the term you choose.

Marcus’s high-yield CD terms range between six months and six years.

Similar to most CDs offered in the market, Marcus’s high-yield CDs charge a certain fee for early withdrawals. Keep in mind that CDs are meant to stay long in the bank. It should be untouched for a certain period of time. However, if in case you need the money, you may withdraw it but, as mentioned, with a cost.

The early withdrawal penalty amounts to a certain number of days’ worth of interest.

No-Penalty CD

If you want to stay away from getting charged with an early withdrawal penalty at the same time still earn a high APY, the no-penalty CD is ideal for you.

With this type of account, you can withdraw the funds without penalty any time after seven days. You still get a guaranteed rate, though, for the full term of the CD.

No-Penalty CD terms available are seven months, 11 months, and 13 months. You can earn 0.45% with a seven months term, and similar to the other CD account type, the minimum deposit required is $500.

What is nice about this particular CD type is that it allows you to lock in on a great APY, at the same time, you have the flexibility to withdraw the funds seven days after funding without having to worry about penalties.

The No-Penalty CD is ideal for holding emergency savings, or for saving up for a specific financial goal (such as family getaways, home improvements, special occasions, etc.), or any other savings goal you have in mind.

Personal Loans

Another product offering by Marcus is Personal Loans, which can be used for various purposes. It could be for paying off credit card debts, for home improvements, or for other financial goals.

What we particularly like about this product is that Marcus offers no-fee personal loans for amounts of up to $40,000, with APRs that range between 6.99% and 19.99%.

The online bank’s personal loans have flexible loan terms that range from 36 to 72 months. Furthermore, you can also avail of a reduced APR by 0.25% if you sign up for auto-pay.

Please note, though, that all loans are subject to credit approval. More so, your monthly payment will depend on the interest rate, loan amount, as well as loan term.

Marcus personal loans have consistently received high marks from J.D. Power (as mentioned earlier) in its yearly consumer Satisfaction Studies. The said study measures customer satisfaction based on four key areas, which include application and approval process; billing and payment; interaction; and loan offerings and terms.


So, now that you already know what Marcus is all about and the products it offers, this time, let’s talk about how to actually open a Marcus account.

The process is pretty simple and easy —

Anyone in the United States can apply for a Marcus account online by providing an email address and a mobile phone number.

To be eligible to open an account, you must be more than 18 years of age, and a resident of the United States (for tax purposes). Also, similar to any financial institution in the country, Marcus online bank will also ask you to provide basic personal information to complete your bank account application.

Your Marcus account is accessible and manageable online, and you also have the option to speak to the Marcus team over the phone through 1-855-730-7283.

Meanwhile, once you are done processing your account application, the next step would be funding your account.

To add funds to your Marcus Online Savings Account, all you need to do is transfer the money from a linked account. Unlike other online banks though, this is the only way you can top up your account.

Now, to be able to do this, you will need the sort code and account number of your Marcus Online Savings Account.


There are a lot of online banks out there, but they differ from each other in different ways. One of the common differences though is fees and charges.

With Marcus, as we have mentioned earlier, for its Online Savings Account, customers can expect the following:

  • No Monthly Fees/Maintenance Fees
  • No Service Fees
  • No Transaction Fees

Furthermore, the online bank does not charge for when an account holder exceeds the withdrawal limit. However, the bank may close the account.

As with Marcus’s High-Yield Certificates of Deposit (CDs), it does charge an early withdrawal penalty, which amounts to the specific number of days’ worth of interest.

Meanwhile, for the bank’s Personal Loans, Marcus offers no-fee personal loan amounts specifically for the borrowed amounts of up to $40,000.

Generally, we got to say that online banking with Marcus allows you to save a lot of money as compared to other banks of the same level.


As we always say, every institution has its share of pros and cons. For Marcus, some of the things we particularly like are as follows:

  • No Minimum Deposit Required – With Marcus, customers do not need to spend masses of cash. Even with just a few bucks or nothing at all, you can open a Marcus account.
  • High-Yield Account – Marcus has a very impressive annual percentage yield (APY). The rates are absolutely competitive as compared to other online banks out there.
  • No Bank Fees – Contrary to many online banks out there, Marcus does not charge anything (unless stated). Marcus does not charge monthly maintenance fees, transaction fees, service fees, and other fees usually charged by online banks.
  • Low Minimum Deposit for CDs – Marcus only requires at least a $500 deposit for its Certificates of Deposit accounts.
  • Award-Winning Personal Loans – Marcus’s personal loans consistently received high marks from J.D. Power (as mentioned earlier) in its yearly consumer Satisfaction Studies.
  • 24/7 Mobile and Online Access – Since Marcus is an online account, it gives consumers 24/7 access to their accounts.
  • FDIC-Insured – Marcus is an FDIC-insured online bank, which means, in the event that the bank fails, all depositors’ money is insured for up to $250,000.


Surely, Marcus does have its share of good qualities. But as we always say, there is no such thing as a perfect online bank. It does have its share of cons.

Some of the things we do not like about Marcus is as follows:

  • No Physical Branch – Just like a lot of online banks in the market today, Marcus does not have a physical branch, which makes it not ideal for people who opt to have a more traditional banking experience.
  • No Checking Accounts – Unfortunately, Marcus does not offer to check accounts yet. However, there is news that the bank is planning to launch its checking account product in 2021. We look forward to it!
  • No Cards– Another downside of Marcus is that it does not have cards. Marcus offers an entirely online savings account. Thus, no card is available as of this time.
  • No Mobile Check Deposit – Apart from the fact that it does not have a checking account, Marcus does not have mobile check capabilities as well.
  • Limited Mobile App – If you are someone who’s keen on digital banking app features like spending notifications and savings tools that allows you to manage your funds better, Marcus may not be the right choice for you. The Marcus mobile app is literally simple and straightforward.


Our Marcus review will not be complete without us answering the question if the bank is safe.

To answer, yes, Marcus online bank is safe.

Marcus by Goldman Sachs is an FDIC-insured online bank, which means that all account holders’ money is insured by the federal government for up to $250,000. So, in the event that the bank fails, you are assured that your money is safe and secured.


Marcus is an online bank that is created by one of the most trusted names in investment banking, Goldman Sachs.

With that alone, customers are insured that their money is safe and secured. Needless to say, the best service possible.

Although Marcus does have its share of downsides, we thought that eventually, these downsides will be addressed, and in due time, Marcus will be able to provide an excellent entirely online banking experience.

Overall, we got to say that the quality of what the online bank offers are pretty much impressive.

Marcus offers the best APYs for both a high-yield savings account and a high-yield certificate of deposit in spite of the fact that the bank has low requirements for minimum deposits as well as no-fee accounts.

With all that, do you think Marcus is the right online banking institution for you? We hope so.

To end, we hope that this Marcus review has given answers to some of the most commonly asked questions regarding the bank and that it provided clarity as to how it fairs as compared to other online banks out there. Just to say, it did fair well.

Investment Apps and Websites

Ally Bank Vs Marcus: Your Guide In Choosing The Best Online Bank

This Ally Bank vs Marcus review will help you understand the difference as well as similarities of these two well-known companies in the mobile banking industry. This will hopefully help you choose the perfect fit according to your online banking needs.

Ally Bank vs Marcus What You Need To Know

Today, we live in a more privileged world. Everything is made for our convenience. With the advent and the help of technology, it is probably safe to say that everything is becoming available in an instant. And yes, we are not just talking about food or material things. This includes different products and services as a whole — including banking.

Mobile banking is a new thing in the banking industry. Today, banks are adjusting and adapting to the needs of the people, at the same time, to what technology has to offer.

Let’s face it, while traditional banking is still good and has so much to offer, given our constant movement and also the ease of use, a lot of us would prefer mobile banks.


Back in 2013, in an article published by Pew Research Center, it says that “51% of U.S. adults, or 61% of internet users, bank online.” In addition, the same article says that “32% of U.S. adults, or 35% of cell phone owners, bank using their mobile phones.”

Meanwhile, in 2015 data published by Statista Research Department, says that the “number of digital banking users was forecast to surpass 161 million in the United States in 2019.” Furthermore, it explained that there are two factors that led to such growth in mobile or digital banking. These are “increased prevalence of smartphones and other digital technologies, and the other is an increase in financial technology (fintech) firms.”

You see, times have changed. Even the way banking is done has changed. No wonder why companies such as Ally Bank and Marcus by Goldman Sachs are becoming popular in the said industry. Precisely why we are making this comparative review among these two popular names in the mobile banking industry.

If you are someone who’s looking into what particular online bank to deal with, where to entrust your money and rely on your other banking needs, this one is for you.

In particular, we are going to talk about the following regarding both Ally Bank and Marcus by Goldman Sachs:

  • What Ally Bank and Marcus is all about?
  • Types of Accounts Offered          
  • Special Features
  • Branches and ATMs
  • Fees and Charges
  • Customer Service Support
  • Pros and Cons


In anything especially if we are talking about an institution where you are going to park your money into, it is very important to get to know the company first. This will give you an idea on whether or not the bank is reliable and trustworthy, or the other way around.

Having said that, here’s a brief backgrounder of both Ally and Marcus for your reference:


Ally Bank whose roots were in the automobile industry has been around for years already. Based in Midvale, Utah, the company is part of the General Motors Corporation.

GMC established a company names General Motors Acceptance Corporation or GMAC in 1919. The company was established to particularly help provide financing for its growing customer base back in the days.

Overtime, GMAC expanded and eventually ventured into banking. It offered functions of what traditional banks offer on a day-to-day basis.

Years later, specifically in 2009, GMAC changed the name of its banking unit to what we know today as Ally Bank. The name change gave the company a fresh start having gone through a financial crisis.

Eventually, GMAC decided to change the name of the entire financial company. They rebranded to what is now called Ally Financial. However, it was only in 2014 when Ally Financial went public with the ticker ALLY.

Things went smoothly for Ally Financial, as well as Ally Bank, which is why it is not surprising that the company decided to expand and open up an online brokerage. The company bought TradeKing, and it was rebranded to Ally Invest, which is a name that is also popular in the online brokerage industry.

If you are interested in knowing more about Ally Bank, here’s an insightful review by CBLifeHacks. Click the red button below to watch the whole thing:


Marcus is an online bank that was founded in the United States in 2016. It is owned by Goldman Sachs, an investment bank that has been around since 1869.

Headquartered in New York City, Marcus has become popular in the online banking space because of its high-yield savings and certificate of deposit (CD) accounts. These accounts are made accessible even with a low deposit. Moreover, Marcus also gained popularity as people find its No-Penalty CD feature as a unique option as compared to its competitors.

Marcus by Goldman Sachs is ideal for those who want to take advantage of the highest savings account interest rates available. Furthermore, it is ideal for those who:

  • Wants fee-free savings to account to keep money
  • Do not have enough savings to qualify for highest rates in other banks out there
  • Do not need a separate checking account intended for payments
  • Need to move money fast through wire transfer


Every bank customer out there (like you and me) has different banking needs and preferences. That is why knowing what it is that you need will make the selection process easier.

Both Ally Bank and Marcus offer different sets of products depending on the needs of their clients. Here’s a list of what these online banks have to offer:


Online Savings Account

Ally Bank offers a high annual percentage yield or APY on deposits. In addition, it offers features, which include:

  • No minimum initial deposit or ongoing minimum balance required
  • Funding your account by transferring money from another account, wiring funds, mailing checks for deposit, or making a mobile check deposit
  • No monthly fees

The downside of Ally Bank’s Online Savings Account though is that it does not include an ATM card. Withdrawals can be done by linking an external account and transferring the money there. Otherwise, you can open a Money Market or Interest Checking Account if you want easier access to your money.

Money Market Account

Ally Bank’s Money Markey Account is a mixture of both checking and savings accounts, which means you can make money from interest. Needless to say, this type of account lets you use your money anytime you want.

In addition, the Money Market Account also offers the following features:

  • High annual percentage yield (exact rate vary from time to time)
  • A debit card and free checks for expenditures
  • No monthly fees
  • Enjoy ATM access

Unfortunately, because of federal regulations, withdrawals from your Money Market Account have certain limitations. While you can withdraw cash via an ATM machine anytime you need cash, payments, and transfers out of your account are limited.

Interest Checking Account

Ally Bank’s Interest Checking Account is free. Apart from that, Ally’s Checking Account also pays a reasonable return on your cash.

Additionally, it also provides the following features:

  • You can earn 0.10% on balances of less than $15,000
  • You can 0.50% on balances of $15,000 or more
  • No monthly fees
  • You can send instant and secure payments to friends and family through Zelle
  • Deposit checks to your account through the mobile app

Ally Bank’s Interest Checking Account is an ideal choice for everyday spending. While earning interest on your account balance, you can also pay bills online without any hassle. Needless to say, you will also receive a debit card for easy cash withdrawals.

With Ally’s ATM you can withdraw cash anytime at any Allpoint ATM free of charge. Furthermore, you can also get up to $10 per statement cycle in ATM fee rebate charges from other ATMs in the country.

Another plus is that Ally Bank does not charge you for using a non-network ATMs. However, there may be some ATM operators that will charge you instead. As with foreign transactions, Ally Bank does charge a 1% foreign transaction fee is the case you withdraw cash outside the country.

Certificates of Deposit

Ally Bank offers a variety of Certificates of Deposit, which includes the following:

  • High-Yield CDs – These are traditional CDs that do require a commitment to leaving funds with the bank for a particular period of time.
  • Raise Your Rate CDs – This type of CD has rates that can potentially grow, which precludes situations wherein you get stuck with a low CD for a couple of years.
  • No Penalty CDs – These are considered as liquid CDs, which means your money is accessible anytime.

Apart from the above-mentioned products, Ally Bank also offers the following:

  • Auto Loans
  • Home Purchase Loans
  • IRAs
  • Managed Investment Portfolios
  • Mortgage Refinance Loans
  • Self-Directed Investment Accounts


Marcus by Goldman Sachs offers the following types of accounts:

Online Savings Account

Compared to the national average, what Marcus Online Savings offer is significantly higher. Other features of this product include:

  • Earning 2% APY on account balances as low as $1
  • No minimum initial deposit requirement
  • No ongoing minimum balance requirement
  • Funding account by wiring funds, money transfer, or mailing checks for deposit
  • No fees (unless cashing out of a CD early)

Several CD Options

Marcus does have very competitive CD rates. Apart from that, you have various options to choose from.

Here is some very important information you have to know about Marcus CDs:

  • Requires at least $500 to open a CD
  • Standard CDs require you to leave your savings in an account for a particular period of time
  • Marcus may assess an early-withdrawal penalty on highest-paying CDs depending on the term of your CD
  • No-Penalty CDs are liquid CDs with a term of 13 months (full balance can be withdrawn after 7 days from the day you purchased your CD)

Personal Unsecured Loans

Marcus offers unsecured personal loans amounting from $3,500 up to $40,000. For this, your application will be evaluated by the lender. They will be particular on your credit scored as well as your income. The thing about this is, you are not required to pledge collateral to secure loans.


Both Ally Bank and Marcus have a couple of features that make each of them stand out from the rest. Having said that, let’s look into what both banks have to offer.


Apart from the various type of accounts, as well as other products that the bank offers, there are two other things that Ally Bank has become really popular about. These are its customer service support and their mobile app with card management.

Ally Bank has a very reliable customer service support, which is available 24/7 via phone, live chat, and email.

Ally’s customer service is very dependable that in fact, it has earned second place in the 2019 J.D. Power 2019 Direct Banking Satisfaction Study.

Meanwhile, with their mobile app, unlike other banks’ mobile application, Ally comes with a card management feature, which makes it even more convenient for its customers/users.


Meanwhile, Marcus has two key features as well. These are loan specialization, as well as having a learning center plus debt resources.


This time around, we’ll look into both Ally Bank and Marcus Bank’s availability via bank branches as well as ATM access.

Unfortunately, Ally Banks does not have a physical branch, which is precisely why it is called a mobile-only bank in the first place. This perhaps can be considered as a downside especially for those people who prefer talking to a bank officer or teller face-to-face. Nevertheless, Ally Bank knows how to make it up to its users by giving them a reliable and dependable 24/7 customer service support.

Meanwhile, with regards to ATM access, Ally Banks has around 43,000 ATMs where you can withdraw money from free of charge.

As for Marcus, they do have two branches available. As with the bank’s ATM services, they boast over 80,000 ATMs nationwide available anytime you want to withdraw money from your account.


When it comes to fees and charges, we have to say that both are almost equal in this part. Both Ally Bank and Marcus do have their share of highs and lows on this part.

With Ally Bank, there are no fees like monthly maintenance fees. Ally Bank does not charge you for using a non-network ATMs as well — unless the ATM operator charges a fee for using their services. Meanwhile, with regards to making foreign transactions, the bank charges a 1% foreign transaction fee for cash withdrawals outside the country.

As with Marcus, they do not charge monthly fees as well. However, they do have early-withdrawal penalties for CDs. Also, you cannot overdraw your account or pay fees at foreign ATMs without a checking account or ATM card.


Our review will not be complete if we will not look into each bank’s customer service support.

As mentioned earlier, Ally Bank excels when it comes to customer service. They do offer customer service support via phone, live chat, email, and even through social media 24/7. This is definitely one of the reasons why people love online banking with Ally. They may not be physically available, but they do know how to make it up.

Now, with regard to Marcus, they do have phone support to both new and existing customers available between 8 in the morning and 10 in the evening (Eastern Time) from Monday to Friday, while 9 in the morning until 7 in the evening on weekends. Chat support, meanwhile, is exclusively available for customers who are logged into their accounts only.


To complete our review, we are going to look into the overall pros and cons of both Ally Bank and Marcus. This will surely help you make a decision if you have not decided yet whether to go for Ally or Marcus.


It offers a wide variety of financial products. It has fewer loan options as compared to Marcus and other competing banks.
It is easily accessible with widespread ATM access, and of course, its cutting edge mobile application. It has slightly lower savings rates.
It has excellent 24/7 customer service support. It does not have a brick-and-mortar location, which means face-to-face transactions or consultations is impossible.


It offers slightly higher savings rates, which means you have the chance to earn a little more if you park your money with Marcus. It has very limited financial products.
It has lower fees. Its customer service is not accessible compared to Ally Bank.
It offers a wide range of loan options.  


It is actually hard to choose between the two because ultimately, they are two different banks with different offerings. However, if we will base it on overall impact, we have to say Ally Bank wins. But, then again, it depends on the user or customer.

If you want a higher interest rate, then it is a no-brainer, it is Marcus winning for this. But if you are fine with a little lower interest rate but with excellent customer service support and money is more accessible, then it has to be Ally Bank.

Again, it all boils down to what your needs and preferences are as a user.

So, have you decided yet? Which do you think meets your requirements?

While this Ally Bank vs Marcus comparative review gives you a lot of vital information to help you decide, at the end of the day, it all goes back to what your goals are. Once you know what you want for your money, then it should be easier to determine which between Ally and Marcus you will get your money into.