Which online bank is the best?

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• Ally and Marcus of Goldman Sachs are online banks that pay high interest rates.
• Ally offers a more attractive savings account, but Marcus pays higher rates on CDs.
• If you want to open a checking account or a money market account, Ally is your only option between the two.
• Read Insider’s full reviews of Marcus and Ally.

If you are looking for high interest rates,

online banks

offer some of the best options.

Marcus of Goldman Sachs and Ally are two leading online banks.

To help you decide which is best for you, we analyzed the details of each of their bank accounts and then selected a winner for each category. We’ve also compared the reliability of financial institutions so you can see how a bank handles customer issues and complaints.

Advantages and disadvantages of Ally

Advantages and disadvantages of Marcus

Savings account comparisons

Below we compared

high yield savings accounts

offered by each bank. With these high-yield savings accounts, you’ll earn almost ten times the national average on savings accounts.

CD comparisons

Below, we’ve compared Ally’s and Marcus’ regular CDs.

Both institutions, however, offer more CD options. Ally has an 11-month penalty-free CD and Raise Your Rates CDs that can increase your rate if Ally’s rates increase during your term. Meanwhile, Marcus has a 7-month, 11-month, and 13-month penalty-free CD.

Current account and money market account

Marcus only offers a high yield savings account and CDs. If you want to open a checking account or a money market account, you will need to turn to Ally.

Ally has a fee-based chequing account that doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees. You’ll have access to 43,000 ATMs across the United States, and Ally also reimburses up to $10 in out-of-network ATM fees.

Ally’s Money Market Account is quite similar to the bank’s High Yield Savings Account. The main difference between the two accounts is that the money market account includes a debit card and paper checks.

Which bank is the most reliable?

We use Better Business Bureau ratings so you can see how a bank is handling customer issues.

Ally received a C-ranking from the BBB as it has 315 complaints and two unresolved complaints. Marcus received a A+ rating.

A good BBB rating is not necessarily the be-all and end-all. Talk to current customers or read customer reviews online to see if a financial institution might be a good fit.

Neither Ally nor Marcus have been involved in any recent public scandals.