Ad Disclaimer

Ally Bank VS Marcus by Goldman Sachs

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
1.25%APY
CD Account
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • No opening required amount
  • Competitive interest rates on CDs
  • A wide variety of CD terms
  • Ten Day Best Rate Guarantee

Cons:

  • No Penalty CD has a high opening amount
  • Interest earned credited annually
  • Some CDs have tiered interest rates
  • Must withdraw entire amount of No Penalty
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Low opening amount & competitive rate
  • Ten-day CD rate guarantee
  • Options on how to receive interest
  • No-Penalty CDs offered

Cons:

  • Full principal withdrawals only
  • Shorter terms not as competitive rates
  • Limited terms for No-Penalty CDs
  • Electronic transfers need linked account
Ally Bank CD Review

All Ally high yield CDs do not have a required amount to open the account. You can open each of the CDs with any amount. The Raise Your Rate CDs and the No Penalty CD do not have a set amount required to open.

Ally CDs offer competitive interest rates. The rates are competitive with other online CD accounts. The interest rates for Ally CDs are much higher than typical bank rates.

There are a wide variety of CDs offered through Ally. They offer seven high yield CDs. Those terms range from three months to five years. Ally offers a Raise Your Rate CD. These CDs are available in two-year and four-year terms. They also offer a No Penalty CD. This CD is an eleven-month term.

Ally offers a Ten-Day Best Rate Guarantee for each of the different CDs. When you open your CD, you have ten days. If interest rates go up within that time, so does your interest rate for the CD. The best rate guarantee is also available when you are renewing your CD.

The No Penalty CD has high opening amounts to earn the most competitive rates. Balances under $5,000 earn the lowest rates. To earn the most competitive rate for the CD requires a minimum opening balance of $25,000. Balances over $5,000 but less than $25,000 receive an interest rate between the two rates.

Interest earned from Ally CDs is generally credited annually. If your CD is a one-year term or less, they credit your interest at the CD maturity. If your CD term is longer than one year, they credit your interest at your CD terms year-end. You can make some changes to your CDs through the Ally website.

Some Ally CD accounts have tiered interest rates. To earn the most competitive interest rate for your account requires a balance of $25,000. There is not a required amount to open these CDs, but the higher the account balance, the higher the rate you earn.

The Ally No Penalty CD allows you to withdraw your money anytime after the first six days. You cannot make a partial withdrawal of the funds. If you are going to withdraw the money, you must withdraw the entire CD balance.

Read the full Ally Bank review.

Marcus by Goldman Sachs CD Review

The set amount required to open Marcus CDs is low. Each CD term only requires $500 to open. Marcus CD offers competitive interest rates. The rates are competitive with other online CDs and much higher than typical bank rates. To earn interest on your Marcus CDs, you must keep $500 in the account. You will not earn interest until your CD has a balance over the $500 minimum.

Marcus offers a ten-day interest rate guarantee. Once you fund your account with the minimum deposit, you have ten days to watch the rates. If the rates increase in those ten days, Marcus locks in the highest interest rate.

Interest earned on Marcus CDs is automatically added to the principal amount of your CD. There are other options if you wish to receive interest in another way. You can have the monthly interest transferred to a Marcus online savings account. You can also transfer the money to an external linked account. You can withdraw the earned interest anytime during the CD term without a penalty.

Marcus offers a No-Penalty CD. This CD requires $500 to open. Once the account has been opened for seven days, you can withdraw your money at any time during the CD term. You will not be charged a fee for withdrawing your money before it reaches maturity. You cannot add additional funds to the No-Penalty CD.

You can withdraw money from the No-Penalty CD without a fee, but you cannot make a partial withdrawal. If you want to withdraw the money, you must withdraw the entire balance. This includes all the interest you have earned. You can withdraw the money after the account is open for seven days. You can only make a withdrawal one time during the term life of the CD. Once you withdraw your money, the account will close.

Marcus CDs terms less than 12-months do not offer as competitive of rates as the other CDs. The six-month and nine-month terms still offer competitive rates. Their rates are just not as competitive as the other CD term rates. These rates are still much higher than typical bank rates of the same terms.

The No-Penalty CDs offered through Marcus comes in limited term lengths. There are only three terms offered for the No-Penalty CDs. Those terms are a seven-month term, an 11-month term, and a 13-month term.

To make electronic transfers into your Marcus CDs requires linking another account. You can link a Marcus CD to a Marcus online savings account. You can also link your Marcus CD to an external account. Once you link the accounts you can transfer money electronically to fund the account. You can also have the earned interest transferred into the linked account.

Read the full Marcus by Goldman Sachs review.

Favorite Rates

LendingClub
1 Year CD 05/21/2022
APY 1.30%
Rate 1.30%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Open your account online in as little as 3 minutes
Next >
Citizens Access
1 Year CD 05/21/2022
APY 1.30%
Rate 1.30%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Great rates for your money to work harder. Member FDIC.
Next >
Capital One
1 Year CD 05/21/2022
APY 1.30%
Rate 1.29%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns
Next >
Capital One
2 Year CD 05/21/2022
APY 2.00%
Rate 1.98%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns.
Next >