How does the interest rate of Ally Bank's savings account compare to that of Marcus by Goldman Sachs?

When it comes to savings accounts, interest rates are a crucial factor to consider. Both Ally Bank and Marcus by Goldman Sachs are popular options for people looking to open a savings account, but how do their interest rates compare?

As of March 2023, Ally Bank offers a 0.50% annual percentage yield (APY) on their online savings account, while Marcus by Goldman Sachs offers a 0.55% APY on their high-yield savings account. While the difference in interest rates may seem small, it can add up over time.

It is important to note that interest rates can fluctuate and may be subject to change based on market conditions. Additionally, both banks may have different requirements and fees associated with their savings accounts, so it is important to do your research and compare all factors before making a decision.

As of March 7, 2023, the Marcus by Goldman Sachs Online Savings account currently has a higher interest rate, at 3.75% APY, than Ally's Online Savings, which offers 3.40%. However, it's important to note that interest rates are always fluctuating, so it's best to compare rates before opening an account.

Here is a table comparing the interest rates of Ally Bank's savings account and Marcus by Goldman Sachs:

| Account | Interest Rate | ||| | Ally Bank Online Savings | 3.40% APY | | Marcus by Goldman Sachs Online Savings | 3.75% APY |

Both Ally Bank and Marcus by Goldman Sachs are FDIC-insured, which means your money is protected up to $250,000. They also both offer no-fee checking and savings accounts, and they have high customer satisfaction ratings.

Ultimately, the best savings account for you will depend on your individual needs and preferences. If you're looking for the highest possible interest rate, Marcus by Goldman Sachs may be the better option. However, if you're looking for a bank with a long history and a strong reputation, Ally Bank may be a better choice.