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Ally and Capital One offer a good variety of online banking options. If you’re looking for competitive high-yield savings accounts, interest-earning checking accounts, or CDs, you’ll find these accounts at both banks.
We’ve compared Ally and Capital One accounts below to see which institution stands out the most. We’re also evaluating each bank’s trustworthiness so you can know more about each institution’s history.
Pros and cons of Ally
Pros and cons of Capital One 360
Ally vs. Capital One 360 checking account comparisons
Ally and Capital One both offer a fee-free interest-earning checking account. Capital One also has a joint checking account for minors featured on our best teen checking accounts guide.
Capital One 360 Checking®
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Capital One 360 Checking®
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Pros & Cons
0.10% APY on all account balances
No opening deposit or minimum account balance
No monthly service fee
No foreign transaction fee
Range of overdraft protection options
Processes direct deposits up to 2 days early
$2 out-of-network ATM fee
Doesn’t reimburse out-of-network ATM fees
Limited access to customer service by phone
Highlights
Over 70,000 free ATMs nationwide
Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally vs. Capital One 360 savings account comparisons
Ally and Capital One pay competitive interest rates on savings accounts. You’ll also be able to open a kid’s savings account at Capital One.
Ally High Yield Savings Account
Annual Percentage Yield (APY)
2.25% APY
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
2.25% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.25% APY
Minimum Deposit Amount
$0
Pros & Cons
High APY
No minimum opening deposit
No monthly service fees
Savings buckets help you save for different goals
Surprise savings transfers help you save extra money from your checking account
No physical branch locations
No way to deposit cash
Highlights
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.15% APY
Minimum Deposit Amount
$0
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.15% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.15% APY
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No opening deposit or minimum account balance
No monthly service fee
Easy to save for various goals
24/7 live chat
Limited access to customer service by phone
Highlights
Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally vs. Capital One 360 CD comparisons
Capital One 360 Certificate of Deposit®
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Capital One 360 Certificate of Deposit®
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No minimum deposit
Low-to-standard early withdrawal penalties
No jumbo or no-penalty CDs
Highlights
Terms ranging from 6 months to 5 years
No minimum deposit
Early withdrawal penalties ranging from 3 to 6 months interest
Compounding interest to maximize your earnings
FDIC insured
Additional Reading
Read our review
Ally vs. Capital One 360 money market account
Capital One 360 doesn’t offer a money market account, but Ally does. The Ally Money Market Account is a great choice if you’d like to open a money market account with an online bank.
It’s featured in our best money market accounts guide, which includes fee-free accounts with competitive interest rates. The Ally Money Market Account stands out because it doesn’t require a minimum opening deposit. Usually, banks ask for at least $1,000 to open an account.
Out-of-network ATM reimbursements of up to $10 per month
24/7 customer service
Easy-to-use mobile app
Link to other Ally bank accounts
Not the highest money market account APY
No physical branch locations
$10 excess transaction fee (paused during COVID-19)
Highlights
Access to checks and a debit card
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally vs. Capital One trustworthiness and BBB rating
The Better Business Bureau evaluates businesses to see if they effectively respond to customer issues and have honest advertising practices.
Capital One currently has an A- rating due to a high volume of customer complaints on the BBB website. Meanwhile, Ally received a C- rating because it has a high volume of customer complaints and two unresolved customer issues.
A high BBB rating doesn’t necessarily guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if a bank might be a good fit for you.
Ally hasn’t been involved in any public controversies, but Capital One has experienced one recent settlement.
In 2020, The Office of the Comptroller of Currency required Capital One to pay $80 million in a settlement that said the bank had inefficient security practices, which comprised personal information of bank credit cardholders.
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