Ally Bank vs. Capital One 360: Which Is Best for You?

Tony Armstrong
By Tony Armstrong 
Updated
Edited by Alice Holbrook

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Ally Bank and Capital One 360 are two online banks that offer higher annual percentage yields, or APYs, than most traditional banks. If you’re looking to earn more on your savings (and pay fewer fees), they’re both worth a look — and you’ll still find a variety of accounts and easy access to customer service. But which is for you? Our head-to-head comparison can help you decide.

Snapshot comparison

Ally Bank

Capital One 360

Checking accounts

Ally Spending Account

  • Monthly fee: None.

  • Minimum deposit: None.

Capital One 360 Checking

  • Monthly fee: None.

  • Minimum deposit: None.

Savings accounts

Ally Savings

  • APY: 4.25% APY on all balances.

  • Monthly fee: None.

Capital One 360 Performance Savings

  • APY: 4.25% APY on all balances.

  • Monthly fee: None.

Certificates of deposit

Ally CD interest rates

  • 1 year: 4.50% APY.

  • 5 years: 3.90% APY.

  • Minimum deposit: None.

Capital One 360 CD interest rates

  • 1 year: 4.80% APY.

  • 5 years: 3.90% APY.

  • Minimum deposit: None.

Overdrafts, ATMs, customer service

  • Overdraft fee: $0.

  • Overdraft protection transfer fee: $0.

  • Branches: 0.

  • ATMs: Over 43,000.

  • Customer service: Available 24/7 by phone.

  • Overdraft fee: $0.

  • Overdraft protection transfer fee: $0.

  • Branches: Limited support at about 280 Capital One branches and access to Capital One Cafés across the country.

  • ATMs: Over 70,000.

  • Customer service: Available by phone 8 a.m.-11 p.m. daily.

Ally Bank Overall Star Rating
NerdWallet rating 
Capital One Overall Star Rating
NerdWallet rating 

Choose Ally if:

  • You want monthly fee reimbursements for out-of-network machines.

  • You'd make use of 24/7 live help.

Choose Capital One 360 if:

  • You're looking to receive some assistance at a branch.

Ally vs. Capital One 360: Checking accounts

Ally Spending Account

Capital One 360 Checking

Monthly fees

$0.

$0.

Minimum opening deposit

$0.

$0.

APY

  • 0.10% APY on balances of less than $15,000.

  • 0.25% APY on balances of $15,000 or more.

  • 0.10% APY.

ATM fees and network

  • Free access to more than 43,000 Allpoint ATMs.

  • No charge for using out-of-network ATMs (but ATM owner may charge); reimburses up to $10 per month for domestic out-of-network ATM fees.

  • Free access to over 70,000 ATMs.

  • No charge for using out-of-network ATMs (ATM owner may charge a fee).

Sign-up bonus

None.

None.

These accounts are better than most, but Ally has a slight edge for its ATM fee reimbursement policy. It also offers a higher interest rate if you can keep your balance at $15,000 or more, though most people should keep larger amounts of cash in savings.

» See more options on our list of best checking accounts

Ally vs. Capital One 360: Savings accounts

Ally Savings

Capital One 360 Performance Savings

APY

4.25% APY on all balances.

4.25% APY on all balances.

Monthly fees

$0.

$0.

Minimum deposit to open

$0.

$0.

Sign-up bonus

N/A

N/A

Both banks' rates are significantly higher than the national average, and neither bank charges a monthly maintenance fee. This one’s a draw.

» Want to compare? Explore NerdWallet's list of top online savings accounts

Ally vs. Capital One 360: Certificates of deposit

Ally

Capital One 360

Minimum opening deposit

$0.

$0.

APY on one-year term

4.50% APY.

4.80% APY.

APY on three-year term

4.00% APY.

4.00% APY.

APY on five-year term

3.90% APY.

3.90% APY.

For more details:

See our post on Ally CD rates

See our post on Capital One CD rates

Both have competitive APYs across the board, but Ally offers more CD types. Ally has an 11-month no-penalty CD and two Raise Your Rate options that let you increase your APY if the bank’s rates go up. Capital One 360’s CDs, on the other hand, only have fixed rates and no options for raising rates or no-penalty early withdrawals.

» To compare, see the latest top CD rates

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SoFi Checking and Savings

SoFi Checking and Savings

NerdWallet rating

4.5

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Bonus

$400

Limited-time offer

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Two excellent options

Ally and Capital One 360 are both strong options, but your specific needs should dictate which bank you choose. If, for example, you prefer occasional in-person customer service, go with Capital One 360. If you're looking for 24/7 phone assistance, Ally would be a good fit. If neither sounds quite right, check out NerdWallet's other favorite banks and credit unions.

On a similar note...

Find a better savings account

See NerdWallet's picks for the best high-yield online savings accounts.

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NerdWallet rating 

4.5

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SoFi Checking and Savings

at SoFi Bank, N.A., Member FDIC

APY

4.60%

With $0 min. balance for APY

Bonus

$400

Limited-time offer

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