Ally Bank vs. Capital One 360: Which Is Best for You?
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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 other deposit accounts and easy access to customer service. Indeed, their offerings in general are quite similar. 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
| Capital One 360 Checking
|
Savings accounts | Ally Savings
| Capital One 360 Performance Savings
|
Certificates of deposit | Ally CD interest rates
| Capital One 360 CD interest rates
|
Overdrafts, ATMs, customer service | Ally Bank details | Capital One 360 details |
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
Both of 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.
Ally Spending Account | Capital One 360 Checking | |
|---|---|---|
Monthly fees | $0. | $0. |
Minimum opening deposit | $0. | $0. |
APY |
|
|
ATM fees and network |
|
|
Sign-up bonus | None. | None. |
» See more options on our list of best checking accounts
Ally vs. Capital One 360: Savings accounts
Both banks' rates are significantly higher than the national average, and neither bank charges a monthly maintenance fee. This one’s a draw.
Ally Savings | Capital One 360 Performance Savings | |
|---|---|---|
APY | 3.80% APY on all balances. | 3.80% APY on all balances. |
Monthly fees | $0. | $0. |
Minimum deposit to open | $0. | $0. |
Sign-up bonus | N/A | N/A |
» Want to compare? Explore NerdWallet's list of top online savings accounts
Ally vs. Capital One 360: Certificates of deposit
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.
Ally | Capital One 360 | |
|---|---|---|
Minimum opening deposit | $0. | $0. |
APY on one-year term | 3.90% APY. | 4.00% APY. |
APY on three-year term | 3.40% APY. | 3.60% APY. |
APY on five-year term | 3.40% APY. | 3.50% APY. |
For more details: | See our post on Ally CD rates | See our post on Capital One CD rates |
» To compare, see the latest top CD rates
Member FDIC
SoFi Checking and Savings
4.00%
$0
Deposits are FDIC Insured
BMO Alto Online Savings Account
4.45%
$0
Barclays Tiered Savings Account
4.50%
$0
U.S. Bank Smartly® Savings
N/A
$0
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 and live within reach of one of their branches/cafes, you might want to go with Capital One 360. If you're good with 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.
