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

Tony ArmstrongMay 1, 2019

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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 Interest Checking

  • Monthly fee: None.

  • Minimum deposit: None.

Capital One 360 Checking

  • Monthly fee: None.

  • Minimum deposit: None.

Savings accounts

Ally Savings

  • APY: 0.60% APY on all balances.

  • Monthly fee: None.

Capital One 360 Performance Savings

  • APY: 0.50% APY on all balances.

  • Monthly fee: None.

Certificates of deposit

Ally CD interest rates

  • 1 year: 0.65%APY.

  • 5 years: 1.00% APY.

  • Minimum deposit: None.

Capital One 360 CD interest rates

  • 1 year: 0.20% APY.

  • 5 years: 0.40% APY.

  • Minimum deposit: None.

Overdrafts, ATMs, customer service

  • Overdraft fee: $25, maximum of once per day.

  • Overdraft protection transfer fee: $0.

  • Branches: 0.

  • ATMs: Over 43,000.

  • Customer service: Available 24/7 by phone.

  • Overdraft fee: $35, up to four times per day, but customers enrolled in Next Day Grace service have one business day to bring their account out of the red and avoid the fee.

  • Overdraft protection transfer fee: $0.

  • Branches: Limited support at about 550 Capital One branches and access to over 35 Capital One 360 Cafés across the country.

  • ATMs: Over 39,000.

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

Ally Bank Ally Bank Overall Star Rating
NerdWallet rating 
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Capital One Capital One Overall Star Rating
NerdWallet rating 
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Choose Ally if:

  • You're looking to earn a competitive APY on your certificates of deposit.

  • 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.

  • You're looking for a slightly higher rate on checking accounts with balances up to $15,000.

  • A program like Next Day Grace would help you avoid overdraft fees.

Ally vs. Capital One 360: Checking accounts

Ally Interest Checking

Capital One 360 Checking

Monthly fees

$0.

$0.

Minimum opening deposit

$0.

$0.

APY

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

  • 0.50% APY on balances of $15,000 or more.

  • 0.10% APY on balances of less than $50,000.

  • 0.10% APY on balances between $50,000 and $99,999.

  • 0.10% APY on balances above that.

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 39,000 ATMs.

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

Sign-up bonus

N/A

N/A

These accounts are better than most, but there are slight differences: Capital One 360 offers a higher rate for balances below $15,000, while Ally is a better option for those looking to use out-of-network ATMs every now and then.

» 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

0.60% APY on all balances.

0.50% 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.

» 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

0.65% APY.

0.20% APY.

APY on three-year term

0.75% APY.

0.30% APY.

APY on five-year term

1.00% APY.

0.40% APY.

For more details:

See our post on Ally CD rates

See our post on Capital One CD rates

Competitive APYs across the board, more CD types at Ally.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

Ally vs. Capital One 360: Banking experience

Ally Bank

Capital One 360

Branches

0.

Limited support at around 550 Capital One branches and access to over 35 Capital One 360 Cafés across the country.

Banking apps (current ratings from app store users)

  • 4.8 out of 5 stars for iOS.

  • 3.8 out of 5 for Android.

  • 4.7 out of 5 stars for iOS.

  • 4.8 out of 5 for Android.

Customer service

  • Available 24/7 by phone.

  • Live chat support available.

  • Social media support available.

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

  • Social media support available.

Both options make it easy to bank on the go. Along with user-friendly websites, Ally and Capital One 360 have mobile apps with features such as check deposit and bill pay. But Ally has 24/7 live help, while Capital One 360 allows for in-person assistance.

Ally vs. Capital One 360: Overdraft fees

Ally Bank

Capital One 360

Overdraft fee

$25, maximum once per day.

$35, maximum of four times per day; Next Day Grace service gives you one business day to bring your account out of the red to avoid a fee.

Overdraft protection fee

$0.

$0.

Extended overdraft fee

None.

None.

Capital One 360 provides more flexibility. Ally's overdraft fee is lower than most, but if you want more overdraft payment choices, consider Capital One 360; options include enrolling in Next Day Grace (detailed above), free transfers from a linked Capital One 360 savings account and an overdraft line of credit. The default option is simply having your transaction declined.

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.

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