We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
Ally Bank vs. Capital One 360: Which Is Best for You?
Tony Armstrong leads the banking team at NerdWallet. He has covered personal finance for nearly a decade. Tony began his NerdWallet career as a writer and worked his way up to assistant assigning editor and then to lead assigning editor. His writing has been featured by the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony lives in Minneapolis, Minnesota.
Alice Holbrook Assigning Editor | Homebuying, savings and banking products
Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost a decade and previously worked on NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is based in Ann Arbor, Michigan.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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: 3.85% APY on all balances.
Monthly fee: None.
Capital One 360 Performance Savings
APY: 4.00% APY on all balances.
Monthly fee: None.
Certificates of deposit
Ally CD interest rates
1 year: 4.50% APY.
5 years: 4.10% APY.
Minimum deposit: None.
Capital One 360 CD interest rates
1 year: 4.75% APY.
5 years: 4.10% APY.
Minimum deposit: None.
Overdrafts, ATMs, customer service
Ally Bank details
Overdraft fee: $0.
Overdraft protection transfer fee: $0.
Branches: 0.
ATMs: Over 43,000.
Customer service: Available 24/7 by phone.
Capital One 360 details
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 380 Capital One branches and access to over 40 Capital One 360 Cafés across the country.
ATMs: Over 40,000.
Customer service: Available by phone 8 a.m.-11 p.m. daily.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
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 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.
0.25% 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 40,000 ATMs.
No charge for using out-of-network ATMs (ATM owner may charge a fee).
Sign-up bonus
None.
None.
+ Click here for analysis of Ally and Capital One 360's checking accounts
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.
+ Click here for analysis of Ally and Capital One 360's CDs
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.
Limited support at around 380 Capital One branches and access to over 40 Capital One 360 Cafés across the country.
Banking apps (current ratings from app store users)
4.7 out of 5 stars for iOS.
3.8 out of 5 for Android.
4.8 out of 5 stars for iOS.
4.6 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.
+ Click here for analysis of Ally and Capital One 360's banking experience
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
$0; you have six business days to bring your balance back to positive to avoid your account being limited.
$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.
+ Click here for analysis of Ally and Capital One 360's overdraft fees
Both banks provide flexibility, but Ally offers more time. Ally offers free transfers from an Ally savings or money market account if you opt in to the service. Otherwise, if the bank approves a transaction that overdrafts your account, you'll have six business days to bring your balance back to positive.
Capital One 360 options include enrolling in Next Day Grace (detailed above) and free transfers from a linked Capital One 360 savings account. The default option is simply having your transaction declined.
4.20%SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 04/24/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
4.75%Annual Percentage Yield (APY) is accurate as of 05/09/2023. APY is variable and subject to change at any time without notice. No monthly service charge. No minimum balance requirement. Must fund with 15 days of opening account.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.50%Annual percentage yield (variable) is as of 5/8/23. 5.00% APY with a $75K deposit or 4.75% APY with a $25K deposit. New customers only with qualifying deposit. Terms apply.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
3.30%Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
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.
