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The bottom line: Capital One 360 likely has a more appealing checking account, while Ally is our default winner for money market accounts. For savings accounts, it could be a close toss-up between the two banks. The best high-yield savings accounts pay up to Western Alliance Bank High Yield Savings Account, powered by SaveBetter – APY APY (Annual Percentage Yield) — see how these banks compare.
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.
Ally Pros and Cons
ProsCons
24/7 live customer service over the phone or through live chat
Fee-free bank accounts
Great interest rate on savings account
Saving account comes with tools to help you save
Checking account with early direct deposit
Unique CDs, including no-penalty CDs, IRA CDs, and Raise Your Rate CDs
No physical locationsNo joint bank accounts for minorsNo way to deposit cash
Capital One 360 Pros and Cons
ProsCons
24/7 live customer service through live chat
Fee-free bank accounts
Great interest rates on savings accounts
Savings account comes with tools to help you save
Checking account with early direct deposit
Joint bank savings and checking accounts for kids and teens
No money market accountBranches only in NY, LA, TX, MD, VA, NJ, and Washington, DC Might have to deal with out-of-network ATM feesYou can deposit cash, but only at CVS locations
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 in our best teen checking accounts guide.
Ally Interest Checking AccountCapital One 360 Checking – Product Name OnlyAnnual Percentage Yield (APY)Ally Interest Checking AccountCapital One 360 Checking®Minimum opening depositAlly Interest Checking AccountCapital One 360 Checking®Monthly service feeAlly Interest Checking Account – Fees DisplayCapital One 360 Checking® – Fees DisplayPerksEarn interest on accountNo overdraft feesFree overdraft protection is availableEarly direct depositSpending buckets to help manage expensesReimburses up to $10 in out-of-network ATM feesAccess to 43,000 free ATMsEarn interest on accountNo overdraft feesFree overdraft protection is availableEarly direct depositAccess to over 70,000 free ATMsCaveatsNo physical locationsNo way to deposit cash$2 out-of-network ATM feeDoesn’t reimburse out-of-network ATM feesBranches only in NY, LA, TX, MD, VA, NJ, and Washington, DC Deposit cash, but only at CVS locationsNext stepsAlly Interest Checking Account – CTA Text
Winner: Capital One 360
Capital One 360 Checking – Product Name Only has more ways to access your account. Capital One has physical locations in some states and a bigger ATM network. It also lets you deposit cash at CVS locations; there’s no place to deposit cash with Ally.
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 AccountCapital One 360 Performance Savings™Annual Percentage Yield (APY)Ally High Yield Savings AccountCapital One 360 Performance Savings™Minimum opening depositAlly High Yield Savings AccountCapital One 360 Performance Savings™Monthly service feeAlly High Yield Savings Account – Fees DisplayCapital One 360 Performance Savings – Fees DisplayPerksSavings buckets feature lets you separate savings to create specific goalsSurprise savings tool automatically transfers extra change from your checking account to help you saveMy Savings Goals feature lets you create specific savings goals and track progressAutomatic Savings Plan feature transfers change from debit card purchases to your savings account to help you saveCaveatsNo physical branches to deposit cashBranches only in NY, LA, TX, MD, VA, NJ, and Washington, DC Next stepsAlly High Yield Savings Account – CTA Text
Winner: Capital One 360
Capital One’s rate offers a slightly more competitive than Ally’s savings rate. However, keep in mind rates can change at any time.
Ally vs. Capital One 360 CD Comparisons
Ally High Yield Certificate of DepositCapital One 360 Certificate of Deposit®Term lengths3 months to 5 years6 months to 5 yearsMinimum opening depositAlly High Yield Certificate of DepositCapital One 360 Certificate of Deposit®Annual Percentage Yield (APY)Ally High Yield Certificate of DepositCapital One 360 Certificate of Deposit®Early withdrawal penalties60 to 150 days of interest30 to 60 days of interestTypes of CDsHigh-yield CD, No Penalty CD, Raise Your Rate CD, IRA CDRegular CDNext stepsAlly High Yield CD – CTA TextCapital One 360 CD – CTA Text
Winner: Ally
Ally CD rates are higher across the board. It also offers specialized CDs, such as its no-penalty and Raise Your Rate CDs — Capital One only has regular CDs.
Ally vs. Capital One 360 Money Market Account Comparisons
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.
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.
Winner: Ally
Capital One 360 doesn’t have a money market account, so Ally is the automatic winner for this category. The Ally Money Market Account might be great if you don’t have a lot of money to deposit since there’s no minimum opening deposit.
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. BBB grades range from A+ to F.
Capital One currently has an A+ rating and Ally received an A rating from the BBB because it has five unresolved complaints on the BBB website.
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 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.
Winner: Ally
Ally hasn’t been involved in any recent public scandals. Capital One is still a trustworthy option overall, though.
