Ally vs. Capital One 360

Explore and compare these popular, online-only banks.

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Capital One Vs Ally

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Ally and Capital One 360 are best known for their competitive rates and low fees. While they both offer standard deposit accounts, the difference in products, rates and features can help you determine which is right for you.

Pros and cons of Ally vs. Capital One 360

Ally

Pros
  • Higher savings and CD rates. Ally‘s savings accounts and CDs offer higher interest rates than Capital One 360.
  • More ATMs. Ally has 43,000 ATMs compared to Capital One 360’s 39,000.
  • Lower service charges. Ally has lower fees for overdrafts, stop payments and more.
  • 24/7 customer service. Ally offers around-the-clock customer service.
Cons
  • No branches. Ally operates entirely online, so you won’t be able to bank at a branch.
  • Limited products. You can’t apply for a credit card with Ally and it doesn’t offer business or commercial banking.
  • Lower checking interest at higher balances. Ally‘s checking account tops out at 0.6% APY, whereas Capital One 360’s goes as high as 0.75%.

Capital One 360

Pros
  • Credit card options. If you want a credit card from the same place you do your banking, Capital One 360 has a range of options.
  • Overdraft protection. Enroll in programs designed to protect you from overdraft like its Next Day Grace or Overdraft Line of Credit.
  • Business and commercial banking. Beyond its personal banking offerings, Capital One also offers business and commercial banking.
Cons
  • Lower savings and CD rates. You’ll earn less interest in Capital One 360 savings accounts and CDs.
  • High overdraft charges. If you don’t enroll in any of its overdraft protection programs, you can pay as much as $35 for overdrafting your account.
  • No 24/7 customer service. Access to customer service is limited to Capital One 360’s business hours.

Ally vs. Capital One 360 savings accounts

Both offer a fee-free standard savings account, but Ally wins with its much higher APY.

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Winner: Ally

Name Product Interest rate (APY) Fee Minimum deposit to open
1.80%
$0
$0
An online-only savings account with no maintenance or hidden fees.
1.00%
$0
$0
This money market savings account comes with a debit card and no minimum balance fees.
1.90%
$0
$0
A fee-free online savings account with a great rate for any savings balance.

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Ally vs. Capital One 360 checking accounts

The interest rates for Capital One 360 are higher when you hold high balances. However, Ally has the edge for its larger ATM network and higher rates across the board.

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Winner: Ally

Name Product APY ATMs Fee
0.60% on balances of $15,000+
0.10% on balances of $0 to $14,999
Free at any Allpoint ATM in the US
$0
A checking account with no monthly maintenance fees, but a high minimum daily balance if you're looking to get a decent APY.
0.75% on balances of $100,000+
0.50% on balances of $50,000 to $99,999.99
0.20% on balances of $0 to $49,999.99
39,000+ Capital One and Allpoint ATMs nationwide
$0
A fee-free online checking account you can use anytime, anywhere.
0.25%
39,000+ Capital One and Allpoint ATMs nationwide
$0
A teen checking account with zero fees.

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Ally vs. Capital One 360 CDs

With multiple CD terms, competitive rates and no minimum deposit requirements, Ally and Capital One 360 are neck and neck. But Ally wins this category with more CDs in its lineup, including the No Penalty CD and Raise Your Rate CD.

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Winner: Ally

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
2%
2.05% on CDs of $25,000+

2% on CDs of $5,000 to $24,999

1.9% on CDs of $0 to $4,999
2.1% on CDs of $25,000+

2.05% on CDs of $5,000 to $24,999

1.95% on CDs of $0 to $4,999
2.25%
2.2%
1.9%
1.8%
1.65%
1.6%
2.05%

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Ally vs. Capital One 360 other products

Both of these institutions offer a range of other products, but Ally comes out ahead for its investing options.

Ally

  • Money market account
  • IRAs
  • IRA CDs
  • Home loans and refinancing
  • Brokerage account
  • Portfolio management

Capital One 360

  • Credit cards
  • Money market account
  • IRAs
  • IRA CDs
  • Kid and teen checking
  • Car loans
  • Home loans and refinancing
  • Business and commercial banking

Ally and Capital One 360 branches and ATMs

Here’s how the two measure up:

Ally Capital One 360
Branches 0 35 Capital One Cafes with limited assistance at 500+ Capital One branches
ATMs 43,000 39,000
Customer service
  • Phone 24/7
  • Twitter
  • Live chat
  • Email
  • Speak with a representative 8 a.m. to 8 p.m. ET
  • Social media
  • Live chat during business hours
  • Interactive phone 24/7

Ally and Capital One 360 special features

Each of these banks have a couple features that make them stand out:

Ally

  • No penalty and Raise your Rate CDs
  • Learning center

Capital One 360

  • Access to Capital One Cafes
  • CreditWise credit score tool

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Winner: Tie

Bottom line

These two online banks offer a wide range of personal banking products with competitive rates and almost no fees. Ally is the better choice for savings accounts and CDs, whereas Capital One may be better if you have a higher checking balance or prefer access to branches. Before opening any account, compare your options to find the right one for you.

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