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Ally vs Capital One 360: Which online bank accounts are better?

Newsbreak 3 months ago in Ally, Ally CD, Ally high-yield savings account, Ally Interest Checking Account, Ally money market account, Alyssa Powell, Around The World, bank reviews, Capital One 360, Capital One 360 CDs, Capital One 360 Checking, Capital One 360 Performance Savings, CD, Checking Account, Money Market Account, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Product Card, PFI Related Content Module, PFI Reviews, PFI Short Code, PFI-XAMP, Savings, Savings Account, service graphics, TOC-jump-to 0
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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Ally logo and Capital One 360 logo side by side on personal finance background
Ally is an online-only bank, while Capital One 360 is the online operation of Capital One Bank.

Ally; Capital One 360; Insider

The bottom line: Capital One 360 has a better checking account, while Ally is our default winner for money market accounts. The two banks tie when it comes to savings accounts and CDs.

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.

Pros and cons of Ally

ProsCons
  • 24/7 live customer service over the phone or through live chat

  • Fee-free bank accounts

  • Competitive 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 locations
  • No joint bank accounts for minors
  • C- rating from the Better Business Bureau for unresolved complaints

Pros and cons of Capital One 360

ProsCons
  • 24/7 live customer service through live chat

  • Fee-free bank accounts

  • Competitive 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 account
  • Branches only in NY, LA, TX, MD, VA, NJ, and Washington, DC 
  • Settlement involving security practices
  • Might have to deal with out-of-network ATM fees

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®
APYAlly Interest Checking AccountCapital One 360 Checking®
Minimum opening depositAlly Interest Checking AccountCapital One 360 Checking®
Monthly service feeNoneNone
Perks
  • Earn interest on account
  • No overdraft fees
  • Free overdraft protection is available
  • Early direct deposit
  • Reimburses up to $10 in out-of-network ATM fees
  • Access to 43,000 free ATMs
  • Earn interest on account
  • No overdraft fees
  • Free overdraft protection is available
  • Early direct deposit
  • Access to over 70,000 free ATMs
Caveats
  • No physical locations
  • $2 out-of-network ATM fee
  • Doesn’t reimburse out-of-network ATM fees
  • Branches only in NY, LA, TX, MD, VA, NJ, and Washington, DC 
Next stepsAlly Interest Checking AccountAlly Interest Checking Account

Winner: Capital One 360

Capital One 360 Checking® has more ways to access your account. Capital One has physical locations in some states and a bigger ATM network. 

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™
APYAlly High Yield Savings AccountCapital One 360 Performance Savings™
Minimum opening depositAlly High Yield Savings AccountCapital One 360 Performance Savings™
Monthly service feeNoneNone
Perks
  • Savings buckets feature lets you separate savings to create specific goals
  • Surprise savings tool automatically transfers extra change from your checking account to help you save
  • My Savings Goals feature lets you create specific savings goals and track progress
  • Automatic Savings Plan feature transfers change from debit card purchases to your savings account to help you save
Caveats
  • No physical branches to deposit cash
  • Branches only in NY, LA, TX, MD, VA, NJ, and Washington, DC 
Next stepsAlly High Yield Savings AccountCapital One 360 Performance Savings™

Winner: Tie

Ally and Capital One 360 savings accounts offer nearly identical savings tools, interest rates, and may have similar limitations depending on where you live. 

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 years
Minimum opening depositAlly High Yield Certificate of DepositCapital One 360 Certificate of Deposit®
APYAlly High Yield Certificate of DepositCapital One 360 Certificate of Deposit®
Early withdrawal penalties60 to 150 days of interest30 to 60 days of interest
Types of CDsHigh-yield CD, No Penalty CD, Raise Your Rate CD, IRA CDRegular CD
Next stepsAlly High Yield Certificate of DepositCapital One 360 Certificate of Deposit®

Winner: Tie

Ally High Yield Certificate of Deposit and Capital One 360 Certificate of Deposit® CDs share a lot of similar features and pay similar interest rates on CDs. Ally still might be worth looking at first if you want to open a unique type of CD, though.

Ally vs. Capital One 360 money market account

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.

It’s featured in our best money market accounts guide, which includes fee-free accounts with competitive interest rates. 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 money market accounts, 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.

Capital One currently has an A- rating due to a high volume of customer complaints on the BBB website. Meanwhile, Ally received a C- rating because it has a high volume of customer complaints and two unresolved customer issues. 

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 experienced 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, though.

Read the original article on Business Insider
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