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

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Ally is an online-only bank, while Capital One 360 is the online operation of Capital One Bank.

Ally; Capital One 360; Insider

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

Pros	Cons
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

Pros	Cons
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 Account	Capital One 360 Checking®
APY	Ally Interest Checking Account	Capital One 360 Checking®
Minimum opening deposit	Ally Interest Checking Account	Capital One 360 Checking®
Monthly service fee	None	None
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 steps	Ally Interest Checking Account	Ally Interest Checking Account

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 Account	Capital One 360 Performance Savings™
APY	Ally High Yield Savings Account	Capital One 360 Performance Savings™
Minimum opening deposit	Ally High Yield Savings Account	Capital One 360 Performance Savings™
Monthly service fee	None	None
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 steps	Ally High Yield Savings Account	Capital One 360 Performance Savings™

Ally vs. Capital One 360 CD comparisons

	Ally High Yield Certificate of Deposit	Capital One 360 Certificate of Deposit®
Term lengths	3 months to 5 years	6 months to 5 years
Minimum opening deposit	Ally High Yield Certificate of Deposit	Capital One 360 Certificate of Deposit®
APY	Ally High Yield Certificate of Deposit	Capital One 360 Certificate of Deposit®
Early withdrawal penalties	60 to 150 days of interest	30 to 60 days of interest
Types of CDs	High-yield CD, No Penalty CD, Raise Your Rate CD, IRA CD	Regular CD
Next steps	Ally High Yield Certificate of Deposit	Capital One 360 Certificate of Deposit®

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.

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.

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