Ally Bank vs. Capital One 360: Which Bank Makes Sense for You?

At first glance, Ally Bank and Capital One 360 seem to have few differences. These two banks operate either mostly or fully online, offering similar products with comparable yields and fee structures.

You’ll need to drill down into the finer details to make a choice between Ally Bank versus Capital One 360. Here’s an in-depth analysis of these financial institutions.

Ally Bank vs. Capital One 360: At a glance

	Ally Bank	Capital One 360
Checking accounts	Ally Bank Spending Account Annual percentage yield (APY): 0.10% to 0.25% Minimum opening deposit: $0 Monthly fee: $0	Capital One 360 Checking APY: 0.10% Minimum opening deposit: $0 Monthly fee: $0
	Visit Site	Visit Site
Savings accounts	Ally Bank Online Savings Account APY: 3.50% Monthly fee: $0	Capital One 360 Performance Savings  APY: 3.50% Monthly fee: $0
	Visit Site	Open Account
Money market accounts	Ally Bank Money Market Account APY: 3.50% Monthly fee: $0	Capital One 360 Money Market APY: 1.00% Monthly fee: $0
	Visit Site	Visit Site
Certificates of deposit (CDs)	Ally Bank CD APY 1-year CD rate: 3.85% 5-year CD rate: 3.50% Minimum opening deposit: $0	Capital One 360 CD APY 1-year CD rate: 4.00% 5-year CD rate: 3.50% Minimum opening deposit: $0
	Visit Site	Visit Site
Branches and customer service	No physical branches 24/7 customer service by phone	Limited branches and Capital One Cafes nationwide Customer service phone lines are available seven days a week from 8 a.m. to 11 p.m. ET

Signs Ally Bank might be the best fit

• You want higher yields on your checking or money market account.
• You want to be reimbursed for ATM fees.
• You want to allocate your savings to a few different financial goals.
• You want 24/7 customer service.

Signs Capital One 360 might be the best fit

• You want a higher yield on your one-year CD.
• You want to be able to bank at a physical location.
• You want to make cash deposits.

Ally Bank vs. Capital One 360: Checking accounts

Because they both feature relatively few fees and earn interest, both checking accounts offer more than your standard account from a brick-and-mortar bank. In this case, Ally Bank edges out Capital One because it offers up to $10 in ATM fee reimbursements per month and uses a tiered interest rate that lets you earn more if you keep a higher balance in your account.

Want more choices? Check out our ranking of the best checking accounts on the market today.

Ally Bank vs. Capital One 360: Savings accounts

These two high-yield savings accounts are nearly identical. Both offer an APY that’s well above the national average of 0.38% APY, so the winner depends on your preferences.

If you’d rather have the ability to make deposits at a physical location, Capital One might work better for you. On the other hand, if you’d rather have the ability to easily allocate the money in your account to different savings goals, it likely makes more sense to choose Ally Bank, as it offers a “savings bucket” tool to help you organize your money in a manner similar to using digital envelopes.

Still not satisfied? This overview of the best high-yield savings accounts (HYSAs) can help you get the most for your money.

Ally Bank vs. Capital One 360: Money market accounts

Where money market accounts are concerned, Ally Bank is the clear winner. Its advertised APY of 3.50% is much higher than Capital One’s, which is just 1.00% APY for all balances.

Still looking? Here’s our guide to the best money market accounts available.

Ally Bank vs. Capital One 360: Certificates of deposit

If you’re looking for the highest yield available when opening a one-year certificate of deposit, choose Capital One. Its 12-month CD rate of 4.00% APY just barely edges out Ally Bank, which advertises a rate of 3.85% APY.

Need alternative options? Our guide to the best CD rates can help you find your perfect match.