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Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
2023-12-22T20:06:51Z
- Ally Pros and Cons
- Capital One 360 Pros and Cons
- Checking Account Comparisons
- Savings Account Comparisons
- CD Comparisons
- Money Market Account
- Which Bank is More Trustworthy?
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
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.
Capital One 360 vs Ally
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Capital One 360 Performance Savings
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Ally Savings Account
Editor's Rating
4.5/5
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Deposit
$0
Editor's Rating
4.75/5
Annual Percentage Yield (APY)
4.35%
Minimum Deposit
$0
Capital One, Member FDIC
Ally Bank, FDIC Insured
Ally Pros and Cons
| Pros | Cons |
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Capital One 360 Pros and Cons
| Pros | Cons |
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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 Spending Account | Capital One 360 Checking | |
| Annual Percentage Yield (APY) | 0.10% to 0.25% | 0.10% |
| Minimum opening deposit | $0 | $0 |
| Monthly service fee | no monthly service fee | no monthly service fee |
| Perks |
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| Caveats |
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| Next steps | Start Banking |
Capital One 360 Checking
Capital One, Member FDIC
Insider’s Rating
4.5/5
Perks
No minimums, no fees, no worries.
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
Pros
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
Cons
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Product Details
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
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 Savings Account | Capital One 360 Performance Savings | |
| Annual Percentage Yield (APY) | 4.35% | 4.35% (as of 12/6/23) |
| Minimum opening deposit | $0 | $0 |
| Monthly service fee | no monthly service fee | no monthly service fee |
| Perks |
|
|
| Caveats |
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| Next steps | Start Saving |
Capital One 360 Performance Savings
Capital One, Member FDIC
Insider’s Rating
4.5/5
Perks
Earn 4.35% Annual Percentage Yield (APY) on any balance. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Deposit Amount
$0
Bonus
N/A
Pros
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
Cons
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Ally Savings Account
Ally Bank, FDIC Insured
Perks
Earn 4.35% Annual Percentage Yield with a $0 minimum account opening requirement
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Pros
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
Cons
- No physical branch locations
- No way to deposit cash
Insider’s Take
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees. You may earn 4.35% APY, and the account doesn't have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.
Product Details
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Ally vs. Capital One 360 CD Comparisons
| Ally High Yield CD | Capital One 360 CD | |
| Term lengths | 3 months to 5 years | 6 months to 5 years |
| Minimum opening deposit | $0 | $0 |
| Annual Percentage Yield (APY) | 3.00% to 5.25% | 4.10% to 5.25% |
| 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 | Start Saving | Start Saving |
Ally High Yield CD
Ally Bank, Member FDIC
Insider’s Rating
4.5/5
Annual Percentage Yield (APY)
3.00% to 5.25%
Minimum Deposit Amount
$0
Pros
- Competitive APY
- No required opening deposit
- Low early withdrawal penalties
Cons
- No terms over 5 years
- No physical branch locations
Insider’s Take
Ally is one of thebest online banks and an excellent choice for CDs. Its CD stands out from competitors because they have $0 opening deposit requirements, standard-to-low early withdrawal penalties, and great CD rates.
Product Details
- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
- Interest compounded daily, paid monthly
- FDIC insured
Capital One 360 CD
Capital One, Member FDIC
Insider’s Rating
4.5/5
Annual Percentage Yield (APY)
4.10% to 5.25%
Minimum Deposit Amount
$0
Pros
- Competitive APY
- No minimum deposit
- Low-to-standard early withdrawal penalties
Cons
- No jumbo or no-penalty CDs
Product Details
- Terms ranging from 6 months to 5 years
- No minimum deposit
- Early withdrawal penalties ranging from 3 to 6 months interest
- Compounding interest to maximize your earnings
- FDIC insured
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.
Ally Money Market Account
Ally Bank, Member FDIC
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.40%
Minimum Deposit Amount
$0
Pros
- No opening deposit or minimum account balance
- No monthly service fee
- Access to a debit card
- Access to paper checks
- Out-of-network ATM reimbursem*nts of up to $10 per month
- 24/7 customer service
- Easy-to-use mobile app
- Link to other Ally bank accounts
Cons
- Not the highest money market account APY
- No physical branch locations
- $10 excess transaction fee (paused during COVID-19)
Product Details
- Access to checks and a debit card
- Interest compounded daily, paid monthly
- FDIC insured
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.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
Capital One 360 Performance Savings Earn 4.35% Annual Percentage Yield (APY) on any balance. FDIC Insured.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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I'm an expert in personal finance and banking, with a deep understanding of various financial products and institutions. My knowledge spans traditional and online banking, including savings accounts, CDs, money market accounts, and checking accounts. I can provide valuable insights into the pros and cons of different banks and their offerings.
In the provided article, the focus is on comparing Ally and Capital One, two prominent financial institutions. The key concepts covered include:
-
Ally and Capital One Overview:
- Ally Bank and Capital One 360 are compared in terms of their pros and cons.
- Both banks offer 24/7 customer service, fee-free bank accounts, and competitive interest rates.
-
Checking Account Comparisons:
- Ally and Capital One both offer fee-free interest-earning checking accounts.
- Capital One has a joint checking account for minors.
-
Savings Account Comparisons:
- Ally and Capital One provide competitive interest rates on savings accounts.
- Capital One offers a kid's savings account.
-
CD (Certificate of Deposit) Comparisons:
- Ally High Yield CD and Capital One 360 CD are compared in terms of term lengths, minimum opening deposit, and APY.
- Both banks have different types of CDs, including no-penalty and IRA CDs.
-
Money Market Account:
- Ally offers a Money Market Account with features like no minimum opening deposit and out-of-network ATM reimbursem*nts.
- Capital One 360 does not offer a money market account.
-
Trustworthiness and BBB Rating:
- The Better Business Bureau (BBB) ratings for Ally and Capital One are mentioned.
- Capital One had a settlement in 2020 related to inefficient security practices.
-
Expert Opinions:
- The article features expert opinions and ratings, such as the Insider's Rating, for each bank and its products.
-
Authors and Contributors:
- Sophia Acevedo, a Certified Educator in Personal Finance (CEPF), is the banking reporter.
- Evelyn He is a compliance associate, ensuring accuracy and compliance in financial reporting.
I can provide detailed information on any specific aspect or answer questions related to the content provided in the article.
