Ally vs. Capital One 360: Which Bank Offers More Benefits?
Written by
Sarah Sharkey
Edited by
Elizabeth Constantineau
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Ally Bank and Capital One 360 are two of the best-known online banks. But which one is best for you? Read on to find out how they compare on rates, features and benefits.
Quick Overview of Ally vs. Capital One 360
Here’s a quick look at the best features of these two banks:
Ally
- Attractive interest rates: Ally’s competitive interest rates make it easy to put your funds to work.
- Savings buckets: You can create buckets within your savings account to help you more easily visualize what funds are already earmarked for a particular goal.
- No maintenance fees: You won’t face monthly maintenance fees to keep your account open.
Capital One
- Attractive interest rates: Capital One 360’s competitive interest rates make it easy to put your funds to work.
- No maintenance fees: You won’t face monthly maintenance fees to keep your account open.
- Physical branches: Capital One offers some physical branches, which can come in handy for some.
| Feature | Capital One | Ally Bank |
|---|---|---|
| Interest Checking | -No fees or minimums – APY* |
-No fees or minimums -Up to APY on the Spending Account |
| Savings | – APY -No fees or minimums |
– APY -No fees or minimums |
| CDs | -Terms from 6 to 60 months -APYs range from to |
-Terms from 3 months to 5 years -APYs from to |
| Money Markets | No | Yes |
| FDIC Insured | Yes | Yes |
| ATM Network | Over 70,000 ATMs | Over 75,000 no-fee ATMs |
| In-person Branches | Yes | No |
| Checking and Savings for Kids and Teens | Yes | No |
| Early Direct Deposit | Yes | Yes |
Account Types Comparison: Ally vs. Capital One 360
As you compare different banks, explore some of highlighted account options below.
Checking Accounts
Ally Bank Spending Account
Ally Bank’s Spending Account has everything you could ask for in an online checking account. This includes free ATM access through the AllPoint network, plus up to $10 in reimbursements for using out-of-network ATMs that collect their own fees.
Ally Bank offers some of the highest interest rates for a checking account, with a APY for balances under $15,000 and APY for balances above that. There are no fees, minimum balance requirements or minimum opening deposit required to open an account.
Spending buckets make it easy to track your spending and maintain a budget.
Capital One 360 Checking
Capital One’s 360 Checking is an online, interest-earning checking account that also provides personalized service at local Capital One branches. The checking account has no fees, no minimum balance requirements or required minimum opening deposit, and it pays interest on all balance tiers.
You can use Capital One or AllPoint ATMs with no fees. Capital One does not charge for out-of-network ATM use, but also does not reimburse fees charged by out-of-network ATMs.
You can deposit money into your account at CVS, Walgreens and Duane Reade by Walgreens locations, in branches, at Capital One ATMs or through mobile check deposits.
Savings Accounts
Ally Bank Savings Accounts
Ally Bank offers two savings accounts: a regular savings account and a money market account.
The bank’s Online Savings account delivers an APY of with no fees and no minimum requirements. Features like recurring transfers, saving buckets, round-ups on purchases and “surprise savings,” can make it even easier for you to save money.
Ally Bank’s Money Market account offers APY on all balance tiers. There is no monthly maintenance fee, no overdraft fees, and — for the time being — the bank is isn’t charging the excessive transaction fees permitted by law.
Capital One 360 Performance Savings
Like Ally, the Capital One 360 Performance Savings account has no monthly maintenance fees and no minimum balance requirements. The savings account offers a APY.
Rather than using buckets to separate your savings for different purposes, you can open multiple accounts to track and achieve your financial goals. The account lets you schedule automatic transfers, as well.
CD Accounts
Ally Bank CDs
Ally Bank offers a wide variety of CDs, including High Yield CDs, Raise Your Rate CDs and No Penalty CDs. APYs range from up to .
The Raise Your Rate CD account lets you increase your APY if the rate goes up once during the two-year term or twice during a four-year term.
The No Penalty CD allows you to withdraw all your money at any time after the first six days of funding the account with no penalties. You can also keep the interest you earned, which makes this CD a great place to save money for an emergency.
Capital One 360 CDs
With terms starting at six months, Capital One 360 CDs offer a flexible savings vehicle to earn high interest if you’re saving for a specific event. The APYs go up to , with no minimum balance to open an account.
Account Comparison: At a Glance
As you can see, Ally and Capital One each offer a wide selection of account types. The table below highlights the various account offerings:
| Feature | Capital One | Ally Bank |
|---|---|---|
| Interest Checking | – on all balances -No monthly fees |
– on balances of less than $15,000 – on balances of at least $15,000 -No monthly fees |
| Savings accounts | – APY -No fees |
– APY -No fees -Savings buckets available to divvy up your funds |
| CDs | -Rates from to APY -Terms from six months to five years |
-Terms from three months to five years -Rates from to APY |
| Kid account options | -MONEY Teen Checking, APY -Kids Savings Account, APY |
N/A |
| Loans | -Premium credit cards, auto loans, business loans | Credit cards, auto loans |
Interest Rates: Ally vs. Capital One 360
On the whole, Ally and Capital One each have very similar interest rates. But if you have a particular account type in mind, you might find higher rates with one financial institution over the other.
Use the following table to compare:
| Account | Ally | Capital One |
|---|---|---|
| Savings account | APY | APY |
| Checking accounts | – on balances of less than $15,000 – on balances of at least $15,000 |
on all balances |
| CDs | Rates from to APY | Rates from to APY |
| Money Market Account | N/A |
Fees and Charges: Ally vs. Capital One 360
Ally and Capital One each have fees attached to their accounts. Here’s how the fees stack up:
| Fees and Charges | Ally | Capital One |
|---|---|---|
| Monthly maintenance fees | None | None |
| Overdraft fees | None | None |
| Expedited delivery for checks and debit cards | $15 | N/A |
| Outgoing domestic wire | $20 | $30 |
| Stop payment | $15 | N/A |
| Same-day bill pay | $9.95 | N/A |
| International transactions | Up to 1% | None |
Pros and Cons: Ally vs. Capital One 360
Before you decide on which bank suits your needs, consider the following advantages and disadvantages:
Pros of Ally
- Interest-bearing checking account
- Competitive rates
- Access to over 75,000 ATMs
Pros of Capital One
- Robust selection of top-tier credit cards
- Access to an interest-bearing checking account
- Competitive rates
- Some physical locations that offer in-person service
Cons of Ally
- Lack of physical locations
- Inconvenient cash deposit option
Cons of Capital One
- Many credit cards offered require good to excellent credit
- Limited selection of physical locations
Who Should Choose Ally and Who Should Choose Capital One 360?
Who Should Choose Ally?
Ally Bank is best for those seeking an online-only bank with excellent interest rates and many ways to save. Spending and savings buckets make it a good choice for anyone who needs help budgeting, too.
Who Should Choose Capital One 360?
Capital One 360 is best for customers who want the personalized service of in-person banking combined with the high interest rates associated with an online bank. Families with children may want to consider Capital One 360 for its checking and savings products for children and teens, as well.
FAQ
Here are the answers to some of the most frequently asked questions regarding Ally vs. Capital One 360.- What is the best savings account option between Ally and Capital One 360?
- Ally and Capital One each offer savings accounts with similar APYs. For savers who enjoy dividing up their savings, Ally's bucketing option is helpful. For savers who prefer in-person branches, Capital One might be a better fit.
- Are there any hidden fees at Ally or Capital One 360?
- Both banks make an effort to publish their fees. As long as you read the fine print, you shouldn't face an unexpected fee through these banks.
- How does Ally's mobile app compare to Capital One 360's app?
- Both Ally and Capital One have received thousands of ratings in the Apple App Store and Google Play Store. Each app has earned above four out of five stars in both stores.
- Which bank has the best CD rates?
- Both Capital One and Ally offer competitive APYs. As of March 7, 2025, both bank's rates top out at 4.00%.
More on Ally Bank
- Ally Bank Review
- Ally Bank CD Rates
- Ally Bank Bonuses and Promotions
- Ally Bank Hours
- Ally Bank Savings Account Interest Rates
More on Capital One Bank
- Capital One Bank Review
- Capital One CD Rates
- Capital One Bank Promotions
- Capital One Hours
- Capital One Interest Rates
Daria Uhlig and Dawn Allcot contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 7, 2025
*Capital One interest rates accurate as of 10/1/2025. See website for all current rates. Savings vary depending on account usage and payment behavior.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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