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 is an online-only bank, while Capital One 360 is the online operation of Capital One Bank.
Ally; Capital One 360; Insider
Ally is an online-only bank while Capital One 360 is the online operation of Capital One.
Capital One 360 has a better checking account; the two banks tie when it comes to savings accounts.
Ally is our default winner for money market accounts; for CDs, it’s even between the two banks.
Read Insider’s bank reviews of Ally and Capital One 360.
Ally and Capital One offer a good variety of online banking options. If you’re looking for competitive high-yield savings accounts, interest-earning checking accounts, or CDs, you’ll find these accounts at both banks.
We’ve compared each account 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 locationsNo joint bank accounts for minorsC 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 minors
No money market accountBranches only in NY, LA, TX, MD, VA, NJ, and Washington, DC Settlement involving security practicesMight 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 on 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 feeNoneNonePerksEarn interest on accountNo overdraft feesFree overdraft protection is availableEarly direct depositReimburses up to $10 in out-of-network ATM feesAccess to 43,000 free ATMsEarn interest on accountNo overdraft feesFree overdraft protection is availableEarly direct depositAccess to over 70,000 free ATMsCaveatsNo physical locations$2 out-of-network ATM feeDoesn’t reimburse out-of-network ATM feesBranches 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 feeNoneNonePerksSavings buckets feature lets you separate savings to create specific goalsSurprise savings tool automatically transfers extra change from your checking account to help you saveMy Savings Goals feature lets you create specific savings goals and track progressAutomatic Savings Plan feature transfers change from debit card purchases to your savings account to help you saveCaveatsNo physical branches to deposit cashBranches 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 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 yearsMinimum 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 interestTypes of CDsHigh-yield CD, No Penalty CD, Raise Your Rate CD, IRA CDRegular CDNext 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 stack up pretty evenly, so you’ll have to check for a specific term to see which bank offers the higher interest rate. Ally also might be worth looking at first if you want to open a unique type of CD.
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.
The BBB gave Capital One an A rating. 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.