Updated
Fact Checked
Eric McWhinnie
Bottom line: Capital One and Ally might each satisfy online banking fans, but if you want the option to bank in person, Capital One might be better for you -- if not, consider Ally.
Capital One vs. Ally: Account options
Here's a closer look at what accounts are available from Capital One and Ally, and how they compare.
Savings accounts
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Rates as
of Apr 29, 2024
| Offer |
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| Account | ||
| Rating |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. | 4.25% |
| Min. to earn APY | $0 | $0 |
| Next Steps |
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Capital One offers a nice option if you're looking for a good savings account. Its Capital One 360 Performance Savings pays a solid APY that's on par with some of the best high-yield savings accounts out there.
The Ally Savings account comes with a competitive APY as well. And you earn that APY with no special moves and no minimum balance. Plus, you get access to up to 30 "buckets" (sub-accounts) that make saving for different goals easier and more fun.
Checking accounts
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Rates as
of Apr 29, 2024
| Offer |
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|---|---|---|---|
| Account | |||
| Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 0.10% | 0.10% | up to 0.25% |
| Min. to earn APY | $1 | $0 | $1 |
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Capital One has multiple personal checking accounts on offer. The Capital One 360 Checking account has no monthly fees and even earns APY, a less-common feature for a checking account. If you need an account for a young person, consider the Capital One MONEY Teen Checking Account, which is also fee free and comes with parental monitoring features.
At Ally, it's not a checking account, it's an Ally Spending Account. You can earn interest on your money in it, and managing the account is easy using Ally's website or mobile app (more on that below). Remember, Ally doesn't have branches, so if you need to take cash out, you can lean on more 43,000 in-network ATMs (or take advantage of reimbursement of up to $10 per month in ATM fees).
CDs
Rates as of April 25, 2024
APY = Annual Percentage Yield
| Offer |
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|---|---|---|
| Account | Capital One 360 CD | Ally High Yield CD |
| 3 Mo. | -- | 3.00% |
| 6 Mo. | 4.25% | 4.40% |
| 9 Mo. | 4.25% | 4.25% |
| 10 Mo. | 5.10% | -- |
| 1 Yr. | 4.80% | 4.50% |
| 1.5 Yr. | 4.45% | 4.25% |
| 2 Yr. | 4.00% | -- |
| 3 Yr. | 4.00% | 4.00% |
| 4 Yr. | 3.95% | -- |
| 5 Yr. | 3.90% | 3.90% |
| Min. Deposit | $0 | $0 |
| Early Withdrawal Penalty | Yes | Yes |
| Next Steps |
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Capital One CDs offer competitive APYs no matter what term you choose -- those terms come in the usual flavors (three months to five years). And you won't need to come up with a set minimum to open a CD, either.
Ally CDs also come in straightforward term lengths (three months to five years) and the APYs offered are pretty solid. As of this writing, you can get the best APY on a 1-year CD, and there's no minimum balance to open one here, either.
Capital One vs. Ally: APYs
Capital One and Ally are pretty neck and neck when it comes to earning interest on your banked cash. As of this writing, their savings APYs are the same, and rates on CDs are also comparable (Capital One's are slightly higher for some terms). Those rates are pretty competitive among online banks, and definitely way higher than the national average. Plus, you can earn interest on your checking account with both banks.
Capital One vs. Ally: Customer service
Need to call Capital One? Representatives are standing by from 8 a.m. to 11 p.m. ET, seven days a week. And if you have one in your area, you can visit a branch or Capital One Cafe to get your questions answered or help with your account.
Your contact with Ally will have to be 100% remote, since this online bank has no branches. But Ally offers 24/7 phone support, and you can even see how long the wait is to speak to someone -- how cool! You can also reach out via chat.
Capital One vs. Ally: Mobile apps
Capital One's mobile app gives you the chance to see all your accounts in one place, keep tabs on your credit, and pay your bills. It's got high ratings on both the App Store (4.8 out of 5) and Google Play (4.6 out of 5), so users are evidently enjoying their experiences with the Capital One app.
Ally's mobile app offers a range of tools and charts to help you keep track of your financial life and goals. You can also move money around as needed, between your accounts or otherwise. It's got a solid rating on the App Store (4.7 out of 5), but reviews are mixed for Google Play (2.8 out of 5) -- seemingly due to tech issues.
Capital One vs. Ally: Which is right for you?
Ultimately, Capital One and Ally have a lot in common as far as high APYs, account types available, and other features are concerned. The biggest differentiator is the ability to seek out in-person help from Capital One if you live near a branch. Otherwise, it's a good idea to review our coverage of both banks and dig into the finer details to find the right fit for you and your money.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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If in-person banking is something you'd like to take advantage of and you live near a Capital One branch or Capital One Cafe, Capital One could be a good fit for you -- especially if you are also a fan of online banking.
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If you can manage your money without branch access and don't mind finding a partner ATM to withdraw cash, Ally's online-only platform could be just the ticket.
Our Banking Experts
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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