Ally Bank has several different products to choose from. They have a high interest for their checking, savings, and CD options. Plus, there aren’t any minimum deposits or monthly charges you have to worry about.
Meanwhile, Capital One comes with competitive rates for their savings accounts. Plus, their checking accounts also bear-interest and overdraft choices. There aren’t any minimum deposits required or monthly service charges either.
Read below for more information comparing both Ally Bank and Capital One.
| BONUS LINK | OFFER | REVIEW |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
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| Ally Bank | Capital One | |
| Locations | Online only | Online only |
| ATMs | More than 43,000 no-fee Allpoint ATMs | Over 39,000 Capital One and AllPoint ATMs |
| Savings | 1.50% APY | 1.50% APY |
| CD | 0.50% to 1.60% APY. Terms from 3 months to 5 years. 12-Month CD APY of 1.50% | 0.60% to 1.50% APY. Terms from 6 months to 5 years. 12-Month CD with 1.50% APY. |
| Checking | 0.10% APY under $15k & 0.50% APY for $15k+ | 0.20% APY |
| Money Market | 0.75 APY | None |
| Customer Service | 24/7 | Monday – Sunday: 8am-11pm (ET) |
| Mobile App | 5/5 | 4.5/5 |
| Pros | -CD options -No account minimum -Good customer service |
-Overdraft protection options -No account minimum -24/7 Capital One cafes for in-person support |
| Cons | -Low Checking APY for lower Diffcustomers | -Lower savings APY compared to other online banks |
| Bottom Line | Ally Bank has many financial products to offer. | Capital One is a great online bank that has access to in-person support. |
Comparing Both Banks
Both Ally Bank and Capital One are online banks. They both even offer the same financial products with a slightly different rate. These banks have much in common, so it all comes down to their rates and what cost they come with.
Capital One offers an overdraft protection option that can benefit you greatly if you accidentally overdraw. Meanwhile, Ally Bank does not have this option and you’ll be charged for overdrawing.
Different Bank Accounts
Ally Bank has great reviews for their savings and checking accounts. Their checking accounts will all bear interest, which is a good feature to have. It comes with no minimum opening deposits, and is FDIC insured. Ally Bank also offers different savings accounts to choose from. They have 3 CD account options such as: High Yield, Raise Your Rate, and No Penalty CDs.
With Capital One, they have many different financial products to choose from. Their 360 Checking account has great interest rates and comes with many neat features. One of the most appealing features is their overdraft option. Rather than immediately charging overdraft, they will give you different options. These options range from: auto decline charges you don’t have funds to cover, to linking a Capital One 360 Savings account to cover your fees.
Conclusion
Overall, when you open an account with either bank, you’ll be getting excellent benefits from them. Both Ally Bank and Capital One are head-to-head when it comes with most of their financial products. However, if you’re looking for a specific account, it’s better to mainly focus on the rate it has and what advantages comes with it.
