Ally Bank vs Capital One 360: Which Bank is Best?

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With interest rates so low and fees getting higher, picking the right bank for your needs is important. Finding the right bank will depend on what you need in a bank, will you own CDs and stocks through your bank, or just use your bank for a checking and

Ally Bank

Ally Bank started in 1919 as General Motors Acceptance Corporation (GMAC), as a provider of financing for those buying automobiles. By 1985, they had financed their 100 millionth vehicle. The company was renamed Ally Financial in 2010. Ally Bank is listed on the New York Stock Exchange with the symbol GOM. Ally Bank is an online bank only and they do not have any branch banks.

Ally Bank Services and Products

Ally Bank is a member the Federal Deposit Insurance Corporation (FDIC) and offers the following financial products.

Ally Bank Certificate of Deposits

Ally Bank has different types of CDs ranging from 3-months to 18 months in three month increments and a 3-year and a 5-year certificate of deposit. Ally Bank offers the following with their CDs.

  • Daily compounded interest
  • Automatic renewal at maturity

High Yield CD

  • 0.94% fixed APY 12-month CD
  • If you make a withdrawal before the maturity date, there is an early withdrawal penalty equal to 60 days of interest.
  • Can be used in an IRA account

2-Year "Raise Your Rate" CD

  • 1.05% variable APY
  • You can raise your interest rate once if the rate goes up for your CD

4-Year "Raise Your Rate" CD

  • 1.30% variable APY
  • You can raise your interest rate twice if the rate goes up for your CDs term.

No-Penalty CD

  • 0.85% fixed APY
  • You can make a withdrawal within the first 6 days after they receive your deposit without incurring a penalty.
  • Cannot be used in an IRA account.

Ally Bank Savings Accounts

You can open an online savings account at Ally Bank without a minimum deposit and no monthly maintenance fees.

  • Their savings account is currently paying 0.84% variable APY.
  • Daily compounded interest.
  • FDIC insured.
  • You are allowed six transfers and withdrawals per statement cycle.
  • Can be used in an IRA account.

Ally Bank Checking Account

The Ally Bank checking account requires no minimum deposit and they require no monthly maintenance fee. You will earn interest on your checking account balance.

  • On a daily balance of less than $15,000 you will get 0.40% APY.
  • A balance of more than $15,000, the interest rate is 0.75% APY.
  • Free MasterCard debit card, checks and unlimited check writing.
  • Free online banking, mobile banking, bill pay and Popmoney.
  • No ATM fees.
  • FDIC insured.

Ally Bank Money Market Account

You can open a money market account without having to have a minimum deposit and no monthly maintenance fees.

  • Their money market account is currently paying 0.84% variable APY.
  • You can get a free Visa debit card and free standard checks.
  • No ATM fees at any ATM throughout the country.
  • Interest is compounded daily.
  • FDIC insured.
  • Six transfers and withdrawals per statement cycle.

Ally Bank Fees and Services Cost 

When choosing a new bank, it is wise to look at the possible fees you can be charged. Ally Bank has the following fees.

  • Monthly maintenance: $0
  • Overdraft item paid or overdraft item returned (maximum one fee per day): $9.00
  • Stop payment: $15.00
  • Returned deposit item: $7.50
  • Ally Bank standard checks: Free. Prices vary with custom checks.
  • Cashiers checks are free.
  • Online check images are free.
  • Online statement copies are free.
  • Incoming wires from any destination are free.
  • Outgoing domestic wires: $20.00
  • Account research fee costs $25.00 per hour.

Ally Bank ATM Fees

You will not be charged an ATM fee at any ATM nationwide. Ally Bank will reimburse any ATM fees you are charged by other banks at the end of your monthly period. If you are not near an ATM, you can get cash back at most stores and you will not be charged a withdrawal fee.

Other Ally Bank Products

You can also open a traditional IRA account or a Roth IRA account. Ally Bank also offers vehicle financing and business accounts. 

Ally Bank Mobile Apps

Ally Bank mobile apps are compatible with Android 2.2 or higher, iPhone 3GS, iPhone 4 and 4S, iPad and iPad 2 and iPod Touch. 

Capital One 360

Capital One 360 was formed when Capital One bought ING Direct in 2012. Capital One 360 is a division of Capital One. Capital One is listed as one of the 10 largest banks in the United States based on deposits. They are ranked #145 on the Fortune 500 list and currently have approximately 45 million customer accounts. Capital One trades on the New York Stock Exchange with the symbol of COF.

Capital One has branch banks primarily in New York, Texas, New Jersey, Louisiana, Maryland, Virginia and the District of Columbia.

Capital One 360 Services and Products

Capital One 360 is also an FDIC member and offers the following banking and financial products and services.

Capital One 360 Certificates of Deposits

Capital One 360 CDs are FDIC insured and are available with maturities that range from 6 months to 5 years with the following annual percentage yields (APY). Interest is accrued daily and compounded monthly.

  • Certificate of deposits with maturities of between 6 months and 24 months have an APY of 0.40%.
  • CDs with maturities between 30 months and 48 months have an APY of 0.70%.
  • A 60-month CD has an interest rate of 0.90% APY.

Capital One 360 penalties for early withdrawal prior to the maturity date are as follows.

  • For a CD with a maturity of 12 months or less, the penalty is three months interest.
  • For a CD with a maturity longer than 12 months, the penalty is six months of interest.

Capital One 360 Savings Accounts

There are no minimums required to open a savings account at Capital One 360 and there are no fees.

  • A Capital One 360 savings account is currently paying a variable 0.75% APY.
  • FDIC insured.
  • The interest is accrued daily and compounded monthly and will be credited at the end of each month.
  • You can link a checking account to the savings account.
  • You can open as many as 25 accounts for free and nickname each one.

Capital One 360 Checking Accounts

You can open a Capital One 360 checking account with no minimum deposit requirement and no fees plus you will earn interest everyday on your checking account.

  • If your account balance if under $50,000, you will currently earn 0.20% APY.
  • If your account balance is between $50,000 and $99,999.99, you will currently earn 0.80% APY.
  • An account above $100,000 will currently earn 0.85% APY.
  • You will receive a free MasterCard debit card.
  • There are 38,000 fee-free Allpoint ATMs that you can use and 2,000 Capital One ATMs you can use.

Capital One 360 Investing

You can also buy stocks, ETFs, mutual funds and trade options at Capital One 360 with their ShareBuilder program.

  • Capital One 360 ShareBuilder is a registered broker and a FINRA/SIPC member.
  • No minimum to open an account.
  • You will also get free stock ratings and analyst reports.
  • You can currently get a $50 bonus deposited into your account if you make a trade within 45 days of opening your ShareBuilder account, use promotion code 50TRADE.
  • You can open an individual account, joint or custodial ShareBuilder accounts.
  • Online trading fees are $6.95.
  • Option trades cost $6.95 plus $0.75 per contract.

Capital One 360 Fees and Services Costs

Capital One 360 overdraft fees are not a set fee. You will be charged a percentage of your overdrawn amount per day, which is usually less than most other bank overdraft fees.

For example, if you are overdrawn $100 for 10 days, you will be charged $0.31. This is a daily interest charged of $0.031 per day.

Other Capital One 360 fees include:

  • Rejected check fee is $9.00.
  • Stop Payment fee of $25.00.
  • No fees or minimums for opening a business account.
  • It costs $20 to send a cashier check overnight.

Capital One 360 ATM Fees

You can use ATMs with the Allpoint logo on them without an ATM fee. If you are charged a fee, Capital One 360 will reimburse your fees.

Other Capital One 360 Bank Products

Capital One 360 offers several types of home loans, IRA accounts and business accounts. 

Capital One 360 Mobile Apps

Capital One 360 mobile apps are compatible with iPhone and Android. 

Certificate of Deposit Comparison

In this age of very low interest rates, finding the best certificate of deposit for your money is important. This is a comparison of both Ally Bank and Capital One 360 certificate of deposits and their current annual percentage yield (APY). If a maturity is blank, the bank doesn't offer that maturity.

Term to Maturity

Ally Bank High Yield CD

Capital One 360


3 months



6 months



9 months



12 months



18 months



24 months (2 years)



30 months



36 months (3 years)



48 months (4 years)



60 months (5 years)



Bank Health

Ever since the financial crises of 2008, knowing the financial health of a bank has been important to bank customers. Knowing the financial health of a bank before you put your money in that bank can save you from a big headache later on. rates every bank in the country from 1 star to 5 stars. 

Ally Bank

  • They have a 4 star rating, which means they are sound.
  • Ally Bank has more than $5 billion in assets.

Capital One 360

Capital One 360 is listed as Capital One, NA.

  • They have a 4 star rating and are listed as sound.
  • They have more than $5 billion in assets.


Neither bank can be called the best bank over the other one as they both have advantages. Ally Bank has better CD rates while Capital One 360 has more maturities to choose from. Ally Bank has automotive loans and Capital One 360 has home loans and you can trade stocks, ETFs and options at Capital One 360. Both banks have the same sound health ratings and an asset size or more than $5 billion.