Capital One vs. Ally: Which Bank Is Right for You?
Review
Updated
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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.
Here's a closer look at what accounts are available from Capital One and Ally, and how they compare.
| Offer |
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|---|---|---|
| Account |
Capital One 360 Performance Savings
On Capital One's Secure Website. |
|
| 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, 4.75 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 | 3.60% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening. | 3.80% |
| 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.
| Offer |
|
|
|---|---|---|
| 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 |
| APY | 0.10% | up to 0.25% |
| Min. to earn APY | $0 | $1 |
| Next Steps |
|
|
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).
APY = Annual Percentage Yield
| Offer |
|
|
|---|---|---|
| Account | Capital One 360 CD | Ally High Yield CD |
| 3 Mo. | -- | 2.90% |
| 6 Mo. | 3.80% | 4.00% |
| 9 Mo. | 3.80% | 4.00% |
| 1 Yr. | 4.00% | 3.90% |
| 1.5 Yr. | 3.70% | 3.80% |
| 2 Yr. | 3.50% | -- |
| 30 Mo. | 3.50% | -- |
| 3 Yr. | 3.50% | 3.50% |
| 4 Yr. | 3.50% | -- |
| 5 Yr. | 3.50% | 3.50% |
| 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 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.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
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 |
up to 3.80%²
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
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
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 |
4.10% APY for balances of $5,000 or more
Rate info
4.10% 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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Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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'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.
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.
On Capital One's Secure Website.
Member FDIC.
2025 Award Winner
Capital One 360 Performance Savings
On Capital One's Secure Website.
On Capital One's Secure Website.
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Ally Savings
The Ally Savings account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.
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 Motley Fool Money rates bank accounts.
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.
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.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
