Ally vs Capital One 360: Which online bank accounts are better?

Ally is an online-only bank, while Capital One 360 is the online operation of Capital One Bank. Ally; Capital One 360; Insider

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The bottom line: Capital One 360 has a better checking account, while Ally is our default winner for money market accounts. The two banks tie when it comes to savings accounts and CDs.

We've compared Ally and Capital One accounts 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

Pros and cons of Capital One 360

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 in our best teen checking accounts guide.

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. 

Winner: Tie

Ally and Capital One 360 savings accounts offer nearly identical savings tools, interest rates, and may have similar limitations depending on where you live. 

Ally vs. Capital One 360 CD comparisons 

Winner: Tie

Ally and Capital One CDs share a lot of similar features and pay similar interest rates on CDs. Ally still might be worth looking at first if you want to open a unique type of CD, though.

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.

Capital One currently has an A- rating due to a high volume of customer complaints on the BBB website. 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.