The deciding factor between Ally Bank and Capital One is whether or not you choose to bank through a network of brick-and-mortar locations. Ally Bank is a digital-only bank, accessible only through its website and mobile app.
Similar benefits are available from Capital One, but in-person service at any of their convenient locations is a bonus. In the sections that follow, we'll examine the services provided by each bank.
Ally Bank: The Basics
There has been a steady decline in interest rates over the past few months, but ally bank vs capital one 360 cd still has competitive annual percentage yields. The bank's CDs, for instance, have an annual percentage yield as high as 2.90% yet as low as 0.75%.
Ally's online savings account offers a competitive annual percentage yield of 1.60%. Ally does her best to make up for the absence of actual sites. This is possible because of its high-quality and comprehensive mobile and internet banking services. Your online banking credentials will provide quick and simple access to your account. Also, there are more than 55,000 Allpoint ATMs spread around the country that you may use.
Capital One: The Basics
People who value convenience and low-interest rates will find Capital One an ideal financial institution. Capital One's savings account offers a competitive 1.50% APY, while the bank's certificate of deposit rates can reach 3.20%. Its MONEY bank account for young people pays an APY of 0.10%. Good rates, no monthly fees, and no minimum deposits all add to this bank's superb checking and savings options.
Keep an eye out for a Capital One Cafe, too. These cross between a Capital One bank and a Peet's Coffee shop. Even if a traditional Capital One branch isn't available in your area, you can use the same services at a Capital One Cafe.
Comparing Ally Bank With Capital One For Banking Services
Ally and Capital One both provide the same banking services, so you may open savings, CD, checking, money market, or individual retirement account with either. However, when it comes to these accounts, every bank has its specialities.
With ally bank vs capital one 360 savings No Penalty CD, you won't have to worry about the steep penalty that would normally be imposed on you if you withdrew money from your CD before its maturity date. Because of this, clients may select the optimal account type based on their needs, wants, and circumstances.
On the other hand, Capital One has a limited selection of only nine basic CDs. There is an online beneficiary addition option for Capital One CDs. A checking account designed specifically for teenagers is unavailable at most banks, although Capital One has its Money checking account.
Fees At Ally Bank and Capital One
Regarding costs, ally bank vs capital one 360 and Capital One are at the top of their fields. This makes each account far more accessible to clients who may otherwise be unable to open such advantageous accounts.
And it protects your savings from the negative effects of bank fees while they grow. Yes, there will be charges for specific activities, but you should be able to stay away from them. No fees will be assessed for using an ATM that is not affiliated with either bank.
Rates At Ally Bank compared to Capital One
General, Capital One's interest rates are comparable to Ally's. Specifically, the annual percentage yield on savings accounts from Ally is 1.60%, while the APY from Capital One is 1.50%.
The interest rates on their various CDs are likewise quite comparable. Competitive CD rates are available from Ally and Capital One, with the greatest rates available from Ally for terms between 1 and 5 years and 3 and 5 years, respectively.
Both money market accounts and bank interest checking accounts provide tiered interest rates based on account balances. That's right; your rate is directly proportional to how much money you have in the account.
Conclusion
Ally Bank is a great option for those who value high-interest rates and are fine with not having any brick-and-mortar locations. On the other hand, Capital One continues to earn at rates far higher than its major bank competitors, and it also has some actual brick-and-mortar stores. Check if there is a Capital One branch or cafe in your area. Then, comparing interest rates will help you choose the best bank for your needs.
