Capital One 360 vs Ally: Comparison and Review

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Guide: Capital One 360 vs Ally: Comparison and Review

Ally and Capital One 360 ‚Äč‚Äčare two of the most popular online banks available today. While brick-and-mortar banks have their uses, in many cases they don’t exactly go the extra mile to provide decent interest rates or even good customer service. That creates a plea for online banking only. In Ally vs Capital One 360 ‚Äč‚Äč- which is the best? I put one against the other to see which one is better than the other.

Online banking has a number of advantages over RL banking. The online banks often pay more interest (although not much) and have lower costs. The downside is that everything is complicated and that customer service can often be a challenge.

Compsmag is a technical site, not a financial advisor, so the following is a personal opinion of my experiences with both Ally Bank and Capital One 360. I will present my findings and you can decide which one is best for you.

Ally vs Capital One 360 ‚Äč‚Äč- Which is Best 2

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Ally Bank

Ally Bank is a simple, no-nonsense online bank with deposit and checking accounts. It is an online only company but has good customer service to offset the usual downside of online banking. If you just want a simple daily account or a simple savings account, Ally can provide it.

Ally Bank started life as a General Motors Acceptance Corporation (GMAC) helping people buy GM cars. It has since transitioned to normal banking operations, rebranded as Ally in 2006, and has grown into one of the highest-rated banks in America.

The main attraction for customers is the high interest on savings and the low fees. Ally does not charge a monthly maintenance fee and no minimum deposit is required on accounts. This opens up a huge market for the bank, one from which it benefits.

Ally Bank offers an online savings account, high-yield CDs, and an interest payment account for everyday use. For the current account you get a debit card and a decent interest. You also get free access to ATMs and refund of any ATMs charged by other banks.

Although Ally is separate from GMAC, it still provides auto financing for GM and Chrysler cars.

Daily banking is simple, the website and app are very easy to use, and the customer service is top-notch. With decent interest and low fees, plus a lot of flexibility in how it can be used, Ally Bank certainly is up up there with the best.

Ally Bank provides customer service through phone, chat, email and social media. I’ve used phone, chat and email and all reps were polite, responsive and handled my queries promptly and professionally.

Ally vs Capital One 360 ‚Äč‚Äč- Which is Best 3

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Capital One 360

Capital One 360 ‚Äč‚Äčis the product of Capital One’s acquisition of ING Direct. Capital One 360 ‚Äč‚Äčwas introduced a year later and has been offering control and savings ever since. It is an online-only bank that offers good interest rates and low fees. Like Ally Bank, those low fees and decent rates are a big draw. Credit unions and traditional banks simply cannot compete, which is why these are so popular.

Capital One 360 ‚Äč‚Äčoffers a checking account, savings, business accounts, child accounts and CDs (certificates of deposit).

The checking account has no monthly maintenance fees and pays competitive interest. It also has no minimum balance and the ability to issue checks. However, you will have to order special checks. There is also free access to ATMs with their debit card, online bill payment, credit facility and the option to use Capital One branches for deposits and withdrawals.

There are also Capital One 360 ‚Äč‚Äčcafes if you live in a large metropolitan area, which also offer some branches if you need them.

Business accounts are also online and benefit from no fees or minimum balance requirements. Interest rates aren’t very competitive at the time of writing, but ease of use outweighs costs for most smaller businesses.

Capital One 360 ‚Äč‚Äčalso provides access to loans, overdrafts, mortgages and other credit products should you need them.

Capital One 360 ‚Äč‚Äčprovides customer service through phone, email and social media. I have only used phone support and found it fast and efficient once you get past the IVR system. The lack of chat isn’t a huge thing, but it does add an extra step in solving your problem.

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Which is the best? Ally or Capital One 360?

My personal experience with both has been mixed. I like the simplicity of Ally Bank and the free use of ATMs is a real bonus. The website is attractive and easy to use and the mobile app is also simple. Customer service is good although I don’t need anything complicated from them.

Ally Bank Savings and Capital One 360 ‚Äč‚Äčoffer automatic transfers from their respective checking accounts and the ability to distribute savings across multiple accounts to facilitate prioritization. I also like the chat feature. It makes getting help in real time much faster and out of time.

Capital One 360 ‚Äč‚Äčis more complete featured and offers more in terms of bank facilities, but (currently) pays less interest. The wallet feature that helps with budgeting is also very useful. So it’s the ‘My Savings Goal’ feature that can help if you are saving for something specific, such as a new car or vacation.

The Capital One 360 mobile app is also easier to use and faster to use, it seems. While the Ally app is still pretty good, the Capital One 360 ‚Äč‚Äčapp looks and feels more friendly and makes the whole experience that little bit better. The lack of live chat isn’t a showstopper, but it does take away from the real-time support factor. You may not mind and I don’t mind that much, but it’s a consideration.

Both Ally Bank and Capital One 360 ‚Äč‚Äčare very good online banks that offer great service at a low cost. Both have decent checking accounts and savings features, both have multiple ways to contact them and both offer mobile apps. In my personal opinion, choosing the best from these two will depend on the look and feel and the interest rates being offered at the time. Good luck with that!

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Capital One 360 vs Ally: Comparison and Review: benefits

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