Ally vs Capital One: A Battle of Online Banks
With a rise in online banking, it's tough to determine which bank is the best. In this blog, we will be comparing two of the most popular online banks, Ally vs Capital One. We'll look at features such as APY, minimum balances, fees, and more. So, let's dive into the comparison.
APY
APY or Annual Percentage Yield is the interest paid on the account's balance. Ally currently offers a 0.50% APY for their savings account, while Capital One offers 0.40%. In terms of interest, Ally has the lead.
Minimum Balance Requirements
Both Ally and Capital One have no minimum balance requirement for their savings account. For checking accounts, Ally doesn't have a minimum balance requirement, whereas Capital One requires a minimum balance of $250.
Fees
Fees are an essential aspect of online banking. Nobody likes shelling out moolah for hidden charges. Ally doesn't have any monthly maintenance or hidden fees for either their checking or savings account. On the other hand, Capital One does charge for overdrafts, stop payments, and their 360 Checking® account.
Mobile App Features
The mobile app is where online banks strive to excel. Ally's mobile app includes all the essential features such as bill payment, transaction history, account management, and mobile check deposit. Capital One's mobile app includes all that and more, such as CreditWise® - a feature that monitors credit scores.
Interest on Checking Accounts
Ally has a 0.10% interest rate for checking accounts, while Capital One offers 0.10%-0.20%, depending on the account balance. In terms of interest on checking accounts, Capital One seems to have the edge.
Customer Service
Customer service is critical in online banking. Ally has excellent customer service and has been awarded the JD Power Award for Customer Service. Capital One's customer service is also top-notch and is available 24/7.
Conclusion
Both Ally and Capital One have their pros and cons. In terms of APY and fees, Ally outshines Capital One. However, Capital One has a better mobile app and a slightly better-interest rate on checking accounts. Therefore, choose the one that best suits your financial needs.