*This post may contain affiliate links, please see my disclosure
You’ve mastered the best ways to save money, now where do you stash your cash? Savings accounts are an essential part of your finances. Ally and CapitalOne 360 Performance Savings are two of the most talked about savings account options.
Let’s see how both of these savings accounts stack up and which one might be best for you.
Ally vs CapitalOne 360 Performance Savings Review Summary
- Both Ally and CapitalOne 360 Performance Savings offer high-interest online banking with mobile and desktop options and online customer service.
- Ally features innovative digital tools, such as Surprise Savings and Buckets, to help you accelerate your savings.
- CapitalOne 360 Performance Savings Performance Savings allows users to open up to 25 accounts for ultimate organization ability.
- CapitalOne also features in-person banking options at some locations with physical branches and CapitalOne Cafes.
CapitalOne 360 Performance Savings Account Overview
CapitalOne promises that customers can expect more with their savings account. So what exactly does that look like? A CapitalOne 360 Performance Savings savings account is both fee-free and high-interest.
Its mobile app is highly rated and prioritizes your account security. The same is true for their desktop banking options. Any money deposited into a CapitalOne 360 Performance Savings savings account is FDIC-insured up to the federal maximum. Your account will also include digital tools, like automatic transfers, to keep your money working behind the scenes.
Ally Savings Account Overview
Ally prides itself on charging $0 in monthly maintenance fees. There is also no minimum account balance required to open an account.
In addition to its fee-free structure, Ally savings accounts are all FDIC insured. You also have 24/7 access to customer support. Additionally, Ally savings accounts pay interest at nearly 5 times the national average. Ally savings accounts also come with free tools, such as booster and buckets, to help you save more.
Ally vs. CapitalOne 360 Performance Savings: Who Has Better Rates?
When it comes to savings accounts, it’s important to pay attention to the rates being offered. Unfortunately, most brick-and-mortar banks offer next-to-nothing for interest. However, high yield savings accounts pay you more interest. That means you can hit your financial goals faster!
Ally and CapitalOne 360 Performance Savings are two of the most talked about online banks. So how do their interest rates stack up?
The first thing to know about comparing rates with Ally vs CapitalOne 360 Performance Savings is that rates do fluctuate. Additionally, both banks are known for their competitive rates. Though currently, Ally offers 0.50% annual percentage yield (APY). That gives Ally a slight edge compared to CapitalOne 360 Performance Savings’s 0.40% APY.
Another important consideration is that neither bank changes any monthly fees for their savings accounts.
In the battle of Ally vs CapitalOne 360 Performance Savings, it’s nearly a tie when it comes to interest rates.
Ally vs. CapitalOne 360 Performance Savings Feature Comparison
While it was almost too close to call a winner when it comes to interest rates, in the Ally vs. CapitalOne faceoff, the banks do stand out from one another in several ways.
Ally definitely comes out on top when it comes to tools that will help gamify and accelerate your savings habits. CapitalOne shines when it comes to the versatility of both in-person and online banking options.
To learn more about how these two banks stack up, check out our full feature comparison below:
Types of Savings Accounts
Ally offers one online savings account. It is fee-free and comes with 24/7 customer service support. Users are limited to six withdrawals per month, which is standard for most online banks. Ally savings accounts also come with a variety of tools to help you accelerate your savings and track your financial priorities.
If you are interested in other ways to save, Ally also offers CDs and a money market account. When it comes to Ally money market vs savings, what is the difference? A money market account also gives you access to debit and checks to make transactions.
Like Ally, the CapitalOne 360 Performance savings account is also free of monthly fees and minimum balance requirements. Unlike Ally, CapitalOne 360 Performance Savings accounts can be opened at local branches or at Capital One Cafes, in addition to opening an account online. That means that CapitalOne might be the choice for you if you are looking to do a mix of both in-person and online banking.
In addition to the Performance Savings account, CapitalOne also offers CDs and a Kids savings account.
Opening Multiple Savings Accounts
I have always advocated for people opening multiple savings accounts. After all, opening multiple savings accounts helps you organize your savings.
If multiple savings accounts suit your needs, you can do that with Ally. You might also consider the Buckets feature within a single savings account. The Buckets feature allows you to split your savings account into as many as ten different buckets. That way, you can work toward any need or want in your budget. Plus, you still earn interest on the overall account total.
Personally, we are big fans of having at least 3 savings accounts. With CapitalOne 360 Performance Savings, you can do that and more. In fact, they allow you to open up to twenty five different savings accounts. That means that each account can serve a specific purpose. Whether it’s sinking funds or more long-term savings goals, CapitalOne definitely allows you to put your savings to work however you see fit.
Ally has a responsive customer service team that is available 24/7. This round-the-clock access is important considering Ally is an online-only bank. That means there’s no branch for you to walk into to get questions answered.
Thankfully, Ally’s customer service team is ready to connect when you are. Contact them through email or chat. You can also connect by phone.
As with Ally, CapitalOne users can connect to customer support by phone or via social media. For people interested in in-person support, you can also visit a CapitalOne bank branch or a CapitalOne Cafe.
Ally savings accounts are FDIC-insured accounts. That means that your money is protected by the federal government up to $250,000. You can rest assured that your money is safe.
When you do your banking with Ally, your money is protected with a 2-step authentication process. You are also protected from unauthorized transactions that are reported within 60 days. Ally shares a variety of security tips to help you protect your finances and guard against fraud.
As with Ally, CapitalOne 360 Performance Savings accounts are FDIC-insured. CapitalOne online banking also features SureSwipe, which is a custom swipe pattern used to log into your account. You also receive real-time alerts regarding any suspicious account activity and enhanced transactions that make the transaction details crystal clear.
Sign Up Promotions
Currently, Ally is not offering any savings account sign-up promotions. However, Ally frequently runs various promotions for new and existing customers. It’s not uncommon for banks to try various promos to attract new clients. What we love about Ally is that they also run specials like interest bonuses or gift card promos for current clients.
If you’re searching around for a CapitalOne 360 Performance Savings promo code, you might turn up empty handed. There are no current savings account promotions available for CapitalOne users either. In the past, CapitalOne has been generous with checking account promotions, so that is something to consider pairing with your savings account.
CapitalOne 360 Performance Savings Unique Features
CapitalOne 360 Performance Savings savings accounts come with access to an award-winning app that users can’t say enough good things about. You can use the app to manage your savings account and set up recurring automatic transfers. There are other tools built into the app to help you manage your money better, too.
Another unique feature of CapitalOne 360 Performance Savings is the mixed-model they implement with their banking. They currently have physical bank branches in several states. Plus, they have Capital One Cafes that include cozy workspaces and different money events. Of course, that’s on top of their excellent online banking options.
Ally Bank Unique Features
Ally savings accounts have two unique features: Buckets and Surprise Savings.
Buckets serve as tools to organize your account without requiring you to open additional accounts. Instead you can split one account into virtual buckets. Think of it as a digital envelope system. The buckets can help with budgeting. For instance, you might set up several buckets that serve as sinking funds for holidays, vacation, and property tax. Then, you can contribute consistently every time you get paid. When you’re ready to spend the money, it’s waiting in your bucket.
To take advantage of Surprise Savings, you can link a checking account. Then, Ally analyzes that account for a dollar amount that is safe to move into savings. The money is transferred automatically, and Ally says it helps users boost their savings by 10x.
Results: Which Savings Account Wins?
In many respects, you can’t go wrong with either Ally or CapitalOne 360 Performance Savings. But if we had to declare a winner in the Ally vs. CapitalOne 360 Performance Savings battle, we’d give a slight edge to Ally. Ally continues to innovate with different digital tools, while maintaining high interest rates and quality customer service. Plus, they offer frequent incentives for new and existing customers.
Still, if you are someone who wants the flexibility of truly banking from anywhere–online or in-person–then CapitalOne 360 Performance Savings is the account for you.
Other Banks To Consider
While we love both Ally and CapitalOne, there are other online savings banks. In fact, one newer online bank is earning praise for its savings accounts and money market option. We featured it as a top money market account, and so did Forbes!
Let’s explore one more bank you might want to consider:
CIT Bank is relatively new on the banking scene. It’s making a name for itself with very competitive interest rates and top-notch customer service. Their sleek interface means that CIT Bank shines for people who want to bank electronically–by phone or by computer.
CIT also offers FDIC insurance and a secure mobile app for safe banking on the go. Check out the CIT Bank Savings Connect account for a high interest rate.