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When it comes to choosing a high-yield savings account, it can be overwhelming to sift through the various options available. Two popular choices for online savings accounts are Ally Bank and Capital One 360 Performance Savings. Both offer competitive interest rates, low fees, and user-friendly mobile apps.
In this article, we will compare the Ally High-Yield Savings account and the Capital One 360 Performance Savings account side by side
Compare Savings Rates And Deposit Requirements
Ally High-Yield Savings | Capital One 360 Savings | |
|---|---|---|
Savings Rate | 4.2% | 4.25% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
When comparing Ally High-Yield Savings and Capital One 360 Performance Savings, it is notable that both banks offer similar interest rates. Additionally, both banks have no minimum deposit requirements and no monthly maintenance fees, making them accessible to a wide range of customers.
Compared to other banks and credit unions, Ally High-Yield Savings and Capital One 360 Performance Savings offer competitive interest rates, making them excellent options for customers who want to maximize their savings.
Compare Saving Features and Benefits
Ally High-Yield Savings | Capital One 360 Performance Savings |
|---|---|
High Interest Rate | Highly Competitive APY |
No Monthly Fees or Account Minimum | No Minimum Balance or Monthly Fees |
Savings Organization Tools | Some Branch Access Available |
Safe to Save | Free Credit Monitoring Services |
Round-Ups | Mobile Check Deposit |
Both Capital One 360 Performance Savings and Ally High-Yield Savings is a great option for savers looking for a high-interest savings account. It offers a rate that is over 10 times the national average, with no monthly maintenance fees and no minimum balance requirements.
The Capital One 360 Performance Savings account is another excellent choice for those seeking high-yield savings with no minimum balance requirements or monthly maintenance fees. Additionally, Capital One offers free credit monitoring services, which can be extremely beneficial for those looking to improve their financial health.
Although the bank is classified as an online bank, it does have physical branches, which are located on the East Coast, and “Cafes” that combine banking services with refreshments and WiFi. Finally, Both accounts provide FDIC insurance protection for account holders in case of bank failure, ensuring that their savings remain secure.
Ally account also comes with 24/7 customer support, savings organization tools, and features like Safe to Save and Round Ups, which can help boost your savings balance.
With the “buckets” feature, you can easily create multiple savings goals within the same account. Plus, Ally High-Yield Savings makes it easy to track and manage your money, allowing you to earn more and save more.
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 5.00% APY on savings
- No monthly service fees.
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Savings Rate: 4.75% APY
CD Rate: 5.00% – 5.20% APY
Identifying Weaknesses: Where Capital One And Ally Miss?
Ally High-Yield Savings | Capital One 360 Savings |
|---|---|
Maximum Monthly Withdrawals | No ATM Cards |
No Cash Deposits | Limited Withdrawals |
No Physical Branches | Transfer Delays |
- Maximum Monthly Withdrawals
Ally High-Yield Savings Account limits the number of withdrawals to six in any given month. If you require more frequent access to your savings, this account may not be suitable for you.
- No Cash Deposits
As an online bank, Ally does not accept cash deposits. If you want to add cash to your account, you'll need to deposit it into another account and then transfer the funds electronically to your Ally High-Yield Savings Account.
- No Physical Branches
Ally is an online-only bank, which means they don't have any physical branches. While you can reach customer support 24/7, you won't have the option of face-to-face customer service. If you prefer in-person banking experiences, this account may not be the right fit for you.
- No ATM Cards
The account does not provide an ATM card, which means you will need to transfer your funds into another account unless you live near a branch location.
- Limited Withdrawals
The account has a cap of six withdrawals or transfers out of the account per statement cycle, and exceeding this limit may incur a fee or result in account closure.
- Transfer Delays
Transferring to or from an external account may take a couple of days, which can be frustrating considering the lack of ATM access.
How to Start Saving: Step-by-Step Comparison
If you have the right document in hand, it's easy and quick to open Ally and Capital One savings accounts:
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Capital One 360 Performance Savings
Opening a Capital One 360 Performance Savings account can be done quickly and easily in just a few steps:
- Find the Product Page: First, locate the Performance 360 Savings product page on the Capital One website to learn more about the account features and make sure it's the right choice for you.
- Click the “Apply” Button: Once you've decided to open the account, click the “apply” button to start the application process.
- Fill in the Application Form: Complete the standard application form with basic personal details such as your name, address, phone number, and social security number.
- Verify Your ID: To comply with federal regulations, you'll need to provide a copy of your ID such as a driver's license, passport, or state-issued photo ID to verify your identity before your account can be opened.
-
Ally High-Yield Savings
- Step 1: Visit the Product Page Start the account opening process by visiting the Ally official website and clicking on the high yield savings account product page. Read through all the account details to confirm you’re happy to go ahead and then click the “Apply” button.
- Step 2: Complete the Application Form and provide your basic personal information, including your full name, address, email, and phone number. Ally will also need your social security number.
- Step 3: Verify Your ID As with all financial institutions, Ally needs to comply with federal regulations and verify the identity of all account applicants. This means that you’ll need to submit a copy of documentation to verify your identity. Suitable forms of ID include a valid driver’s license, a valid passport, or a state-issued photo ID.
- Step 4: Choose Your Funding Options You will also have the option to choose your preferred funding options, but this is an optional step.
- Step 5: Await Email Confirmation Once you submit your application, you will need to wait for Ally to send you an email confirming your application has been approved and your account is now open. You can then start to deposit funds and take advantage of the high-interest rate on your Ally High-Yield Savings account.
How We Compare Savings Account: Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
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