Capital One or Ally Bank? Which is Better?? 2023 Review

I tested both Ally Bank and Capital One to see which high yield savings account reigns superior. I'll also share which bank helps you hit your savings goals even faster!

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[Taldanmus]

The focus here is on savings, but as someone who travels abroad, the CapOne debit card is much better; no foreign transaction fees, vs. 1% from Ally.

[John-zqht]

I have been with Capitol One for 21 years. They are a hassle-free bank with No-fee checking and savings.

[tlar]

A few comments that I believe need to be mentioned:
(1) Ally also has a money market account with typically better APY than the savings account. MM has no buckets.
(2) Both companies exercise a limit of 6 transactions per month on the savings and MM account. EDIT: Ally has increased the number of transactions to 10 since my initial post.
(3) Both have Zelle. Most online banks don’t have Zelle. But there are other transfer options.

[MarkoPolo]

I personally use Capital One, but I do like the features that Ally have. But its Capital One for me.

[jaydubya]

Ive seen the higher rates but I love Ally’s savings buckets. It amazing how such a simple feature can lock in a customer. 😂

[Dymindntheruff]

I've watched a bunch of different videos about High Yield Savings accounts and what not. My family has been stuck with Chase Savings earning like 0.01% for God knows how long. I've recently been handling money for the family now and I really appreciate your video because I was deciding between Capital One and Ally bank as well. Thanks!

[marktil.]

No doubt, one of the best ways to grow and save your money is through investing. You don't need a fortune to get started. Even a small amount can turn into millions if you invest wisely. I wasn't financially free until my 50s, and I'm still in my 50s, but I've already purchased my fifth house, enjoy a monthly passive income, and achieved 4 out of 5 of my financial goals. I hope this inspires someone to realize that it's never too late to start, regardless of your age. You can begin investing today and change your future! Investing has been a life-changing decision for me😊..

[loganblevins]

Love Ally. Even used a wire transfer from Ally savings when we made the down payment on our home.

[soapa]

I personally use Sofi and they just recently bumped the APY to 4%. That’s giving me about $263 a month assuming it stays at 4%. Not bad for money just sitting there.

[bonanzatime]

I really like Capital One. They pay a decent interest. They have a very good website. And, where I live, they have several physical bank locations that I can visit when necessary, which is important to me. ... lol, I love our Toyota Corolla comparison/analogy. That Is Spot On.

[Karen.c.h]

I chose Cap1 for 2 reasons. They have a physical location (called a cafe) nearby and they had some amazing CD options. I have a savings and 2 short term CDs

[mbyrd]

I just opened an Ally account for myself and it looks pretty nice. I opened a Capital One for my 12 y/o son because I was able to open a checking account for him as well. He doesn’t need all the details just yet. I do have a 21 y/o daughter and a 19 y/o son and I’m not sure of which one would be best for them.

[lindsay]

My Ally account only got funded initially with under $100 and within a few weeks of opening they bumped my APY to 3.75% APY. Love the bucket feature as well.

[surfernorm]

GREAT REVIEW!!! I'm a Senior and I hate reading crap from my banks but it is absolutely necessary. So it was great watching your content I'm a TLDR person and I hate talking to banks Its tough because the agents have to sell products or loose their job . Watching your video was relatively painless so thank you for the Information.

[caro]

Thanks for this review! I closed my 6 Capital One savings account about six months ago. I had an issue that was unrelated to my closing of the account. I also have a Capital One credit card. The problem was that every time I wanted to login to my Capital One 360 account. I was logged in to my credit account even though they had separate usernames and passwords.
I have been looking at Ally because I really do like the buckets. At Capital One I had to have separate accounts. Which also means that I had to download six separate 1099 statements for income taxes each year. At Ally that won’t happen. I am going to give Ally a go.
Thanks for your help!

[xicorescalante]

Which bank is best for a checking account that also pays me interest?

[amyrvlogs]

Thanks for all your videos. I have been learning a lot! I have been using Ally for my sinking funds and Marcus for my Emergency fund. Do you only use Ally and Capital One?

[lovetrain]

I haven’t had any trouble with Ally. They have an 18 month CD at 5% now.

[elijones]

Keep an eye on SoFi as a full service option as well. Savings APY just increased to 4% with linked direct deposit and 1.2% on checking. It’s also a federally chartered bank versus a bank like Ally. With recent events, this brings a little more peace of mind. Keep an eye on those unrealized asset losses.

[DeeDee-foyx]

Ally Bank hands down is better than Capital One. Along with all the features you mentioned Ally Bank offers a higher yield MMA account and an even higher yielding No Penalty CD account. I've never needed to contact customer support as their user interface is so robust and easy to use. Ally also have to fastest money transfer time of any bank out there.