Ally or Capital One 360 online savings account?

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iloveramen
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Ally or Capital One 360 online savings account?

Post by iloveramen » Sun Jul 10, 2016 5:18 pm

Hi Bogleheads,

As i am getting my finances in order. It is a long slow process but getting there. I am toying with the idea of opening up a high yield savings account. I am skeptical of an all online savings account but heard good recommendations to do it. I have a money market account at my local credit union (CU) but the rate ranges from .15 - .35% depending on how much you have in the account.

I researched online an saw Ally savings account and the Capital One 360 Money Market account has 1% but has good reviews. I read some bad reviews and some awful stories. I trust this forums recommendations more than the reviews I read online.

What are thoughts? Should I go with Ally or a Capital One 360? If there is other recommendations I would love to hear them. Thank you in advance.

Carter3
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Re: Ally or Capital One 360 online savings account?

Post by Carter3 » Sun Jul 10, 2016 5:24 pm

I have been happy with my ally accounts

otinkyad
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Re: Ally or Capital One 360 online savings account?

Post by otinkyad » Sun Jul 10, 2016 5:28 pm

I haven't used the new money market account, but I've had ING Direct/Capital One 360 savings and checking accounts for 15 years without complaint.

GMAC/Ally will never see any of my money, mostly due to mismanaging themselves into the ground, getting a government bailout, and then rebranding themselves to avoid the stigma.

epictetus
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Re: Ally or Capital One 360 online savings account?

Post by epictetus » Sun Jul 10, 2016 5:29 pm

Barclay's Bank and Discover Bank are also 2 other online savings accounts to consider
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veggivet
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Re: Ally or Capital One 360 online savings account?

Post by veggivet » Sun Jul 10, 2016 5:36 pm

I've been very satisfied with ING/Capitol One 360, especially with respect to customer service. The words high yield, however, should be in air quotes!

xenial
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Re: Ally or Capital One 360 online savings account?

Post by xenial » Sun Jul 10, 2016 5:41 pm

I'm very happy with Ally. I have checking, savings, and CDs with them, and I've had no problems.

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randomizer
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Re: Ally or Capital One 360 online savings account?

Post by randomizer » Sun Jul 10, 2016 5:47 pm

I've been very happy with Capital One 360.

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Toons
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Re: Ally or Capital One 360 online savings account?

Post by Toons » Sun Jul 10, 2016 5:53 pm

I have been pleased with Capital One.
I use the 360 checking account and money market.
Ally or CapOne
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Billionaire
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Re: Ally or Capital One 360 online savings account?

Post by Billionaire » Sun Jul 10, 2016 5:58 pm

Since I had some other accounts at Capital One, I decided to open a Capital One 360 savings account. I did this about one month ago. I consolidated various cash balances into the 360 account. So far so good.

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Re: Ally or Capital One 360 online savings account?

Post by Grasshopper » Sun Jul 10, 2016 6:05 pm

We have both CapOne 360 and CapOne MM, works for us, again we are easy to please. I have autopay from 360 to my CapOne CC every month flawless.

student
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Re: Ally or Capital One 360 online savings account?

Post by student » Sun Jul 10, 2016 7:21 pm

It is my understanding that Ally pulls your credit report but not Capital One.

209south
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Re: Ally or Capital One 360 online savings account?

Post by 209south » Sun Jul 10, 2016 8:03 pm

I use and am very happy with both. Ally currently has better CD rates so as I build a short-term CD ladder I'm shifting funds in their direction.

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nyknicks4412
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Re: Ally or Capital One 360 online savings account?

Post by nyknicks4412 » Sun Jul 10, 2016 8:56 pm

Big fan of Ally. Used them the last 3 years or so. Customer service is excellent and they have a great mobile app.

nanoanalyzer
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Re: Ally or Capital One 360 online savings account?

Post by nanoanalyzer » Sun Jul 10, 2016 9:01 pm

I have had both. Both are pretty seamless. CO360 has much faster ACH transfer times, but only allows 2 external account links. Ally has what appears to be a slick interface, but I find it slow and clunky. If I didn't need more account connections, I would have stayed with CO360.

student wrote:It is my understanding that Ally pulls your credit report but not Capital One.


Ally only pulls credit if you open a checking account.
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EnjoyIt
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Re: Ally or Capital One 360 online savings account?

Post by EnjoyIt » Sun Jul 10, 2016 9:05 pm

I have had a capital one online saving account about 2 years ago. When I started it had one of the highest rates, but their introductory rate slowly dwindled and dropped down to 0.65% so I switched to Ally about 2 years ago. Rate has only increased by .01% since I have had them.

yesac13
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Re: Ally or Capital One 360 online savings account?

Post by yesac13 » Sun Jul 10, 2016 9:30 pm

If you have less than $50,000 in cash...

Ally probably is a better choice. 1% or so for savings. More than the .75% Capital One pays. I recall Ally pays .25 or .35% for their checking accounts which is the same as Capital One.

Now here's the interesting part... If you have $50k to 99k Capital One pays .75% for the checking accounts! And what's more, it goes to .90% if you have 100k or more in cash! Savings are stuck at .75 no matter how much cash you have. A bit odd.

This means great convience for some people who hold 50k or more - no need to bother moving cash from checking to savings! This matters lots for some people. I myself don't have over 50k in cash (too high a cash allocation for me) so sadly do not benefit from this. I am increasingly annoyed at constantly moving cash from checking to savings to make sure my cash earns the best interest so the high checking interest rates interest me.

Once in a while Capital One offer great CD rates. They offered a 1 year 1.3% CD rate late in January 2016. I took advantage of it. It promptly dropped a short time later.

In general Capital One is not that competitive any more. The only competitive thing is their checking accounts if you have 50k or more and the occasional CD deals that show up time to time. I had this Capital One 360 account since 2009. It was originally known as ING Direct. It sold out to Capital One and no longer does business in the US. ING Direct still does business in Canada I think so Canadian Bogleheads may wish to look into them. Interesting thing is that the website design has not changed in 7 years yet the layout remains very modern and easy to use. Capital One merely changed the ING Direct orange and blue to their red and blue. Still, I had more faith in ING Direct so I was sad when it sold out. Something was lost - when ING was running things they tended to pay very good interest rates.

Loandapper
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Re: Ally or Capital One 360 online savings account?

Post by Loandapper » Sun Jul 10, 2016 9:31 pm

nanoanalyzer wrote:
student wrote:It is my understanding that Ally pulls your credit report but not Capital One.


Ally only pulls credit if you open a checking account.


I have two Ally checking accounts (recently opened in the last 90 days) and there was no credit check.

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Re: Ally or Capital One 360 online savings account?

Post by JDDS » Sun Jul 10, 2016 9:45 pm

yesac13 wrote:If you have less than $50,000 in cash...

Ally probably is a better choice. 1% or so for savings. More than the .75% Capital One pays. I recall Ally pays .25 or .35% for their checking accounts which is the same as Capital One.

Now here's the interesting part... If you have $50k to 99k Capital One pays .75% for the checking accounts! And what's more, it goes to .90% if you have 100k or more in cash! Savings are stuck at .75 no matter how much cash you have. A bit odd.

This means great convience for some people who hold 50k or more - no need to bother moving cash from checking to savings! This matters lots for some people. I myself don't have over 50k in cash (too high a cash allocation for me) so sadly do not benefit from this. I am increasingly annoyed at constantly moving cash from checking to savings to make sure my cash earns the best interest so the high checking interest rates interest me.

Once in a while Capital One offer great CD rates. They offered a 1 year 1.3% CD rate late in January 2016. I took advantage of it. It promptly dropped a short time later.

In general Capital One is not that competitive any more. The only competitive thing is their checking accounts if you have 50k or more and the occasional CD deals that show up time to time. I had this Capital One 360 account since 2009. It was originally known as ING Direct. It sold out to Capital One and no longer does business in the US. ING Direct still does business in Canada I think so Canadian Bogleheads may wish to look into them. Interesting thing is that the website design has not changed in 7 years yet the layout remains very modern and easy to use. Capital One merely changed the ING Direct orange and blue to their red and blue. Still, I had more faith in ING Direct so I was sad when it sold out. Something was lost - when ING was running things they tended to pay very good interest rates.


If you have more than $10k, you can get 1% with their new money market account. Balances less than $10k still earn .60%. I have never used Ally, but I have been happy with my two 360 (savings and money market) accounts, as well as my Quicksilver credit card. The IOS app is pretty slick.

student
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Re: Ally or Capital One 360 online savings account?

Post by student » Sun Jul 10, 2016 9:58 pm

nanoanalyzer wrote:I have had both. Both are pretty seamless. CO360 has much faster ACH transfer times, but only allows 2 external account links. Ally has what appears to be a slick interface, but I find it slow and clunky. If I didn't need more account connections, I would have stayed with CO360.

student wrote:It is my understanding that Ally pulls your credit report but not Capital One.


Ally only pulls credit if you open a checking account.


My info must be outdated. (I remember calling them a few years ago and I didn't open an account with them because the person on the phone told me that there will be a credit check.)

student
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Re: Ally or Capital One 360 online savings account?

Post by student » Sun Jul 10, 2016 9:59 pm

Loandapper wrote:
nanoanalyzer wrote:
student wrote:It is my understanding that Ally pulls your credit report but not Capital One.


Ally only pulls credit if you open a checking account.


I have two Ally checking accounts (recently opened in the last 90 days) and there was no credit check.


My info must be outdated. (I remember calling them a few years ago and I didn't open an account with them because the person on the phone told me that there will be a credit check.)

yesac13
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Re: Ally or Capital One 360 online savings account?

Post by yesac13 » Sun Jul 10, 2016 10:11 pm

I forgot about the money market account Capital One 360. That one is a pretty good deal and its new, fairly recent. Odd that it's FDIC guaranteed because usually money market accounts aren't FDIC guaranteed. At least the ones I had years ago weren't.

To review the rates Capital One 360 has, this link lists the current rates as for now.

https://home.capitalone360.com/rates

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reriodan
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Re: Ally or Capital One 360 online savings account?

Post by reriodan » Sun Jul 10, 2016 10:13 pm

Can't go wrong with either one. Only way you can go wrong is by NOT using one of these banks.

iloveramen
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Re: Ally or Capital One 360 online savings account?

Post by iloveramen » Sun Jul 10, 2016 10:24 pm

Thanks for the recommendations. I'm leaning towards the Capital One 360 Money Market than Ally.

Question: I was searching through this forum and notice Capital One doesn't allow putting beneficiaries on the account. Is that true?

brennok
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Re: Ally or Capital One 360 online savings account?

Post by brennok » Sun Jul 10, 2016 10:35 pm

I went with Ally just for the better rate. They recently introduced tiers, but no actual difference in rates so far. ING used to be really competitive but then fell off. I do have a Cap 360 just from leaving a little money parked at ING but I never use it.

Katietsu
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Re: Ally or Capital One 360 online savings account?

Post by Katietsu » Sun Jul 10, 2016 10:57 pm

I have used both. I closed the Cap360 savings account specifically because they would not allow a beneficiary. With Ally, you go through the account opening screens and get the account set up. Then, you are immediately given the option to add a beneficiary.

TomJarkin
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Re: Ally or Capital One 360 online savings account?

Post by TomJarkin » Mon Jul 11, 2016 12:11 am

Does anyone who have a Cap1 savings account also have a Cap1 credit card? I have only one account with Cap1 and it's a credit card. I'm working on a process to consolidate down bank accounts in total and was considering opening a Cap1 Savings account to make things easier since I like my Cap1 Credit Card and if both accounts show up on the same login account screen, that would simplify things a bit.

student
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Re: Ally or Capital One 360 online savings account?

Post by student » Mon Jul 11, 2016 6:02 am

yesac13 wrote:I forgot about the money market account Capital One 360. That one is a pretty good deal and its new, fairly recent. Odd that it's FDIC guaranteed because usually money market accounts aren't FDIC guaranteed. At least the ones I had years ago weren't.

To review the rates Capital One 360 has, this link lists the current rates as for now.

https://home.capitalone360.com/rates

I thought money market accounts are FDIC insured whereas money market mutual finds are not.

student
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Re: Ally or Capital One 360 online savings account?

Post by student » Mon Jul 11, 2016 6:02 am

TomJarkin wrote:Does anyone who have a Cap1 savings account also have a Cap1 credit card? I have only one account with Cap1 and it's a credit card. I'm working on a process to consolidate down bank accounts in total and was considering opening a Cap1 Savings account to make things easier since I like my Cap1 Credit Card and if both accounts show up on the same login account screen, that would simplify things a bit.

I have both and I use one login.

iloveramen
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Re: Ally or Capital One 360 online savings account?

Post by iloveramen » Mon Jul 11, 2016 11:36 am

Katietsu wrote:I have used both. I closed the Cap360 savings account specifically because they would not allow a beneficiary. With Ally, you go through the account opening screens and get the account set up. Then, you are immediately given the option to add a beneficiary.


I called Capital One this morning. You are correct they do not allow adding a beneficiary. This might be a problem later down the road, but at the same time I am still young. This might sway my decision a bit.

student
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Re: Ally or Capital One 360 online savings account?

Post by student » Mon Jul 11, 2016 11:48 am

iloveramen wrote:
Katietsu wrote:I have used both. I closed the Cap360 savings account specifically because they would not allow a beneficiary. With Ally, you go through the account opening screens and get the account set up. Then, you are immediately given the option to add a beneficiary.


I called Capital One this morning. You are correct they do not allow adding a beneficiary. This might be a problem later down the road, but at the same time I am still young. This might sway my decision a bit.

Both American Express and Barclays allow beneficiary and their rates are competitive. Although I do not have an account as GS bank, my understanding is that it allows beneficiary.

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gasdoc
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Re: Ally or Capital One 360 online savings account?

Post by gasdoc » Mon Jul 11, 2016 1:05 pm

Toons wrote:I have been pleased with Capital One.
I use the 360 checking account and money market.
Ally or CapOne
6 in one hand,half a dozen in the other. :D


+1
Lots of previous threads from people liking both....

Sincerely,
gasdoc

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Re: Ally or Capital One 360 online savings account?

Post by Kenster1 » Mon Jul 11, 2016 3:18 pm

otinkyad wrote:I haven't used the new money market account, but I've had ING Direct/Capital One 360 savings and checking accounts for 15 years without complaint.

GMAC/Ally will never see any of my money, mostly due to mismanaging themselves into the ground, getting a government bailout, and then rebranding themselves to avoid the stigma.


So you have a problem with GMAC/Ally getting bailout money but ok with or making an exception for Capital One Financial getting bailout money ($3.5B)?
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Re: Ally or Capital One 360 online savings account?

Post by oldcomputerguy » Mon Jul 11, 2016 3:50 pm

student wrote:
yesac13 wrote:I forgot about the money market account Capital One 360. That one is a pretty good deal and its new, fairly recent. Odd that it's FDIC guaranteed because usually money market accounts aren't FDIC guaranteed. At least the ones I had years ago weren't.

To review the rates Capital One 360 has, this link lists the current rates as for now.

https://home.capitalone360.com/rates

I thought money market accounts are FDIC insured whereas money market mutual finds are not.


You're right. Money Market deposit accounts are insured. Money Market mutual funds are not.
https://www.fdic.gov/deposit/deposits/
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Re: Ally or Capital One 360 online savings account?

Post by otinkyad » Tue Jul 12, 2016 2:47 am

Kenster1 wrote:
otinkyad wrote:GMAC/Ally will never see any of my money, mostly due to mismanaging themselves into the ground, getting a government bailout, and then rebranding themselves to avoid the stigma.

So you have a problem with GMAC/Ally getting bailout money but ok with or making an exception for Capital One Financial getting bailout money ($3.5B)?

Yes. In addition to the other two reasons I mentioned, I also distinguish between the bank bailouts and the GM/Chrysler bailouts. GMAC was part of the latter, though they became a bank holding company in December 2008 as a conduit for the bailout.

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Re: Ally or Capital One 360 online savings account?

Post by docbrown » Tue Jul 12, 2016 7:15 am

Unusual benefits of Capital One 360 that Ally lacks (to the best of my knowledge):

- You can deactivate and reactivate the debit card at will. 99% of the time mine is deactivated for safety. I rarely get cash.
- The debit card is totally flat and does not have embossed numbers.

I thought Capital One would destroy my ING account, but to my surprise, they haven't. I'm a happy customer.
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Re: Ally or Capital One 360 online savings account?

Post by Kenster1 » Tue Jul 12, 2016 9:10 am

docbrown wrote:Unusual benefits of Capital One 360 that Ally lacks (to the best of my knowledge):

- You can deactivate and reactivate the debit card at will. 99% of the time mine is deactivated for safety. I rarely get cash.
- The debit card is totally flat and does not have embossed numbers.

I thought Capital One would destroy my ING account, but to my surprise, they haven't. I'm a happy customer.


Are you referring to Checking or Savings Account? Ally doesn't even offer a Debit Card for a Savings-only account. They do offer the card for their Money-Market Account though.

But the negatives for Capital One is that you can't add a beneficiary. And if someone was also considering their Checking Accounts - you may only have 1 - regardless of whether it's an individual or joint account.
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Re: Ally or Capital One 360 online savings account?

Post by iloveramen » Tue Jul 12, 2016 1:26 pm

student wrote:
iloveramen wrote:
Katietsu wrote:I have used both. I closed the Cap360 savings account specifically because they would not allow a beneficiary. With Ally, you go through the account opening screens and get the account set up. Then, you are immediately given the option to add a beneficiary.


I called Capital One this morning. You are correct they do not allow adding a beneficiary. This might be a problem later down the road, but at the same time I am still young. This might sway my decision a bit.

Both American Express and Barclays allow beneficiary and their rates are competitive. Although I do not have an account as GS bank, my understanding is that it allows beneficiary.


Thanks. I have researched the online banks with High Yield recommended in this thread. Tough choice to choose from. i know I shouldn't chase rates, but I want to make sure my funds are well kept, even though FDIC insured. I read horror stories with Ally holding funds without reason.

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Re: Ally or Capital One 360 online savings account?

Post by otinkyad » Wed Jul 13, 2016 3:38 am

iloveramen wrote:I read horror stories with Ally holding funds without reason.

Financial product reviews must be taken with a salt lick. I haven't read many bank reviews, but credit card reviews are full of stories like "I did [something stupid] and the bank did [something reasonable] for no reason, and now I'm [bleeped]." Bogleheads probably avoid the [something stupid] in general (like not paying the bill, or overdrawing the account, etc.). Many people (at least from reading reviews) seem to think that nothing ever goes wrong, and that if it does either they are getting screwed or the company in question is evil. I suspect that a lack of financial literacy and the fear of financial transactions that it engenders is a good part of the problem. Also, people generally like to forget or ignore their own culpability.

Alas, holds are part of the landscape these days. My wife had an anti-terrorism hold put on $15,000 she was moving between two accounts she owned (this was 10 years ago). There was a recent thread here from somebody that had HSBC put a hold on an account after a $9,000 deposit (perhaps treated as suspicious because it was just below the $10,000 mandatory reporting limit). It's possible, even likely, that some banks are more wary than others, but measuring the differences is likely difficult (few people will have problems, and people who do will tend to be over-represented in a voluntary sample).

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Re: Ally or Capital One 360 online savings account?

Post by sperry8 » Wed Jul 13, 2016 8:20 am

I have them both. I generally prefer Ally however recently learned (while I was abroad) that Ally's debit card dings us with a 1% mastercard foreign transaction fee on withdrawals. Cap One 360 does not. So for me, I will never use Allys debit card abroad now - meaning Cap One would be the winner if I was only choosing one checking account.

But since they are free to open with no minimums or fees - I keep two (well actually 4) and use them for what they are good at.
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Re: Ally or Capital One 360 online savings account?

Post by Kingston73 » Fri Sep 01, 2017 9:50 am

I was going to ask this in a new thread but thought it might be better to bump up this year old one. The wife and I are looking to get rid of Bank of America and right now these 2 are at the top of the list. We are interested in getting a checking and savings account, mainly unhappy with BOA because of all the fees.

We rarely use cash but there are no Cap1 atms or banks any where in our area. From what I’ve read Ally is free atm usage. Has anything changed between these 2 in a year? Still equal? Better options than either of these?

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Re: Ally or Capital One 360 online savings account?

Post by Kingston73 » Fri Sep 01, 2017 9:50 am

I was going to ask this in a new thread but thought it might be better to bump up this year old one. The wife and I are looking to get rid of Bank of America and right now these 2 are at the top of the list. We are interested in getting a checking and savings account, mainly unhappy with BOA because of all the fees.

We rarely use cash but there are no Cap1 atms or banks any where in our area. From what I’ve read Ally is free atm usage. Has anything changed between these 2 in a year? Still equal? Better options than either of these?

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Re: Ally or Capital One 360 online savings account?

Post by mega317 » Fri Sep 01, 2017 10:30 am

I believe both have no fees for Allpoint ATMs. I googled out of curiosity and I see 4 Allpoint ATMs within walking distance of my house in a not particularly walkable location. I've been very happy with Ally savings and CDs, but I don't have checking or use debit.

I do think there can be some benefit to having an account at a brick and mortar bank, but there is no reason to pay any fees for it.

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Re: Ally or Capital One 360 online savings account?

Post by curmudgeon » Fri Sep 01, 2017 11:23 am

You might take a look at www.depositaccounts.com to review local options in your area as well. My long-time credit union has poor savings rates, but I found another solid local option which is very close to Ally/CapOne rates. I don't tend to worry too much about the interest rate on checking accounts, but if I'm parking any significant amount of cash, I want some good options. The CapOne account setup has been a bit more clumsy and slow than I expected.

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Re: Ally or Capital One 360 online savings account?

Post by kazper » Fri Sep 01, 2017 12:27 pm

I have been with Ally for around 5 years. Over that time, I've had maybe one "hiccup" which dealt with opening a new account for my wife. Something about paperwork being lost or something, but a quick call (seriously, they usually pick up within 2 minutes or fewer) and everything was resolved.

They have great rates (over 1% for savings), easily reachable customer service- US based I believe, and free ATMs (they recently set a limit, I think).

One of the big selling points for me was the ability to open a subaccount without having to deposit funds. That allows me to distribute money for various purposes (vacation, spending accounts, etc.) fairly easily without having to go somewhere and fill out a bunch of paperwork.

If I had to find a downside to them, it can take money a while to be transferred outside or in. They have been working on this, reducing wait times to around 2 days. This usually isn't an issue for me, but I make sure to keep some extra money easily accessible in case there's an immediate need that cannot wait for 1+day transfer times.

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Re: Ally or Capital One 360 online savings account?

Post by nguy44 » Fri Sep 01, 2017 1:24 pm

kazper wrote:
Fri Sep 01, 2017 12:27 pm
If I had to find a downside to them, it can take money a while to be transferred outside or in. They have been working on this, reducing wait times to around 2 days. This usually isn't an issue for me, but I make sure to keep some extra money easily accessible in case there's an immediate need that cannot wait for 1+day transfer times.
I have accounts with both Ally and Capital One 360, and for my experience Ally transfer money faster. I almost always get a day turnaround for Ally, vs. 3-4 days for funds availability for Capital One 360. However, currently Capital One 360 has a slightly better interest rate (1.20% vs 1.15% at Ally).

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Re: Ally or Capital One 360 online savings account?

Post by mega317 » Fri Sep 01, 2017 1:57 pm

Hey I just checked and Ally up to 1.2%! I'm surprised there isn't a thread on this.

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susa
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Joined: Sat Oct 06, 2007 4:30 pm
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Re: Ally or Capital One 360 online savings account?

Post by susa » Fri Sep 01, 2017 5:57 pm

CIT Bank has 1.30 % and a 100.00 bonus.

https://www.doctorofcredit.com/best-ban ... t-bonuses/

golfer292
Posts: 11
Joined: Mon Mar 13, 2017 8:40 am

ABOUT READY TO LEAVE CAPITAL ONE

Post by golfer292 » Wed Sep 13, 2017 2:39 pm

I opened a Capital One money market account a few months ago with the expectation that they would resolve the beneficiary issue. Today I talked with their customer service. They are still working on it he said. Capone still will not allow me to add my daughter as a beneficiary. I was advised that the only option is to add her as a secondary account holder and she would also have to be a Capone account holder, Looking back at prior posts, they have been refusing beneficiaries several years. The csr i spoke with said its because of internet banking regulations. That can't be true if other internet banks allow beneficiaries. Any suggestions where I should move to?

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