Capital One 360 Review: Incredible Deposit Interest Rates Without the Fees

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When it comes to online banks, Capital One 360 offers features you can’t get with the competition. In addition to high interest rates on deposit accounts, its affiliation with Capital One allows it to offer more products and services than other online banks.

To get an idea of whether this bank is right for you, read on to learn about its accounts, user experiences, and Capital One 360 reviews by fellow consumers.

Capital One 360 review: The basics

If you’re not sure about moving your banking completely online, Capital One 360 is worth considering. The bank offers a hybrid experience that can make the transition easier.

Capital One created the online bank in 2012 as a subsidiary, rebranding ING Direct shortly after its acquisition. Unlike its parent company, Capital One 360 doesn’t have any physical branches.

Instead, it offers a full online banking experience that makes it easy to do everything you need to do without crossing the threshold of a branch.

If you prefer to do some of your banking in person, however, you can visit one of Capital One’s local branches. But keep in mind that Capital One has branches in only nine states.

What’s more, you can view some of your Capital One accounts in your Capital One 360 online account. For instance, I can view balance, payment, and rewards information for my Capital One credit card in my 360 account.

Since Capital One 360 doesn’t have the same overhead costs as a traditional bank, it’s able to offer high interest rates on its checking and savings accounts. And to make it easy to get your cash, the bank has a massive network of more than 39,000 ATMs nationwide.

Plus, if you need assistance, you’re not restricted to traditional branch hours. Instead, you can contact customer service between 8 a.m. and 8 p.m., seven days a week.

Capital One 360 products

Like many other online banks, Capital One 360 offers only banking products. However, you can access investment accounts and loans through its parent company, Capital One. Here’s a summary of Capital One 360’s offerings.

Capital One 360 Checking review

With this account, you don’t have to pay any monthly maintenance fees or maintain a minimum balance. As of September 2017, you’ll get one of the following interest rates, depending on your balance:

Account Balance Annual Percentage Yield (APY)
$0 to $49,999.99 0.20%
$50,000 to $99,999.99 0.75%
$100,000 or more 0.90%

For reference, as of September 2017, the average checking interest rate is 0.04%, according to the Federal Deposit Insurance Corporation (FDIC).

The bank is generous when it comes to overdrafts. Its $9 non-sufficient funds fee is well below the average of $30.50, calculated by DepositAccounts.

You also can set up an overdraft line of credit. Instead of charging a fee, the bank charges interest on your overdraft amount.

It might sound scarier than a fee, but you could end up owing only pennies if you bring your account above zero within a few days. And based on my own experience, if you replenish your account on the same day, no interest accrues.

You can deposit checks into your account through the mobile app or at a Capital One ATM. And you can make cash deposits at a branch or Capital One ATM.

Plus, you can have up to three separate Capital One 360 Checking accounts. You also can transfer money to and from non-Capital One accounts.

The Capital One 360 Checking fee schedule explains that you’ll receive the following benefits:

  • No monthly service charge
  • No minimum balance requirement
  • No fee for person-to-person or bill payments
  • No ATM fee
  • No fee for incoming domestic wire transfers
  • No fee for your first checkbook ($5 per checkbook after that)

Capital One 360 Savings review

Like other Capital One 360 accounts, you won’t pay any monthly fees with the bank’s savings account. And as of September 2017, there’s no minimum balance requirement to get the account’s 0.75% APY.

Keep in mind that the average savings account APY is only 0.06%, according to the FDIC, as of September 2017.

What really sets the 360 Savings account apart is the fact that you can have up to 25 accounts. You can organize your savings goals and have a separate account with funds earmarked for each goal.

You also can set up automatic monthly transfers from your checking account to your savings accounts to work toward those goals more effectively.

Other Capital One 360 accounts

To provide for more specific banking needs, Capital One 360 offers four other deposit accounts. All APYs are current as of September 2017.

360 Money Market

If you have more than $10,000 in savings, you can get a better interest rate with the bank’s money market account. Balances of $10,000 or more net a 1.20% APY.

If you have less than that, however, you’ll get a 0.60% APY. In that case, you’d do better with a 360 Savings account.

MONEY

If you have a teenager, MONEY is a simple checking account that lets you monitor your teen’s transactions. The account offers a 0.25% APY on balances with no minimum requirement.

Kids Savings Account

You typically have to be 18 years old to open a savings account. But with the Kids Savings Account, you can create a savings account with your minor child.

There are no monthly fees, and the Kids Savings Account offers a 0.75% APY.

360 CD

Certificates of deposit (CDs) aren’t a good option for short-term savings. However, if you have some cash you want to keep safe and won’t need for a while, Capital One 360 offers CDs with terms as long as 60 months.

As of September 2017, here are Capital One 360’s CD rates:

capital one 360 reviews

Image credit: Capital One

Keep in mind that if you withdraw cash from your 360 CD before it matures, you’ll have to pay a withdrawal penalty. It will be either three or six months’ worth of interest, depending on the term of the account.

Using the Capital One 360 online platform

To open an account with Capital One 360, visit the bank’s main account page and choose the one you want.

For simplicity’s sake, we’ll walk through the checking account application as an example. Here’s what you’ll see when you start the process:

Capital One 360 review

Image credit: Capital One

At the top of the page, you’ll see the different steps of the application process and which one you’re on.

If you already have a Capital One account, you can sign in to your account to speed up the process. Since the bank already has your information on file, you’ll just need to fill in the blanks.

If you don’t have an account with the bank, you’ll start by entering your email address. Next, you’ll fill in your personal information, including your:

  • Full name
  • Date of birth
  • Social Security number
  • Citizenship status
  • Employment and income information
  • Address and phone number

Next, you’ll be asked to agree to a set of disclosures and terms and conditions for the account. After the bank verifies your information, you’ll set up funding for your new account and confirm your application information.

Once your application gets approved, you’ll receive an account number and instructions to open your online account.

Using the Capital One 360 mobile app

In addition to the online banking, you can download the bank’s mobile app. With it, you can check your balances, make transfers, deposit checks, and find a local branch or in-network ATM.

Capital One 360 checking review

Image credit: Capital One

You also can send money to your friends using Zelle, a digital payment network, even if they don’t bank with Capital One 360. As long as they have an account with a participating bank and are registered with Zelle, they can receive your payment within minutes.

As of September 2017, Capital One 360 reviews for its mobile app are impressive. Customers give the app 4.6 stars in the Google Play store and 4.5 stars in the App Store.

Pros and cons of banking with Capital One 360

Pros

  • High-yield checking and savings accounts
  • No minimum balance requirement or monthly fees
  • User-friendly website and mobile app
  • Easy access to your money with more than 39,000 ATMs
  • Easy transfers to external accounts
  • Branch support and additional services through Capital One

Cons

  • Limited Capital One branches
  • Difficulty depositing cash
  • Higher interest rates on checking and savings accounts at other online banks

Capital One 360 reviews: Customer service

Capital One 360 boasts an average customer rating of 4.4 stars for both its checking and savings accounts on its website.

The customers who love Capital One 360 wrote about the convenience of the bank and its features. However, others pointed out that it can be difficult to get the same experience offered by banks with branches.

You can reach Capital One 360’s customer service team at 1-800-464-3473 if you don’t have an account or at 1-888-464-0727 if you do. Hours for both teams are 8 a.m. to 8 p.m., seven days a week.

You also can reach Capital One on Facebook or Twitter.

Interested in refinancing student loans?

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1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
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2.80% – 6.38%1Undergrad
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Visit Laurel Road
2.48% – 7.52%2Undergrad
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2.47% – 7.99%Undergrad
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Visit Lendkey
2.57% – 6.65%3Undergrad
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Visit CommonBond
2.72% – 8.17%4Undergrad
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Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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