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.
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.
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:
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:
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.
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
- 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
- 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.
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