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.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|