Capital One 360 is one of the more popular online banks for checking and savings accounts. The bank features comparatively high interest rates, easy online access, the ability to link your other online banks, remote deposits, and more.
But how does Capital One 360 stack up? In our review, we’ll closely examine how this bank ranks so you can decide if it’s right for your money.
Capital One 360
Summary
When it comes to Products & Services, Capital One 360 scores high for its menu of checking and savings products. However, note that you can’t open a money market account with this bank. While Capital One pays competitive Interest Rates, even on its checking accounts, we’ve found higher elsewhere. As for Fees & Charges, they’re few and far between at Capital One 360… unless you overdraw on your account. The Website/App is easy to use. Plus, you can contact Customer Service seven days a week (although not 24 hours a day).
Capital One 360 Features
| Capital One 360 | Features |
|---|---|
| Banking Account Types | Checking, Savings, Money Market, CDs, Kids Savings Account, Teen Checking |
| Other Account Types | Small Business & Corporate Credit Cards, 401(k) plans, Merchant Services |
| Minimum Required Deposit to Open Account | $0 |
| Number of Branches | 600+ |
| ATM Network Size | More than 40,000 free locations: Allpoint® ATM Network and Capital One branded ATMs |
| ATM Reimbursements | Some accounts offer ATM reimbursements, up to $15 per statement period |
| Remote Deposit | Yes |
| App Availability | iOS, Android, mobile optimized website |
| Bill Pay | Yes |
| Person to Person Money Transfers | Zelle |
| Money Transfers | ACH, Wire Transfers, Apple Pay, Google Pay, and Samsung Pay |
| Customer Service Types | Phone, mail, fax, social media (general account questions) |
| Customer Service Hours | 8am – 11pm ET, 7 days a week |
| Member FDIC | Capital One Bank (USA), N.A. – 33954 Capital One, N.A. – 4297 |
| Routing Number / ABA Number | Capital One 360: 031176110 Capital One Bank (USA), N.A.: 051405515 Capital One, N.A.: 056073502 |
| Current Promotions | None See Other Bank Promotions |
Additional Features
- FDIC Insurance. Each Capital One 360 account is FDIC-insured for up to $250,000.
- Interest-Paying Checking Accounts. Something of a rarity, Capital One 360 offers interest-paying checking accounts with no fees.
- Access to Allpoint Network. You’ll find free access to more than 40,000 Allpoint network ATMs along with its plentiful branded ATMs.
- Physical Branches. If you live in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, or the District of Columbia, there may be a full-service Capital One 360 location nearby. In addition, the bank has a chain of trendy cafes that offer limited banking services but plenty of coffee.
- Sub-accounts. You can create sub-accounts with different names and account numbers.
- Eno. Eno is a mobile personal assistant that monitors charges, tracks spending, and watches for fraudulent activity. You can also use the service to create virtual numbers for online shopping and answer questions about your balance and statements.
Compare Current Savings Account Rates
What Is Capital One 360?
Capital One 360 was created in 2012 when ING Direct sold its American banking branch to Capital One.
ING Direct accounts were well known for offering substantially higher interest rates than could be found just about anywhere else. However, the economic crisis took its toll on the bank, and ING’s parent company had to sell off its North American assets.
Now, Capital One 360 is an online bank that marries the best features offered by ING Direct with the financial backing and strong financial products and services offered by Capital One.
Capital One 360 has all the features found at ING Direct, including savings and checking account options, CDs, sub-accounts, and the ability to link your account to external banks. Today, Capital One 360 is among the best banks in the U.S.
How to Get Started with Capital One 360
Opening an account with Capital One 360 is easy. It takes about five minutes to answer the standard personal questions – your name, address, Social Security number, employment information, etc.
Funding Your Capital One 360 Account. You can fund your Capital One 360 account in five ways:
- Setting up direct deposit (for checking accounts)
- Linking an external account to your 360 account for electronic funds transfer
- Using domestic wire transfer
- Using mobile check deposit
- Mailing in a paper check
There are no minimum deposits required to open a Capital One 360 account. So you can start earning interest with only one dollar in the bank.
Capital One 360 Account Options
Capital One 360 Checking
Capital One offers free online checking. Formerly known as Electric Orange Checking, the Capital One 360 Checking account gives you the freedom to write checks, make ATM withdrawals, utilize online bill pay, and make purchases with a debit card.
In short, you can do anything with this checking account that you can do with virtually any other checking account.
The difference is this checking account doesn’t have any monthly fees, and you can earn interest on the money held in the account.
Capital One 360 Online Savings Account
I’ve had this account for nearly a decade now — first with ING Direct, and now with Capital One 360.
The thing that first attracted me to this account was the high-interest rate, compared to many other online banks.
However, since rates rise and fall, they shouldn’t be the only reason for open an account.
Thankfully, Capital One 360 makes up for this in other ways. There are no pesky maintenance fees associated with this account. And there’s no minimum required. That means you can get earning interest on as little as $1. In addition, Capital One 360 offers automated savings services that can help you put more money aside for major expenses such as retirement.
Compare current savings account interest rates from multiple banks.
Capital One 360 CDs
CDs aren’t as exciting as they were a few years ago when you could easily find CDs in the 5% range.
But if you are looking for certificates of deposit, you can check out the options available at Capital One 360.
They are usually very competitive with most other banks. As with all certificates of deposit, the interest rates and terms vary. You can compare CD interest rates on this page.
Capital One 360 Mortgages
Capital One 360 offers competitive mortgage rates but tends to focus on shorter-term loans, often with adjustable-rate mortgages (ARMs).
However, you can lock in a longer-term fixed-rate mortgage. You should always shop around to compare mortgage rates before making a long-term purchase.
But all things considered, stick with a bank you already use and trust if the rates are comparable.
Capital One 360 Business Savings Account
I opened a business savings account with ING Direct before the bank sold its assets to Capital One. The account has since been renamed the Capital One Spark Business savings account.
I can access the account through my Capital One 360 account login; however, these accounts are not linked. You must link your business savings account to a business checking account.
The good news is you only have to remember one login and PIN to access both accounts.
Capital One Spark Business also offers small businesses a 401(k) plan.
Capital One 360 Pros & Cons
Pros
- Checking Accounts with Interest. Although the rates aren’t making you rich overnight, interest-paying checking accounts are a rarity. It’s like free money!
- No Required Minimums. You don’t need to deposit a certain amount to open an account and start earning interest.
- Plentiful ATMs. Chances are, there’s an ATM nearby you can use for free.
- No International Fees. There are no fees if you use your 360 Checking account card abroad.
Cons
- Rates Aren’t the Highest. Although Capital One 360 offers good interest rates on its products, you can find higher at other online-only banks.
- Customer Service Isn’t 24/7. Although you can reach a customer service rep by phone seven days a week, offices close at 11 p.m. Eastern. This is great, but some other banks offer 24/7 support.
- Steep Overdraft Fees. Although you should aim not to overdraft your account, bad things sometimes happen. In this case, Capital One will charge you a steep $35 for up to four transactions per day.
Conclusion
Although Capital One 360’s interest rates aren’t among the top in the nation, they remain competitive and are good enough for most people’s needs.
From my experience, I can say that the benefits and features of this bank’s accounts far outweigh any negatives. In my opinion, this is an excellent online banking solution for just about anyone.
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Devin says
Capital One 360 is a great savings account. Their interest rate is higher than all Brick and Mortar Banks and higher than most online banks. They also offer a $25 bonus if you open with a $250 deposit! ($50 for checking with no min deposit).
Their customer service is top notch and very easy to understand. Their accounts are also very very easy to sit up and they offer a very secure interface to register an account.
You can also transfer money between your savings account and your capital one 360 checking account very easily as well..
My one complaint is that they hold your transfer longer than Ally or my regular brink and mortar bank. If you are using this for savings this is not a bad thing. They usually release the transfer in about 5 days. (this hold does not apply to checking accounts)
Overall I would highly recommend this bank to anyone interested! They also have a checking account promotion currently running.
Joe D. says
Another benefit of the Capital One 360 checking account is the way they handle overdrafts.
You do not get assessed overdraft fees, per se. They provide you with an overdraft amount (from $250 to $1,000), and if you overdraft, you are “loaned” the money to cover the overdraft. You are then assessed an interest charge on the overdraft (current rate is 11.5% APY). You have to “pay on” the loan before the end of the month, but the interest on the overdraft is pennies rather than those outrageous $20 to $40 fees that the other banks charge.
Richard W. Wert says
I have a Capital One credit card, so I was interested in a Capital One 360 account. While I love their credit card, they will never get me as a banking customer since they don’t have a Payable on Death designation for their accounts (making it difficult for your heirs).
KJM says
Agree with previous comment. Dealing with the process right now for my late father, Capital One 360 is not the most convenient when the account owner dies as they do not accept Payable on Death designations.