Capital One 360 Review | The Online Bank That Does It All

capital one 360 reviewWith so many options now for banking, you can easily get overwhelmed.

Some banks offer the best savings accounts but they don’t offer a checking account.

Other times they offer all of the banking products you need, but they charge sky high fees.

Luckily, Capital One 360 is here to meet all your banking needs and pay you higher interest than most banks.

I’ve been banking with Capital One 360 and have zero complaints.

They are my main bank, with a checking account and 20 savings accounts.

Yes, you read that right. I have 20 savings accounts. I’ll explain why shortly.

Today, I offer you my complete Capital One 360 review so you can see all this bank has to offer.

My Capital One 360 Review | The Online Bank That Does It All

What Is Capital One 360?

Capital One 360 began in 2012 when Capital One bought ING Direct.

Because of the financial crisis, the owner of ING Direct was forced to sell its US banking arm.

When Capital One bought ING Direct, it renamed it Capital One 360.

Capital One has been a financial powerhouse since its founding in 1994.

Before that, it was part of Signet Banking Corporation.

The company expanded into auto loans in 1998 and then into retail banking in 2005.

Today, Capital One 360 is a total online bank without any physical branches.

Capital One 360 Features

Capital One 360 offers a complete banking experience for its customers, with services including:

  • Capital One 360 Checking
  • Capital One 360 Savings
  • Capital One 360 CDs
  • Capital One 360 IRAs
  • Capital One 360 Kids Savings

Let’s take a look at each of these in greater detail.

Capital One 360 Review Summary
  • Features
  • Ease of Use
  • Account Fees
  • Customer Service

Summary

Capital One 360 is an excellent choice when it comes to online banking. You can not only have a checking and savings account, but multiple savings accounts if you enjoy keeping your savings for various goals separate. With a competitive interest rate, a great phone app and quick transfer times, Capital One 360 is a great choice for all of you banking needs. Click here to learn more about CIT BankClick here to get a $25 bonus when you open either a checking or savings account.

4.9

Capital One 360 Checking

There are 2 checking accounts offered by Capital One 360.

The first, 360 Checking, is a checking account that most are familiar with.

You can open an account without a deposit and there is no minimum balance requirement.

However, my readers get a $25 account opening bonus! Just open a 360 Checking account with $250 or more using the link below.

 

The 360 Checking account is free of fees and your first book of checks is free. After that, there is a minimal charge.

What sets the 360 Checking account apart is that it pays interest, regardless of your balance.

Most checking accounts only pay interest if you meet certain requirements. These include making a certain number of monthly direct deposits or maintaining a certain balance.

Not with Capital One.

You earn interest as long as you have an account balance.

The interest rate varies, and it is a tiered system.

This means as your balance increases, so does the interest rate you earn.

And don’t think that if you have a small balance, the interest you earn will be small. Even with a small balance, the interest rate you earn is much higher than with most checking accounts.

Other features include:

  • Free mobile check deposit using the Capital One 360 app
  • Free debit card
  • Free online bill pay, with the option to set up automatic payments
  • Free ATMs nationwide as part of the Allpoint network
  • Overdraft protection options

Capital One 360 Checking

When it comes to overdraft protection, 360 Checking has you covered.

In fact, you can choose 4 different options for overdraft protection.

  • Auto Decline: Any transaction will be declined if you don’t have enough money in your account.
  • Free Savings Transfer: Automatically transfer money from your savings account to cover transactions and pay no fee.
  • Next Day Grace: One business day to bring your account balance out of the negative, otherwise a $35 fee is charged.
  • Overdraft Line of Credit: Loan from Capital One to cover overdrafts. You then pay interest on the loan.

Overall, 360 Checking exceeds many other checking accounts out there.

And as a reminder, when you open an account using my link above, you get a $25 bonus. Just you open your 360 Checking account with $250 or more.

Money Teen Checking is the other checking account offered and is for teenagers.

It works the same as 360 Checking with a couple of differences.

  • Interest earned is a flat rate, not based on balance size
  • Education material to help teens understand money, spending and saving

Overall, this option is great for teens as it gives them an account they are in control of.

Most other banks won’t let minors under 18 have a checking account and their own debit card. But Capital One does.

Capital One 360 Savings Account

Capital One 360 Performance Savings is one of the best savings accounts out there.

For starters, there are no minimums and no fees.

You earn a higher than average interest rate regardless of your balance.

Capital One 360 Savings

And you can create up to 25 savings accounts.

This is one of the main reasons why I love 360 Performance Savings.

I have 20 savings accounts, one for each of my goals.

For example, I have a savings account for my emergency fund and another one for house projects I am saving for.

I also have savings accounts for non-monthly bills.

For example, I pay my sewer bill annually and my car insurance semi-annually.

I have a savings account for both and take the amount I need to pay the bill and save for it monthly.

So if I need $800 for my car insurance every 6 months, I save $133 every month. Then when the bill comes, I have the money to pay it.

Plus, I earn some interest along the way.

When you open a 360 Performance Savings account with $250 or more and use the link below, you will get a $25 bonus!

 

Capital One Kids Savings Account

The Kids Savings Account is just like a savings account for adults.

It offers a higher interest rate than most bank savings accounts and doesn’t charge any fees.

You can also set up savings goals so your kids can follow along as they save.

They even can access their account using the mobile app. And parents need not worry as you can set up parental controls.

Capital One 360 CDs

Capital One offers 2 types of certificates of deposit.

The first is an online CD. This is your traditional certificate of deposit.

Terms are from 6 months up to 5 years and the interest rates are competitive with other online CDs.

There is no minimum to open your CD and your money is FDIC insured.

What makes the CD unique is you get to choose when and how you are paid interest.

You can choose to have your interest paid monthly, annually or at the end of the term.

The other CD Capital One 360 offers is the 360 IRA CD.

This works the same as the CD mentioned above. The only difference is the CD is put into a tax advantaged traditional IRA or Roth IRA.

Capital One 360 IRA Savings

While the 360 IRA CD is intended to be a long term retirement investment, for short term retirement savings, Capital One offers the 360 IRA Savings.

This is a savings account built for retirement.

You can choose to open either a Roth IRA or a traditional IRA and earn a high interest rate on your savings.

There are no minimums to open the account and you earn interest regardless of your balance.

Capital One 360 Fees

This section will be short because Capital One 360 doesn’t charge many fees.

There are no monthly account fees and no ATM fees. There are also no foreign transaction fees when you use your debit card internationally.

The only fees are on the typical bank related activities.

These include the following:

  • Overdraft protection (depending on the coverage you choose)
  • Overnight check delivery
  • Stop payment
  • Bounce a check

Like I said, typical things that don’t happen all that often.

Other than that, there are no fees Capital One 360 charges.

Advantages And Drawbacks

Here are the biggest advantages and drawbacks of Capital One 360.

Advantages

No fees: Literally there are no fees Capital One charges other than a few typical bank activities that most banks charge for, like stopping a check, bouncing a check, overnight check delivery, etc.

Interest Paying Checking Accounts: Capital One 360 Checking accounts pay interest, regardless of your balance.

High Yield Savings: The interest rate that 360 Checking and 360 Performance Savings pays is much higher than most banks. And there is no need to jump through hoops either. As long as you have a balance, you are earning interest.

Sub-Savings Accounts: As I mentioned, I have 20 savings accounts for all my goals. I love that I can have many savings accounts and keep the money I save for each goal separate.

Automated Savings Plans: You can set up daily, weekly, monthly or any other frequency of transfers into your savings accounts.

Nationwide ATM Access: No matter where you are, you can use an ATM and not have to worry about paying Capital One a fee.

Mobile App: One of the best and easiest to use mobile banking apps out there that allows you to do 99% of your banking from your phone.

Online Bill Pay: Pay your bills online with ease. And if the company you are trying to pay isn’t in Capital One’s system, they will mail a paper check payment for free.

Drawbacks

No Physical Branches: I love that I can do everything online. But there have been a few times I received a large amount of cash as a gift or from selling something. I didn’t have the option of walking into a branch to deposit the cash.

No chat feature: I’m being picky here, but you can contact customer service through phone and email. There is no chat feature.

Frequently Asked Questions

frequently asked questions

Here are the most common questions readers ask about Capital One 360.

Is Capital One 360 legitimate?

Yes. Capital One 360 has been around since 2012. Its parent company, Capital One, has been around since 1994.

It has an A+ rating from Better Business Bureau and your money is protected by FDIC Insurance.

Is Capital One 360 safe?

Capital One 360 takes users security seriously.

For starters, they use 256-bit encryption to keep your data safe.

And their security measures don’t stop there.

They offer the following fraud and security protections for users:

  • Secure log on
  • Real time alerts
  • Debit card lock/unlock

Additionally, they offer an interesting security solution when you work with 3rd party apps.

Instead of providing your password to the app, you get a private code from Capital One.

You then use this code as your password on the app. The code only works for that app.

So if someone were to hack into the app and steal your code, they could not log into your Capital One 360 account.

Finally, you may have heard about a security breach with Capital One in the summer of 2019.

While someone did gain access, this was not with Capital One 360 or any bank accounts.

The breach was with the credit cards that Capital One issues.

Is Capital One and Capital One 360 the same thing?

They are both owned by Capital One but offer different services.

Capital One has physical bank branches that offers checking and savings accounts. They also offer credit cards and auto loans.

Capital One 360 is the online banking arm of Capital One.

With Capital One 360, you have access to fee free checking and savings accounts, as well as IRAs and CDs.

Is Capital One 360 Savings a good savings account?

Yes.

It is one of the best savings accounts out there.

First, it charges zero fees.

The 360 Savings account is 100% free.

It also pays a higher interest rate than most banks.

It is for these 2 reasons I list it in my Best Savings Account comparison tool.

Is the Capital One 360 app good?

The Capital One 360 app is hands down one of the best mobile apps out there.

You can do just about everything on the mobile app. This includes make transfers, set up automatic savings, deposit checks and more.

You can even make digital payments and set up online bill pay using the Capital One 360 app.

Alternatives To Capital One 360

There are a lot of online banks out there. As a result, this section could be virtually endless if I included every single one.

To keep things simple, I will highlight some of the best alternatives to Capital One 360.

Capital One 360 vs. Ally Bank

Capital One 360 and Ally Bank both offer checking and savings accounts to customers. And they both make opening an account simple.

Neither bank charges fees or requires a minimum balance.

The main difference is Ally Bank does pay a slightly higher interest rate than Capital One 360.

However, Capital One 360 offers a Kids Savings Account and Teen Checking account.

Both have phenomenal mobile apps and great customer service.

At the end of the day, it is a personal decision as to which one fits your needs better.

Capital One 360 vs. CIT Bank

CIT Bank is a leader when it comes to online savings. They consistently are near the top of the list for highest interest paid.

CIT Bank also doesn’t have minimums or charge any fees.

However of this writing, they do not have a checking account. Therefore, you cannot pick them for all your banking needs.

However, their interest rate it tiered, so to get the highest yield you need to deposit a large amount of money.

This is easily overcome though with a monthly transfer of $100.

Capital One 360 vs. Betterment Everyday

Betterment was started as an investing company but is looking to become a one-stop shop for all your financial needs.

Thus they created a checking and savings account called Betterment Everyday.

The main thing to understand is that Betterment is not a bank. Instead they partner with banks to offer banking products.

This leads to many benefits including high interest rates on both types of accounts and larger FDIC insurance protection.

Final Thoughts

Overall, you cannot go wrong with Capital One 360.

As I mentioned, they have been my primary bank since 2012 when they purchased ING Bank.

Capital One makes banking easy and fee free and because of this, it needs to be on your short list.

In the 7 years of using their checking and savings products, I have not paid a single fee.

Add the fact that I have many savings accounts and can automate my savings is priceless.

I highly encourage you to start banking with Capital One 360.

As a reminder, you will get a $25 bonus using my link below when open an account.

Just open a 360 Checking or 360 Savings account with $250 or more to get the bonus!

 

7 thoughts on “Capital One 360 Review | The Online Bank That Does It All”

  1. I used to be a big ING Direct fan, but over time their rates dropped and I found a more compelling product at Schwab, where I have never had any holds on check deposits. They were always available within 12 hours including on weekends. I still have my Capital One 360 checking, but find that I don’t use it much anymore.

  2. I’ve banked with capital one for a number of years. I also have a capital one credit card. I’ve been pretty happy with the customer service that I have received and the rates have always been fair. They will continue to get my business.

  3. Great review, I’ve been considering setting up a Capital One 360 for some time now but I like all the good points you’ve pointed out. They definitely outweigh the bad and even if you can’t get the money as fast you can still get some great returns with these accounts.

  4. Just recently switched to capital one 360 and I’ve been very pleased. It’s really convenient having this being able to be linked to my savings accounts and other checking accounts. While they do have a lot of ATM’s, I wish they just reimbursed fees like Schwab does so you don’t have to go hunting for one. But all in all a superb checking account.

    1. I agree that reimbursing ATM fees would be awesome. It’s not a big enough deterrent to get me to stop using Capital One 360 though.

  5. I love the no charges and fees but the time it takes for checks to clear is killing me! Not really but it is very annoying and for an online company….very slow…

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