Capital One 360 Review
Monday, December 23, 2024
Product Name: Capital One 360
Product Description: Capital One 360 is the online division of Capital One Bank. It offers checking accounts, savings accounts, and CDs.
Summary
Capital One 360 offers online checking, savings, and CDs. These accounts have no monthly fees and no minimum balance requirements. Even though it is the online division of Capital One Bank, you’ll still have access to the bank’s branches and cafes for in-person banking.
Pros
Cons
Capital One 360 is Capital One Bank’s online division. It’s a great hybrid of online and traditional brick-and-mortar banking since you get the features and interest rates of an online bank but still have access to Capital One branches and cafes.
They offer a checking account, savings account, and CDs. They also have a kid’s checking and a kid’s savings — and parents don’t have to have a Capital One checking to open a kid’s account, which is rare.
If you like the idea of an online bank but still want the option to visit a branch, Capital One 360 might be for you. It offers accounts with competitive rates and low fees, which is exactly what you’d expect from an online bank. But, Capital One also has an extensive ATM network and physical locations.
Also, if you already have Capital One credit cards, it may be convenient to also do your banking with Capital One.
Let’s get some paperwork out of the way. You know that I wouldn’t ever review a bank that wasn’t FDIC insured; that would be sheer insanity, but let’s make sure we have all that settled.
Capital One 360 is owned by Capital One Financial Corporation and headquartered in McLean, Virginia. When you do a search on the FDIC Bank Find tool, you’ll see several institutions named “Capital One.” This is because Capital One has brick-and-mortar locations for its bank, Capital One Bank. The Capital One 360 entity is entirely separate, it actually used to be ING Direct until Capital One bought it in 2011.
So, which one is Capital One 360?
Capital One, National Association (FDIC #4297) covers mostly deposits within branches. Capital One Bank (USA), National Association (FDIC #33954) covers mostly the deposits in the online bank.
Turns out, ING Bank (FDIC #35489) merged with Capital One Bank and on the BankFind page we learn that those accounts are covered under Capital One, NA (FDIC #4297)!
The FDIC # for Capital One 360 is, as far as I know, FDIC #4297. If you which to call them, the Capital One 360 phone number is 1-877-514-2265.
The ABA routing number is 031176110.
Capital One 360 offers the same types of accounts as everyone else: online checking, online savings, certificates of deposit, etc.
This is your standard online checking account. There is no minimum balance or minimum to open. There are also no monthly fees and no overdraft fees.
For overdraft, you’ll have two options. The default setting is to have transactions automatically decline if they overdraft your account. However, if the bank does approve a transaction that causes your balance to drop below zero, there is no fee. You can also set up a savings or money market account where funds can be automatically transferred to cover a transaction if needed.
You’ll have access to over 70,000 free ATMs. You can use Capital One, Allpoint, and MoneyPass ATMs. If you use an ATM outside of the network, Capital One 360 will not charge you a fee but they will not reimburse you any fee charged by the ATM’s bank.
You’ll have access to the Capital One branches and cafes, but you can also deposit cash at CVS, Walgreens, or Duane Reade locations. There is online bill pay and Zelle as well.
The account does earn a bit of interest. It earns 0.10% APY, which is nothing to get excited about, but it’s better than nothing at all.
Right now, you can get $250 for opening a new 360 Checking. To receive the bonus, you’ll need to use CHECKING250 when you open the account.
Once you open the account, you’ll need to receive two direct deposits each of $500 or more within 75 days of account opening. Direct deposits that qualify are your paycheck, regular government payment – such as Social Security, or other regular monthly income. Person-to-person payments, such as wire transfers, don’t count.
This checking account is for those between ages 8 and 18. There are no monthly fees or minimum balance requirements.
The account can be linked to either a parent’s Capital One checking, or an external checking account. Kids will have their own login to the app and will have an age-appropriate app experience. The parent version of the app allows for parental controls and easy transfers to the child’s account.
This account also earns 0.10% APY.
Related: Best Debit Card for Kids
As you might expect, this account has no minimum balance requirements or monthly fees. The interest rate is currently 3.80% APY on any balance.
One nice feature of Capital One 360 is that you can open up to 25 savings accounts. You can use them for different savings goals, and it’s fairly simple to keep up with them. Each one will have its own account number, so they’re truly individual accounts, and you can deposit money directly into them.
Here’s our full review of the Capital One 360 Performance Savings for more information.
To receive the bonus, use the promotion codeBONUS1500. You’ll then need to deposit at least $20,000 in new funds into the account during the 15-day initial funding period and keep it there for an additional 90 days.
How much you’ll receive as a bonus depends on your deposit amount.
| Deposit amount | Bonus |
|---|---|
| $20,000 | $300 |
| $50,000 | $750 |
| $100,000 | $1,500 |
The Kids Savings Account also has no minimum balance requirement or monthly fees. You can create a savings account for each of your children and link the accounts to your main checking account, even if it isn’t a Capital One checking. Each child will have their own app login and an individual app experience.
To move money in or out of the account does require the parent to log in and make the transfer themselves, but you can set up automatic transfers.
The account earns 2.50% APY.
The CD rates at Capital One 360 are competitive with those of other online banks. You also have some maturity options, from 6 months to 60 months (5 years). There are no minimum balance requirements.
As with most CDs, there is an early withdrawal penalty if you withdraw your funds from the CD before the term is over. For CDs with terms of 12 months or less, the penalty is three months of interest. For CDs with terms longer than 12 months, the penalty is six months of interest.
Most banks have an app and Capital One is no exception.
With the app, you can receive alerts, lock and unlock your card, and see your transactions and balances. You can also make mobile deposits and get a virtual card number to use online.
Discover is also known for its credit cards but offers a solid selection of bank accounts as well. It offers a checking account that earns cash back on debit card purchases and a savings account that earns 3.75% APY. Neither account has minimum balance requirements or monthly fees.
Discover also offers CDs and money market accounts with competitive rates.
Here’s our full review of the Discover Online Savings Account for more information.
Citibank also has some competitive bank accounts. It offers several checking accounts, all of which have a monthly fee, but it is waived if you have at least $30,000 with the bank or $250 in “enhanced direct deposit.” This means that just about any electronic deposit counts, it doesn’t have to be your payroll. So a Zelle transaction, transfers, and person-to-person deposits all count.
The savings account has a $4.50 monthly fee, which is waived with a balance of at least $500. It also offers CDs and small business banking.
Citi often has promotions for new accounts. You can learn more about that here.
Quontic isn’t as well-known as the other banks on this list, but it’s worth mentioning. It has a checking account that earns 1.10% APY with a $100 minimum balance requirement but no monthly fees. It also has a savings account that earns 4.00% APY and a money market that earns 4.75% APY.
Quontic does have a minimum balance requirement of $100 but no monthly fees. If you are comfortable with online banking, it’s worth checking out.
Here’s our full review of Quontic Bank for more information.
I like Capital One 360 and I still have my account there. It’s a great mix of the benefits of an online bank, such as high rates and a mobile-first experience, but you also have access to an extensive ATM network and in-person branches.
If keeping all your banking in one place is important to you, Capital One will also fit the bill. They offer several popular credit cards, business accounts, and lending.
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