Capital one 360 money market phone number -
Capital One 360 Checking® Account
The best things about the 360 Checking Account:
- no monthly fees,
- no out-of-network fees,
- no overdraft fees,
- no foreign transaction fees!
Capital One 360 Checking® Account is a great checking account offer, suitable for anyone looking for fee-free banking, top-notch technology, and great ATM network.
Not only does this checking account costs you almost nothing, but it also helps you save by earning interest on your daily balance! There aren't any monthly, ATM or foreign transaction fees, and you don't even have to make a minimum opening deposit - because, there's none! Regardless of how much money you've got in your account, you'll earn a 0.10% APY!
With their top-rated, secure mobile app, you'll be able to bank on the go, track your budget, set alerts, and enjoy the flexibility of managing your money anywhere, anytime. Besides, you'll be able to access over 40,000 ATMs across the States at no cost.
A huge plus is that you can use your debit card abroad as well - there are no foreign transaction fees!
While some extra services are charged, overall, this checking account is quite a deal, and we definitely think you should consider it.
Checking account details
- Online Banking, with Mobile Deposit and Bill Pay.
- Mobile App with SureSwipe® for secure access.
- Free first checkbook.
- Free access to over 40,000 Capital One® or Allpoint ATMs.
- Free Mastercard debit card.
- Overdraft options.
Checking account fees
Minimum Deposit to Open
Out-of-Network ATM Transaction Fee
Out-of-Network ATM Withdrawal Fee
Non-Sufficient Funds Fee
Foreign Transaction Fee
Capital One 360 Checking® Account FAQ
1. How do I open a 360 Checking® account?
You can do it online or in person at any Capital One location. If you choose to do so online, you'll be required to fill out a form, where you'll provide your personal information, and some other details.
2. What information do I need to provide to open a 360 Checking® account?
You'll be asked to give your name, date of birth, address, email, phone number, employment information, annual income, social security number, citizenship information, and some amount of money for an initial deposit. Do note there is no minimum opening deposit.
3. How come there aren't any fees?
While most important features are at zero cost, it doesn't mean this checking account has no fees at all. You'll be still charged some things, including credit overdrafts, overnight check delivery, overnight replacement card delivery, stop payments, or returned checks.
4. What are "overdraft options"?
Capital One is quite generous when it comes to its overdraft options. There are several:
- Auto-decline (free of charge),
- Free Savings Transfer: in case you have a linked a 360 Savings® or 360 Money Market® account, Capital One will withdraw money from either and transfer it to your checking to prevent overdrafts (free of charge),
- Next Day Grace: opt-in required. $35 per overdraft transaction.
5. How can I avoid NSF fees?
A NSF fee of $9 applied to bounced checks can be avoided if you use digital banking tools to keep an eye on your account, wherever and whenever. Plus, if you set up alerts, whether by text or email, to let you know when your balance is low, you'll stay on top of your account and prevent any surcharges.
To ensure you have enough money in your account and avoid your check being rejected, you can always transfer money between your Capital One accounts online, at ATMs or in person, at no additional cost. You can also transfer money from accounts you might have with other banks.
To sum up, NSF fees can easily be avoided if you keep enough money in your balance, and track your spending regularly.
6. Is my Mastercard debit Visa free?
Yes, once you've opened your 360 Checking® account, you will receive it by snail mail. This Visa comes with $0 Fraud Liability, Identity Theft Protection™ from Mastercard®, instant alerts, Instant Card Lock, contactless payment options, and free ATM access to over 40,000 ATMs.
7. Can Capital One help me monitor and improve my credit score?
Yes! In their mobile app, there is a feature called CreditWise®, which lets you track and understand your credit score at anytime, and at no cost. While it might differ from credit scores lenders use, your CreditWise® credit score will serve you as a good measure of your financial health and stability. Capital One uses your score from TransUnion to calculate your CreditWise® score. You can also use Capital One's Simulator to see the potential impact of your financial decisions even before you make them.
8. What are some other pros of online and mobile banking?
In addition to mobile deposits, online bill pay, and a free credit score, you can also take advantage of many other online banking perks Capital One offers to its clients. For example, you can transfer money via Apple Pay®, Google Pay™ and Samsung Pay®, and also use Zelle® for person-to-person money transfers.
You can, of course, set instant alerts to keep track of your spending, and receive push notifications whenever your card is used. In case your card is lost or stolen, you can immediately lock it via the app.
For an extra layer of security, you can choose how to access your account in the app: whether it with a touch of your finger using the device fingerprint sensor or with a customized pattern using SureSwipe, you can rest assured no one but you will be able to log in to your account.
9. What are My Savings Goals?
Capital One's My Savings Goals tool lets you set your savings goals, and track your way toward their achievement. If you're interested, you can open a savings account, and have it linked to your 360 Checking® account. The 360 Performance Savings is a fee-free savings account that earns 1% APY on any balance, has no minimums to open or maintain, and is FDIC-insured.
10. How do I contact Customer Service?
You can use live chat available in your Capital One mobile app, but you can also visit a Capital One Café or give them a call at 1-877-514-2265
Check out other Capital One checking account offers
These Checking accounts might also interest you
What is a money market account?
Money market accounts are sometimes called money market deposit accounts or money market savings accounts.
Like a regular savings account, a money market account at a bank is insured by the Federal Deposit Insurance Corporation (FDIC), while one at a credit union is insured by the National Credit Union Administration (NCUA). You cannot withdraw money or make payments more than six times a month from a money market account by check, debit card, draft, or electronic transfer. Withdrawals or payments by ATM, in person, by mail, messenger, or telephone check (where payment is made by using your checking account number and bank routing number) do not count against the six-transaction limit. Your bank or credit union may also have a minimum deposit that it requires to open a money market account.
A money market account is different from a money market mutual fund, or a money market fund. Money market funds are offered by investment companies and others. Money market funds are not insured by the FDIC or the NCUA, which means you could possibly lose money investing in a money market fund.
Capital One 360 Performance Savings Review 2021
Thinking of opening a new savings account? Learn whether a Capital One 360 Performance Savings account is an option to consider for saving money online.
Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.
Capital One is one of the largest banks in the U.S., serving customers across the country with FDIC-insured personal and business banking products, including credit cards and savings accounts.
The Capital One 360 Performance Savings account is a fee-free, online savings account that offers features and benefits, such as:
- Interest on deposits
- Competitive APY
- No monthly maintenance or service fees
- No minimum-balance fee
- $0 opening-deposit requirement
- $0 minimum-balance requirement
- Online- and mobile-banking access
- FDIC insurance, up to $250,000
Reading this review of the Capital One 360 Performance Savings account can help you understand what it has to offer if you’re looking for a new place to grow your savings.
Capital One 360 Performance Savings Interest Rates
Some online and brick-and-mortar banks pay tiered rates on savings accounts or other interest-bearing accounts. The higher your balance, the higher the annual percentage yield (APY) you can earn.
Capital One takes a different approach. Savers who open a 360 Performance Savings account earn the same APY across all balances.
Compared to what you may find at a traditional bank, that rate is well above the national average of 0.08%. In addition, Capital One appears frequently among the top banks for interest rates according to the America’s Best Rates Survey for consistently offering higher rates.
Comparing the APY is important before you open an account if earning the best interest rate possible is your goal. Keep in mind, however, that it’s just one thing to look for with a bank account. Low fees are another.
Monthly Capital One 360 Performance Savings Fees
Monthly fees can work against you as you pursue your savings goals.
Say you’re earning a small amount of interest each month – $5 as an example. At the same time, you’re paying a $10 monthly service fee.
It doesn’t require a math degree to understand that your savings account would be costing you money instead of helping your money grow.
The 360 Performance Savings account from Capital One allows you to avoid high fees. This account charges no:
- Monthly service or maintenance fee
- Minimum-balance fee
- Hidden fees of any kind
That’s similar to what you’ll find with other high-yield savings accounts. Online banks tend to be better equipped to keep fees to a minimum, as they have lower operating costs than their brick-and-mortar competitors.
Monthly fees for savings accounts are more common at traditional banks. These fees often range from $5 to $10 per month.
The upside is that you may have ways to avoid the fee such as maintaining a minimum daily balance or scheduling a direct deposit into your account each month.
If you’d rather not deal with those kinds of hassles, then the Capital One 360 Performance Savings account or another online savings account can help meet that need.
Does Capital One 360 Performance Savings Have Other Fees?
While the 360 Performance Savings account is mostly fee-free, there are a couple of fees to know about.
Wire transfer fees
First, Capital One charges a $30 fee for outgoing domestic wire transfers from your account. Unless you’re frequently transferring money from savings to another bank, this fee is likely to be less common for you.
Statement copy fees
The next fee to know is a $5 statement copy fee if you require paper copies of any statements for the previous two years. You can easily avoid this fee by logging in to your account online and downloading statements to print.
Fees other banks may charge
Capital One doesn’t charge fees for depositing foreign checks into your account. But you should know that the paying bank may charge a fee to process the check payment.
You may be curious about excessive withdrawal fees. These fees can apply when you make more than six withdrawals or transfers from your account per month. (This doesn’t include withdrawals made in person at a Capital One location, via ATM, by mail or messenger.)
The good news is, Capital One doesn’t charge an excess withdrawal fee. But, the bank can close your account or transfer it into another account that’s not subject to excess-withdrawal limits.
In other words, if you make a habit of using your savings account like a checking account, Capital One could change it to a checking account.
Capital One 360 Performance Savings Features and Benefits
This account has a couple of additional features to know about, including:
- Automatic savings plans
- Free account transfers
- Top-rated mobile app
Automatic savings plans
Having a savings goal to work toward is a motivator to stick with your plan. Capital One makes that easier with automated savings.
You can establish a savings target with the online My Savings Goals tool. Then, you create an automatic transfer from another linked bank account to your savings account according to your preferred schedule.
It’s a simple way to grow your savings on autopilot. The My Savings Goal tool helps you keep track of your progress as you save.
Free account transfers
There are multiple ways to add money to your account, including free bank-to-bank transfers. You can link a checking or savings account at Capital One or another bank to your 360 Performance Savings account to move money quickly and conveniently.
Other ways to add money to your account include:
- Direct deposit from your paycheck
- Mobile check deposit through the Capital One app
- Wire transfer
You can make withdrawals using an online transfer or wire transfer. These accounts don’t offer a debit card or ATM card. For that, you’ll need to open a Capital One checking account.
Top-rated mobile app
Capital One’s mobile app allows you to stay connected to your savings account where you are. You can use the mobile app to:
- Check your balance
- Open a new savings account
- Set up or change your automatic savings plan
- View your savings goals
- Deposit money to your account using mobile check deposit
Are There Other Ways to Save with Capital One?
Yes, there are. Capital One also offers certificates of deposit for savers.
Capital One CD Rates
Capital One offers several CD accounts for savers. High-yield CD accounts feature terms of 12, 24 and 60 months.
There is no minimum balance required to open one of these CDs and they’re all FDIC-insured. Additional CD terms are available ranging from 6 months to 48 months if you’re interested in building a CD ladder.
Capital One does charge a penalty for withdrawing money from a CD before its maturity date. For 12-month CD accounts or less, the penalty is 3 months’ worth of interest. For longer CD terms, the penalty is 6 months of interest.
You can also open an IRA CD with Capital One. IRA CDs are designed for retirement savings.
You can open a traditional or Roth IRA CD, with $0 to start. Both accounts earn interest, with a competitive APY depending on the CD term. Terms range from 6 to 60 months.
How Do I Set Up a Capital One 360 Savings Account?
You can open a savings account (or CD) with Capital One online. You can speed up the process a little if you already have a Capital One credit card, loan or bank account.
If you’re brand new to Capital One, you’ll need to offer some key information to get started. That includes:
- Your name
- Social security number
- Bank-account details for funding your account
- Preferred minimum-opening deposit
Remember, you can open a 360 Performance Savings account with $0 and fund it later if necessary. There’s no penalty for doing so.
You can open a joint account with someone else or an individual account. If you’re opening a joint account, they’ll need to enter their name, address and social security number details as well.
The process takes just a few minutes to complete. Once your account is open, Capital One will give you your account and routing number to start making deposits or set up an automatic savings transfer.
Is a Capital One 360 Performance Savings Account Right for You?
The 360 Performance Savings account could be a good option if you want a fee-free way to save money with interest. If you already have credit cards or a checking account at Capital One, opening an account can allow you to keep all your finances in one place.
On the other hand, if getting the best rate on savings matters to you, consider looking into Capital One’s CD accounts instead. They also carry no fees and can yield a better APY. Just keep in mind and consider how long you’ll need to lock your money into a CD to get a great rate.
The other option is to look at online savings accounts elsewhere. There are banks that can offer zero fees and better interest rates on savings, so it’s important to consider every option.
Capital One Bank Review
Who Is Capital One Bank Best For?
Capital One is a well-established bank, and it’s hard to go wrong opening an account here. The bank may be especially attractive to those who want to:
- Bank primarily online
- Earn interest at a competitive rate
- Open a free checking account that pays a small amount of interest
- Choose a credit card with rewards or low fees
- Bank in-person in select major cities
- Help children open an account and start learning about money
What Does Capital One Bank Offer?
Capital One has a broad range of banking services, including online banking and brick-and-mortar services.
- Savings accounts
- Checking accounts
- Certificates of deposit (CDs)
- Credit cards
360 Performance Savings Account
The 360 Performance Savings account is a high-yield savings account that pays a competitive rate.
- Pays 0.40% APY
- No monthly maintenance fees
- No minimum deposit to open
- No ongoing minimum balance requirement
- Mobile check deposit
- An automated savings plan option
- No debit cards, ATM cards, or check-writing capabilities
The 360 Performance Savings account is competitive with online bank accounts, and earns a decent rate while dodging fees. Although you won’t earn the highest interest rate possible at Capital One, the percentages are consistently good. Depending on how much you have in your account, this rate might be adequate, eliminating the need to chase rates as banks adjust their offers. As well, there are no debit or ATM cards. In general, a savings account may not be your best option for everyday spending.
Under Regulation D, banks were required to limit monthly withdrawals from savings accounts to a maximum of six. However, in April 2020, the Federal Reserve issued an interim final rule that allows banks to suspend enforcement of that limit. While the Federal Reserve issued this suspension, that doesn’t mean banks will, too. Getting cash at a branch doesn’t count against your limit, but you may still be charged a fee or have your account closed if you exceed your bank’s monthly withdrawal limit. Additionally, this is a temporary suspension and the Federal Reserve will decide at a future date whether to eliminate Regulation D indefinitely. Check with your bank to understand your monthly withdrawal limit.
Kids Savings Account
The Kids Savings Account allows a parent or legal guardian to open a linked account with a minor under age 18, and start teaching them about money, like the benefits of saving and compound interest.
- Pays 0.30% APY
- No minimum required to open or ongoing balance requirements
- Mobile check deposit
- View-only access for kids to monitor their accounts
- Adult login required to transfer funds
- Converts to a 360 Savings account once the child turns 18
The rate is lower than Capital One’s 360 Performance Account, which also allows you to add minors as joint account holders. As a result, there’s not much reason to use the Kids Savings Account.
360 Checking Account
The 360 Checking account is Capital One’s version of a free online checking account. There’s no need to qualify for fee waivers, which is notable for a large bank with physical branches. As a bonus, you can earn a small amount of interest on your balance.
- Pays 0.10% APY on all balance tiers
- No monthly maintenance fees
- No minimum to open or ongoing balance requirement
- Online bill pay
- Mobile check deposit
- Debit card for spending and cash withdrawals
- Over 70,000 fee-free ATMs available, including the Allpoint® and MoneyPass® networks
Need to use an ATM that’s not in the Capital One, Allpoint® or MoneyPass® network? Capital One does not charge you for using another bank’s ATM, which is great. Keep in mind, though, that the ATM owner may add charges to your transaction.
Capital One allows you to temporarily lock your debit card, which reduces the risk of fraud. Scheduled transfers and bill payments continue uninterrupted, but thieves have a harder time using your card information.
MONEY Teen Checking Account
MONEY Teen Checking allows you to open a joint checking account with your child age 8 years and older. This provides additional autonomy to kids, allowing them to spend from the account as they go through day-to-day life.
- Pays 0.10% APY
- No monthly fees, minimum opening deposit, or ongoing minimums
- Automatically issued debit card
- Adults can monitor via text alerts, mobile app, or online access
- $500 limit for withdrawals and purchases
- No checks or online bill pay available
If you’re ready to let children take control of their spending and receive income via direct deposit into their own checking account, this account may be a solution. Once children reach age 18, they can switch to a 360 Checking account with more features.
Certificates of Deposit (CDs)
With no minimum deposit requirement, Capital One’s 360 CDs are accessible to all. Terms range from six months to five years, and rates are accurate as of November 5, 2021.
Capital One 360 CD Rates
You may face early withdrawal penalties if you cash out of a CD early, but that’s not unique to Capital One. Most banks impose these charges, and the details vary from bank to bank. Specifics for Capital One are as follows:
- For terms of 12 months or less, you’ll pay three months of interest
- For terms longer than 12 months, you’ll pay six months of interest
Capital One has more than 25 credit cards to choose from. Whether you want cash back, seek travel rewards, or need a card that matches your credit score, you can filter cards with Capital One’s search tool.
Cash-Back Credit Cards
- Cabela’s CLUB Card
- Bass Pro Shops CLUB Card
Other Financial Products From Capital One Bank
Capital One has a broad array of banking services, but the bank keeps the product line relatively simple for both consumers and businesses.
- Car loans
- IRA Savings
- IRA CDs
- Business loans
- Business bank accounts
Capital One does not offer home loans or personal loans.
Capital One Bank Customer Service
Capital One has earned impressive marks for customer service across several business lines:
- Second place in the J.D. Power 2020 U.S. Banking Mobile App Satisfaction Study
- Ranked in sixth place in the J.D. Power 2020 Credit Card Satisfaction Study
Customer service is available by phone from 8 a.m. to 11 p.m. Eastern, seven days per week.
Capital One’s Cafés offer a place to recharge, with workspaces, Wi-Fi, and discounted Peet’s Coffee for Capital One debit and credit card holders. Free workshops and three, one-hour money coaching sessions can help customers manage their personal finances.
Capital One experienced a data breach in 2019. The company says that the loss of data was contained, and the individual responsible was arrested—with no evidence that they shared or sold the stolen information. Still, these incidents can leave a bad taste in your mouth.
How to Bank With Capital One Bank
To get started, visit CapitalOne.com or visit a branch to open an account. If you have questions about opening an account, call 1-800-289-1992. You’ll need to provide personal information when opening an account, which is the norm for any financial institution in the U.S.
Capital One has a strong offering of online bank accounts and a user-friendly app. As a bonus, you can bank in person if you live in certain states—but you may not ever need to visit a branch. Rates on savings accounts and CDs are consistently good, although you can often earn more elsewhere if you’re willing to shop around and open new accounts. The interest checking account compares well against competitors, and if you need a credit card, you have plenty to choose from.
Capital One keeps costs low and rates are competitive, but there are typically several other online banks that pay better rates on savings accounts and CDs, or offer flexible, no-penalty CDs. If your priority is to maximize interest earnings on a large balance, Capital One might not be the best option for you. That said, if you’re an average consumer with modest savings, the rates should be adequate.
The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
Capital One 360 Review – Online Checking & Savings Accounts
Capital One is a well-known financial institution that made its name in the credit card business. In fact, its most popular credit cards – Capital One Quicksilver Cash Rewards Credit Card and Capital One Venture Rewards Credit Card – routinely make our lists of the best cash back credit cards and best travel rewards credit cards, respectively.
Capital One 360, one of its major divisions, offers a related, if less sexy, suite of products: FDIC-insured online banking and personal lending services. If you’re not satisfied with the brick-and-mortar banking options in your area – or you want to cast as wide a net as possible during your search for an attractive mortgage – then Capital One 360 should be on your radar.
At first glance, Capital One 360 looks similar to online banking applications from Ally Bank, TIAA Bank, and other well-known providers, but it offers updated features and perks that aren’t available to consumers everywhere. And, if you own a small or medium-sized business, Capital One 360 has a slew of savings accounts and CDs geared directly to your needs.
Although Capital One 360 has only existed in its current form since early 2013, it has actually been around much longer than that. Previously, the bank was known as ING Direct. Capital One purchased the company in 2012 and completed the transition to full ownership – with the name change to follow – in February 2013. Many of ING’s services and perks survived the switch: In addition to a high-interest savings account, Capital One 360 also includes a checking account, CDs, and various other financial products.
High-Yield Savings Accounts
Capital One 360 really pushes its 360 Savings Account. It offers a variable yield, which at 1.50% APY is competitive with other online savings products.
This no-fee account requires no minimum balance and no monthly maintenance fees. Notably, you can open multiple 360 Savings accounts at once, making it a lot easier to separate and manage goal-oriented stockpiles.
You can link your 360 Savings account with your 360 Checking account, too – see below for more on that account type. Federal law limits you to six withdrawals per month, and Capital One 360 reserves the right to close your account if you routinely flout the limit. You can deposit as much as you want, however.
Capital One 360 also has Kids Savings accounts for youngsters under age 18. They’re basically the same as 360 Savings accounts, except they can be configured as custodial accounts – a valuable tool for teaching the next generation how to spend and save wisely.
The company’s CDs feature variable term lengths of between six months and five years. The full lineup:
All 360 CDs come with market-based interest rates that increase with term length. Yields are competitive, increasing with term length and varying with prevailing interest rates. There are no minimum balance requirements.
For CDs with terms of less than 12 months, users face an early withdrawal penalty equivalent to three months of interest. CDs with terms longer than 12 months impose an early withdrawal penalty equal to six months of interest. In both cases, then, you need to keep these accounts open for longer than the penalty period, or you lose a small portion of your principal amount.
You can open or roll over IRAs and 401(k)s without leaving the 360 ecosystem.
To park your money in FDIC-insured vehicles such as savings accounts or CDs, you can simply open a Savings IRA that allows you to earn interest without accumulating a tax burden. If you want to invest in stocks, bonds, mutual funds, or ETFs, you can open an IRA with Capital One Investing and transfer funds directly from your existing, non-IRA 360 Savings account. Capital One Investing also offers 401k solutions for business owners.
Interest-Bearing Checking Accounts
The Capital One 360 Checking account comes with a fee-free debit card and access to about 40,000 ATMs nationwide. It also has a nice yield: 0.20% on all balances.
The MONEY checking account is a joint custodial checking account designed specifically for semi-autonomous teens and their nervous parents. It has all the same perks as the standard 360 Checking account, yields 0.20% on all balances, and comes with a fee-free debit card.
My Savings Goals
My Savings Goals is a simple way to organize and track your disparate savings goals without leaving the Capital One 360 ecosystem. Use the user-friendly system to designate individual goals, automatically set aside money on a weekly or monthly basis using the Automatic Savings tool, track your progress toward the goal, and celebrate when you’re done. (Unfortunately, you don’t get a monetary reward – Capital One simply memorializes the achievement in its “Great Saves” hall of fame.)
Business Services (Spark)
Capital One 360 has a full lineup of business deposit accounts, investing services, and credit products under its Spark banner. Deposit and investing options include Spark Business Checking, Spark Business Savings, and the Spark 401(k). Yields on Spark Business Savings are quite competitive: 1.10% APY during the first year, then 0.40% APY moving forward. If you own a small business, visit the Capital One Spark portal for more information about this vertical.
Pro Tip: Even if you’re not interested in Capital One’s other Spark products, the company’s Spark credit cards are worth checking out. Cards like Capital One Spark Miles for Business and Capital One Spark Cash for Business, which offer rare opportunities to reduce small business expenses, routinely make our list of the best small business credit cards.
Capital One 360 offers fixed-rate and adjustable-rate mortgages. Borrowers can choose from 15- or 30-year terms for the former and 5- or 7-year fixed-rate periods for the latter. Both adjustable mortgage products amortize over 30 years.
- Reasonable Balance Requirements and No Maintenance Fees for Cash Accounts. All of Capital One 360’s basic savings and checking accounts, including kid-focused products, lack minimum balance requirements or maintenance fees. In a world where brick-and-mortar banks routinely charge monthly fees on regular checking accounts, this is a big deal. That said, many online banks remain fee-free.
- Interest-Based Overdraft Charges. Unlike many banks’ checking accounts, 360 Checking doesn’t charge overdraft fees on negative balances. Instead, it charges a flat, daily interest rate on all overdrafts, with a total negative limit of $5,000. The daily overdraft fee on a negative balance of $4,999, for example, is just $1.64. Of course, these charges can add up over time, but they’re a far cry from the one-off $30 or $50 charges that some other banks levy.
- Solid Yields on CDs. Capital One 360’s CD yields have improved significantly in recent years. The 60-month 360 CD yields 2.30% per year, which is competitive with some of the best online banks on the market. The yields on shorter-term CDs are, naturally, not as generous, but they’re also mostly competitive with prevailing rates. However, for shorter-term balances, the savings and money market accounts offer better deals.
- Mobile Access for Savings, Checking, and Investments. Given the sheer mobile-unfriendliness of many of Capital One 360’s smaller competitors, the fact that you can access your 360 savings, checking, and investment accounts from any wireless-enabled mobile device is worth noting. Minor interfacing differences aside, 360’s mobile experience is virtually identical to its desktop version.
- Automatic Savings Plan and My Savings Goals. 360 Savings comes with some novel programs that aim to encourage and reward regular saving patterns. The Automatic Savings Plan is self-explanatory: Once per week, it automatically transfers a preset sum from your checking account to your savings account. You can change or discontinue this feature at any time. My Savings Goals allows you to set individual savings goals, track your progress toward them, and receive regular updates on how much longer it will take to reach them at your current pace. Since you can open multiple savings accounts at once, you can keep track of these goals separately and avoid confusion or redundant deposits.
- Flexible Interest Payments on CDs. Some banks don’t allow you to choose when your CDs throw off interest – Capital One 360 does. You can receive interest payments on a monthly, yearly, or once-per-term basis. If you accept payments on a yearly or once-per-term basis, that interest sits in your account longer and thus has more time to compound. Also, remember that prematurely terminated CDs do come with early-withdrawal fees.
- About 40,000 Fee-Free ATMs. Capital One has about 2,000 branded ATMs and 38,000 “Allpoint” ATMs in its nationwide network, all of which offer fee-free withdrawals, deposits, and balance checks. International ATMs may charge fees, however.
- Novel Solutions for Small Businesses. Capital One 360 makes a concerted effort to appeal to small businesses. Like their consumer-facing counterparts, its business savings accounts and CDs offer variable-rate interest payments and have no maintenance fees. All business products offer separate, fully secure access for three stakeholders. According to its website, 360’s business instruments are useful for “sole proprietorships, partnerships, limited liability companies (LLCs), corporations, not-for-profits, and small organizations.” It’s implied that larger organizations may wish to look elsewhere.
- Inflexible CD Products. With stiff early withdrawal penalties and no recourse against inflation, Capital One 360’s CDs lack the increasingly commonplace flexibility of other banks’ CDs. Should market rates rise during its term, Ally’s heavily advertised “Raise Your Rate” CD allows customers to upwardly adjust their vehicle’s interest rate once during a two-year term and twice during a four-year term. Ally also offers a “No Penalty” CD that gives early withdrawal privileges at any point during its 11-month term without requiring users to give up any earned interest or pay any additional fees.
- Middling Mortgage Rates. Though they’re subject to change and can vary significantly based on borrowers’ individual financial profiles, Capital One 360’s best home loan rates are significantly above the national average. Unless you can get a special deal through the bank’s lending office, you may want to look elsewhere for a market-rate mortgage loan. Keep in mind that this is subject to change, so please don’t take mine as the last word.
- Limited Phone Support Hours. Capital One 360 has a pretty robust customer care infrastructure that includes an impressive “knowledge database” of help topics and FAQs. However, many banking customers still like to talk to a live person about potential problems, and the bank is less steady on this front. Unlike Ally’s 24-hour phone bank, 360’s call center is only open for 12 hours per day (8am to 8pm, Central Standard Time), although it does keep to those hours on weekends. The company claims to respond to emailed requests within 24 hours, so that might be a better route for customers with in-depth questions to take.
Capital One 360 is a full-service online bank that offers checking, savings, investment, and business products. It’s worth noting that Capital One 360 has dramatically improved the yields on many of its accounts since 2014, far outpacing the painfully slow uptick in prevailing rates during the same period.
Capital One 360 isn’t perfect. While it does place a clear emphasis on financial education and ease of use, it lacks many of the user-friendly features that older online banks, such as Ally Bank, have honed over the years.
On the other hand, it does boast a low-cost DIY investment portal, Capital One Investing (formerly branded as ShareBuilder, a name that’s still visible on some internal content), along with a full suite of business products under the Spark brand. If you’re relatively comfortable with managing and investing your own business and personal finances, Capital One 360 is a great place to get started.
Capital One Mobile
What’s on the Capital One Mobile app? All of your accounts, and so much more.
Whether you’re out in the world or feeling right at home, you can manage your money with ease:
• View balances and export statements
• Pay bills and take care of loans
• Check in on your credit with CreditWise
• Activate a credit or debit card when you need it
• Redeem rewards on the go
• Send and receive money with friends and family using Zelle®
With the Capital One Mobile app, you can ...
• Stay informed when you enable alerts and purchase notifications
• See everything that happens on your card with detailed transactions
• Instantly lock your credit or debit card from anywhere
• Get answers from Eno, your Capital One assistant
Download the app for better banking with Capital One.
Internet access is needed to use the mobile app. Check with your Internet service provider for details of specific fees and charges. Service outages may occur. Capital One customers are responsible for regularly checking their account statements. Push, email, and SMS alerts and notifications, including purchase notifications, must be enabled to be received. CreditWise monitoring and alerts may not be available if the information you enter at enrollment does not match the information in your file at one or more consumer reporting agencies or you do not have a file at one or more consumer reporting agencies. Features may not be available to all customers. Actual experiences may differ from those depicted. Additional terms and limitations apply.
© 2021 Capital One Bank (USA), N.A., and Capital One, N.A. Members FDIC. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. To read about the Terms of your download, check out the End User License Agreement. https://www.capitalone.com/digital/mobile/android-eula/