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 take a close look at how this bank ranks so you can decide if it’s right for your money.
Capital One 360
Product Name: Capital One 360
Product Description: Capital One 360 is a full-service bank that offers services online, along with more than 600 brick-and-mortar locations throughout the country. Although not the highest we've seen, the bank's interest rates are competitive. You can even earn interest on checking accounts (a real rarity). There are no minimums required to open an account, so you can start accruing interest on only one dollar. Plus, fees are few and far between.
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|
|App Availability||iOS, Android, mobile optimized website|
|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||$25 Refer-a-Friend Bonus
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- FDIC Insurance. Each Capital One 360 account is FDIC-insured 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. Along with its plentiful branded ATMs, you’ll find free access to more than 40,000 Allpoint network 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 can monitor charges, track spending, and watch for fraudulent activity. You can also use the service to create virtual numbers for online shopping and answer questions about your balance and statements.
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 it’s North American assets.
Now, Capital One 360 is an online bank that marries the best features that were 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 that were 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 and straightforward. 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 close to 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.
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 they tend to focus on shorter-term loans, often with adjustable-rate mortgages (ARMs).
However, you can lock in a longer-term fixed-rate mortgage. As always, you should shop around to compare mortgage rates before locking in 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 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 a 401(k) plan for small businesses.
Capital One 360 Pros & Cons
Capital One 360 Pros
- Checking Accounts with Interest. Although the rates aren’t going to make 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.
Capital One 360 Cons
- Rates Aren’t the Highest. Although Capital One 360 offers good interest rates on its products, you can actually 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 on your account, sometimes bad things happen. In this case, Capital One will charge you a steep $35 for up to four transactions per day.
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 personal 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.
Note: some banks offer additional sing up bonuses, including the Chase Bank bonus offer, which is among the most lucrative onus offers on the market today.