LAST UPDATED: January 30th, 2022
Capital One 360 has spilled over from credit cards to checking and savings account with the completely virtual bank. Apply online in a snap, and Capital One can have you set with a no-hassle, all-the-bells-and-whistles checking and savings account, CD or accounts for the teens in your life. A free budget tool is among the extras tossed in to the standard mobile banking account, along with a tie-in to the new Apple pay option.
- Services and features
- Great benefits
- Stock trading
Services and Features
Capital One 360 provides an online banking platform that gives constant access for users to their accounts and financial data. Whether users take advantage of the online or mobile banking feature, Capital One 360 customers are essentially just one click away from complete financial management. Despite providing a comprehensive online platform, Capital One also has dedicated Associates who are available to meet and talk when needed.
There are three basic accounts offered through the Capital One online banking system. These accounts include: checking, savings, and capital one investing accounts. Each comes with its own unique features and services. All accounts through Capital One 360 are broken down as follows:
- No fees, no minimums
- 40,000+ free ATMs nationwide
- Mobile check deposit
With 360 Checking, a free MasterCard debit card is provided for any and all purposes. All clients will also receive a checkbook free of charge and have access to mobile deposit. The 360 Checking account can be covered with overdraft protection as well. There is the free savings transfer which is a free option where Capital One will pull funds directly from a current 360 Savings account to pay the overdraft amount (as long as there is enough to cover the amount). There is also the option for Overdraft lines of credit where users pay interest only on the amount borrowed.
The 360 checking rates are 0.1998% with 0.20% APY for an account balance of $0-$49,999.99. The interest rate for accounts with $50,000.00-$99,999.99 is 0.7474% with 0.75% APY. Lastly, with accounts over $10,000.00 receive an interest rate of 0.8963% and 0.90% APY.
- Join millions of Savers
- No fees, no minimums
The 360 Savings account has a high interest rate in comparison to other online banks. Clients can earn an everyday interest rate on their money, which is currently sitting at 0.75% APY. Capital One 360 clients can also "stash cash" by opening multiple savings accounts and then tracking them with savings goals. All deposits are backed by the FDIC up to $250,000 per depositor. Users can also deposit checks from anywhere using a mobile device or computer.
Capital One Investing
- Low $6.95 online trades
- No account minimums to open
- Get up to a $600 bonus
Capital One Investing clients can trade stocks and exchange-traded funds online for a low price. There is no minimum to open an account and users can transfer money from and to Capital One 360 accounts for free. Consumers can also find investments that are right for their financial situation with Capital One 360 research tools, third-party stock ratings and analyst reports. The bonus feature is broken down as follows:
Those that bank with the new Capital One 360 bank will likely find more cash, due to the truly 'free checking' account. No fees, no hidden charges, no minimum amounts due. Download their mobile app for your iPhone or iPad and have the extra convenience of paying with the new Apple Pay option. Checkmate allows a nearly-instate upload of a paper check. Additionally, Capital One 360 Bank has over 3,800 free Allpoint ATMs nationwide.
- Mixed reviews
- Security in services
- Online depositing
There have been mixed reviews from customers online. In general customers that belonged to ING were pleased with the service and most of those customer are now pleased with Capital One 360 but there are a few who are not. One noteworthy aspect of the positive reviews by customers online are the reviews about customer service.
Security in Services
Securities and services are also a concerns for both prospective and current Capital One 360 users. While accounts are backed by federal insurance, not all Capital One 360 amenities are. It is important for users to know that securities and services are:
- Not FDIC Insured
- Not bank guaranteed
- May lose value
- Not a deposit
- Not insured by any Federal Government Agency
For those who prefer old school depositing over mobile uploads, this account probably wouldn't be the way to go. Although, paper checks can still be snail-mailed to the bank's headquarters for manual deposit, but that would result in a long, long wait time. Other than that, this online bank doesn't really lack for anything.
The Bottom Line
Capital One is a well-established company that seems to offer just about everything an Internet bank should. Sign up is easy, and is highly recommended as likely the easiest and most secure online banks on the market today. Those that use Capital One 360 for online banking can expect the following from the service:
- High interest rates on checking and savings accounts
- Bonuses and features associated with investment accounts
- Online and mobile banking available
- Concerns over securities and services
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