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Updated May 30, 2018

Capital One 360 Review: Pros and Cons

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Capital One 360 checking and savings accounts are free to open and offer higher-than-average APY rates. Does this popular web bank live up to its claims? Find out if it's right for you.

Capital One 360 Promo Code

Overall Score

4.3

Savings

3.5

Checking

5.0

Money Market

4.0

Customer Service

4.5

Mobile App

4.5
5-point scale (the higher, the better)

Pros and Cons

  • Overdraft protection options
  • No account minimums
  • 27 Capital One cafes for in-person support
  • Lower savings APY compared to other online banks

Bottom Line

Good online bank with access to in-person support

Capital One 360 provides multiple banking products, allowing you to satisfy all your banking needs in one place if you so choose.

They offer savings, checking, CDs, and money market accounts. Your deposits have the protection of the FDIC and your information is encrypted for your safety.

Capital One 360 is an online-only bank, though. They claim this means less overhead, which they pass on to the customer with higher interest rates, no monthly fees, and better service.

If you're considering opening a personal checking or savings account, you must check out these promotions.

Keep reading to see our take on Capital One 360 and their offerings.

Deposit Rates

Capital One 360 offers a nice range of banking services that satisfy basic checking and savings needs:

Capital One Credit Cards: Capital One also offers a wide array of credit cards. From cashback to travel rewards to cards for bad/limited credit. Here are some of our top picks:

Read about the top Capital One credit card offers. You can find out if you're pre-qualified on Capital One's website, with no impact to your credit score.

360 Checking

The Capital One 360 Checking account has no minimum deposit, no minimum ongoing balance, and no service fees. It offers a better interest rate compared to other online banks. You can access your money at more than 39,000 ATMs fee-free. Your first set of checks are also free.

The biggest perk of this checking account are the overdraft options. Instead of automatically charging you for overdrafts, the 360 Checking gives you options. You can choose one of the following choices:

  • Auto decline charges you don't have the funds to cover
  • Link a Capital One 360 Savings account to cover the charges
  • Use their one business day grace period to add funds before being charged $35
  • Use their Overdraft Line of Credit, where Capital One will cover the overdrawn amount for you. You'll be charged interest until you pay back the funds.

    Capital One 360 Checking - $25 Offer

    Get $25 when you open an account with an initial deposit of at least $250 AND do one of the following: make 3 debit card purchases or Person2Person payments within 45 days of account opening. The $25 bonus will be deposited into your account on Day 50. Only available for new Capital One 360 customers.

360 Savings

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Capital One 360's Saving account doesn't offer as high of an interest rate as competitor online banks. But if you want the convenience of checking and savings under one bank, it's not a shabby choice. There are no service fees and no minimum deposit.

Tech-savvy savers will enjoy Capital One 360's mobile app. It's easy to transfer money between Capital One and other bank accounts. They even offer mobile check deposit options.

    Capital One 360 Saving - $25 Offer

    Get $25 when you open an account with an initial deposit of at least $250. The $25 bonus will be automatically deposited into your account upon opening. The bonus will start earning interest right away, but you cannot withdraw for 30 days. Only available for new Capital One 360 customers.

Is Capital One 360 Safe? All of Capital One 360's deposit accounts are FDIC insured. This means that if Capital One Bank defaults, the federal government guarantees the balance in your savings account, up to $250,000.

Kids Savings

Capital One's Kids Savings Account help children get into the habit of savings. This is a joint account between you and your child. Kids can sign in and view their balance, but you're the only one with the authority to move money in and out of the account.

The Kids Savings Account offers a very decent APY rate, so children can watch their money grow. There is no monthly service fee and no minimum balance.

360 Money Market

The Capital One 360 Money Market has no minimum deposit and no fees. You can set up automatic savings plans or deposit your money manually.

There are two interest tiers depending on your balance. If you have $10,000 or more, you'll receive a better rate with the Money Market than with the Savings account.

Note that the 360 Money Market doesn't offer check writing. You can only transfer funds online between Capital One accounts or to external accounts.

    Capital One 360 Money Market - $25

    Get $25 if you make an initial deposit of $250 - $9,999.99. The bonus will be automatically deposited into your account upon opening. The bonus will start earning interest right away, but you cannot withdraw for 30 days. Only available for new Capital One 360 customers.

    Capital One 360 Money Market - $100

    Get $100 if you make an initial deposit of $10,000 or more. The bonus will be automatically deposited into your account upon opening. The bonus will start earning interest right away, but you cannot withdraw for 30 days. Only available for new Capital One 360 customers.

360 CDs

Capital One 360 offers CD terms from 6 months to 5 years. If you don't need to access your money for at least a year, the 12-month CD offers a much higher rate than the Savings account.

There is no minimum deposit. Make sure you choose your term wisely. Withdrawing your money before maturity would result in penalties. While you can't add funds to the account once you open it, Capital One does allow you to open up to 50 CDs at any given time.

    Online CDs

    • Up to 3.00% APY
    • Up to 5 years
    • $0 minimum opening deposit
    • Daily Compounding Interest
    • FDIC Insured

360 IRA Savings

The 360 IRA Savings account offers the same APY as the Savings. You can choose between Traditional and Roth IRAs. IRA accounts have tax benefits.

This type of account is meant for retirement savings. The returns are lower than what you could get with brokerage IRA account. So this is best for those who want stability (for example, older people who don't want to risk their investments).

360 IRA CDs

You can also choose an IRA CD, which also has tax benefits. If you open a 360 IRA CD, you'll also automatically get a 360 Savings account. You can use it to make contributions, receive interest disbursements, or rollover funds. When your IRA CD matures, you can transfer it to your IRA Savings.

Reasons We Like Capital One 360

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  • There are no monthly fees on deposit accounts. Maintenance fees can quickly eat at your profits, which is why the no-fee standards at Capital One 360 are so favorable. This allows you to meet your savings goals faster without worrying about paying service fees.

  • You can have as many as 25 savings accounts . If you have multiple savings goals, you can open as many as 25 savings accounts with Capital One 360. This makes it easier to stay organized and reach your goals faster.

  • There is no minimum required balance on deposit products. You can open accounts with as little as $1 if you wish. While you do benefit from larger balances with a Money Market account, all other accounts offer the same interest and no fees, no matter the balance.

  • You have around-the-clock access to your account. You can access your account on your computer or even your mobile device any time of day or night.

  • You don't pay overdraft fees on your checking account. This is worth mentioning again. Many checking accounts charge $35 per overdraft. Capital One 360 gives you options and even second chances.

  • You can make mobile deposits. As long as you have a smartphone, you can make mobile deposits in a matter of minutes. All you need is the Capital One app and access to a camera.

  • You can transfer money to friends and family. Using Zelle within your Capital One mobile app, you can send money to anyone, even if they don't bank with Capital One.

  • You can get in-person help in select cities. Many online only banks don't offer in-person support. Capital One 360 currently has 27 Capital One "Cafes" throughout the country to support you.

  • You can get phone support 7 days a week. Capital One 360 offers customer support from 8 AM to 8 PM, 7 days a week, to help you when you need it.

Reasons You May Want to Look Elsewhere

  • Less money flexibility. Capital One's Money Market account doesn't come with check writing privileges or an ATM card. Some other competitor banks offer these features with their money market accounts so you have more flexibility in how you access your money. Only the 360 Checking gives you the freedom to access your money whenever you want.

  • You may experience long hold times on deposited checks. Online banking does provide its challenges, which includes held funds. Capital One 360 often holds your funds for up to five business days if the deposit exceeds $5,000.

  • You cannot assign beneficiaries. Capital One 360 does not allow you to designate a beneficiary on their bank accounts. So if you died, your account will go to probate court. This will be more of a hassle for your loved ones to settle your account. Capital One 360 also does not allow payable-on-death (POD) or transfer-on-death (TOD). These disadvantages could be a major turn-off point.

  • You may wait a while talk to a customer service representative. The hold times when you call Capital One have been known to be rather lengthy, which can be frustrating, especially when dealing with your money.

  • You can't open an account at their branch. Because they are an online only bank, you can only open their 360 accounts online. If you are local to one of their cafes, you can get support, but account openings are strictly an online process.

  • You want a business savings account. Capital One 360 is an online only bank for consumers. If you want an account for your business, you should visit a Capital One branch to open a Business Savings account. This can be helpful whether you need a rainy day fund or have plans to grow your business.

Contacting Customer Service:
You can reach Capital One customer service at 1-877-514-2265 between the hours of 8 AM and 8 PM, 7 days a week.

If you already have a Capital One 360 account, you can also utilize their live chat option after logging into your account.

How It Compares

Did you know? Capital One 360 acquired ING Direct in 2012. ING Direct was a very popular online bank for its lack of fees, ease of use, and above-average interest rates. We're glad that Capital One 360 retained the same philosophies. You can enjoy the same features that made ING Direct so attractive.

Ally: Ally is another full-service online bank with a range of products. Ally's Savings rate is higher, but Capital One 360's Money Market rate is the best if you have $10,000 to save. If you want more flexibility for your CDs, Ally may be the better choice. It offers higher rates for short-term CDs. And it has several CD options to choose from, including a No Penalty and Raise Your Rate CD.

 Capital OneAlly Bank
 Learn MoreLearn More
 

Capital One

Ally Bank

SPECIAL OFFER
Capital One MMA - Learn More

SPECIAL OFFER
Online Savings Account - Learn More

 

Benefits and Features

Savings1% APY. No monthly service fee and no minimum deposit.1.85% APY. No monthly service fee and no minimum deposit.
CD0.60% to 3.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 2.40%. No deposit to open.0.75% to 3.00% APY. Terms of 3 months to 5 years. 12-month CD APY of 2.25% for balances under $5,000 (2.50% for balances $25,000+). No minimum deposit to open.
Checking0.20% APY under $50,000; 0.75% APY $50,000 or more; 1.00% APY $100,000 or more. No monthly service fee and no minimum deposit. Overdraft options prevent you from being charged when you accidentally overdraw0.10% APY under $15,000; 0.60% APY $15,000 or more. No monthly service fee and no minimum deposit. Ally will refund ATM fees for other banks up to $10 per statement cycle.
Money Market0.85% APY up to $10,000; 1.85% APY $10,000 or more. No monthly service fee and no minimum deposit.0.90% APY under $25,000; 1.00% APY $25,000 or more. No monthly service fee and no minimum deposit.
Customer Service
Mon-Sun 8am - 11pm (ET)
24/7
ATMsOver 39,000 no-fee Capital One & Allpoint ATMsOver 43,000 no-fee Allpoint ATMs
Locations
Online Only
Online Only

Capital One: Pricing information from published website as of 8/7/2018

Ally Bank: Pricing information from published website as of 6/15/2018

Synchrony Bank: Synchrony Bank offers one of the best rates for their Savings account. And it also comes with an ATM card for easy withdrawals, so you may prefer that if you want more flexibility. But it has no checking option.

 Capital OneSynchrony Bank
 Learn MoreLearn More
 

Capital One

Synchrony Bank

SPECIAL OFFER
Capital One MMA - Learn More

SPECIAL OFFER
High Yield Savings - Learn More

 

Benefits and Features

Savings1% APY. No monthly service fee and no minimum deposit.1.85% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
CD0.60% to 3.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 2.40%. No deposit to open.0.75% to 3.00% APY. Terms of 3 months to 5 years. 12-month CD APY of 2.45%. Minimum deposit of $2,000 to open.
Money Market0.85% APY up to $10,000; 1.85% APY $10,000 or more. No monthly service fee and no minimum deposit.1.15% APY. No monthly service fee and no minimum deposit.
Customer Service
Mon-Sun 8am - 11pm (ET)
Mon-Fri 8am - 10pm (ET); Sat 8am - 5pm (ET)
ATMsOver 39,000 no-fee Capital One & Allpoint ATMsAny ATMs with Plus or Accel logos
Locations
Online Only
Online Only

Capital One: Pricing information from published website as of 8/7/2018

Synchrony Bank: Pricing information from published website as of 7/25/2018

Marcus by Goldman Sachs: If you are in the market strictly for CDs, Marcus by Goldman Sachs offers high-yield products with many options. They do not, however, offer checking account programs. They are more of an investment/savings vehicle.

Bottom Line: Is Capital One 360 Good?

Capital One 360 is a viable option for those who want the higher interest rates of an online bank without all of the fees. You'll have to have some patience when waiting to access your funds or when you need phone support, though.

If you can independently manage your finances and are tech-savvy, however, this could be a bank that will help you avoid the pesky fees that brick-and-mortar banks tend to charge.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on April 11, 2018. This content may have been updated on May 30, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

Editorial Note: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One.

Disclaimer: The information for the Capital One® Venture® Rewards Credit Card, Capital One® Quicksilver® Cash Rewards Credit Card, and Capital One® Secured Mastercard® has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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