Capital One 360 Bank Review 2021
When comparing online banks, some may have more recognizable names than others. Capital One 360 may be one online banking option you’ve heard of – but is it the right bank for your savings?
This overview of Capital One Bank reviews some of the most important things to know about saving with this online financial institution.
What Is Capital One 360?
Capital One 360 – sometimes referred to as “CapitalOne360” – is used to identity online bank accounts offered by Capital One Bank, which is federally insured by the FDIC.
In addition to savings accounts and checking accounts, the bank also offers credit cards and auto loans, as well as business banking products and services.
Keep reading to learn how Capital One 360’s savings accounts and certificate of deposit accounts compare to those offered at other banks or credit unions.
|Capital One Bank||Popular Accounts||Account Features & Fees||Pros & Cons||Locations|
Popular Capital One 360 Accounts
|360 Performance Savings||FDIC-insured savings with no fees.|
|360 IRA Savings||Open a traditional or Roth IRA savings account.|
|1-Year CD||Early withdrawal penalties apply if you close your account before your CD matures.|
|5-Year CD||Early withdrawal penalties apply if you close your account before your CD matures.|
How Capital One 360 Works
Capital One 360 is an online bank offering savings accounts and CDs that you can use to meet your short- or long-term financial goals.
When you bank with Capital One 360, you can earn interest on savings at a competitive rate that’s five times the national average for savings accounts.
Capital One 360 CD rates are also impressive compared to other banks or credit unions.
You pay no monthly fee to maintain a savings account with Capital One. While higher minimum deposits are allowed, there’s no minimum balance you need to open a Capital One 360 savings account or CD account, including IRA CDs.
Savings accounts and CD accounts are federally insured up to the per-depositor/per-account-ownership-type limits.
You can access your savings accounts or CD accounts online or via the Capital One mobile app.
Once you download the app, you can use it to:
- Transfer money between Capital One 360 checking accounts and savings accounts.
- Transfer money between your Capital One 360 accounts and a linked account at a different bank.
- Process a wire transfer.
Capital One also allows you to make withdrawals from your account via ATM.
If you need to deposit money to your Capital One 360 account, you can do so by scheduling an ACH transfer from a linked external bank account. You can also set up direct deposit, schedule a wire transfer, deposit money at an ATM or use mobile check deposit to add checks from your smartphone.
If you need help with your accounts, you can tweet customer service at @AskCapitalOne. Support for existing customers is also available by phone from 8 am to 11 pm ET, seven days a week.
Capital One 360 Savings Account
If this is your first time reading Capital One 360 reviews, you might be wondering what you get with a Capital One 360 Savings Account.
First, it’s important to remember that this is a savings account, so you don’t get a debit card or check-writing privileges. For that, you’ll need to open a Capital One 360 Checking Account.
If you want to grow your money, of course you might be interested in the Capital One savings rates you can expect when opening an account. The Capital One 360 savings interest rate and APY are competitive, at five times the national average interest rate. Capital One 360 pays the same APY across all balances so you can enjoy the same great rate whether you save a little or a lot.
At other banks or credit unions, you may see tiered rates instead. In order to get a higher interest rate, you have to meet a higher minimum balance requirement.
Compared to other online banks, the Capital One 360 savings interest rate isn’t the best, however. According to the America’s Best Rates Survey, the online bank that offers the best interest rate on savings overall is UFB Direct. Capital One ranked closer to the middle of the top 10 for the best rates on savings.
Capital One charges no monthly maintenance fees for its 360 savings accounts. That’s a plus if you’re looking for an online bank account that comes with minimal fees. For more on how these accounts work, be sure to read our full Capital One 360 Savings Account review below.
|360 Performance Savings Account||Amount|
|Monthly Maintenance Fee||$0|
|Minimum Balance Fee||$0|
|Outgoing Wire Transfer Fee||$30|
|Excess Withdrawal Fee||$0|
Capital One 360 Money Market Account
If you’re looking for a money market account, you won’t find one at Capital One 360. At this time, they aren’t available to new customers. In addition, Capital One 360 does not offer money market mutual fund options.
Capital One 360 CD Rates
Capital One 360 offers both regular CDs and IRA CD accounts. An IRA CD is a certificate of deposit that enjoys the tax advantages of an individual retirement arrangement.
CDs come with terms ranging from six to 60 months so you can decide what period of time works best for meeting your savings goals. Capital One CD rates are tiered based on the CD term; the longer the time frame until your CD matures, the higher the APY you can earn.
There’s no minimum dollar amount required to open a Capital One 360 CD account or a Capital One 360 IRA CD account. That’s worth noting because at some online banks, as well as traditional banks or credit unions, you may need $500 or more to open an IRA CD.
Capital One 360 CDs and IRA CDs are federally insured, up to the FDIC limits. Either one could be a good savings option if you’re looking for a safe way to earn guaranteed returns for the short or long term.
|Capital One 360 CD Accounts||Term||Notes|
|1-Year CD||12 months||Early withdrawal penalty for a CD with a 12-month (or shorter) term, the penalty is three months’ interest, regardless of when you redeem the account prior to maturity.|
|5-Year CD||60 months||Early withdrawal penalty for a CD with a term greater than 12 months, the penalty is six months of interest regardless of when you redeem the account prior to maturity.|
CapitalOne 360 Checking Accounts
Capital One offers checking accounts as well as savings accounts for even more convenient access to your money.
With a 360 Checking Account, you pay no monthly maintenance fees and there are no minimum balance requirements to meet. You have 24/7 access to your money through mobile banking and, of course, you can use your debit card to make deposits or withdrawals using Capital One’s extensive ATM network.
There’s also a separate MONEY Teen Checking Account for young people who are starting to learn the basics of money management. Teen checking accounts have no minimum balance or minimum deposit requirements and no monthly maintenance fees. Teen account-holders also get a debit card that’s linked to their account for fee-free ATM access.
At this time, Capital One 360 does not offer personal loans, which may be a drawback if you’re looking for a loan to consolidate debt, fund home repairs or pay for another expense. But you can apply for an auto loan with Capital One or open a new credit card account, including travel and cash back rewards credit cards.
Capital One 360 Pros & Cons
Whenever you’re comparing banks or credit unions to find the right one for your needs, it’s helpful to weigh the advantages and potential drawbacks, if any.
As online banks go, Capital One 360 has earned a solid reputation for being a reliable financial institution. But consider these pros and cons to judge for yourself.
- Full range of checking, savings and credit card products makes it easy to bank all in one place.
- Earn a higher interest rate on savings accounts and CDs than you might find at traditional banks or credit unions.
- No monthly fee to worry about and no minimum balance requirements to meet.
- Easily open an account online in minutes so you can start saving and earning interest.
- Open IRA savings accounts or IRA CDs to grow retirement savings with no monthly fees and no minimum balance requirements.
- Help children start the savings habit early with a Kids Savings Account.
- Access your savings fee-free at more than 40,000 Capital One and Allpoint ATMs.
- Excellent customer support and a top-rated mobile app make it easy to manage your accounts and get help when you need it.
- There are some online banks that could help you earn an even higher interest rate on your savings.
Locations – Branches & ATMs
Capital One is headquartered in McLean, Virginia, and has over 450 branch locations as well as more than 2,000 Capital One ATMs. You can also access your accounts at Allpoint ATMs, which expands the size of Capital One’s ATM network to more than 40,000 locations.