Capital One 360 Checking Review 2024
Capital One 360’s online checking account features no monthly fees, no minimums, and no overdraft fees. That might catch your attention if you’re looking for a low-cost way to manage your money.
Is Capital One 360 Checking a good fit? Read on for a closer look at this checking account’s features, benefits, and pros and cons.
Capital One 360 Checking at a Glance
Find the Best Checking Accounts
Hundreds of banks offer checking accounts, and there’s fierce competition among them to offer the best perks and the lowest fees.
Use the list below to sort through the list to find a checking account that fits your financial goals.
Pros and Cons
No checking account is perfect, and there are always pros and cons to consider.
Here are some of the main advantages and disadvantages of banking with Capital One if you’re considering opening a 360 checking account.
Pros
- Convenient access. While this is designed to be an online checking account, you have other ways to manage your money at ATMs or in person.
- Cash deposits. One issue with some online checking accounts is that there’s no way to deposit cash directly. You must deposit it to an external bank account and then transfer the funds. Capital One 360 Checking offers a shortcut since you can deposit cash at CVS and Walgreens locations.
- No fees. If you’re tired of paying steep fees for a traditional checking account, Capital One 360 cuts you a break. While there are fees for certain things, like cashier’s checks, there are no monthly or overdraft fees.
- Grow your money. The Capital One 360 Checking account is an interest-bearing account, meaning you can earn interest by keeping even a small amount of money in your account.
- Top-rated mobile app. Capital One’s mobile app is highly rated, and it includes all the features you need to manage your money, including mobile check deposit.
Cons
- Smaller physical footprint. While Capital One does have branches and cafes you can visit in person, they’re limited to certain areas, so they may not be available to everyone.
- Fees. As mentioned, while there are no monthly or overdraft fees, this account isn’t 100% fee-free.
Capital One 360 Checking Account Fees
Compare to Other Checking Accounts
There are many checking accounts to choose from, and it helps to do a little comparison shopping to find the right one. The best checking account for you ultimately offers the features you need without the high fees.
Here are three other online checking accounts you might consider.
Upgrade Rewards Checking
The Upgrade Rewards Checking account offers up to 2% cash back on eligible debit card purchases with no monthly fees. Consider this checking account if you’re specifically interested in earning rewards.
Other account benefits include a competitive APY when you open an Upgrade high-yield savings account and rate discounts when you apply for an Upgrade loan. You need to set up a $1,000 recurring monthly direct deposit to qualify for those benefits.
Varo Bank Checking
Varo Bank Checking has no monthly fees or minimum balance requirements to open an account. You can get paid early with qualifying direct deposit and earn cash back with debit card purchases.
One important feature you won’t get is branch banking access, which is strictly an online-only account. You can, however, manage your money online or through the Varo Bank app. You can withdraw cash at more than 40,000 ATMs fee-free or send and receive payments through Zelle with no added fees.
SoFi Checking and Savings
SoFi combines checking and savings into a single account with no minimum deposit requirements or monthly fees. Eligible debit card purchases can earn up to 15% cash back, while the money you keep in savings earns a competitive rate.
Like other online banks, SoFi gives you multiple ways to manage your money. You can log in online, download the SoFi mobile app, set up direct deposit, and withdraw cash at over 55,000 Allpoint ATMs. You also have the option to deposit cash at GreenDot locations.
Who Is Capital One 360 Checking For?
The Capital One 360 Checking account has great features and offers multiple ways to manage your money. This account could be right for people who:
- Are comfortable with online and mobile banking but also want the convenience of being able to visit branches or cafe locations
- Routinely withdraw cash at ATMs or need to be able to deposit cash to their checking accounts
- Want to earn a little interest on checking account balances
- Prefer to skip monthly maintenance fees or overdraft fees
- Get paid via direct deposit
If you’re already saving with Capital One or have a credit card here, then opening a checking account could be an obvious choice.
Rating the Features
When considering any checking account option, it helps to consider what features you need most and what kind of access you’d like to have to your money. It’s also a good idea to weigh the fees you might pay and what type of customer support you can expect.
Mobile Banking
Capital One’s mobile banking app is highly rated and user-friendly.
You can use the app to check your balance, view statements, transfer funds between other Capital One accounts or linked accounts at different banks, and send money to friends and family via Zelle.
You can also open new Capital One accounts in the app, including savings accounts and CD accounts.
Customer Service and Experience
Capital One customer support is available by phone when you need help or have questions.
You’ll need to verify your account details to get support help, but the customer service staff is friendly and responsive. If you need to find a quick answer, you can also chat with Eno, Capital One’s digital assistant, or search the help center.
You can get support in person if you live near a Capital One branch or cafe.
Fees
There are no monthly or overdraft fees with the Capital One 360 Checking account. Depending on your preferences, you have multiple ways to manage overdrafts, all of which are fee-free.
While Capital One does charge fees for other things, like cashier’s checks or outgoing wire transfers, they’re not excessive. You can make withdrawals at more than 70,000 MoneyPass and Allpoint ATMs without a fee.
Rates
You can earn interest with the Capital One 360 Checking account across all balances.
Regarding the rate, it won’t knock your socks off. You can get a better rate with a Capital One high-yield savings account or CD. But earning a little interest is a nice extra benefit to have with a free checking account.
Tools, Extras
Capital One gives you all the basics to manage your money, including free online bill pay services and direct deposit. You can use a mobile check deposit to add funds to your account and move money easily with Zelle. The only thing you don’t get is rewards on debit card purchases.
Access
Online checking accounts can be tricky since you may be limited as to how you can withdraw or deposit funds.
Capital One gives you choices with online and mobile banking, direct deposit, ACH transfer, wire transfers, ATM access, in-person cash deposits at Walgreens and CVS locations, or in-person deposits and withdrawals at branches and cafes.
Safety and Security
Capital One takes customer safety and security seriously, implementing several measures to protect your account information online.
Deposits are FDIC-insured up to $250,000 per depositor, per account ownership type, which means you’re covered in the unlikely event of a bank failure.
Minimum Deposit/Balance Requirements
Capital One keeps things simple with no minimum balance requirements, no minimum deposit requirements, and no fees to open.
You don’t need to maintain a set balance each month to avoid a fee or earn interest, which is great if you typically don’t keep much money in checking.
Overall Impression
Capital One 360 Checking is a good option if you’re looking for a free checking account. There are no monthly account fees, and you won’t be penalized with overdraft fees either.
This account is also attractive when it comes to the different options you have for managing your money. You can withdraw cash at ATMs fee-free or deposit cash at CVS and Walgreens locations. And you can manage your accounts at Capital One cafes or branches if you have one nearby.
Frequently Asked Questions (FAQs)
Capital One 360 is a real checking account you can access online or in person at Capital One branches and cafes. The account earns interest and charges no monthly maintenance fees or overdraft fees. Deposits are FDIC-insured.
Capital One has no minimum balance requirements for its 360 checking account. You need no minimum amount to avoid a monthly maintenance fee, and all balances earn interest.
The main benefits of Capital One 360 checking include no monthly maintenance fees and no overdraft fees, convenient access to more than 70,000 fee-free ATMs, and the option to deposit cash at CVS, Walgreens, and Duane Reade by Walgreens locations. You can also manage your money online or in person at Capital One branches and cafes.
