Capital One 360 Bank Review
Capital One 360 is an excellent choice if you are looking for a high-quality banking service. Capital One is a premium online banking service that offers helpful applications that appeal to anyone looking for convenient, reliable service and available physical locations.
Along with a trusted and reliable service, Capitol One 360 offers no hidden fees or minimums as you continue to earn interest with your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs, which will successfully meet your needs when it comes to accessing your money.
Other great incentives Capital One 360 offers are a free MasterCard Debit Card for all of your purchases. These are wonderful additions to the service that prioritizes your convenience and ease of use.
Account Types
No Minimum Deposit
PROS
- Easy-to-use Website & App
- Easy To Avoid Monthly Fees
CONS
- Considerable Stop Payment Fees
- Expensive Outgoing Domestic Wire Transfer Fees
Bank Reputation - Customer Ratings, Financial Strength
- A on BBB – BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1.16/5 on BBB customers reviews (492 reviews) – BB customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences.
- 1.3/5 on Trustpilot (530 reviews) – TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- Moody’s, Standard & Poor's (S&P) and Fitch – top three credit rating agencies in the world:
- Fitch: A – Fitch rating scale running from a high of AAA to a low of D.
- S&P: BBB – S&P rating scale running from a high of AAA to a low of D.
- J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.
J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products, fee structures, digital customer experience, transparency and more.
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Here are the main products Capital One 360 bank offers for savers:
Savings Account
Initial Deposit
Minimum Balance
APY
The Capital One 360 savings account offers a comprehensive package that provides no monthly fees, so you can keep what you earn without any added costs. There are also no minimum requirements for opening and maintaining your savings account. This provides an opportunity to grow and build your account without any strings attached.
The purpose of opening a savings account with Capital One 360 is because they are the leader in digital savings tools. This is an innovative tool that automatically transfers your funds to help increase the functionality of your online account.
A Capital One 360 performance savings account can be opened with no minimum amount, no monthly fee, and a 0.4% APY. The national average for savings accounts is 0.05%, therefore Capital One 360 is much better than the national average.
This is a top-rated mobile application that allows you to have access to your savings account 24/7. This increases your ability to monitor and update your account at your discretion. Capital One 360 Incorporates easy account transfers, which helps you access and move your money between any linked Capital One accounts. This promotes accurate bank statements and keeps your account growing.
Capital One 360 also prioritizes tracking your progress and celebrating your savings. By opening up, high-yield savings account your savings account earns higher than average interest on your balance amount. You will earn more than 5x the national average savings with every dollar you save.
You can open your account in 5 minutes online, on your mobile application, or at any Capital One location. It is entirely up to you and what you feel most comfortable doing.
Checking Account
Initial Deposit
Minimum Balance
APY
The Capital One 360 checking accounts are mostly used and operated online for your optimal convenience. You can easily pay your bills, get your cash, making deposits, and transfer your money without the added stress of a monthly fee. This allows you to condense your banking work without extra trips to your local bank.
You can easily open your checking account online and manage your account securely by signing onto your phone or computer. You do not have to rely on waiting for your bank to open. The hours are entirely at your disposal, which offers increased flexibility and user-based tools.
Another added benefit of opening a Capital One 360 checking account is the zero fees when opening a checking account. There are no fees when opening, keeping, or using your Capital One 360 account domestically or for foreign transactions. This is extremely helpful and beneficial to a traveling and busy adult.
There are also many other additions to this service. You can receive overnight check delivery, overnight delivery of a replacement a card, and request to stop payments. All of these are great improvements to your banking experience that limit any unnecessary stress.
Certificate Of Deposits (CDs)
Initial Deposit
Minimum Balance
APY
The Capital One 360 CDs are savings vehicles that allow you to deposit money and earn interest. You can deposit your money for a specific amount a time, which is called a term, they cannot access this money until your assigned term is finished. This is the main difference between a CD and a savings account.
Opening a Capital One 360 CD account requires no minimum balance, which is helpful and useful for you. You also do not have to worry about any market risks. You will receive a penalty if you remove the money before ending your term, so a carefully laid out plan is ideal.
You are guaranteed returns for your CD account. You will always know what to expect from your account and what the pre-determined rates are. The interest rates are determined by how you decide your account interest is paid out. This is based on what works best for you, which can be at the end of your term, monthly, or annually. It is entirely your choice and what works best with your finances.
CD rates and terms start at 6 months and you can choose from there. The level of commitment is your choice based on the level of savings you wish to incorporate.
Money Market Account
Initial Deposit
Minimum Balance
APY
A Capital One 360 money market account or MMA is a unique savings account that earns you a higher savings rate than traditional savings accounts. It offers you some check-writing options as well. There are many savings benefits to using a money market account. It is a serious commitment, with a higher minimum balance than most savings accounts.
The biggest difference between a usual savings account and a money market account is the annual percentage yield. The APY is the most effective annual rate of return, which shows how much you will earn in interest each year. When deciding whether or not to open a money market account or general savings account you should identify and analyze whether or not you want to deposit a higher amount.
Having a higher deposit amount allows you to have more long-term savings goals. A savings account is used for shorter-term goals. Either account helps your savings grow exponentially.
Application Process
step 1: Visit the Capital One 360 homepage and then click on “Open account.”
step 2: This brings up the next page, where you are expected to fill in your full name.
step 3: The next page brings up your email address, fill and confirm it and click “Continue.”
step 4: Other pages come up requiring you to fill details such as phone number, residential address, city, and zip code; fill them and then click “Continue.”
step 5: Next indicate your employment status, annual income, your identity.
Finally, agree to the terms and conditions and the make a deposit.
Capital One 360 FAQs
Capital One 360 is a reputable brand offering strong customer support and solid rates on both saving and checking accounts. There are no monthly fees and all accounts are FDIC insured. Additionally, Capital One 360 has an intuitive and secure app that allows you to check your balance, deposit checks and perform other transactions with ease.
Capital One 360 is actually the online banking arm of Capital One. This means that both brands are part of the same company, but they are actually different banks.
Since Capital One 360 is online only, they don’t have the overhead of the standard Capital One bank with its physical branches. This means that if you don’t particularly need to access branches, you may find the Capital One 360 products more attractive.
Capital One 360 provides a top of the line banking experience with access to solid customer support. Its savings and checking accounts offer solid rates with no monthly fees, there are also flexible overdraft options, but the charges are quite high.
However, you will need to be prepared for a fully online banking experience. You won’t have access to branch services and you’ll need to manage your account online or via the mobile app.
Both Capital One 360 and Ally checking are primarily online banking service providers. They both offer higher rates compared to many traditional banks, with a variety of accounts. However, there are some differences that will impact which is the better option for you.
Ally is a good option if you want access to 24/7 live support, and would enjoy fee reimbursement for any out of network machine usage. However, Capital One does have a massive ATM network and highly competitive products.
While Capital One 360 offers competitive rates for its savings accounts, Discover Bank has some of the highest rates on the market. Although there are some minimum deposit requirements, you won’t need to pay service fees.
Discover also offers 24/7 customer support, cashback checking, but no interest checking accounts. On the other hand, Capital One 360 has no account minimums and some overdraft protection options. So, unless you are looking to open up a savings account with a lump sum, you may find Capital One 360 a better choice.
Capital One offers competitive rates and a variety of banking products. While the rates are similar to TD Bank, there are a few differences that will affect whether you consider TD better than Capital One.
One of the most obvious is the number of ATM locations, as Capital One has over 40,000. However, Capital One is online only, so you won’t have access to a branch as you could with TD Bank.
Another key difference is that TD Bank provides access to phone customer service 24/7.
So, if you’re happy with online transactions and don’t need access to a branch, Capital One is a good choice. However, if you like the idea of easy access to customer support, you may prefer TD Bank.
While Barclays Bank does offer competitive rates on savings and investment accounts, the lack of checking account options means that Capital One 360 does have an advantage. In addition to having fee free accounts, you can open both savings and checking accounts. There is also the option for teen checking accounts and kids interest earning accounts. So, the whole family can enjoy banking with Capital One 360.
So, unless a specific Barclays Bank product appeals to you, you are likely to find Capital One 360 more appealing.
Alternatives Banks For Consideration
Here are our alternatives to Capital One 360 Bank:
Bank of America is a long-standing organization with a series of investment and loan plans such as checking, savings, mortgages, credit cards, auto and business loans.
Monthly fees may be waived for savings and checking accounts provided that the client meets certain conditions. Also, clients tend to gain increased interest rates, banking rewards and cashback deals. The checking account is very flexible and may be customized to suit your customers' specific needs. The Bank also provides Certificate deposit accounts for featured and standard terms, with $10,000 and $1,000 minimum deposits, respectively. The company also provides a high-functioning website that is easy and convenient for clients to apply online from their homes' comfort.
Some application requirements are needed to open an account like social security number, phone number, email, residential address and account sign-up info. These details can be provided via the online platform; however, clients depositing above $100,000 may need to visit any of the branches.
A downside to borrowing from the Bank of America is that branches are unevenly spread while some states have no branch offices while some have multiple.
In a 2019 retail banking advice study, JD Power awarded Bank of America with the top score among twenty-three American banks for customer satisfaction. Business Bureau gives the Bank an A1 for the organization’s overall operation.
Varo Bank is an online bank with a high-quality mobile application offering savings and checking investment accounts.
There are numerous banking benefits with Varo like; no minimum deposit amount, no overdraft fees, no transfer charges, no hidden fees, no ATM charges, and FDIC insurance coverage up to $250,000. The savings account has an APY of 0.81% and may increase based on certain conditions. There are two savings accounts: Save Your Pay, an automated account to save a percentage of direct deposits, and Save Your Change, which rounds the deposit amount up to the nearest dollar and transfers the remaining cents to the savings account. Checking accounts can be opened on mobile with no monthly charges.
You may want to prepare some details before applying for a Varo bank account. They include; name, date of birth, identification like driver's license, social security number, contact address and residential details.
One disadvantage of Varo bank is the limit on cash deposits for the savings account. The organization also fails to provide a wide range of investment and financing offers like loans, Certificates of deposit, and joint accounts. There are no physical offices; hence, it is only suitable for customers who like full online banking services.
Varo bank meets Better Business Bureau accreditation requirements and has an A+ rating for overall organizational performance.
Summary
Overall Capital One 360 is an excellent choice for online banking. Whether you have long term or short term savings plans, you have many options to use at your disposal. The goal of Capital One 350 is to maintain a commitment to its customers and put their needs first.
When you are juggling a tremendous amount of assets you need reliable financing tools that improve your ability to transfer, deposit, withdraw, and update your finances without an increased headache. Capital One 360 is a user-friendly system that offers a considerable amount of resources.
There is a great amount of help and support to answer any question or problem you encounter with your account. You can either only use the online banking software, or you can visit a physical location. Overall you have a wide variety of banking options, which allows you to increase your flexibility with the increase in banking options that suit your needs.
