Capital One 360 Bank Review 2020

Capital One offers online savings accounts, CDs and other banking products. This Capital One 360 Bank Review takes a closer look at its saving options.
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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 BankPopular AccountsAccount Features & FeesPros & ConsLocations

Popular Capital One 360 Accounts

AccountNotes
360 Performance SavingsFDIC-insured savings with no fees.
360 IRA SavingsOpen a traditional or Roth IRA savings account.
1-Year CDEarly withdrawal penalties apply if you close your account before your CD matures.
5-Year CDEarly 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.

Fees

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.

Making withdrawals

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.

Making deposits

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.

Customer support

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 Savings Account Review

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.

Compare money market account offers

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 AccountsTerm Notes
1-Year CD12 monthsEarly 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 CD60 monthsEarly 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.

 

Compare CD rates

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.

Compare checking account offers

Personal Loans

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.

See current personal loan offers

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.

Pros:

  • 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.

Cons:

  • 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.

9 Comments
dan 29 May 2013 at 4:10 am

Happy with this bank. Great checking account and it gave a free $50 bucks for signing up and making 3 purchases. Not to mention they have one of the biggest ATM networks around. I can practically use any deli atm anywhere and not have to pay a fee. If times get hard one week I can overdraw $100 and pay it back the next week and only be charged .31 cents which is amazing. The only downside if I have to purchase checks but you gotta do that with most banks on top of all their fees.

DOS 27 May 2013 at 4:01 pm

I was an ING customer for many years and was a bit dismayed at first to find they had been bought by Capitol One. However, the transition has been flawless - I have had no issues with moving funds from my "regular" bank to Capitol One - in either direction. Good Job!

Christina 21 May 2013 at 3:07 am

This bank does not do wire transfer. They only provide cashier checks and the cashier check has a 5 day hold. Other than that may be a good bank

HyperActive 9 May 2013 at 7:23 pm

https://home.capitalone360.com/referafriend?save=ZP2dn5yo1FThat link (Found from the post below) worked great! I sent in my deposit of $250 for the savings and received my $25 bonus instantly. After i received the debit card for my checking account I opened through them I made my 3 purchased. Next day I received an email saying I have met all the requirements for my $50 bonus and that it would be deposited on such and such date. That date has not passed yet but I have no doubt that I will receive it. Thanks 360! Very easy $75 bonus.

Letha 29 April 2013 at 11:54 pm

Great Bank. Awesome if you need an account for your child or teen. The capital one 360 accounts will teach them responsibility and you can give them their "allowance" through their account. The parent also has full control over the account.They are also offering a bonus for these accounts along with their regular checking account.https://home.capitalone360.com/referafriend?save=ZP2dn5yo1FIs a current link to these promotions. No min balance required except for the "Savings" promotion

DGS 15 April 2013 at 11:18 pm

This is a great bank. I have had no problems with the transition like others have spoke of. Their customer service is top notch and everything about them is great! They also offer a great bonus.https://home.capitalone360.com/referafriend?save=ZP2dn5yo1F

Kyle 15 April 2013 at 3:31 pm

So far, I do not have any complaints about Capital One 360. I signed up a couple years ago, back when it was still under ING. I have had to call their customer service a few times, but every time I have they went over the top to make sure things went well. You actually get to speak to someone here in the U.S. - not someone halfway across the world. In any company these days, that's hard to come by. Their interest rates used to be better, but they're still great. Overdrafts (if you need them) are just a percentage, so you won't get nailed with a huge fee if you pay it back right away. If you want to open an account, or take a look at the different accounts they have, here's a link to their site:If anyone is looking to open a Capital One 360 account, here's a link to their site:https://home.capitalone360.com/referafriend?save=9fzgBUjvXZ

LBB 1 March 2013 at 12:09 am

Yes, Capital One 360 has had more than their fair share of "hiccups" already. I loved ING Direct, but now I'm looking for somewhere else to go.For example - Today, they sent me an email to advertise their "mortgage solutions". I have my mortgage elsewhere, but decided to check it out. After going through their entire questionnaire, I was told they have no "mortgage solution" for me because they don't finance this type of property. (Their words, not mine.)My home is a condo - not a condotel, nor anything commercial. It is a 3/3 condo in a 45-unit building. It is my primary (and only) residence. It is worth $300,000+, and I have about 50% equity. Yeah, I can see why they would shy away from a property like that!

CJ 21 February 2013 at 2:54 am

Capital One 360 is not ING Direct with a different name and color scheme. System conversion left my mortgage loan account in disarray. Charged 12% interest in error on a 4% loan. Payments inexplicably blocked and/or reversed. Four weeks after conversion (and faulty payment processing), I am still waiting for a refund of overcharged interest. Capital One employees minimize problems as "hiccups" and "display errors." Stay away from Capital One 360.