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With the global shift to mobile banking, being able to do all your banking needs online or via a mobile app has become the new normal.
The more banking services you can do without having to go to a local branch, the better. Through a series of acquisitions, Capital One has done just this with their Capital One 360 service.
Find out what they offer, benefits, and fee structure in this Capital One Bank Review.
What Does Capital One 360 Offer?
Capital One 360 considers itself an online bank even though it has almost 700 locations through the Capital One brand.
The Capital One 360 app is available on iOS and Android devices. Within the Capital One 360 ecosystem, you can access interest-earning checking accounts, saving accounts, and certificates of deposits (CDs).
How Capital One 360 Works
Accessing your Capital One 360 online or via the mobile app allows you to do your banking 24/7. There are no fees to open an account and being part of Capital One gives you access to more than 70,000+ ATMs that you can use for free.
You can literally do all your banking needs from the mobile app, including depositing checks!
Capital One 360 Checking
- Monthly Fee: There are no fees to open, use, nor maintain your Capital One 360 Checking account.
- APY: As of May 27th, 2021, your Capital One 360 Checking earns interest, no matter your balance size, at a rate of 0.10% APY.
360 Checking Features and Benefits
Here are some additional features and benefits when you have a Capital One 360 checking account.
24/7 Mobile Banking
Once your download the Capital One 360 mobile app, you can access your accounts anywhere at any time if you have an internet connection.
Get Paid Early
You can also set up a direct deposit with your Capital One 360 account. In doing so, you will have access to your direct deposits up to 2 days earlier than with a traditional bank.
Your Capital One 360 checking account has no monthly or maintenance fees.
Capital One 360 gives you options when it comes to how you would like to be protected from overdraft fees.
You can set up your account to auto-decline a transaction if it will result in an overdraft, automatically have Capital One 360 transfer funds from your savings account to cover the overdraft (at no cost), or utilize “next day grace” in which Capital One 360 gives you one full day to replace the amount you have overdrawn before you are charged the $35 overdraft penalty.
Easily Transfer Money
Capital One 360 allows you to move money easily to pay bills or send cash with Zelle®.
When you utilize the Capital One 360 mobile app, you are provided with a host of security features. Touch and Face ID is the first line of defense in protecting your information.
If you rather create a customized password pattern for added security, you can do so! You can also set up alerts to notify you when your account has been accessed and or used.
From within the app, you can lock and unlock your Capital One Card in the event the card is lost or stolen.
If that was not enough, Capital One 360 also deploys what they call “Second Look,” which is where Capital One 360 is always looking for suspicious activity on your account.
Capital One 360 Performance Savings™
- Monthly Fee: $0
- APY: All balances earn interest at 0.40% APY.
Capital One 360 calls their Performance Savings account a “high-yield, fee-free savings account you can open in about 5 minutes”.
360 Performance Savings™ Features and Benefits
Here are some additional features and benefits of a 360 Performance Savings account.
Simplicity at its finest. No matter how much money you have in your 360 Performance Savings account, you will earn 0.40% APY as of May 27th, 2021.
There are no fees to open nor maintain your 360 Performance Savings account.
No Minimums Required
Unlike other bank accounts, your 360 Performance Savings account does not have any minimum balance requirements to open, maintain, or earn interest.
You have full access to your 360 Performance Savings account via the Capital One 360 mobile app.
You can easily move your money between linked Capital One accounts (or to an external bank account), set up automatic transfers into your savings account, track your progress, and even deposit checks right into your checking or savings account within the app.
Capital One 360 CD Rates
From your Capital One 360 mobile app, you can also set up a certificate of deposit (CD) account. You can choose from 6 months to 60 months terms.
The APY at 6 months is 0.10%, and at 60 months, the APY is 0.40%. Capital One 360 offers a calculator so you can see your total earnings when your CD expires based on the amount you invested, as this return is guaranteed.
You can choose to receive interest payments monthly or yearly, but letting the money compound is the best option.
As with all CDs, there are penalties if you want or need to withdraw the money early. If you think this may happen, then the 360 Performance Savings account may be a better option for you.
*Rates as of May 29th, 2021
>> More: Best CD Rates
Capital One 360 Banking Pros and Cons
- There are no fees to set up a Capital One 360 account.
- There are no minimums required to start a Capital One 360 account.
- Capital One 360 mobile app is rated high among reviewers and provides access to all your accounts within Capital One 360.
- There are no international fees.
- As a Capital One 360 member, you have access to more than 70,000 ATMs at no cost.
- Capital One 360 gives you three options on how you want to handle any overdrafts that may happen, including a full 24-hour grace period to fix the issue without penalty.
- You can set up your accounts in under 5 minutes.
- Capital One 360 offers accounts for minors.
- There are many security features built into the Capital One 360 mobile app.
- If you have a Capital One credit card, you can see it in your Capital One 360 account.
- Capital One 360 offers kid savings accounts with no monthly or maintenance fees while earning 0.30% APY.
- Earned interest is low with the 360 Performance Savings and CD accounts.
- Capital One 360 does not offer 24/7 support nor live chat.
- The initial setup to confirm linked bank accounts takes a few days to confirm deposits.
Capital One 360 Bank Review: Fees, Customer Support, & Experience
Here is a quick review of Capital One 360 fees, support, and overall experience.
Capital One 360 Fees
There are no fees to open or maintain your Capital One 360 account. You also have access to more than 70,000+ ATMs that are free to use.
If you travel abroad, there are no international fees either. However, for services outside of everyday uses, such as wire transfers or needing cashier checks, there are additional fees.
Capital One 360 customer support is available 7 days a week from 8 AM to 11 PM Eastern Standard time (EST).
Capital One 360 is a great way to enter the mobile banking world. If you do not need high-interest earning savings accounts or CD rates and looking for a solution that allows you to do all your banking needs without going to a bank, then Capital One 360 is a great solution.
There are no fees to open or maintain your account, you have access to more than 70,000 ATMs at no charge, and they have fantastic support 15 hours a day, seven days a week.
>> More: Best Online Banks
How Does Capital One 360 Compare to Other Banks?
Here is how Capital One 360 compares to other banks.
#1. Capital One 360 vs. CIT Bank
Although Capital One 360 is primarily a mobile bank, they do have more than 600 locations under their Capital One entity. CIT Bank is 100% a mobile bank.
Like Capital One 360, CIT bank does not charge any fees to open nor maintain your account. If you are looking for higher interest-earning savings and money market accounts, CIT Bank is the better option as they have APY starting at 0.30% and going up to 0.50%.
However, CIT Bank has minimums to open checking accounts and investment vehicles where Capital One 360 does not.
Also, to earn 0.25% with CIT eChecking, you need to have a minimum balance of $25,000.
>> More: CIT Bank Review
#2. Chase Bank vs. Capital One 360
Unlike Capital One 360, Chase is a full-service bank with thousands of locations throughout the USA and is the largest bank, in total assets, in the country.
Chase Bank offers more services, investment accounts, and loan options than Capital One.
However, Chase also has minimum deposit requirements for most of their products, where Capital One 360 does not.
If you are looking for typical banking services without the in-depth need for different investment products, Capital One 360 is a better and cheaper option.
#3. Capital One 360 vs. Chime Bank
Chime Bank is considered a “neobank,” which means they provide banking services without being an actual bank.
Chime Banking services are facilitated by The Bancorp Bank, member FDIC, so your funds are still insured, up to $250,000, like a typical bank.
Chime does not have a minimum deposit requirement, but they do offer overdraft protection, only up to $20, as long as you have $500 in monthly direct deposit, where Capital One Bank offers multiple options for overdraft protection without any deposit requirements.
Chime does offer a savings account, but you will earn more with the 360 Performance Savings by Capital One.
>> More: Chime Bank Review
Capital One Bank Review: FAQs
Is a Capital One 360 Account Good?
Yes, the Capital One 360 account is a good banking partner to have. A Capital One 360 account allows you to bank without ever going to a local branch.
You can also set up your account with no minimum deposit requirements and no monthly fees.
What Is the Difference Between Capital One and Capital One 360?
Capital One 360 is essentially the online banking entity of Capital One. That said, there is a cross-over between them.
For example, those with a Capital One Credit Card can manage it from their 360 Account Profile. This seamless connection bolsters the overall Capital One banking experience.
Additionally, all Capital One account holders have exclusive access to 70,000+ ATMs free of charge.
Is Capital One 360 Safe and FDIC Insured?
Yes, Capital One 360 is a Member of FDIC and is insured up to $250,000.
Bottom Line: Capital One 360 Bank Review
Capital One 360 is a great account, and Capital One is one of the best banks in the world. Since their founding, they have attracted a legion of fans who rely on their products to save and manage money.
However, we like most because Capital One 360 has no monthly fees and no minimum balance requirements. This makes Capital One 360 a strong choice for nearly anyone.
The one drawback is if you are looking for high-interest rate earnings on Savings or CDs. You will want to look elsewhere if you are looking for a higher APY.