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Capital One 360 The banking industry is littered with giants that accept been in existence for 100 years or more in some grade or another. Capital Ane is an exception — this banking company is less than 25 years sometime, but in simply a couple of decades, it'due south get a powerhouse.

Commissions & Fees - ten

Customer Service - 9.v

Ease of Use - 8

Locations - 7

Savings Options - 8.five

Rates - 7.five

7.five

In just a few short years, Capital One 360 has become a major player in the cyberbanking game. Most of its business is conducted online and through its cellphone app. Majuscule One 360'south checking and savings accounts are costless to open and maintain, and they require no minimum balance. Still, although its rates are college than what you'll discover at many local banks, "interest rate junkies" might prefer to look elsewhere, since other online banks offer more competitive APYs.

Learn More than About Capital letter One 360

A few years ago, the company was famous mainly for its amusing "What's in Your Wallet?" credit carte commercials. But at present, cheers to some smart G&A activeness, Majuscule One offers a total suite of banking products and has plant its identify among the 10 biggest banks in America.

I signed up for a Majuscule 1 360 checking account a few years ago. I was looking for a no-frills, no-fee online business relationship with a debit menu I could use while traveling away. A neighbor recommended it to me, and as office of a refer-a-friend deal, we each got $50. It seemed similar a good idea at the fourth dimension. And I retrieve a Capital One 360 business relationship can nevertheless be a smart conclusion.

Hither's why.

Capital One 360 Features

Accounts Savings, Checking, Money Market, CDs
Access Web Based, iPhone App, Android App, Blackberry App
Amount of Branches 682
ATM Reimbursement
Online Deposits
FDIC Insurance
Customer Service Phone: Monday through Sunday 8 a.m. - 11 p.m. ET; E-mail; Branch Offices

What Is Capital I 360?

Parent company Upper-case letter Ane was created in 1995 when Signet Financial Corp. (which has since been gobbled up past Wells Fargo) spun off its credit card division, OakStone Financial, every bit a fully contained company. The company was renamed Uppercase One, and from the commencement, it's been led by CEO Richard Fairbank (an apropos proper noun).

At the first, Majuscule I was what's known as a "monoline" bank — that is, a banking company that derives all of its revenue from one product. In this case, it was credit cards. Then Capital One flirted with auto loans and mortgage products for a few years.

But the real quantum came in 2012, when the visitor purchased ING Grouping's ING Direct U.South. cyberbanking operations and rebranded them as Uppercase One 360.

Upper-case letter One 360 is mainly an online bank, but clients can notice branches in eight states (Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas and Virginia), equally well equally in the District of Columbia. In select cities, the company is also testing a Capital One Café concept that is a hybrid limited branch bank location and full-service coffee bar. That'south a bit bizarre just demonstrates that Capital One is leading the fashion when it comes to rethinking stodgy banking.

How Upper-case letter One 360 Works

However, stodgy or non, it'south banking that's at the core of Capital 1 360. The depository financial institution's personal bank offerings include checking and savings accounts, forth with certificates of deposit (CDs).

Although Capital One has brick-and-mortar locations, it's outset and foremost an online bank. In fact, you tin can receive only express services for your 360 accounts at each branch.

That'south perhaps the biggest drawback to a Capital letter One bank account. Some consumers (myself included) prefer to be able to go into a local branch if they accept questions and value their relationships with neighborhood banks.

But the engineering is not totally foolproof. If you want to make a deposit, instead of filling out a skid and handing the whole kit and caboodle to a bank teller, you tin can use your mobile telephone to accept photographs of the front and back of your check. I have really had problem getting the focus and lighting to where Capital One 360 wants it, and so I find this modern convenience a bit frustrating.

All the same, if you lot're not too bothered by the deficient number of branches and a few tech snafus, you might find Capital One 360's cyberbanking offerings enough to make up for them.

360 Checking

Capital 1's 360 Checking accounts are interest paying, with a rate of 0.x% as of February 2021. This is a proficient deal higher than the national average (currently 0.05%).

Still, some other online banks can meet or shell these rates. For example, Ally Bank pays an APY of 0.25% on accounts with daily balances over $15,000 (although Ally'due south rate for a smaller residual is the same as Upper-case letter One's, at 0.10%).

But what makes Capital I 360 accounts actually attractive is the fact that they're free. That'southward correct — Capital One charges naught fees for 360 Checking accounts. The bank volition fifty-fifty throw in your starting time checkbook free.

You can employ your 360 card to access nearly 40,000 Capital letter I or Allpoint branded ATMs across the country without paying any fees. And there'south no minimum account required to open or maintain a free account either.

Here's what drew me to Upper-case letter One 360: The bank doesn't charge a dime when it comes to using your debit menu away. And you don't even need to phone the banking concern to tell them you lot'll be globe-trotting.

With all of these freebies, Majuscule I 360 is a expert choice for the price-conscious. And for those who could employ a little more consciousness when it comes to budgeting, the depository financial institution doesn't charge any fees to use your overdraft line of credit. (You'll pay only interest on the amount y'all borrow.)

Money

Ane cool product offered by Capital One is the MONEY business relationship. This is a checking business relationship just for teenagers. As with 360 Checking, at that place are no fees or required minimums to open or maintain an account.

MONEY accounts pay 0.10% APY in interest. And as the adult manager of the business relationship, you'll receive real-time text alerts to help yous track your teen's spending and know when their account balance is getting depression.

Here at Investor Junkie, we think getting your kids to be responsible for money is a great idea. Here are some ideas to assistance them get-go investing, equally well

Savings and CD Accounts

Of course checking products are just i slice of the overall banking pie. Savings accounts tin can also play a big part in a depository financial institution's performance.

Capital One 360 Savings Account

360 Performance Savings

Upper-case letter One's 360 Performance Savings accounts pay 0.40% in interest. And again, at that place are no monthly fees and no required minimum to open or maintain an account. Accounts are FDIC insured, and yous can utilise the 360 app to deposit checks and check your residuum.

This is a pretty slap-up account. However, if you are able to maintain a minimum residuum of $25,000 or deposit $100 every calendar month, you might be better served by the Savings Architect account over at CIT Bank (non to be dislocated with Citibank). This account pays 0.45% if you lot meet those atmospheric condition.

Notwithstanding, CIT Bank doesn't offer checking accounts, so if you lot want to keep all of your banking needs under one roof (or rather, on one site), you might be content with Capital letter One 360.

Available For Taxable, IRA
Business relationship Fees None
Custodial No
Savings Rates Minimum Deposit: $0 — 0.40% APY

Uppercase Ane 360 CD Rates

360 CDs

If you're interested in CDs, Capital One 360 offers terms from six to lx months and APYs of 0.20% to 0.40%. (And, as with 360 Performance Savings, 360 CDs are FDIC insured.) But we wouldn't recommend going this route unless y'all're looking for a CD that matures in 12 months or longer (0.20% and higher). Otherwise, yous'd do better with the regular 360 Functioning Savings account.

Term Minimum Deposit APY
6 0 0.twenty%
9 0 0.20%
12 0 0.20%
18 0 0.25
24 0 0.25
30 0 0.25
36 0 0.30
48 0 0.35
threescore 0 0.40

Capital I 360 Alternatives

Highlights CIT Bank CIT Bank Wealthfront Cash

Rating eight.v/10 5.5/10 vii.5/10
Accounts Savings, Checking, Money Marketplace, CDs Savings, Checking, Money Market place, CDs Savings, Checking, Money Market, CDs
Online Deposits
Concrete Branches
FDIC Insurance
ATM Reimbursement

Open AccountCIT Bank Review

BBVA Review

Open AccountWealthfront Cash Review

Uppercase One 360 Pros & Cons

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Summary

So who's a adept fit for a Capital One 360 business relationship? I'd recommend this banking option for anyone who is looking to do all of their banking online and who isn't particularly interested in earning the best interest rates. And because at that place are no fees associated with opening or maintaining an business relationship, it's probably the best choice for the budget-conscious.

For those "interest charge per unit junkies" out there, cheque out the other online banking options. You might exist able to discover even better rates with competitors such as Marry and CIT Banking company, depending on your needs.

Upper-case letter 1 360 might also non be for y'all if you live distant from a brick-and-mortar location and desire to be able to talk to a representative face up-to-face.