Capital One 360 Bank Review’ (2023)

Capital One 360 Bank Review' (2023)

Our experts at Insider are here to provide you with answers to all your banking questions. We aim to provide unbiased product reviews, and while we may receive a commission from our partners, our opinions remain our own. With that in mind, let’s take a closer look at Capital One, a strong bank known for its competitive interest rates on online savings accounts and CDs.

Capital One 360: Overall Bank Rating

In order to thoroughly review Capital One 360, we consider a variety of factors such as ethics, customer support, and the mobile app. When it comes to specific bank accounts, we assess interest rates, minimum opening deposits, and fees. Our goal is to provide you with all the information you need to make an informed decision about your banking options.

Capital One 360: Pros and Cons

Before diving into the specifics of Capital One’s offerings, it’s important to note the key advantages and disadvantages of banking with them.

Capital One 360 Performance Savings

If you’re looking for a savings account with no minimum deposit or account balance requirements, and no monthly service fees, then the Capital One 360 Performance Savings account might be the ideal choice for you. Not only that, but the interest rates offered are quite competitive. While other big-name banks may offer slightly higher rates, Capital One 360’s rates are still among the best in the market. Additionally, they offer a kids savings account with a 0.30% Annual Percentage Yield (APY) and will transition to the regular interest rate once your child turns 18. Another noteworthy feature is the ability to set savings goals and schedule recurring transfers from your checking account until you reach your target amount.

Check out Insider’s list of the best high-yield savings accounts here.

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Capital One 360 Checking®

Capital One 360 Checking® is a great option for regular travelers as they do not charge foreign transaction fees. The account is also free of monthly fees and offers two solid overdraft services: free savings transfers and no-fee overdrafts. With free savings transfers, you can link your checking account to a savings account, and if you overdraw from your checking account, Capital One will make a transfer to cover your overdraft. The no-fee overdraft service approves check payments, bill payments, or recurring debit payments even if they result in a negative balance, as long as you have received at least $250 in direct deposits during two of the previous three months. Additionally, the account features an early direct deposit feature that allows you to receive paychecks up to two days early.

Capital One 360 CD

Capital One’s CD rates are competitive, though you may find better rates at other online banks. The terms for their CDs range from six months to five years, and what sets them apart is that they do not require an initial deposit to open a CD. Most banks typically require at least $500 to open a CD, which makes Capital One an appealing option for those with lower initial amounts. However, it’s important to note that they only offer regular term CDs and not other types such as no-penalty or jumbo CDs.

How Capital One 360 Works

Accessibility is a crucial aspect of any banking experience, and Capital One 360 does not disappoint. With access to over 70,000 ATMs through Capital One and its partner network, you’re likely to find a convenient ATM wherever you go. While they do not charge fees for using out-of-network ATMs, they unfortunately do not reimburse out-of-network fees charged by ATM providers. As for customer service, you can chat with a live representative 24/7 once you set up an online account. If you prefer to speak with an agent on the phone, their helpline is available from 8 a.m. to 11 p.m. ET. The website is user-friendly and their mobile app has received high ratings in both the Apple and Google Play stores.

Capital One Bank Near Me

If you prefer a hybrid banking experience that combines online convenience with in-person service, Capital One has over 280 branches across several states including Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. They also have Capital One Cafés where you can not only open a bank account but also grab Peet’s Coffee® and speak with a money coach. However, if online-only banking is your preference, Capital One 360 is their dedicated online operation catering to customers all across the country.

Capital One 360 Trustworthiness and BBB Rating

When it comes to trustworthiness, it’s important to consider a company’s track record and reputation. The Better Business Bureau (BBB) rates businesses based on their handling of customer issues and transparency. Capital One 360 has earned an A- rating from the BBB, indicating that they effectively address customer complaints and maintain honest advertising practices. However, it is worth mentioning that the bank has had a recent controversy. They paid an $80 million settlement following a data breach in 2019 where a hacker gained access to over 100 million credit card applications. Despite this incident, it’s important to note that your bank account is still FDIC insured for up to $250,000, or up to $500,000 for a joint account.

Capital One 360 Bank vs. Ally Bank

If you’re considering a money market account, it’s worth noting that Capital One 360 does not offer this type of account, while Ally Bank does. However, both banks provide similar structures for their savings accounts, so the choice between them may come down to other factors such as physical branch access and ATM networks. Additionally, Capital One’s checking account options and wider ATM network may make it a more appealing choice for some customers.

Capital One 360 Bank vs. Chime

When comparing Capital One 360 to Chime, it is clear that Capital One offers stronger overall accounts. Capital One provides higher interest rates on savings accounts and offers CDs, while Chime does not. However, Chime’s checking account is solid, but it charges fees for out-of-network ATM usage and has fewer overdraft options compared to Capital One.

Capital One 360 Bank vs. Discover Bank

Discover Bank requires a minimum deposit of $2,500 to open a money market account, while Capital One 360 does not offer this type of account at all. When it comes to CDs, both banks offer similar rates on most terms, so the decision may ultimately come down to the required minimum deposit.

Capital One Credit Cards

Capital One is well-known for its excellent selection of personal and business credit cards. Their cards offer impressive travel rewards and cash back options. Some notable cards include the Capital One Venture X Rewards Credit Card and the Capital One Spark Cash Plus, both of which offer attractive sign-up bonuses for eligible customers.

Capital One 360 Frequently Asked Questions (FAQ)

Still have some burning questions about Capital One 360? Check out our FAQ section for answers to common inquiries. Whether it’s about account features, fees, or any other concerns, we aim to provide all the information you need.

At Insider, we believe that informed decision-making is key when it comes to your banking needs. Exploring all the available options, as well as understanding the advantages and disadvantages of each, will help you choose the bank and accounts that best fit your financial goals.

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• Capital One 360
• Capital One 360 CDs