Capital One 360 - Checking and Savings

What is Capital One 360?

Capital One 360 is a subbranch of parent company Capital One. While Capital One does have branches nationwide, they are primarily an online banking institution now. The company started in 1995 and quickly became an industry giant. The breakthrough came when they purchased ING Group’s ING Direct U.S. banking in 2012. They quickly re-branded it as Capital One 360.

Security (Is my money safe?)

Capital One 360 Checking is FDIC insured up to $250,000.

What do they offer?

  • Checking Accounts

  • Savings Accounts

  • Money Market Accounts

  • CDs (Certificate of Deposit)

Checking Account

Capital One 360 offers a solid online bank. Interest rates at the bank are typically better than what you’ll find at a brick-and-mortar bank or credit union. You probably won’t find the best rates at Capital One 360, but you’ll find competitive rates, and competitive is often good enough. What makes their Checking Account outstanding is they cost nothing to start, and you will not be penalized with charges if you use your card abroad. Making them perfect if you are planning a vacation or travels outside of the United States.

Pros

  • No Fees — Capital One 360 charges no fees to open or maintain a checking or savings account.

  • No Required Minimum Balance — Capital One 360 requires no minimum balance to open or maintain a checking or savings account.

  • Mobile Checking — Bank from your couch with Capital One 360's app.

  • No International Fees — Use your 360 card abroad without paying pesky fees.

  • Customer Service 7 Days a Week — Call into a customer service rep seven days a week, from 8 a.m. to 8 p.m ET.

  • Free Access to Nearly 40,000 ATMs — No matter where you are in the country, chances are there's a free ATM nearby.

Cons

  • Rates Aren't the Best — We've found higher interest rates for checking and savings accounts at other online banks.

  • App Isn't Foolproof — Taking and uploading a photo of a check to deposit can be unwieldy, for example.

  • Few Local Branches — Branches are few and far between, and where you do find them, their services tend to be bare-bones

Summary

A Capital One 360 Checking account would be a great choice for anyone who wants a relativity hassle free banking experience. If you are interested in getting the absolute best rates, maybe Capital One isn’t for you. But if you plan to travel abroad or want a fee-free experience then we at Budget Geek think Capital One 360 Checking is a great option for you to consider.