When opening a checking or savings account, what are the features and benefits that you expect the most? When looking at this bank, you’ll find accounts with minimal costs and high rates.
To find out if Capital One 360 is right for you, continue reading this review below.
Capital One 360 is an online bank that is known for their great referral programs and high saving rates. They offer savings, checking, CDs, and money market accounts.
Since it is an online only bank, they have less overhead, which translates to higher interest rates, better service, and no monthly fees.
Checking Account Options
Capital One 360 offers 2 checking accounts. The first one offers a high interest rate and a wide variety of benefits to choose from. Although they don’t offer great variety, they make up for it with their minimal costs.
This checking account has no fees, no minimum deposit, and no minimum ongoing balance. It offers an above average interest rate compared to other checking accounts.
There are also a bunch of neat benefits, including the ability to withdraw money from over 39,000 Capital One ATM’s for free.
This account is specially made to help teenagers learn about managing their finances. It is a joint account that is shared between the teenager and the parent.
The teenager will be able to spend and make their own decisions while the parent can log in and see what they are spending on. When the teenager turns 18, the account can be rolled into the 360 Checking.
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Savings Account Options
Capital One 360’s saving accounts don’t offer the highest rates out there, but they make up for it by offering a good variety and have no fees attached with the accounts.
You can open up to 25 savings account with them if you so choose, which can be of great use if you have multiple goals you are working towards.
While this account doesn’t have as high of an interest rate as some of the other online banks, it has no fees or minimum deposits.
If you are with this bank for the checking account only, don’t be afraid of putting some of your cash in here. The rate isn’t too bad, even if it’s lower than some of the others.
Much like the Money Teen Checking, this account is designed to help a young one get better with finances. This is a joint account between you and your kid, but they don’t have control over the balance.
The account offers a good interest rate, so the kid can watch their money grow. This account has minimum deposit or monthly fees.
This money market account has no fees or minimum deposits required to open it. This account has 2 tiers of interest rates. The higher version can be earned with a balance of $10,000. This rate is higher than the savings and does not offer check writing.
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With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
With the American Express® High Yield Savings Account:
• Earn 4.35% APY as of 12/14/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Open a Discover® Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB124 by 3/14/2024
• Earn high interest rate of 4.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB124 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice.
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• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover® Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 4.20% APY balances $100,000 and over
• Earn 4.15% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
Down below are how you can earn a higher interest rate by obtaining a CD account with Capital One 360 Bank.
Capital One 360 has CD terms ranging from 6 months to 5 years. There is no minimum deposit to opening an account and the CD offers a higher rate than the 360 Savings. It is best advised to not withdraw any money before the maturity date expires as it could result in penalties. You are allowed to open up to at least 5o CDs.
The other option is an IRA CD, which includes tax benefits. The 360 IRA CD comes with a 360 Savings account, so, when your IRA CD has reached its maturity date, you can then transfer it to your 360 Savings.
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• Available nationwide online, Discover® offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.90% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 5.00% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.90% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons To Bank with Capital One 360
- There are no monthly service fees. This allows the user to not have to worry about any extra payments, and help them to save up their hard earned cash
- This makes it easier to stay organized and reach your goals faster. You can have up to 25 savings accounts. If you have multiple goals you want to save up for, this is a very useful feature.
- There is no minimum required balance on deposit products.
- You have 24/7 access to your account. Since this bank is online only, they have specialized in making it as accessible as possible through either your phone or mobile device.
- You can make mobile deposits in a matter of minutes. You only need the app and access to a camera.
- You can easily transfer money to your friends and family, even if they don’t use Capital One. Use Zelle in your mobile app to do this.
- If you really need it, you can get in-person help in some select cities. This is very unique for an online bank. They have 27 Capital One Cafes throughout the country that are there to help you out
- You can get phone support every day from 8 AM to 11 PM.
Reasons Not To Bank with Capital One 360
- Capital One’s Money Market account doesn’t come with check writing privileges or an ATM card.
- You may experience long hold times on deposited checks. Online banking does provide its challenges, which includes held funds. Capital One 360 often holds your funds for up to five business days if the deposit exceeds $5,000.
- You cannot assign beneficiaries. Capital One 360 does not allow you to designate a beneficiary on their bank accounts. So if you died, your account will go to probate court.
- You may wait a while talk to a customer service representative. The hold times when you call Capital One have been known to be rather lengthy and frustrating, so if you’re not patient, it might not be ideal to do you bank online.
- You can’t open an account at their branch. Because they are an online only bank, you can only open their 360 accounts online. If you are local to one of their cafes, you can get support, but account openings are strictly an online process.
- You want a business savings account. Capital One 360 is an online only bank for consumers. If you want an account for your business, you should visit a Capital One branch to open a Business Savings account.
Capital One 360 Routing Number
The main routing number is 031176110. Since this is an online only bank, they only have one specific routing number
Contact Customer Service
Reach Capital One 360 24/7 Interactive Phone Service at 1-888-464-7868. Speak to an Associate at 1-800-289-1992 from 8 AM to 8 PM, 7 days a week.
How Capital One 360 Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. You can find Regions Bank across 15 states.
- SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
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Choosing a bank that best suits your needs can be somewhat of a challenge.
You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If Capital One 360 has the variety and options you’re looking for, apply today!
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