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Capital One 360 Savings & Checking Account: +CD Interest Rates & MMA Bonus

Updated: October 2019
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Table of Contents

Capital One 360 Savings Account ReviewOverview

Whether you’re new to Capital One or a long-time member of the financial company’s family, this type of savings account is just what you need. It’s something to get excited about, something you rarely say about savings accounts.

To sum it up, this is easy to use and features the right type of security to handle today’s most sophisticated cyber threats.

But first thing’s first, Capital One is not your usual financial institution. Instead, it forgoes those big buildings and exorbitant fees. The company bypasses a lot of the unneeded amenities to give consumers a better experience. This is not to say there aren’t a few physical locations to be found in states throughout the country in case you want some face to face customer service.

Customer Service Matters

Before jumping into the account itself, it’s always important to know how a company handles customer service. Capital One may be a big deal in the financial world, but that has not stopped them for taking this under consideration. It’s no mistake that they took the standard model of 9 to 5 which just doesn’t work in the current climate. Capital One 360 knows this and seems to have the customer in mind with special hours. The 8 to 8 approach gives you more time because events don’t just happen during work days.

While there are great automated options that get your problem solved quickly, the company has also gone further to help give people more attention to their issues. Live customer support is more than available, it’s easy and friendly. This isn’t the headache inducing experience with past banks, this is the company’s approach to helping everyone.

Capital One 360 Savings Account Review

Interest

With any savings account, interest can help you build up amounts to something that you can rely on. The Capital One 360 approach to interest is focused more on the customer and less on its gains. While fees may fluctuate from time to time, these accounts are focused on a rate that is higher than competitors. That makes a win-win for consumers looking to make something out of a small amount. While Capital One 360’s fees may change based on myriad of factors, the usual rate is well above anything else out there.

Keep in mind, interest rates could always be higher and Capital 360 is no exception. It’s also important to know that this rate is non-negotiable, so you’ll have to go along with company policy on this one. Still, it’s a much better rate than you’ll find at many of the most well-known banks out there.

Who Is This Made For?

When you search out options for your banking business, the first question can be whether this service is tailored to your needs. First and foremost, if you can use a smartphone or computer, you can do this. The overall program is designed to be used by anyone and the results are something anyone can take advantage of. People who don’t like the traditional banking experience will especially love what this has to offer. Just think, no more teller waits or constant surprises to get something done.

One of the biggest considerations is how much control do you want over your account and how many accounts do you need. As you’ll read later, these concepts really make a difference in how much you’ll get out of Capital One 360.

The Basics Of This Savings Account:

With all of the traditional banks out there, Capital One has turned around the formula to make something that benefits that consumer, instead of just the bank itself. Don’t get confused here, they have the same services and benefits, like those that get payments sent without a second thought.

Instead of stopping by a bank and waiting in crowded lines, the direct method of setting up and getting to your money is all done on the Internet. Get updates no matter where you are or what device you use, this interface is built for user convenience.

How does the company deal with the old check method of payments, with ease? If you have a paper check for any reason, just take a picture through their app. The check will process just like a direct deposit would into the account of your choice.

When it’s time to get the savings account going, setting up regular deposits are easy. Simply set up the amount you want drawn and the times you want it drawn, the account does the rest. By the way, you can have multiple sub-accounts that can help you keep track of goals. Saving for the car or when an appliance breaks? Separate them into two specific savings areas. Want a house in the future and an apartment today? Split your account into dedicated portions. It goes on and on from there. Luckily, you can create over 20 accounts to help you stay on your way to financial freedom.

Keeping track of everything is also a breeze if you are already a Capital One customer or are opening more than just a savings account. Many people only known Capital One as a credit card company and they may not be that far off when it comes to previous perceptions. Now, the growing list of the company’s financial options has grown into all areas of banking. It only makes sense to have a Capital One 360 checking account This simple option brings together everything you have with the company and doesn’t penalize you with additional fees.

This is also crucial to helping you keep a healthy financial outlook. By informing you of every transaction, balance, and payments due, there’s no way to have something unexpected creep up without notice. Knowing there is a reliable safety net waiting there for you in those emergencies makes all the difference. It’s a feature that not all companies offer, but sets Capital One 360 apart.

ATMs

The use of ATMs really helps, especially in a world that doesn’t always take credit over cash. Capital One 360 is approved for use with ATMs throughout the country. If you travel a lot for work or personal reasons, this can especially be important. As always, check with the company about any changing policies to ensure the best experience and look out for any changes concerning fees or additional blocks.

Capital One 360 Savings Account Review

What Will It Cost?

Fees and additional costs can quickly turn a great deal into somewhat of a nightmare. Capital One 360 actually feels like it has this in mind as it has set up everything. First thing’s first, there is no charge to open an account. With so many banking companies choosing to use startup fees as a way to generate revenue for physical properties, the lack of those expenses really make a difference.

The Competition

As with any savings account program, there are sure to be competitors for your business. Before you settle on anything, take a look at the competitors out there. Some may prove to be better or worse based on what you’re searching for in a banking option. Of all of the competition out there, two stand out as both the best and worst alternatives to this popular savings account.

Discover and HSBC are two of the top rivals in their category of banking. One of the big things working in Discover’s favor is a lack of fees and no deposit limits. That means you can make as many deposits as you like. For anyone that operates an online shop, such as those on Ebay, this can really add up. If you only expect one deposit a month from your employer or through your business, this may not be as much of an issue over time.

Much like Capital One 360, both also offer their own online and mobile apps to speed up the banking process. HSBC drops the ball on this one as they don’t feature a debit card like the competition. Instead, they ask that deposits be made at approved ATMs. That can be a big burden as you go for cash or want to deposit a check. It’s also important to note that HSBC limits how much is available to you in 24 hours if that check or similar payment method is not affiliated with their bank. If your employer doesn’t use HSBC, that could be a major problem down the road. Not sure, ask your employer about which company they use can help you as you look at the three choices.

As far as minimum balances go, there’s not a lot difference between the three. Both Discover and Capital One 360 have no minimum balances to maintain. It doesn’t change much when it comes to HSBC, which requires only a $1 minimum. In either case, the difference isn’t enough between the three to make a decision based just on that feature.

Interest rates is where a Discover online savings account shines as its available rate is dramatically different than Capital One 360. While Capital One 360 offers a more stable rate, Discover’s rate can fluctuate into the 2% range. HSBC once again fails to keep up with its rivals in this area. Their rates come in on the very low range and feature little to no chance of growth.

Is Capital One 360 a good savings account option?

Yes, by all means. Depending on your situation, this is a great solution. It doesn’t require a lot of computer expertise to operate and the interface is pretty straight forward. If you’re searching for a great rate, this service delivers with some of the top rates at any time, of course that is always subject to change based on a variety of factors.

Other Banks to Consider

FAQ

Capital One Savings Accounts

We’ll answer the most popular questions about Capital One 360 savings accounts in this section.

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Is Capital One 360 savings good?

For many people, yes. It’s especially good for existing Capital One customers because it easily links to your existing accounts.

How much interest does Capital One 360 pay?

That depends on the specific account you have and what your balance is. For example, a Money Market account earns 0.85% APY on balances up to $9.,999 and 2.00% APY on balances of $10,000 or more. If you’re looking for higher returns then check out the best short term investments 2020 has to offer.

How to get money out of Capital One 360?

You can get money out of Capital One 360 savings by transferring the funds to a linked checking account.

Can I wire money from Capital One 360?

You can’t wire money directly from a Capital One 360 savings account – you’ll need to transfer the funds to a checking account before you can send them.

How to deposit cash into Capital One 360 savings?

You can deposit cash into Capital One 360 Savings by using the mobile app to deposit checks and selecting the savings account for the deposit destination. You can also transfer money directly from your checking account to your savings account. Also take a look at the best CD rates 2020 has to offer if you’re looking to save money long term.

How many withdrawals from savings Capital One?

Capital One follows US banking regulations which allow no more than 6 transfers from a savings account within a single monthly billing cycle.

Can I use Zelle pay with Capital One savings account?

No, you can’t. However, you can transfer funds to a Capital One 360 checking account and use Zelle with that account to send money.

How to add a savings account on Capital One?

You can add a savings account on Capital One by going to your profile online. From there, you’ll see an option to add accounts. Choose this option and follow the prompts to open a new account.

Can my Capital One saving be at zero?

Yes, a Capital One 360 savings account has no fees and no minimum balance.

Capital One Checking Accounts

This section covers the most common questions people have about Capital One 360 Checking.

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How do I open a Capital One 360 checking account?

You can open a Capital One 360 checking account by going online and choosing the option to open a new account. Follow the prompts to compete the process.

How to fund Capital One 360 account?

You can fund your Capital One 360 account by linking an existing bank account to it or by using deposit slips to make a deposit in the account.

Does Capital One 360 charge foreign transaction fees?

That depends on the specific type of Capital One 360 account you have. You should contact customer service for more information about your situation.

What is a Capital One 360 account?

Capital One 360 is the consumer banking branch of Capital One. They offer checking, savings, and money market accounts to customers.

How to open joint account Capital One 360?

You can open a joint account on Capital One 360 by opening a standard checking account, selecting it and choosing the account details tab. This will let you add a secondary account holder to the account.

When will my Capital One 360 card arrive?

Capital One 360 cards usually arrive in 3-7 business days. You can call Capital One for more information about your specific card.

Is Capital One 360 a checking account?

Capital One 360 is a consumer and retail bank that offers checking accounts, savings accounts, and other types of transactions.

Does Capital One 360 have a debit card?

The Capital One 360 checking account does include a debit card with the account. The savings account does not.

How do I activate my Capital One 360 debit card?

You can activate your Capital One 360 debit card by calling the number on the card when you received it or by using it in any ATM.

Is Capital One 360 a prepaid card?

No, Capital One 360 is not a prepaid card. It is a bank that offers checking accounts, savings accounts, and more financial services to customers.

Can I use my Capital One 360 card internationally?

Yes. However, some Capital One 360 accounts have fees for international transactions. You’ll need to check with Capital One regarding your specific account to get more information.

Can you overdraft Capital One 360?

In many cases, yes, depending on your preferences. Capital One 360 checking gives you an overdraft credit limit of up to $1,000 to use.

How to open Capital One 360 checking account?

The best way to open a Capital One 360 checking account is to go online and follow the steps. You can also open an account at any Capital One ranch.

Can I have two checking accounts with Capital One 360?

Yes, you can have two checking accounts with Capital One 360. You’ll need to talk to the bank to get more information on the best way to structure these accounts.

Can I send an ACH from Capital One 360?

You can send ACH transfers from Capital One 360 checking accounts, but not from Capital One 360 savings accounts.

Can a non-US citizen open Capital One 360?

Yes, but you may need an Individual Taxpayer Identification Number to open an account as a non-citizen.

Other Capital One Products and Services

We’ll cover questions about other Capital One products and services in this section.

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Does Capital One 360 check credit?

Capital One 360’s terms of service include the ability for the bank to perform a credit check, but there’s no information on how often they use this option.

Is Capital One 360 Money Market safe?

Yes, Money Market accounts with Capital One 360 are FDIC insured, so your money will be safe should something awful happen. Read more: How do money market accounts work?

Can I have a trust account at Capital One 360?

You can register a living trust with Capital One 360 and establish a trust account with the bank.

Is Capital One 360 FDIC insured?

Capital One 360 is a member FDIC, so all deposits are insured up to FDIC limits. If you’re considering different banking options then a Chime Bank review shows that they are also FDIC insured.

Can Capital One 360 use Capital One branches?

Yes, Capital One 360 customers can get services at Capital One Branches.

Is Capital One 360 the same as Capital One?

Capital One and Capital One 360 are part of the same holding bank but are technically different companies. 360 focuses on consumer banking services.

How to get access code for Capital One 360?

You can find an access code to link your Capital One 360 accounts to outside apps by logging in online and going to the My Info tab. From there, you can go to Preferences and choose the option to create an access code.        

Can Capital One credit card get your money from 360?

You can use your money from a Capital One 360 account to pay your Capital One credit card, but the credit card company will not take money directly from your account without your permission.

Capital One Account Services

This section answers the most common questions about different Capital One account services.

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How to delete Capital One 360 account?

You can delete your Capital One 360 accounts by calling the customer service number listed on your debit card or on your online account. You cannot close the account from your online login.

What is a Capital One 360 card?

A Capital One 360 card is a debit card that gives access to a person’s Capital One 360 accounts for payments and other financial services. Also take a look at the best prepaid credit cards.

How to order checks Capital One 360?

The best way to get checks from Capital One 360 is to go to your account online and click the accounts services and settings tab. Click on “checks” and then “order checkbook”

How to delete an account on Capital One 360?

You can delete an account on Capital One 360 by calling the customer service number listed for your account. You cannot cancel the account online.

How to get a cashier's check from Capital One 360?

You can order a cashier’s check from Capital One 360 by signing into your account, clicking on Account Services and Settings, then “checks” and then “Cashier’s check”.

How to link Capital One 360 accounts?

You can link Capital One 360 accounts by logging in online and then clicking on the “Account Services and Settings” tab. After that, select the option to link an account and follow the prompt.

How to order a new Capital One 360 card?

You can order a new Capital One 360 card by going to the account online and using the tab titled “Account Services and Settings” from there, you’ll see the option to get a new card.

How to print voided check Capital One 360?

You can print a voided check by going to the Documents tab of your account. From there you’ll see the option to print a voided check.              

Can I do bill pays in my Capital One 360?

Yes, you can setup automatic bill payments with your Capital One 360 checking account to cover your bills.

Can you change your Capital One 360 card pin?

You can change your pin on your online account or through the mobile app. Choose account services and settings and scroll down to the debit card help option. From there you can change your pin.

Can Capital One 360 transactions be downloaded?

Yes, Capital One 360 accounts and transactions can be downloaded so you can easily keep track of expenses and income for thinks like QuickBooks.

How to link Capital One 360 to Mint?

The best way to link your Capital One 360 account to Mint is to create an access code. You can do this from the Account Services and Settings options in the account you want to link.

How many Capital One 360 accounts can I have?

You can have up to three Capital One 360 checking accounts at any one time. There’s no information on limits to savings accounts.

Other Capital One Questions

We’ll cover Capital One 360 questions that don’t fit into our other categories in this section.

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Does Capital One 360 use ChexSystems?

Capital One 360 does use ChexSystems, but determination on approval for requests isn’t based solely on the ChexSystems report.

Does Capital One 360 build credit?

Not by itself. Capital One 360 provides savings and checking accounts. These types of accounts don’t affect your credit score.

How to refer a friend Capital One 360?

You can refer a friend to Capital One 360 by opening the app or logging in and looking for the option to send a referral code to a friend.

What is the swift code for Capital One 360?

Capital One doesn’t have a SWIFT Code, so you’ll need to have the sender’s bank transfer funds to a domestic branch and then use the routing number to complete a transfer to Capital One accounts.

Rachel Carey

Rachel Carey

Financial Guru

Rachel is dedicated to helping individuals and families boost their budgets so they can enjoy the lifestyle they deserve. Rachel graduated with a degree in Family and Consumer Sciences. She’s a prolific finance writer, producing tons of articles on different aspects of personal and family budget management.