Capital One 360 Review: Is This Online Bank Worth It?
Updated: May 8
Discover Capital One 360
Looking for an online bank with reliable services and competitive interest rates? Capital One 360 is a top choice. A subsidiary of Capital One Financial Corporation, this reputable bank offers a range of digital banking services. In this article, we'll review Capital One 360's features, benefits, and drawbacks to help you decide if it's the right bank for you.
Capital One 360 Overview
Capital One 360 is an online bank that provides personal banking and lending services. Established when Capital One acquired ING Direct USA in 2012, it was rebranded as Capital One 360 in 2013. It offers online banking products like checking and savings accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Known for competitive interest rates, low or no fees, and convenient online and mobile banking features, Capital One 360 is a solid choice for digital banking.
Though primarily an online bank, Capital One 360 customers can access ATMs across the country through the Allpoint network and use Capital One Bank branches for select services.
Capital One Bank vs. Capital One 360
Both Capital One Bank and Capital One 360 are subsidiaries of Capital One Financial Corporation. Capital One Bank operates physical branches, providing traditional banking services like checking accounts, savings accounts, and loans. Capital One 360, on the other hand, operates exclusively online, offering digital banking services like online checking accounts, savings accounts, and credit cards without monthly fees or minimum balance requirements.
Pros and Cons of Capital One 360
No monthly fees or minimum balance requirements for most accounts
Competitive interest rates on checking and savings accounts
Accessible online banking services available 24/7
Convenient mobile banking app with mobile check deposit and bill pay
Large network of fee-free ATMs for account holders
Flexible overdraft options, including the option to link to a Capital One credit card for overdraft protection
Limited physical branch access for in-person customer support
No interest rates on basic checking accounts
Limited loan options, including no mortgage loans
Capital One 360 Features
Capital One 360 offers an online checking account with no monthly fees or minimum balance requirements. This account earns interest on balances over $1,000, includes free online bill pay, and comes with a debit card for purchases and ATM withdrawals. Customers can also access a network of fee-free ATMs for cash withdrawals.
Capital One 360's online savings account features competitive interest rates without minimum balance or monthly fees. Customers can set up automatic savings plans and track their progress towards financial goals through the bank's mobile app.
CDs (Certificate of Deposit)
Capital One 360 provides CDs with competitive interest rates and no minimum deposit requirement. Available in terms from six months to five years, these CDs offer penalty-free withdrawals after the first six days of account opening.
Capital One 360's debit card provides fee-free access to a large network of ATMs, 24/7 fraud monitoring, and the option to set up automatic debit card payments.
Capital One 360 offers fee-free withdrawals from over 70,000 ATMs. Look for Capital One, MoneyPass, or Allpoint ATMs on the ATM to know it's free. Click here to find a location near you.
Capital One 360 Account Set Up
Setting up a Capital One 360 account is easy and can be completed in a few simple steps:
Visit Capital One 360's website and click "Open Account."
Select the account type you wish to open and provide your personal information, including your name, address, and social security number.
Fund your account using a bank transfer or by mailing a check.
Once your account is funded, you can start using it to manage your finances online or through the bank's mobile banking app.
Is Capital One 360 a Good Deal?
Capital One 360 offers competitive interest rates on its checking and savings accounts, with no monthly fees or minimum balance requirements. The bank also provides convenient online and mobile banking services that are accessible 24/7. With a large network of fee-free ATMs, flexible overdraft options, and a user-friendly mobile app, Capital One 360 is an excellent option for those seeking a digital banking experience.
Is Capital One 360 Bank Safe?
Capital One 360 is a legitimate online bank backed by the Federal Deposit Insurance Corporation (FDIC). Deposits are insured up to $250,000 per depositor, making it a safe and secure place to keep your money.
Is Capital One 360 a Real Bank Account?
Yes, Capital One 360 is a real online bank account that provides full-service banking options. Customers can open checking and savings accounts, set up direct deposit, apply for loans, and use the bank's mobile app to manage their finances.
Pros and Cons of Competitors
Pros: Competitive interest rates, no account fees, fee-free access to ATMs.
Cons: No CDs or IRAs available.
Summary: SoFi Money is a good option for those looking for a cash management account but lacks the variety of products offered by Capital One 360.
Pros: Competitive interest rates, low or no fees, user-friendly mobile app, large network of fee-free ATMs.
Cons: No physical branches for in-person services.
Summary: Ally Bank is a strong competitor to Capital One 360, with a more extensive network of fee-free ATMs but without the option for in-person services.
Pros: No monthly fees, access to a network of fee-free ATMs.
Cons: No CDs, IRAs, or loans available.
Summary: Chime is a decent option for basic banking needs but lacks the range of products and services offered by Capital One 360.
Pros: Competitive interest rates, no monthly fees, large network of fee-free ATMs.
Cons: Limited loan options.
Summary: Discover Bank is similar to Capital One 360 but falls short in terms of loan offerings, making Capital One 360 a better choice for those seeking loans.
Pros: High-yield savings accounts, CDs, and loans.
Cons: No checking accounts available.
Summary: Marcus is excellent for customers looking for savings and loan products but not ideal for those seeking a full-service bank such as Capital One 360.
Pros: No monthly fees, competitive interest rates.
Cons: Limited variety of products and services.
Summary: One Finance is a decent option for basic banking needs but lacks the range of products and services offered by Capital One 360.
Pros: Competitive interest rates, low fees.
Cons: Smaller network of fee-free ATMs.
Summary: Axos Bank is similar to Capital One 360 but with a smaller network of fee-free ATMs, making Capital One 360 a more convenient option.
Pros: No account fees, unlimited ATM fee rebates worldwide.
Cons: Limited loan options.
Summary: Charles Schwab Bank is a good choice for those who prioritize ATM access but falls short in terms of loan offerings compared to Capital One 360.
If you're looking for a reliable online bank with competitive interest rates and convenient banking options, Capital One 360 is an excellent choice. With no monthly fees or minimum balance requirements, a large network of fee-free ATMs, and a user-friendly mobile app, Capital One 360 offers a hassle-free banking experience that can help you achieve your financial goals.
With a range of digital banking services, Capital One 360 is well-suited for those seeking a fully online banking experience. While the bank's lack of physical branches may be a downside for some customers, the convenience and flexibility of online banking make it a compelling option for many.