capital one 360 checking interest rates

Credit card options for all kinds of borrowers; Strong CD rates Regarding minimum opening balances, the Capital One 360 Checking account doesn't require. 2The average national savings account interest rate of 0.06% is determined by There are no fees associated with the Capital One 360 Savings, and there's. and she can save on interest charges by consolidating her loans at 53% before the rate rises in July. She and Mickey share one car — a used 2001 Honda.

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CAPITAL ONE 360 - my experience, answering your questions

Capital one 360 checking interest rates -

Capital One 360 is a particularly good choice if you’re looking for a strong all-round option ifn online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.

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Capital One 360 is a particularly good choice if you’re looking for a strong all-round option in online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.

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Capital One 360 Highlights

  • No hidden fees or minimums as you earn interest on your everyday money
  • 38,000 fee-free Allpoint® ATMs and 2,000 Capital One® ATMs
  • Free MasterCard® Debit Card for all purchases
  • Mobile check deposits with CheckMateSM & one checkbook’s free

Capital One 360 launched in 2013 after Capital One acquired ING Direct and rebranded the service. As a former ING Direct customer, I “inherited” a Capital One 360 savings account that I still use today, and I can personally attest to the convenience and ease of use it offers.

Capital One 360 at a Glance

When it comes to your banking needs, you’ll have access to just about everything you expect from a bank through Capital One 360, as well as some products that aren’t as common for online-only banks. Here are the key offerings:

  • Savings: Capital One 360 offers personal, business, and kid-focused savings accounts.
  • Checking: There’s a no-fee personal checking account and a teen-friendly checking account that links to a debit card and helps teach your child how to manage money.
  • CDs: Choose from nine terms ranging from six to 60 months when you want to amp up your personal or business savings.
  • Mortgages: Whether you need a fixed- or adjustable-rate mortgage, Capital One 360 has you covered at competitive interest rates.
  • Investment accounts: With the Capital One Investing platform, you can build a portfolio of stocks, ETFs, and mutual funds. You can also open an IRA.

In addition, parent company Capital One fills in the gaps with auto loans, credit cards, and more extensive business and commercial banking. However, there are no money market accounts or personal loans.

If you’re nervous about online banking, note that your deposits with Capital One 360 will be protected by the Federal Deposit Insurance Corporation, just like at any brick-and-mortar bank. In addition, your data is fully encrypted and protected by several layers of security such as firewalls, intrusion detection, and multi-factor authentication.

Capital One 360 Performance Savings

Capital One 360 Performance Savings has a lot of appeal, the interest rate, currently 0.40% APY, isn’t the highest you can find online, but it’s still pretty competitive — especially when you consider that the national average is .09%, according to Bankrate. Add that to this account’s other perks, including no fees and no account minimums, and you’ve got a compelling savings option. Here are the account features at a glance:

  • No maintenance fees: At other banks, you may have to pay a fee just to have an account.
  • No account minimums: You don’t have to have a certain amount of money to open an account or maintain any sort of minimum balance to avoid a fee.
  • A great rate: You’ll earn 0.40% APY, more than eight times the national average.
  • Open multiple accounts: You can have up to 25 different savings accounts for free.
  • 24/7 account access: Need to make a withdrawal at 2 a.m.? No problem.
  • Customer support any day of the week: You’re just a phone call away from a real person.
  • Easy account management: Schedule stress-free automatic deposits, and track your progress with the My Savings Goals feature.
  • Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.

One of the nicest features on this list is the ability to open up to 25 savings accounts without ponying up account maintenance fees. This is a great way to stay organized if you have multiple savings goals.

Right now, I have a few separate savings accounts with Capital One 360, and have had several more in the past, including one dedicated to saving for a down payment on our house. You could also have one emergency-only account, one for a dream vacation, and so on.

I can also vouch for the convenience of the automatic savings plan, which let me funnel a certain amount of money into my savings account every other week without lifting a finger. You can also set up an automatic transfer to take place as often as every week or as little as once every few months depending on your savings goals. It’s a great way to force yourself to save and requires very little effort to set up.

The biggest downside here is the interest rate. I’ve watched my interest rate sink (and sink … and sink) over the past several years from a high of close to 5%, when I opened it with ING. Now, that’s not a situation that’s unique to Capital One 360 — rates have plummeted everywhere, and the current rate of 0.40% is definitely higher than brick-and-mortar banks offer.

However, some competing online-only banks are higher — you’ll find a few in our guide to the best savings accounts. That isn’t a lot in the grand scheme of things, but every bit helps.

Capital One 360 Checking

Capital One 360 Checking shares many of the benefits of the savings account, including no maintenance fees and mobile check deposits. Though I don’t personally use Capital One 360 for checking, The Simple Dollar has picked it as one of the best checking accounts for 2020. Why? Here are some of the main features:

  • No maintenance fees or minimums: You won’t need to keep a minimum balance or hook up direct deposit to avoid maintenance fees, like many other banks require.
  • No overdraft fees: At many banks, you’ll pay $30 or more every time your account is overdrawn.
  • Nationwide ATMs: You’ll get fee-free access to 38,000 Allpoint ATMs and 2,000 Capital One ATMs.
  • Free debit card: You’ll get a MasterCard debit card to make purchases. And as a bonus, there are no foreign transaction fees if you use it overseas.
  • Pay other individuals for free: You can easily send money directly to others’ bank accounts, even if they don’t also bank with Capital One 360.
  • Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.
  • Free online bill pay: Use the bill pay center to keep up with bills online — no need to waste checks or stamps. If a bill ever arrives late because of Capital One 360, they will pay your penalty fees.
  • Earn interest on your balance: You’ll get 0.10% APY on all balances.

One of the biggest perks of Capital One 360 Checking is the lack of an overdraft fee. These fees top $30 at other banks and can add up fast. Instead, Capital One hooks up your checking account to an Overdraft Line of Credit of up to $1,000. You’ll simply pay interest on the amount you’re overdrawn only for as long as you’re overdrawn.

To get an idea of how much that can save you, here’s an example: If you slipped up and overdrew your account by $100 for just five days, you’d only pay about 15 cents in interest with Capital One 360 instead of a fee over $30 with another bank. That’s a big savings for anyone who has let their balance slip into the red from time to time.

On the downside, you’ll have to have a pretty substantial balance to earn anything more than 0.10% APY on this account, and there are competitors that offer better yields on checking. For instance, Ally will bump you up to 0.10%-0.25% depending on your balance, and Bank5Connect offers 0.20% on any balance over $100. If you’re like most people, you aren’t going to park a huge amount of money in a checking account. Still, the interest is a nice bonus.

I also want to mention the fees that I did see: $25 to stop payment, $20 to overnight a check, and up to $40 for domestic wire transfers. The first two fees are in line with national averages, but $40 for wire transfers is high — so take note if you think you may use wire transfers often.

You will also have to pay for checks with Capital One 360. The first checkbook is free, but after that, it’s $5 per book of 50 checks. It’s a trade-off I’ll gladly make for no account maintenance fees and the lack of overdraft gouging, but it’s still worth noting.

Capital One 360 Accounts for Children and Teens

Online banks will probably be even more common once your kids are grown, so Capital One 360 could be the perfect way to teach them about money.

  • Kids Savings Account: A lot of banks offer savings accounts aimed at teaching kids the value of a dollar, but most earn the paltry interest rates typical at brick-and-mortar institutions. Kids will earn 0.00% APY, but they will have access to tools including the automatic savings plan and My Savings Goals tracker. They get their own log-in to check their balance, but adults will have to transfer money to and from the account.
  • MONEY (teen checking): This checking account aimed at teens help them learn how to use a checking account and fully featured debit card, but adults can easily keep tabs on account activity. Teens have access to all of Capital One’s ATMs as well, but only adults can initiate online money transfers.

Getting Started with Capital One 360

Capital One has a clean, easy-to-use website, and opening an account is a fairly effortless affair. To open a savings or checking account, you’ll need to enter standard personal information: name, address, date of birth, and Social Security number.

You’ll also need to link your new account to an existing checking account for funding purposes. You simply enter your account number and bank’s routing number, all found on the bottom of your current checks. You’ll be asked to verify ownership of your external account by confirming one or two small deposits from Capital One 360. You can link up to three personal checking accounts to a Capital One 360 checking or savings account.

After you open a savings account, your funds will be held for 10 business days for security purposes. After that, all new deposits are held for five business days before they’re available for withdrawal. Checking account deposits have a standard two-day hold; however, some types of deposits (such as direct deposit) are available sooner. You may have to wait up to five days to access all of a check deposit over $500, however.

Who Is Capital One 360 Best For?

You tend to rack up overdraft fees: If you’re in the habit of withdrawing more than you owe, you know that bank fees make that an expensive habit. Though you should still aim to better track your balance and avoid the situation entirely, Capital One 360’s Overdraft Line of Credit means you’re likely to pay just pennies in interest instead of over $30 in fees.

You’re looking for a lot of services in one spot: A lot of online-only banks focus only on checking and savings to the exclusion of other products, but you have a lot more to choose from with Capital One 360, like mortgages and investments. And 360’s parent bank, Capital One, provides easy access to other products such as auto loans and credit cards.

You’re not that tech-savvy but still wants to start banking online: Opening an account with Capital One 360 is very simple, and the online interface is very streamlined. Several cities now even have inviting brick-and-mortar Capital One 360 Cafes, where you can open an account or speak with an associate in person over a cup of Peet’s coffee.

You have a variety of savings goals and want an easy way to manage them: Capital One is great for savers with a lot of different goals. Because you can have up to 25 different accounts for free, it’s easy to keep your money in different buckets but still manage each account in one spot.

You like the idea of online banking, but lesser-known online banks make you nervous: Capital One 360 is an established brand with all the resources of a major bank, including its huge ATM network — that may mean peace of mind for some people.

Who Might Want to Skip Capital One 360?

While Capital One 360 should have a lot of appeal for the casual saver who wants a convenient venue for their online banking, there are still a few downsides. You may want to look elsewhere if:

You’re chasing the highest interest rate: While Capital One 360 offers solid interest rates that eclipse those offered by traditional brick-and-mortar banks, they aren’t the highest you’ll find online.

You need your money fast: This can be an issue with all online banks, but some online reviewers complain that Capital One 360’s hold times on check deposits are too long. Assuming you’re using mobile check deposit to put funds in your checking account, you’ll only get access to the first $200 of a check over $500 the next business day. You’ll have to wait five business days to access the remainder of the deposit. (Note that direct deposits, if available, are a good way around this, as you can get same-day access to those funds.) For savings accounts, you’ll wait five business days to access any deposit. Since I don’t expect to turn around and immediately access my savings, I’ve been OK with this delay, but I can understand why the checking holds would be frustrating.

You want 24/7 customer service: Disappointingly, Capital One 360 does not staff its call center around the clock. Many may not take issue with this, but it’s worth noting that several competitors do let you talk to a live person, even at 3 a.m.

Compare top bank accounts

Too long, didn’t read?

When it’s all said and done, Capital One 360 is a great option for anyone who wants the convenience of online banking, better-than-average interest rates, and no account maintenance fees. Capital One 360 has extended their current offer – sign up by 11/30 to earn up to $500 when you maintain a certain balance in your new account for 90 days.

If you’re not quite sold, you can check out more of The Simple Dollar’s banking recommendations in our guides to the best free checking accounts, best savings accounts, and best money market accounts to find the right home for your money.

Saundra Latham is a personal finance writer and editor. Her work has appeared in The Simple Dollar, Business Insider, USA Today, The Motley Fool, Livestrong and elsewhere.

Reviewed by

  • Courtney Mihocik
    Courtney Mihocik
    Loans Editor

    Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.

Источник: https://www.thesimpledollar.com/banking/bank-reviews/capital-one-360-review/?L4z-jnJly8g

Capital One Bank Accounts

Opening a bank account shouldn’t be difficult. You find a bank that pays the highest interest you can find on a savings account and a checking account without fees.

Fill out an application online or on a mobile app, or walk into a bank, and you can open an account quickly.

Shopping for the best bank accounts can take time, and we’ve narrowed that search for you with details on how checking and savings accounts work at Capital One, which is the eighth-largest bank in the United States based on assets and deposits. And, of course, it offers a range of credit cards.

What is Capital One Bank?

Capital One Bank is part of Capital One Financial Corp., which was started in 1988. It is headquartered in McLean, VA, and has more than 900 bank branches in Washington, D.C., and the states of Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

It also has a mobile app and website that customers can do banking on from anywhere in the U.S. Customers can use more than 40,000 Capital One and Allpoint ATMs. The company also has 34 Capital One Cafes in the U.S. to do in-person banking.

How to open an account at Capital One?

If there isn’t a Capital One bank or cafe near you, an account can easily be opened online on a computer or on the Capital One Financial mobile app. From the company’s home page, click on “Checking & Savings” in the top left area and you’ll see a list of types of savings and checking accounts it offers.

We’re only reviewing savings and checking accounts, but the drop-down list also includes certificates of deposits, or CDs, for savings, and IRA accounts for retirement.

Once you’re on the account you’re interested in, you can read about it and can open an account by clicking the green “Open Account” button that glides along the top of the page as you scroll.

The online paperwork takes about five minutes to fill out. A customer service phone number is also available if you need help.

The process is pretty straightforward. It asks for your personal information, income and job title, among other things, and ends with you funding the account.

Capital One savings accounts

Capital One offers two types of savings accounts. They’re pretty simple. One is for children, and the other for adults. Both pay interest, have no fees or minimum balance requirement, and both are insured by the FDIC.

360 Performance Savings

The Capital One 360 Performance Savings account pays what the company says is five times the national average savings rate on any balance, currently paying 0.40% annual percentage yield, or APR.

We’ll get to all of the features of the account soon, but the most important feature to remember after the high APY on this savings account is that it charges no monthly fees and there are no minimums to open or maintain the account.

Withdrawing from the savings account can take a little forethought. Money can be withdrawn online or at a branch, but not at an ATM. To withdraw money from an ATM, the money will first have to be transferred from the savings account to a checking account. Only six withdrawals or transfers are allowed a month, or you’ll incur a fee.

Making deposits is easy. It can be done from your computer, mobile phone, or by calling Capital One. Automatic savings can be used to transfer money from another Capital One account or external bank account, or you can visit a Capital One location near you.

The checking account you use to make your first deposit will automatically link to your savings account. You can transfer money between the two accounts and set up what it calls an Automatic Savings Plan.

Kids Savings Account

The Kids Savings Account pays 0.30% APY on balances. It doesn't charge monthly or maintenance fees or have minimum balance requirements.

Children can set up an Automatic Savings Plan to send their allowance to the account regularly. If they want to save money for a bike or other savings goal, they can do it with this online bank account and watch their money grow in separate accounts for each savings goal.

Multiple accounts can be linked to your children’s savings accounts, so you can deposit money to their account after they do their chores, for example.

The Kids Savings Account can be opened in the child’s name only, or in the parent’s name and the child’s name. When the child turns 18, the account is automatically turned into a 360 Savings account.

Kids can sign in to their savings account and check their balances online. An adult must sign in with their own username and password to transfer money in or out of the account.

While not allowed to transfer money, kids can deposit money to their account just as an adult would. They can make deposits through the mobile app by uploading a picture of a check from their phone or computer or can put a check in an envelope and mail it to the bank.

Capital One checking accounts

Capital One Financial offers two types of checking accounts: one for adults and the other for teenagers.

360 Checking Account

The Capital One 360 Checking Account is for adults. It offers online banking 24 hours a day, seven days a week, with no fees to open, keep or use an account, and more than 40,000 fee-free ATMs.

Free online access allows you to do what you’d expect to use a checking account for. You can pay bills, get cash, make deposits, and transfer money. Bills can be paid online or you can send cash with Zelle.

We’ll detail the costs of this account soon, but the basic feature to know about is that Capital One doesn’t charge monthly or maintenance fees on the account.

The account is insured by the FDIC and Capital One provides fraud coverage. A debit card tied to the account can be switched to “off” mode online or in the mobile app if you think someone has stolen your card or you’ve lost it.

The checking account pays interest but is tiered to balance thresholds. As of Jan. 12, 2021, the APY is 0.10% on balances of less than $50,000. It then goes up by 0.10% more for a balance between $50,000 and $99,999.99, and up another 0.10% for balances of $100,000 or more.

MONEY Teen Checking Account

The MONEY teen checking account is a joint checking account that parents and teens have their own mobile app logins for getting into the account. Teens can manage their money, and parents have visibility and control.

Teens can learn how to make money decisions, such as by depositing their allowance, birthday, and graduation money into the account to save for a car or other goal. Parents can put an allowance on autopay, track account activities, and unlock their child’s debit card.

A checking account, and the debit card that comes with it, may be the best way for teens to learn about money. While the account is meant for teens, any child 8 and older can be a joint account holder with their parent or legal guardian.

Once they’re 18, the teen can choose to open a 360 Checking account and transfer their balance from their MONEY account. If not, their MONEY account will remain open.

The MONEY checking account has no monthly service fees or balance requirements. It pays 0.10% APY interest.

How much do the Capital One bank accounts cost?

This may be the best part of all of Capital One’s accounts. They’re free. That means:

  • No monthly or maintenance fees
  • No minimum balance requirements

Its savings accounts pay 0.30% APY in an account for kids, and 0.40% APY for adults in the 360 Performance Savings account for adults.

Capital One 360 Checking

The Capital One 360 Checking account has no fees to open, keep or use, including no foreign transaction fees.

However, some extra services you may want or need may require paying fees. These can include:

  • Overnight check delivery
  • Replacement debit card
  • Stop payment request
  • Rejected check

Overdraft charges are usually avoided because Capital One generally declines all transactions that would take an account into overdraft. If the bank does pay for an overdraft transaction, customers will have a full business day to replace the amount that has been overdrawn before being charged a $35 fee. An automatic transfer from your savings account to cover overdrafts can also be set up.

MONEY Teen Checking

This account for children 8 and older has no monthly service fees or balance requirements.

There are also no foreign transaction fees, and transferring money from internal or external accounts is free.

Capital One bank account features

Many features overlap at Capital One accounts, but here’s a breakdown of some of the best features for each type of account:

360 Performance Savings features

The top feature of this savings account for adults is the 0.40% APY interest it pays on balances. That’s five times the national average rate, according to Capital One.

The account has no fees or minimum balance requirements. Deposits are insured by the FDIC.

The account can be accessed through a mobile app to do such things as:

  • Transfer money between linked accounts at Capital One or elsewhere
  • Set automatic savings plans with automatic transfers
  • Track savings goals
  • Deposit checks

Kids Savings Account features

This savings account for children pays 0.30% APY on balances. It has no fees or account minimums.

Parents can open this type of savings account for their children as a way to teach them about money. They can automatically have a child’s allowance deposited into the account, and kids can set savings goals and watch their money grow. Their accounts are insured by the FDIC.

Each account is a joint account, meaning a parent must open it for them. Only a parent can withdraw money from the account, which can only be done by transferring to a checking account. Money can be withdrawn from a savings account at an ATM.

360 Checking Account features

Capital One has 2,000 ATMs of its own, along with about 40,000 ATMs in the Allpoint network in stores across the country such as Target, Safeway, CVS, and Walgreens. The bank’s ATMs and those in the Allpoint network are free to use. Capital One won’t charge a fee for using an out-of-network ATM, though the originating bank may charge one.

If you can’t make it to one of its ATMs or to one of its branches, this free checking account has a mobile app to transfer money, deposit checks remotely, and provides real-time alerts on checking account spending.

Bills can be paid through the mobile app. To pay someone in cash, the Capital One mobile app allows money to be sent securely with Zelle.

MONEY Teen Checking features

With no minimum balance requirements, no monthly fees, and 0.10% APY interest paid on balances, the MONEY teen checking account at Capital One is an easy way to help your children learn how money works.

It comes with a free debit card that parents can lock and unlock on the mobile app. Kids can use their card to withdraw their money from more than 40,000 ATMs that Capital One has nationwide, all for free.

The teen and parent will each have their own login to the mobile app. Parents can transfer money to the account and track activities, and teens can set and fund savings goals on the mobile app.

Who are Capital One bank accounts best for?

Kids

From age 8 through their teenage years, kids can learn about savings and spending with the Kids Savings Account and MONEY teen checking account at Capital One. Both pay interest on balances, and neither have monthly account fees.

The MONEY teen checking account has a free debit card that teens can use at ATMs to withdraw money, giving them freedom and responsibility with their money.

Parents

Parents can help their children learn about money through the savings and checking accounts offered by Capital One that are tailored to children.

Parents can transfer money into and out of the accounts. In the MONEY teen checking account, they can use the mobile app to monitor activity on the account and can lock the child’s debit card.

Either account can help children learn the importance of compounding interest and saving for long-term goals. They can set savings goals and watch their money grow in their online accounts.

Savers

The Capital One 360 Performance Savings account pays 0.40% APY, which the bank says is five times the national average.

Looking for free checking

Capital One’s checking accounts don’t have monthly maintenance fees, so they’re free to use for most people. However, if you require extra services, you’ll probably be charged fees for them.

The checking accounts also don’t have minimum account balance requirements, meaning you can drop your balance to a penny and you won’t be charged a fee.

Who shouldn’t use Capital One bank accounts?

You may be happy doing your banking completely online, either on a computer or mobile app. Or maybe just visiting ATMs or calling customer service on the phone is all of the contact you’ll need.

But if you want to visit a Capital One bank to talk to someone in person, you’ll have to be in a state where it has physical offices. Capital One Financial is headquartered in McLean, VA, and has more than 900 bank branches in Washington, D.C., and the states of Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

You withdraw money often from savings

Money in the high-yield savings accounts at Capital One can’t be withdrawn at an ATM. It can only be withdrawn online or at a branch.

To withdraw from an ATM, money from the savings account must first be transferred to a checking account. Federal law limits customers to six “convenient” withdrawals or transfers per month before a fee may be charged.

Pros and cons

Your banking needs may differ from someone else’s, but the Capital One checking and savings accounts offer basic services that make them easy to compare to other banks. Here’s a look at some of the pros and cons of what it offers.

Pros

  • No fees. We’ve mentioned this again and again, but it’s a big reason to open an account at Capital One: No fees. It doesn’t charge monthly maintenance fees or any other fees to open, keep or use an account. You’ll be charged for extra services, such as ordering a stop payment on a paper check, getting a cashier’s check at a Capital One location, or getting a statement copy, among other things. But you won’t be charged any fees to keep your account open. Overdraft charges can accrue, though Capital One gives customers a few chances to avoid them before a fee is imposed.
  • Lots of ATMs, branches. Capital One has 900 bank branches in Washington, D.C., and eight states. Throughout the country, it has more than 40,000 Capital One and Allpoint ATMs.
  • No minimum balances or deposit requirements. Capital One doesn’t require minimum deposits to open checking or savings accounts, though you’ll be asked to fund at least one penny within 60 days of opening an account. Once your account is open, it doesn’t require keeping a minimum balance.
  • Overdraft protection. Capital One’s checking account helps customers avoid overdraft charges by generally declining transactions that would put an account into a negative balance. When it does pay for an overdraft transaction, customers have one business day to deposit money to cover it before being charged a $35 fee. Account holders can avoid overdrafts by setting up automatic transfers from a linked savings account.

Cons

  • Branches in only 8 states. If you want to visit a physical bank office, Capital One only has them in eight states, and in Washington, D.C. Otherwise, you’ll have to do your banking online, over the phone or at an ATM.
  • No withdrawals from savings at ATMs. The savings accounts that Capital One offers don’t allow withdrawals directly from ATMs. To do that, customers must first transfer money from their savings account to their checking account at Capital One. They can all pull money out of their savings account at a bank branch or online. Either way, only six withdrawals or transfers are allowed each month, or a fee will be charged.
  • Few account options. Capital One only offers two types of checking accounts and two types of savings accounts. Children can have an account, and so can adults. That makes it simple, which can be good, but for customers with more advanced needs, they may want to bank elsewhere.

Capital One vs. competitors

It can pay to shop for banking services, as seen when comparing Capital One to two other large banks, Bank of America and Chase.

BankMonthly feeMinimum depositSavings APYOverdraft feeBranches
Capital One$0$00.30-0.40%$35900
Bank of America$12$1000.01%$354,400
Chase$12$00.01%$344,900

Capital One vs Bank of America

Capital One has much fewer physical bank branches than Bank of America, making it harder to find in-person services.

However, Capital One has zero fees for opening and maintaining an account, so you may be happy to bank online or use its ATMs. Bank of America charges a $12 monthly maintenance fee for its checking account, but that can be waived by meeting one of three simple requirements, such as having direct deposit of $250 each month.

Capital One pays a much higher interest rate on savings accounts: currently, 0.30% APY on its savings account for kids, and 0.40% APY on the regular savings account for adults. It also pays a relatively high-interest rate on its checking accounts, at 0.10% APY.

Read a full review on Bank of America.

Capital One vs Chase

Capital One doesn’t charge any fees for keeping a checking account open, but don’t let Chase’s $12 monthly fee for its Chase Total Checking account fool you. That can be waived by having monthly direct deposits of $500 or more, among other options. Chase pays new customers $200 to open an account with direct deposit, which might be all the incentive you need to bank at Chase.

Chase also has many more branches, 4,900 vs 900, so finding a bank office is a lot easier at Chase.

Where Capital One beats Chase is in the interest rates it pays on account balances. That’s a rarity in today’s low-interest rate environment.

Read a full review on Chase Bank.

FAQs

Can my kids learn about money at Capital One?

Yes, with the help of a parent or guardian, a savings or checking account can be opened for a child. The MONEY teen checking account is for ages 8 and older. Children get a debit card that they can use to withdraw money from an ATM, and parents can see on the mobile app what their child is spending money on if they use the debit card to make purchases. The Kids Savings Account pays 0.30% APY and has no fees, so kids can watch their money grow without worrying about maintenance fees if they have a low balance. Kids can set savings goals online and watch how compounded interest helps them grow. Parents can link their bank accounts to either of these accounts for children, such as to pay their allowance or transfer birthday money.

Can I find better interest rates on savings?

Online-only financial institutions usually pay higher interest on savings accounts than traditional banks. They have lower overhead costs and can make money elsewhere. Chime, for example, pays 0.50% APY on its savings account. But the 0.40% APY that Capital One pays on its 360 Performance Savings account is very good when compared to what other banks with brick-and-mortar branches pay. It also offers many online features, so most of your banking should be able to be done online. You can find higher savings account interest rates elsewhere, but it’s unlikely you’ll find one at a bank with physical branches. If that doesn’t bother you, then maybe an online-only bank is worth checking out.

The bottom line

Daily life often requires having a checking account. A savings account is a good idea too if you want to save for a future expense or have an emergency fund.

Capital One offers both without any fees to open or maintain either account. It also pays interest on checking and savings accounts that are higher than what traditional banks offer. Both of these benefits allow you to get the most out of your money without worrying about fees or seeing your money sit in an account without earning any interest.

Capital One also has plenty of ATMs and mobile banking options so that you can get money on the road or pay your bills from anywhere. It doesn’t have bank branches in every state, so you may need to become comfortable with online banking.

Overall, Capital One’s checking and savings accounts are worth trying for the simple fact that they’re free. That’s not something you hear often from banks.


Источник: https://joywallet.com/article/capital-one-bank-accounts/

Capital One 360 Savings / Money Market Account Review: My 4 Pros & Cons After 13 Years

Not enough people talk about their finances. For whatever reason, we’ll talk and write about our favorite products – but never about things like banks, lawyers, or doctors. I do a lot of book reviews, but wanted to venture out with something a bit different – a Capital One 360 Savings Account / Money Market review.

See Capital One’s Current Account Options & Rates

Back on January 6, 2006, I ditched my local banks’ one-tenth of 1% interest rate on my personal savings (at the time), and signed up for ING Direct. At the time, online banking was still a new industry. It’s now very normal will a ton of companies to choose from.*

*I also signed up for their Venture Rewards credit card, which has a higher total payback than cashback cards.

In the 13 years since I signed up, ING Direct has become Capital One 360®, and is now one of the largest online banks in America. After 13 years of banking with them, here’s my pros and cons of Capital One 360 (and online banking in general).

Pros of Capital One 360 Money Market / Savings

Consistently High Rates

Due to much lower overhead and scale, online banks typically offer much higher interest rates on savings vs. physical banks. Really, the difference is so much that it’s not even a fair comparison. It was true back in January 2006, and it’s still true today. For example, Capital One 360 is offering a 1.00% current savings rate vs. the lower savings rates for my (otherwise AMAZING) local Atlanta credit union*.

*If you are an Atlantan, check them out here.

Additionally – they are offering a frequently updated 2.00% rate on their money market* savings rate. This is the account where I actually keep my money. It’s in the same dashboard, has the same insurance, and same bank connections. The money is simply legally designated for Capital One to more flexibly lend the money.

*Note about Capital One Money Market Savings vs Traditional Savings – ok, I was totally confused about this for a long time. You can really go down the rabbit hole with this. But basically, a Capital One has more flexibility to make money with money in a Money Market account than with money in a savings account. A money market savings account is just as safe and just as insured, but usually has higher minimums and regulators let them loan the money out in overnight money market funds…thus more money for Capital One and more money passed on to you.

Either way – both those rates are high-ish.

By and large, most banks with physical locations have given up the high-yield savings account market to online banks. The rates they offer are simply too high.

That said, there are a ton of online banks (and online-only versions of offline banks). And that is where the real competition and choice is at.

The trend that I’ve found over the past 12 years is that the bank with the highest savings rate is never consistent. All banks are bound by market rates on loans (where they put your money to make money), and by the rates they can earn or pay on deposits among other banks or the Federal Reserve.

Since all banks make money off that spread, there’ll be a leapfrog & ratchet effect for rates across the board. No one bank will  consistently raise their savings rates as mortgage rates go higher.

Instead, one bank will “sprint out ahead” with a teaser rate, get a bunch of customers, and then drift back down as they are leapfrogged by other banks the next week. But then, the bank that offered the teaser rate has to play the game of “how little can I raise my rates before all my customers leave for the teaser rate at another bank.”

As a consumer, it’s a bit insane to constantly switch bank accounts to get that extra .15% interest rate, especially if you keep your credit frozen. The end goal is to find a bank that offers consistently high rates so that you can just stay and always get a high rate.

The main pro of Capital One 360 (and back when it was ING Direct) is that they are consistently right at the top of interest rates for online banks. When I first started with them, they were less than a tenth off the top interest rate (currently at Goldman Sachs). Right now, GS is at 2.25% for their Money Market Savings compared to Capital One’s 2.00% APY. More than I’d want the spread to be – but nowhere near far enough to tempt me to leave, and certainly high enough to sign up with.

Simple Account Creation

For whatever reason, banks often act like they live in a completely different universe than other industries. Bank accounts can be an absolute pain to open.

However, opening an initial account at Capital One 360 is fairly easy and straightforward (it was when I signed up, and appears to still be so). There’s no account minimums and no faxing or paper trails created.

But what’s really useful for me is how easy it is to create new bank accounts once you’re a customer. When you sign up, your customer ID number is different than your bank account number. This setup creates a sort of umbrella account effect where you get to have separate,distinct bank accounts – but manage them from a single online dashboard.

It’s a particularly good feature to have if you like to have several different savings accounts – each for a different purpose. You can set up automatic deposits into each and have them very much separate..but all within a single dashboard.

Well-Done Feature Set

Beyond the simple account creation, Capital One 360 doesn’t really have a single killer feature. Instead, it really has quite a minimal interface and feature set that simply…works.

Capital One Dashboard

They’ve got scheduled deposits, automatic savings plans, emailed tax documents, an easy to use transfer center, and a mobile app for mobile deposits.

Nothing is super-amazing, but nothing ever breaks either.

They have 24/7 support via email, phone, chat, and even fax. But I have never in 12 years had to contact support.

They were one of the first to sync properly with Mint personal finance software (and it still syncs really easily). They also sync well with Personal Capital and YNAB. They have a nifty Access Key so that the software can sync on its own without actually logging in with your credentials and scraping the information. Nothing exciting, but nothing annoying. In my opinion, that’s the way banking should be.

Mint & Capital One 360

Syncs with Other Capital One Products

Before the Capital One merger, ING Direct was a savings bank only. They did mortgages, but they were really just a savings bank.

When Capital One bought up ING Direct, it was part of a play to become a larger, more diversified financial services company. Capital One started out as a credit card company and has bought its way into becoming basically a bank.

As part of that move, Capital One has been trying to sync up all their products into one single company. That means that your Capital One 360 savings account will also sync with your Capital One credit cards, Capital One Investing (stock brokerage), and any other Capital One services you use.

I have a Capital One Venture Rewards card, and it is informative and useful to have my credit card balances and info right on the same dashboard as my savings account.

I don’t have an investment account (I use Vanguard), but if I did, it would be really useful to have my investment information all in one place as well.

Capital One Credit Card

Syncing up a wide range of products is a good strategy for Capital One. They may start to abuse it, but if they keep it focused on the customer, it’s definitely a pro for signing up with Capital One 360 for anyone with other Capital One accounts.

Cons of Capital One 360

Never the Highest Rates

Capital One 360 may always have high rates, but a pretty major con is that the never seem to have the highest rates. As I said in the pros section, banks have an incentive to keep rates as low as possible without tempting you to leave.  So at times (like in January when other banks are offering slightly higher than Capital One 360’s 2.00% APY current money market savings rate), it can be hard to tell exactly where the trigger line to switch is. You never really know for sure if you’re being strung along, or if you are getting a good deal overall.

As easy as online banking is to set up, it’s still can be a pain to switch bank accounts – especially if you have everything automatically synced up right now. It may be rational to stick with Capital One 360 since they do have consistently high rates. However, it can be a bit annoying and frustrating  in a time of overall low interest rates to see such a low rate of return on your account. To see other banks offer higher rates (even if only for a short time) only adds to the grass-is-greener syndrome.

Upsells to Other Products

Capital One’s growing financial services empire certainly provides convenience to a lot of customers that use their products (as mentioned in the pros section). That said, for customers who don’t use other Capital One products, the constant cross-sells can be annoying.

Capital One hasn’t resorted to pop ups and unsolicited emails (yet), but they certainly advertise their other products within Capital One 360.

It’s a fine line to walk between offering genuinely good offers to current customers, and pushing unwanted advertisements. And it’s also the flipside of the pro of syncing all your accounts.

So far, I’ve been cool with their offers. It hasn’t gotten in the way of the product yet, but for the purposes of a Capital One 360 review – having this tension is a con to consider.

Getting Money Out

In America, we’re stuck with financial plumbing built in the 1970s, which means that often it takes longer for digitized money to move from one bank account to another bank account than it takes for Amazon to ship books via truck from Los Angeles to Atlanta.

Moving money online has gotten a bit better since I first opened my account in 2006, but it’s still a major con to using Capital One 360 (or any online bank for that matter).

Need to dip into your emergency savings? Better hope you can last 3+ days while the money is transferred to your physical bank’s checking account.

In some ways, this con can help you save a bit more by adding an extra hurdle to tapping into savings. It does, however, add an extra layer of planning to your finances.

In 12 years, I’ve only had 2 occasions where I really needed emergency savings quickly (a used car purchase over a weekend and a pretty bad miscalculation with my credit card bill). Both situations turned out fine, and would not have been worth switching to the lower interest rate of a physical bank savings account. It was still not particularly fun – and had me wishing I could just walk down to my local bank teller.

Either way, between credit cards, better planning, and a bit of a buffer in checking, it is possible to work around the time lag. But until America upgrades its financial plumbing, hurdles to getting your money out will be a con for online banking.

Quick aside: Capital One 360 does offer Capital One 360 Checking that attempts to get around this problem. I’ve never seriously considered it, but it’d be worth looking into.

Conclusion

If you’re looking for high rates and a straightforward setup for an online savings account, you should check out Capital One 360’s account options here. Bonus recommendation if you’re already a Capital One customer and can sync your other products.

If you’re just looking for the absolute highest rates – head over to Yahoo Finance here. Also, if you want the highest rates without FDIC insurance, you can always just buy directly into a Money Market fund via a stockbroker like Vanguard (ie, the place where Capital One makes their extra money with Money Market account money). I often use VMMXX as a complement to my Capital One Savings, but it can be a bit confusing…and it’s not insured.

Filed Under: Reviews, Products

Источник: https://www.nateshivar.com/1725/capital-one-360-savings-account-review/

I have been a saver with Capital One 360 since September 2009, so this review comes from quite a few years of personal experience!

I signed up for their 360 Checking Account and 360 Savings Accounts soon after I graduated from college as a way to help me get the most of my cash and organize my money like no other bank would let me.

Over the many years I have been a member at Capital One 360 I’ve explored their offering and haven’t been disappointed with hardly anything, even though all banks have a small problem or two. They’ve even added even more useful features that I now use often.

What’s So Great About Capital One 360?

If there was just one thing I loved about this bank, it’d make my review a lot easier, but the list of things I love about this bank is a long one.

The Basics

First off, let’s start with the banking basics. There are no fees and no minimum balances on their 360 Checking and 360 Savings accounts, a must for any bank account I own.

Interest Rates

The other main feature, their interest rate, is normally one of the higher interest rates in the online banking world. It almost always beats the interest rates at your local brick and mortar banks by a long shot.

ATMs

Capital One 360 also has a large network of ATMs through the Allpoint network which you can use with no fees at all. I’ve always been able to find a free ATM near me without going too far out of my way.

Transferring Money

Finally, if you ever want to transfer money to one of your linked accounts, all you have to do is set up an automatic transfer. Most of these transfers only take 2 business days, but they can’t guarantee this time frame due to the different ways other banks can handle these transactions.

Depositing Checks

When I first became a member 2009 I had to mail checks into the bank or deposit them into my brick and mortar bank and then transfer them to Capital One 360. Luckily, they’ve greatly improved this process and now let you scan in your checks on your computer or snap pictures of them on your smartphone!

The interface is very easy to use and it greatly speeds up the check depositing process over the old method. Capital One 360 listened to their audience and made a change for the better.

Bill Pay

Capital One 360 also offers a Bill Pay center to pay your bills electronically or by mail with a check. They’ll keep track of any bill reminders you set up, recent payments, the companies and accounts you normally pay and your Bill Pay history.

P2P (Person to Person) Payments

This is another one of my personal favorite features that Capital One 360 offers. I can send money to anyone with a bank account and an email address with this feature. All I have to do is enter their name, email address and the last four digits of their bank account number.

If the person you’re paying has a Capital One 360 account they can pick up their money instantly. If the person you sent money to has a different bank all they have to do is pick up the money and, after accepting the money, it should be available in their bank in two business days.

This saves me a lot of hassle and means I don’t have to break out my checkbook and write a check as often.

Mailing A Check

Another payment option is to have Capital One 360 mail a check for you. All you do isfill out who to write the check to, the amount and where to send it to. Capital One 360 will take care of the rest and mail it! No envelopes, stamps or fees required.

Organizing Your Money with Multiple Savings Accounts (Sub-Accounts)

I love how they allow me to organize my money in many different savings accounts (often referred to as sub-accounts). This was a great help for me when I was first getting started with my finances. It allowed me to visualize my goals and my budget by splitting my paycheck up into different sub accounts and watch each goal grow separately.

At one time I easily had 15 sub accounts all for different goals. Sometimes I went a bit overboard, but it is easy to close a sub account as well, so your banking interface doesn’t have to be any more cluttered than you want it to be. You can have no savings accounts at all, just one, or quite a few if you’d like. The decision is yours.

Automatic Savings Plans

 

I also love Capital One 360’s Automatic Savings Plan feature that allows me to set up automatic transfers from my checking account to any of my savings accounts on differing dates such as weekly, bi-weekly, monthly, on the 1st and 15th, on the 15th and last day of the month, or on the last day of the month.

This one feature was amazing as it let me automate my savings goals based on when my paycheck was direct deposited in my account.

By automating my savings goals, I was less tempted to spend my money on frivolous things that would be gone tomorrow. Once the money was in my savings account it had put enough of a barrier up for me to not waste my hard earned money.

Of course, I could have transferred it to checking whenever I wanted, but I never did and hopefully you won’t either.

My Savings Goals

Speaking of savings goals, Capital One 360 has an awesome tool called My Savings Goals. Basically, you figure out what you’re saving for, how much you want to save, which account you’re saving in and when you want to reach your goal by.

Based on these inputs, you’ll get see a widget that allows you to see how much you need to save each month, week, or paycheck to reach your savings goal by your goal date. After you save your goal you’ll be able to revisit it on the My Goals tab and see your percentage progress and look into the details such as how much time is left until your goal time arrives.

You can also review your previous goals under the Great Saves tab if you want some inspiration or to see how far you’ve come.

Are There Any Drawbacks to Banking with Capital One 360?

There are some small drawbacks to banking with Capital One 360 at this moment. They don’t offer the highest interest rate of any bank online, but they are normally in the top handful of national banks.

They charge for checks, which some other banks do not charge for. Finally, you need to have brick and mortar bank account to be able to deposit cash and to have a bank to transfer money to and from Capital One 360 as needed.

That’s all I can honestly think of as far as drawbacks go. If you have an account and can think of anything else, please let me know so I can include it in this review.

The Final Word On Capital One 360

Capital One 360 has been an awesome bank in my experience. They’re light years ahead of your typical brick and mortar bank in almost every way. I would definitely recommend Capital One 360 to any of my friends and family. Actually, I have! I suggest if you’re looking for an awesome bank that you check Capital One 360.

Common Questions About Capital One 360

How can Capital One 360 offer a higher interest rate than my local bank?

Since Capital One 360 is an online only bank, they don’t have many of the costs that your local bank does. They don’t have to pay for real estate and branch locations or the employees to man them. This saves Capital One 360 a lot of money and this allows them to pay you higher interest rates.

What if I need help with something? There aren’t any branches to go to!

No worries, Capital One 360 will respond to your email within 24 hours OR you can call Capital One 360 anytime between the hours of 8AM and 8PM, 7 days a week. Their customer service number for new customers is 1-800-464-3473 and for existing customers you can call 1-888-464-0727. You can also use their mobile app or write by mail.

I’ve always had a great experience whenever I have called and the associates are very courteous. They really know their stuff!

Bank XYZ has a 0.1% higher interest rate. Shouldn’t I chase that rate to get more for my money?

If your sole goal is making more money despite everything else, you can be a rate chaser over amounts as small as 0.1% in interest. However, even if I had $100,000 in my bank account that would only amount to a $100 difference per year. With a more modest balance of $10,000 that is only $10/year. If using Capital One 360’s Automatic Savings Plans or other features saves you more than that you’d be better off sticking with Capital One 360 rather than chasing rates.

Can you think of any other common questions? Let me know and I’ll add them, along with an answer (after I’ve researched it), in this section.

headshot of Lance Cothern, CPA

Lance Cothern, CPA

Lance Cothern, CPA holds a CPA license in Indiana. He’s a personal finance, debt and credit expert that writes professionally for top-tier publications including U.S. News & World Report, Forbes, Investopedia, Credit Karma, Business Insider and more.

Additionally, his expertise has been featured on Yahoo, MSN, USA Today, Reader’s Digest, The Huffington Post, Fast Company, Kiplinger, Reuters, CNBC and more.

Lance is the founder of Money Manifesto. He started writing about money and helping people solve their financial problems in 2012. You can read more about him and find links to his other work and media mentions here.

Источник: https://www.moneymanifesto.com/the-ultimate-capital-one-360-bank-review-i-love-this-bank-4163/

Capital One 360 checkingI have had a Capital One 360 checking account for some time now, so I figured it would be time to provide a review of the service.  Many of you might know of this service, but Capital One bought ING Direct and relabeled the banking service to Capital One 360.  They offer both a checking and savings account, which are online only.  They are essentially an electronic checking and savings account.  I have really enjoyed the service and Capital One made it extremely easy to setup.  Here is my Capital One 360 review.

[box type=”success” ]Sign up for Capital One 360[/box]

The Basics of Capital One 360

The Capital One 360 checking accounts are all electronic.  They provide you with quick access to your money, but don’t worry about paper statements, checks, or anything else that requires paper.  They do provide you with 50 free paper checks if you need them, but they are not automatically sent to you when you sign up.  You just have to request them.  Along with the 360 checking account, they also provide a 360 savings account.  Here are the basics of the Capital One 360 bank accounts and I am sure you will like the features.

[checklist]

  • No Hidden Fees!
  • No Account Minimums (who doesn’t love that?)
  • Free MasterCard® debt card with the checking account
  • Mobile Check Deposits
  • Access to over 40,000 fee-free ATMs
  • Free Direct Deposit (fast and easy to setup)
  • Free Mobile App
  • Easy to use Bill Pay
  • Person 2 Person payments (allows you to easily send money to others)
  • No Overdraft Fees (They don’t charge these fees, but you do get charged some interest on the amount you go over. It is like a loan)
  • Ability to turn on and off your debit card (more on this later)
  • Free and easy to use banking notifications
  • You can now deposit cash at Capital One ATMs.

[/checklist]

Whew!  That was a lot of features to write about.  This is why I like my Capital One 360 checking account.  Actually I also have the Capital One 360 savings account because they made it so easy to use.  Both accounts are working smoothly for me and I am glad I have them.  Now, lets dig into more of what makes the Capital One 360 account a good banking option.

Capital One 360 Eligibility

Since Capital One is a bank, they have some eligibility restrictions on their account opening process. Basically, you have to be a US citizen with a valid social security number.  You also have to be at least 18 years old.  They do have a little gray area with regards to checking your credit.  They say they “may or may not” do a credit report pull. This would mean they would “hard” pull your credit.  This can lower your credit score a few points.  If you have terrible credit, they might not approve your account.  This is on their own discretion.

Capital One 360 Interest Rates

One of the big things the Capital One 360 account boasts is the ability to earn interest on your money.  While I love to earn interest on money sitting in my checking account, they don’t provide the best rate for checking accounts.  The more you have, the more interest they pay, but there is the breakdown for you.

360 Checking Account Rates

[starlist]

  • $0 – $49,999.99 – 0.20% APY
  • $50,000.00 – $99,999.99 – 0.75% APY
  • $100,000.00 or more – 0.80% APY

[/starlist]

As you can see, the majority of people probably will only get the 0.20% annual percentage yield (APY).  That is not much in my opinion.  That being said, it is better than almost all other free checking accounts offered by the big banks.  Online banks can offer interest on free accounts because they have a cheaper operation to run. They don’t have to worry about staffing branches or even building them. Those cost money.  I am a little partial on the interest earned with the Capital One 360 checking account as I get 0.75% APY with me free credit union account.

Sign up for Capital One 360 Checking

360 Savings Account Rates

OK, now lets see what Capital One offers for their 360 Savings account.  There is no tier system like the 360 checking accounts, but their rate is variable.  Much like a credit card rate, this savings rate change fluctuate over time. It can go up or down.  As of the time of this article, the Capital One 360 Savings account is offering an APY of 0.75%. They do link your savings account to your 360 checking, so you can earn interest in both accounts. This can mean you put most of your money in your savings and just keep the money you need liquid in your checking.

Sign up for Capital One 360 Savings

How to Setup a Capital One 360 Account

Let’s get into the nitty gritty and see how you can setup a Capital One 360 account. You will need some information before you can setup your account, but it is no different than any other bank.  One note they do indicate is that your Capital One 360 account cannot be used for business, power of attorney, or individual retirement account.  This is only for a personal checking and savings account.  Here is what you will need to do in order to setup the account.

You will go through the sign up process and provide Capital One your personal information. They will verify this on the backend.  As you go through, you will have to provide your name, social security number, address, and a few other personal identifiers.  After your approval, you will need to setup a link to your existing checking account. This will be for your first deposit.

When you link your Capital One 360 checking account to your old one, Capital One will make one or two small deposits into your existing checking account. This can take up to three days to complete.  Once you see them, then you will need to log into your Capital One 360 account and verify the deposits. This will ensure a proper and complete link between your checking accounts. They will then deposit the money you indicated into your new account.

For security purposes, Capital One 360 will hold your initial deposit for 10 days. After this hold time, your funds will be available.  Any subsequent deposits will be held for 5 business days before they can be withdrawn.  Please note these times before you try to access your money.

If you want to transfer money out of your Capital One 360 account, then it can take up to three business days to show up into your old checking account.  Capital One does not charge a fee for this process, but you need to check your other bank to see if they charge.  You are able to link up to three personal checking accounts to your Capital One 360 account.  This will allow you to make transfers from your different checking accounts.  One might ask “Why do I need more than one checking account?”, but I have multiple accounts for specific reasons.  You can read more about why I think everyone should have more than one checking account.

What I Like About Capital One 360

I did not have an ING Direct account, so I signed up after it was Capital One 360. The sign up process was super simple.  I had my account read to go in about 8 minutes. I easily connected my account to two of my other checking accounts.  After the initial deposit and verification, I was off and ready to go.  I really like the ease of use Capital One provides.  I also love the debit card on/off feature. I use this feature often when I am going on vacation or know I won’t be using the card for some time.  It is nice to know it can’t be used when I turn it off.  I also enjoy earning interest on my checking account. While the interest rate is not that great, it is better than any big bank, especially brick-and-mortar banks.

My Capital One 360 account is not my main bank, but I do use it occasionally. I would recommend the Capital One 360 account for anyone looking for a no-fee account with no minimums.  Capital One also has great customer service, or at least when I called.

What is your take on Capital One 360?

Источник: https://www.debtroundup.com/capital-one-360-review/

The top 9 checking accounts for avoiding foreign ATM fees

Your flight is booked and you’re ready to travel abroad. You renewed your passport and the right credit cards are in your wallet. No matter how prepared you feel you are, though, you’ll likely need to withdraw money in the local currency when you’re overseas.

You never know when the need for cash will arise, so it makes sense to be prepared by having a debit card that won’t charge sky-high ATM withdrawal fees when you’re traveling internationally.

Related: 7 ways to save on overseas ATM withdrawals

In today’s post, we’ll show you nine checking accounts that are optimal for saving on ATM withdrawals while overseas.

New to The Points Guy? Sign up for our daily newsletter and check out our beginner’s guide.

In This Post

Schwab Bank High Yield Investor Checking® account

Although Charles Schwab is synonymous with investment products, their Schwab Bank High Yield Investor Checking account is a gem. The account comes with a debit card that offers unlimited ATM fee reimbursements, domestically and abroad. It also doesn’t tack on foreign transaction fees, monthly fees or have minimum balance requirements. Furthermore, the account earns 0.03% APY — rare for a checking account with no fees whatsoever.

Related: How to cash out points with the Amex Platinum for Schwab, and why you might want to

SoFi Money Checking account

SoFi Money burst onto the foreign ATM reimbursement scene a few years ago and gained popularity quickly with its far-reaching network. The cash management account doubles as a checking account and high-yield savings account — reimbursing account holders at any of 55,000+ ATMs within the Allpoint network. While the account used to reimburse all ATM fees worldwide, regardless of network, Sofi Money customers can still earn 6x the national average in APY (annual percentage yield) versus the competition. Plus, there is no minimum required deposit to open an account and no monthly maintenance fees. Many account holders appreciate SoFi’s cutting-edge mobile app that makes it simple to manage your finances from anywhere.

Related: SoFi is launching an unlimited 2% cash-back card — here’s what you need to know

Chase Sapphire Banking account

Chase rebranded and introduced its top-tier Sapphire Banking product in 2018 to give Chase Sapphire cardholders and qualified customers more value on everyday banking. If you’re able to deposit and maintain $75,000 in combined cash at Chase Bank and investments at J.P. Morgan, this can be a worthwhile checking account to consider. Customers who can meet balance requirements will enjoy no ATM fees worldwide, in addition to free unlimited trades on U.S.-listed stocks and ETFs using the You Invest℠ platform by J.P. Morgan. A monthly service fee of $25 will apply for those not meeting the balance requirement.

If you’re a Sapphire cardholder and travel abroad or withdraw cash from ATMs often, the Sapphire Banking account will save you a considerable amount in fees. Though you may want to wait until Chase runs its annual Sapphire Banking promotional bonus offers before signing up.

Fidelity Cash Management account

If you’re looking for an account that does away with fees at more than a million ATMs worldwide (anywhere you see the Visa®, Plus®, or Star® logos), Fidelity’s Cash Management Account may be a smart option. Although it doesn’t impose overdraft fees, you’ll need to have a Fidelity investment account if you want to take advantage of its free overdraft protection. Two caveats to keep in mind — the Fidelity Debit Card charges a 1% foreign transaction fee on purchases made abroad, so make sure to use your favorite travel rewards card that doesn’t charge foreign transaction fees instead.

Furthermore, Fidelity applies a daily ATM withdrawal limit of $500; therefore, if you need to take out more cash, you’re likely better off with another checking account product.

Ally Bank Interest Checking account

Ally Bank offers its competitive Interest Checking account that gives Ally Bank checking account customers access to 55,000 in-network ATMs. There are no fees to use an Allpoint Network ATM, but if you use an out-of-network ATM, they’ll reimburse you up to $10 at the end of each statement cycle.

Ally is transparent about their fees with no charges for ACH transfers and incoming wires, but they will impose fees for overdrafts and outgoing wires. There are no monthly maintenance fees tied to the checking account, and their APY, starting at 0.10% (it goes up with a higher balance amount ), currently leads the pack in terms of interest-bearing checking accounts.

Capital One 360 Checking account

The same bank that delivers an impressive credit card portfolio also offers the convenient Capital One 360 Checking account. There are no fees on any withdrawal outside the Capital One network, even if the network or issuer, like Mastercard, charges a fee. MasterCard will charge you a 1% fee, but that is “covered” by Capital One, so you shouldn’t find it on your statement. There’s also no opening balance requirement. Just don’t expect easy access to a physical branch if you need one. Luckily, Capital One has strong customer service support that’s only a quick call away.

First Republic Bank’s ATM Rebate Checking account

A checking account with the words “ATM Rebate” in its name has to make our list of top checking accounts for avoiding foreign ATM fees. First Republic Bank offers free use of more than 800,000 ATMs worldwide with no foreign exchange fees and even earns interest on balances above $3,500. ATM withdrawal fees are refunded from other banks worldwide, and international card usage fees are waived. You must have a minimum opening balance of $500 and a minimum average balance of $3,500 to avoid monthly fees.

Betterment Checking account

Betterment, the financial advisory company well known for its robo-advising and cash management services, offers a compelling checking account product. Because they don’t have an ATM network, you’ll likely be charged a fee for an ATM withdrawal. When this occurs, Betterment will refund all of your ATM fees back to you. They’ll even notify you once the ATM fee refund has gone through, and you should see the credit in your account within a few days.

What makes this underrated checking account even more potent is that no initial deposit is required to open an account. No required minimum balance is needed to keep the account fee-free. There are zero monthly service fees. For added security, Betterment Checking and its Visa debit cards are provided by NBKC Bank and your account is FDIC insured for up to $250,000.

PNC Virtual Wallet Checking account

As a PNC customer, you can access your money fee-free at nearly 18,000 ATMs across the country. Though when you leave the U.S. on a trip, PNC will only reimburse your first two in-network ATM withdrawal fees per statement cycle and up to $5 in fee reimbursements per statement period for other financial institution’s ATM surcharges on the basic Virtual Wallet Checking account. If you are a Virtual Performance Select customer, PNC’s top-tier checking account, you won’t be charged fees related to other banks’ ATMs, and you’re eligible for up to $20 fee reimbursement per statement period for other financial institutions ATM surcharge fees. However, keep in mind that PNC does charge 3% of the transaction amount, so you may be better off with one of the other checking accounts on our list.

Bottom line

A debit card that reimburses you for international ATM withdrawals should be part of your travel toolbox. The last thing you want to do when you’re traveling is to have to track down down an in-network ATM to avoid exorbitant withdrawal fees. With the right travel-friendly checking account, a few out-of-network ATM withdrawals per month could result in substantial savings at the end of the year.

Featured photo by Oscar Wong/Getty Images

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Juan Ruiz As TPG’s credit cards editor, Juan manages credit card content and other points and miles features. When he’s not dissecting credit card products, Juan is maximizing his points and miles for premium travel with his family.
Источник: https://thepointsguy.com/news/top-checking-accounts-avoiding-foreign-atm-fees/

Capital One 360 Checking Account Review

Capital One 360 iPhone AppCapital One 360 iPhone App

Capital One may be known best for its popular travel and rewards credit cards.

Capital One 360 is an online banking division of Capital One that also happens to be one of the most popular destinations for people seeking an online bank.

One go-to product is the 360 Checking account, an online checking account that delivers great rates and features without any fees.

In this review, learn more about the benefits of the account to see if it is right for you:

Never Pay a Fee or Deal with a Minimum Balance

Banks these days seem to nickel and dime customers wherever they can.

Monthly maintenance fees, ATM fees, and other fees can cause your balance to dwindle even if you’re a good saver.

The biggest draw of Capital One 360’s checking account is that there is no minimum balance required to open the account.

On top of that, there are no maintenance fees. No matter how much or how little you keep in the account, it will cost the same amount, nothing.

In an age where banks are charging you to hold your money, having somewhere truly safe to keep your cash is invaluable.

Easy to Use Overdraft Line of Credit with No Fees

Capital One 360 makes it so that you're not paying expensive overdraft fees when you spend more than you have in your account.

After you open your account, you can apply for an overdraft line of credit through your online portal.

If your application is approved, you can receive a credit limit as high as $1,000.

When you make a purchase or transaction that exceeds the balance of your account, the difference is borrowed from the overdraft line of credit.

How it works

When you make a purchase or transaction that exceeds the balance of your account, the difference is borrowed from the overdraft line of credit.

Then, you’ll have to make payments on the loan.

The interest rate is high, so you should try to pay it in full to avoid incurring interest charges.

The good news is that the rate is lower than the rate charged by most credit cards.

You can make a payment simply by transferring money from another account into your 360 Checking account.

You’ll get a reminder e-mail that will tell you the minimum you must pay each month.

The good news is that the rate is lower than the rate charged by most credit cards. You can make a payment simply by transferring money from another account into your 360 Checking account.

You’ll get a reminder e-mail that will tell you the minimum you must pay each month.

Another option is to transfer from savings

If you decide to stop using an overdraft line of credit, you can switch to using the savings transfer option.

With the savings transfer, if you try to make a purchase that exceeds your checking account’s balance, the funds will be taken from a 360 Savings account.

Neither the savings transfer nor the overdraft line of credit charges a fee when you use them.

Easy Access to ATMs Nationwide

Capital One 360 will never charge an ATM fee. However, the operator of any out-of-network ATM may impose a surcharge.

The online bank is partnered with the Allpoint ATM network to provide surcharge-free access to more than 40,000 ATMs in the country.

The online bank is partnered with the Allpoint ATM network to provide surcharge-free access to more than 40,000 ATMs in the country.

Also, customers can use any Capital One ATM for free. Its branch and ATM network is present in Connecticut, Washington DC, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

Capital One also operates café branches in other states, but not every state has a physical Capital One location.

That means that your phone and ATMs will be your primary way to interact with your account.

No Fees for Foreign Transactions or ATMs Too

Keeping with Capital One’s credit card offerings, there are no fees for using your card during international trips.

When making foreign purchases or ATM withdrawals you will have to convert your US dollars to the local currency.

Capital One will automatically do the conversion for you using the market rate at the time of the transaction.

There are no fees charged by Capital One for performing the conversion. Again, you will still be responsible for fees charged by the ATM operators.

Leading Interest Rates on Higher Balances

After the ability to access the money in your checking account, the next most important thing about a bank account is its interest rate.

The Capital One 360 checking account offers three interest rate tiers based on your account’s balance:

  • Less than $50,000
  • $50,0000 to $99,999.99
  • $100,000 or more

Capital One 360’s interest rates tend to beat most national banks, but the lower end rates fall short of the rates offered by online banks.

If you have a lot of money to keep in your checking account you can earn more at Capital One than you can elsewhere.

Otherwise, you might be able to get more interest with a different account.

No Monthly Fees

As mentioned before, the Capital One 360 Checking account does not charge a monthly service fee or other monthly fees.

By keeping your money working for you, you can get closer to achieving your financial goals.

Capital One 360 Checking Account Fees

TypeFee
Monthly Maintenance Fee$0
Out-of-Network ATM Fee$0 (ATM operator fees may apply)
Overdraft Fee$0
Overdraft Protection TransferN/A
Returned Item$9
Stop Payment$25
Deposited Item Returned or Cashed Check Returned$0
Incoming Domestic Wire Transfer$0
Incoming International Wire Transfer$0
Money OrderN/A
Cashiers Check$10

Manage Your Account and Deposit Checks From Anywhere

Capital One strives to make accessing your account as easy as possible.

That’s why they’ve built a nationwide network of ATMs and opened physical banks and café locations.

On top of the convenient ways to get physical cash in your hand, Capital One makes it easy to manage your account online.

You can access your account through a computer to make transfers or pay bills.

You can also manage your account on the go using Capital One 360’s smartphone app.

If you want to deposit a check, it’s easy to do using the account’s mobile deposit feature.

How Does It Compare

Capital One 360 is just one bank out of the hundreds that you could work with. If you need to open a checking account, consider these other banks too.

Axos Bank Rewards Checking

The Axos Bank Rewards Checking account offers one of the best interest rates available from a checking account.

The catch is that you’ll need to jump through a few hoops each month if you want to earn that rate.

To qualify for the highest rate available, you’ll need to receive $1,000 in direct deposits each month.

You also have to use your Rewards Checking Visa debit card 15 times in a month. If you meet one, but not both requirements, you’ll earn a moderate interest rate.

Though using a debit card means you’re passing up cash back or other credit card rewards, you can still get rewarded for using this debit card.

When you log in to your Axos bank account, you’ll see a list of cash back offers. These offers will offer a statement credit of a certain amount if you spend at least a certain amount at the specified store.

Add the offer to your debit card and you’ll automatically receive a statement credit if you meet the requirements.

TIAA Bank Checking

The TIAA Bank Checking Account requires a $5,000 minimum deposit to open. If you can meet that hefty requirement, you’ll get an account with no monthly fees and ATM fee reimbursement.

The main draw of this account is the Yield Pledge.

EverBank promises that its checking account will always offer an interest rate in the top 5% of similar accounts.

If you have an TIAA Bank Checking account you can rest easy that your money is earning as much as it can.

Ally Bank Interest Checking

Ally Bank is one of the biggest online-only banks in the United States. It offers a full suite of financial services, including checking accounts.

Like the Capital One 360 checking account, Ally’s Interest Checking Account offers interest tiers. One interest rate applies to accounts with a balance under $15,000.

The other rate applies to accounts with $15,000 or more. Both rates are lower than the rates that Capital One offers, but Ally tries to make up for it in other ways.

One of Ally Bank’s biggest benefits is that you can receive ATM fee refunds, up to $10 per statement.

No matter where you are in the US, you can use any ATM and get the fee refunded.

That makes it easy to get your cash without having to worry about finding an in-network ATM.

If you’re a heavy cash user or have other accounts with Ally Bank, the convenience of the Ally Bank Interest Checking Account is hard to beat.

Final Verdict

The Capital One 360 Checking account offers a mix of convenience and high interest rates, so long as you have a high balance.

It doesn’t excel in any one category, but it does not lag behind in any either.

If you want a safe, easy place to store your money, the Capital One 360 Checking account is a good choice.

If you know that you want to earn the best rate available or that you need to be able to use any ATM in a pinch, consider a different account.

More:Best Checking Accounts of the Year

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Источник: https://www.mybanktracker.com
capital one 360 checking interest rates

Capital One 360 Savings / Money Market Account Review: My 4 Pros & Cons After 13 Years

Not enough people talk about their finances. For what rights are in the 1st amendment reason, we’ll talk and write about our favorite products – but never about things like banks, lawyers, or doctors. I do a lot of book reviews, but wanted to venture out with something a bit different – a Capital One 360 Savings Account / Money Market review.

See Capital One’s Current Account Options & Rates

Back on January 6, 2006, I ditched my local banks’ one-tenth of 1% interest rate on my personal savings (at the time), and jose altuve jersey ebay up for ING Direct. At the time, online banking was still a new industry. It’s now very normal will a ton of companies to choose from.*

*I also signed up for their Venture Rewards credit card, which has a higher total payback than cashback cards.

In the 13 years since I signed up, ING Direct has become Capital One 360®, and is now one of the largest online banks in America. After 13 years of banking with them, here’s my pros and cons of Capital One 360 (and online banking in general).

Pros of Capital One 360 Money Market / Savings

Consistently High Rates

Due to much lower overhead and scale, online banks typically offer much higher interest rates on savings vs. physical banks. Really, the difference is so much that it’s not even a fair comparison. It was true back in January 2006, and it’s still true today. For example, Capital One 360 is offering a 1.00% current savings rate vs. the lower savings rates for my (otherwise AMAZING) local Atlanta credit union*.

*If you are an Atlantan, check them out here.

Additionally – they are offering a frequently updated 2.00% rate on their money market* savings rate. This is the account where I actually keep my money. It’s in the same dashboard, has the same insurance, and same bank connections. The money is simply legally designated for Capital One to more flexibly lend the money.

*Note about Capital One Money Market Savings vs Traditional Savings – ok, I was totally confused about this for a long time. You can really go down the rabbit hole with this. But basically, a Capital One has more flexibility to make money with money in a Money Market account than with money in a savings account. A money market savings account is just as safe and just as insured, but usually has higher minimums and regulators let them loan the money out in overnight money market funds…thus more money for Capital One and more money passed on to you.

Either way usaa customer service hours of operation both those rates are high-ish.

By and large, most banks with physical locations have given up the high-yield savings account market to online banks. The rates they chase student account 100 dollars are simply too high.

That said, there are a ton of online banks (and online-only versions of offline banks). And that is where the real competition and choice is at.

The trend that I’ve found over the past 12 years is that the bank with the highest savings rate is never consistent. Greendot com login moneypak banks are bound by market rates on loans (where they put your money to make money), and by the rates they can earn or pay on deposits among other banks or the Federal Reserve.

Since all banks make money off that spread, there’ll be a leapfrog & ratchet effect for rates across the board. No one bank will  consistently raise their savings rates as mortgage rates go higher.

Instead, one bank will “sprint out ahead” with a teaser rate, get a bunch of customers, and then drift back down as they are leapfrogged by other banks the next week. But then, the bank that offered the teaser rate has to play the game of “how little can I raise my rates before all my customers leave for the teaser rate at another bank.”

As a consumer, it’s a bit insane to constantly switch bank accounts to get that extra .15% interest rate, especially if you keep your credit frozen. The end goal is to find a bank that offers consistently high rates so that you can just stay and always get a high rate.

The main pro of Capital One 360 (and back when it was ING Direct) is that they are consistently right at the top of interest rates for online banks. When I first started with them, they were less than a tenth off the top interest rate (currently at Goldman Sachs). Right now, GS is at 2.25% for their Money Market Savings compared to Capital One’s 2.00% APY. More than I’d want the spread to be – but nowhere near far enough to tempt me to leave, and certainly high enough to sign up with.

Simple Account Creation

For whatever reason, banks often act like they live in a completely different universe than other industries. Bank accounts can be an absolute pain to open.

However, opening an initial account at Capital One 360 is fairly easy and straightforward (it was when I signed up, and appears to still be so). There’s no account minimums and no faxing or paper trails created.

But what’s really useful for me is how easy it is to create new bank accounts once you’re a customer. When you sign up, your customer ID number is different than your bank account number. This setup creates a sort of umbrella account effect where you get to have separate,distinct bank accounts – but manage them from a single online dashboard.

It’s a particularly good feature to have if you like to have several different savings accounts – each for a different purpose. You can set up automatic deposits into each and have them very much separate.but all within a single dashboard.

Well-Done Feature Set

Beyond the simple account creation, Capital One 360 doesn’t really have a single killer feature. Instead, it really has quite a minimal interface and feature set that simply…works.

Capital One Dashboard

They’ve got scheduled deposits, automatic savings plans, emailed tax documents, an easy to use transfer center, and a mobile app for mobile deposits.

Nothing is super-amazing, but nothing ever breaks either.

They have 24/7 support via email, phone, chat, and even fax. But I have never in 12 years had to contact support.

They were one of the first to sync properly with Mint personal finance software (and it still syncs really easily). They also sync well with Personal Capital and YNAB. They have hsa card restrictions nifty Access Key so that the software can sync on its own without actually logging in with your credentials and scraping the information. Nothing exciting, but nothing annoying. In my opinion, that’s the way banking should be.

Mint & Capital One 360

Syncs with Other Capital One Products

Before the Capital One merger, ING Direct was a savings bank only. They did mortgages, but they were really just a savings bank.

When Capital One bought up ING Direct, it was part of a play to become a larger, more diversified financial services company. Capital One started out as a credit card company and has bought its way into becoming basically a bank.

As part of that move, Capital One has been trying to sync up all their products into one single company. That means that your Capital One 360 savings account will also sync with your Capital One credit cards, Capital One Investing (stock brokerage), and any other Capital One services you use.

I have a Capital One Venture Rewards card, and it is informative and useful to have my credit card balances and info right on the same dashboard as my savings account.

I don’t have an investment account (I use Vanguard), but if I did, it would be really useful to have my investment information all in one place as well.

Capital One Credit Card

Syncing up a wide range of products is a good strategy for Capital One. They may start to abuse it, but if they keep it focused on the customer, it’s definitely a pro for signing up with Capital One 360 for anyone with other Capital One accounts.

Cons of Capital One 360

Never the Highest Rates

Capital One 360 may always have high rates, but a pretty major con is that the never seem to have the highest rates. As I said in the pros section, banks have an incentive to keep rates as low as possible without tempting you to leave.  So at times (like in January when other banks are offering slightly higher than Capital One 360’s 2.00% APY current money market savings rate), it can be hard to tell exactly kill devil hills nc hotels oceanfront the trigger line to switch is. You never really know for sure if you’re being strung along, or if you are getting a good deal overall.

As easy as online banking is to set up, it’s still can be a pain to switch bank accounts – especially if you have everything automatically synced up right now. It may be rational to stick with Capital One 360 since they do have consistently high rates. However, it can be a bit annoying and frustrating  in a time of overall low interest rates to see such a bank of america unemployment sign in rate of return on your account. To see other banks offer higher rates (even if only for a short time) only adds to the grass-is-greener syndrome.

Upsells to Other Products

Capital One’s growing financial services empire certainly provides convenience to a lot of customers that use their products (as mentioned in the pros section). That said, for customers who don’t use other Capital One products, the constant cross-sells can be annoying.

Capital One hasn’t resorted to pop ups and unsolicited emails (yet), but they certainly advertise their other products within Capital One 360.

It’s a fine line to walk between offering genuinely good offers to current customers, and pushing unwanted advertisements. And it’s also the flipside of southern vectis key card login pro of syncing all your accounts.

So far, I’ve been cool with their offers. It hasn’t gotten in the way of the product yet, but for the purposes of a Capital One 360 review – having this tension is a con to consider.

Getting Money Out

In America, we’re stuck with financial plumbing built in the 1970s, which means that often it takes longer for digitized money to move from one bank account to another bank account than it takes for Amazon to ship books via truck from Los Angeles to Atlanta.

Moving money online has gotten a bit better since I first opened my account in 2006, but it’s still a major con to using Capital One 360 (or any online bank for that matter).

Need to dip into your emergency savings? Better hope you can last 3+ days while the money is transferred to your physical bank’s checking account.

In some ways, this con can help you save a bit more by adding an extra hurdle to tapping into savings. It does, however, add an extra layer of planning 15 year mortgage rates chart history your finances.

In 12 years, I’ve only had 2 occasions where I really needed emergency savings quickly (a used car purchase over a weekend and a pretty bad miscalculation with my credit card bill). Both situations turned out fine, and would not have been worth switching to the lower interest rate of a physical bank savings account. It was still not particularly fun – and had me wishing I could just walk down to my local bank teller.

Either way, between credit cards, better planning, and a bit of a buffer in checking, it is possible to work around the time lag. But until America upgrades its financial plumbing, hurdles to getting your money out will be a con for online banking.

Quick aside: Capital One 360 does offer Capital One 360 Checking that attempts to get around this problem. I’ve never seriously considered it, but it’d be worth looking into.

Conclusion

If you’re looking for high rates and a straightforward setup for an online savings account, you should check out Capital One 360’s account options here. Bonus recommendation if you’re already a Capital One customer and can sync your other products.

If you’re just looking for the absolute highest rates – head over to Yahoo Finance here. Also, if you want the highest rates without FDIC insurance, you can always just buy directly into a Money Market fund via a stockbroker like Vanguard (ie, the place where Capital One makes their extra money with Money Market account money). I often use VMMXX as a complement to my Capital One Savings, but it can be a bit confusing…and it’s not insured.

Filed Under: Reviews, Products

Источник: https://www.nateshivar.com/1725/capital-one-360-savings-account-review/

The top 9 checking accounts for avoiding foreign ATM fees

Your flight is booked and you’re ready to travel abroad. You renewed your passport and the right credit cards are in your wallet. No matter how prepared you feel you are, though, you’ll likely need to withdraw money in the local currency when you’re overseas.

You never know when the need for cash will arise, so it makes sense to be prepared by having a debit card that won’t charge sky-high ATM withdrawal fees when you’re traveling internationally.

Related: 7 ways to save on overseas ATM withdrawals

In today’s post, we’ll show you nine checking accounts that are optimal for saving on ATM withdrawals while overseas.

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In This Post

Schwab Bank High Yield Investor Checking® account

Although Charles Schwab is synonymous with investment products, their Schwab Bank High Yield Investor Checking account is a gem. The account comes with a debit card that offers unlimited ATM fee reimbursements, domestically jose luis baeza botello abroad. It also doesn’t tack on foreign transaction fees, monthly fees or have minimum balance requirements. Furthermore, the account earns 0.03% APY — rare for a checking account with no fees whatsoever.

Related: How to citizens bank student loan customer service phone number out points with the Amex Platinum for Schwab, and why you might want to

SoFi Money Checking account

SoFi Money burst capital one 360 checking interest rates the foreign ATM reimbursement scene a few years ago and gained popularity quickly with its far-reaching network. The cash management account doubles as a checking account and high-yield savings account — reimbursing account holders at any of 55,000+ ATMs within the Allpoint network. While the account used to reimburse all ATM fees worldwide, regardless of network, Sofi Money customers can still earn 6x the national average in APY (annual percentage yield) versus the competition. Plus, there is no minimum required deposit to open an account and no monthly maintenance fees. Many account holders appreciate SoFi’s cutting-edge mobile app that makes it simple to manage your finances from anywhere.

Related: SoFi is launching an unlimited 2% cash-back card — here’s what compass bank online need to know

Chase Sapphire Banking account

Chase rebranded and introduced its top-tier Sapphire Banking product in 2018 to give Chase Sapphire cardholders and qualified customers more value on everyday banking. If you’re able to deposit and maintain $75,000 in combined cash at Chase Bank and investments at J.P. Morgan, this can be a worthwhile checking account to consider. Customers who can meet balance requirements will enjoy no ATM fees worldwide, in addition to free unlimited trades on U.S.-listed stocks and ETFs using the You Invest℠ platform by J.P. Morgan. A monthly service fee of $25 will apply for those not meeting the balance requirement.

If you’re a Sapphire cardholder and travel abroad or withdraw cash from ATMs often, the Sapphire Banking account will save you a considerable amount in fees. Though you may want to wait until Chase runs its annual Sapphire Banking promotional bonus offers before signing up.

Fidelity Cash Management account

If you’re looking for an account that does away with fees at more than a million ATMs worldwide (anywhere you see the Visa®, Plus®, or Star® logos), Fidelity’s Cash Management Account may be a smart option. Although it doesn’t impose overdraft fees, you’ll need to have a Fidelity investment account if you want to take advantage of its free overdraft protection. Two caveats to keep in mind — the Fidelity Debit Card charges a 1% foreign transaction fee on purchases made abroad, so make sure to use your favorite travel rewards card that doesn’t charge foreign transaction fees instead.

Furthermore, Fidelity applies a daily ATM withdrawal limit of $500; therefore, if you need to take out more cash, you’re likely better off with another checking account product.

Ally Bank Interest Checking account

Ally Bank offers its competitive Interest Checking account that gives Ally Bank checking account customers access to 55,000 in-network ATMs. There are no fees to use an Allpoint Network ATM, but if you use an out-of-network ATM, they’ll reimburse you up to $10 at the end of each statement cycle.

Ally is transparent about their fees with no charges for ACH transfers and incoming wires, but they will impose fees for overdrafts and outgoing wires. There are no monthly maintenance fees tied to the checking account, and their APY, starting at 0.10% (it goes up with a higher balance amount ), currently leads the pack in terms of interest-bearing checking accounts.

Capital One 360 Checking account

The same bank that delivers an impressive credit card portfolio also offers the convenient Capital One 360 Checking account. There are no fees on any withdrawal outside the Capital One network, even if the network or issuer, like Mastercard, charges a fee. MasterCard will charge you a 1% fee, but that is capital one 360 checking interest rates by Capital One, so you shouldn’t find it on your statement. There’s also no opening balance requirement. Just don’t expect easy access to a physical branch if you need one. Luckily, Capital One has strong customer service support that’s only a quick call away.

First Republic Bank’s ATM Rebate Checking account

A checking account with the words “ATM Rebate” in its name has to make our list of top best 2020 cash back credit cards accounts for avoiding foreign ATM fees. First Republic Bank offers free use of more than 800,000 ATMs worldwide with no foreign exchange fees and even earns interest on balances above $3,500. ATM withdrawal fees are refunded from other banks worldwide, and international card usage fees are waived. You must have a minimum opening balance of $500 and a minimum average balance of $3,500 to avoid monthly fees.

Betterment Checking account

Betterment, the financial advisory company well known for its robo-advising and cash management services, offers a compelling checking account product. Because they don’t have an ATM network, you’ll likely be charged a fee for an ATM withdrawal. When this occurs, Betterment will refund all of your ATM fees back to you. They’ll even notify you once the ATM fee refund has gone through, and you should see the credit in your account within a few capital one 360 checking interest rates makes this underrated checking account even more potent is that no initial deposit is required to open an account. No required minimum balance is needed to keep the account fee-free. There are zero monthly service fees. For added security, Betterment Checking and its Visa debit cards are provided by NBKC Bank and your account is FDIC insured for up to $250,000.

PNC Virtual Wallet Checking account

As a PNC customer, you can access your money fee-free at nearly 18,000 ATMs across the country. Though when you leave the U.S. on a trip, PNC will only reimburse your first two in-network ATM withdrawal fees per statement cycle and up to $5 in fee reimbursements per statement period for other financial institution’s ATM surcharges on the basic Virtual Wallet Checking account. If you are a Virtual Performance Select customer, PNC’s top-tier checking account, you won’t be charged fees related to other banks’ ATMs, and you’re eligible for up to $20 fee reimbursement per statement period for other financial institutions ATM surcharge fees. However, keep in mind that PNC does charge 3% of the transaction amount, so you may be better off with one of the other checking accounts on our list.

Bottom line

A debit card that reimburses you for international ATM withdrawals should be part of your travel toolbox. The last thing you want to do when you’re traveling is to have to track down down an in-network ATM to avoid exorbitant withdrawal fees. With the right travel-friendly checking account, a few out-of-network ATM withdrawals per month could result in substantial savings at the end of the year.

Featured photo by Oscar Wong/Getty Images

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Juan Ruiz As TPG’s credit cards editor, Juan manages credit card content and other points and miles features. When he’s not dissecting credit card products, Juan is maximizing his points and miles for premium travel with his family.
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Capital One Bank Accounts

Opening a bank account shouldn’t be difficult. You find a bank that pays the highest interest you can find on a savings account and a checking account without fees.

Fill out an application online or on a mobile app, or walk into a bank, and you can open an account quickly.

Shopping for the best bank accounts can take time, and we’ve narrowed that search for you with details on how checking and savings accounts work at Capital One, which is the eighth-largest bank in the United States based on assets and deposits. And, of course, it offers a range of credit cards.

What is Capital One Bank?

Capital One Bank is part of Capital One Financial Corp., which was started in 1988. It is headquartered in McLean, VA, and has more than 900 bank branches in Washington, D.C., and the states of Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

It also has a mobile app and website that customers can do banking on from anywhere in the U.S. Customers can use more than 40,000 Capital One and Allpoint ATMs. The company also has 34 Capital One Cafes in the U.S. to do in-person banking.

How to open an account at Capital One?

If there isn’t a Capital One bank or cafe near you, an account can easily be opened online on a computer or on the Capital One Financial mobile app. From the company’s home page, click on “Checking & Savings” in the top left area and you’ll see a list of types of savings and checking accounts it offers.

We’re only reviewing savings and checking accounts, but the drop-down list also includes certificates of deposits, or CDs, for savings, and IRA accounts for retirement.

Once you’re on the account you’re interested in, you can read about it and can open an account by clicking the green “Open Account” button that glides along the top of the page as you scroll.

The online paperwork takes about five minutes to fill out. A customer service phone number is also available if you need help.

The process is pretty straightforward. It asks for your personal information, income and job title, among other things, and ends with you funding the account.

Capital One savings accounts

Capital One offers two types of savings accounts. They’re pretty simple. One is for children, and the other for adults. Both pay interest, have no fees or minimum balance requirement, and both are insured by the FDIC.

360 Performance Savings

The Capital One 360 Performance Savings account pays what the company says is five times the national average savings rate on any balance, currently paying 0.40% annual percentage yield, or APR.

We’ll get to all of the features of the account soon, but the most important feature to remember after the high APY on this savings account is that it charges no monthly fees and there are no minimums to open or maintain the account.

Withdrawing from the savings account can take a little forethought. Money can be withdrawn online or at a branch, but not at an ATM. To withdraw money from an ATM, the money will first have to be transferred from the savings account to a checking account. Only six withdrawals or transfers are allowed a month, or you’ll incur a fee.

Making deposits is easy. It can be done from your computer, mobile phone, or by calling Capital One. Automatic savings can be used to transfer money from another Capital One account or external bank account, or you can visit a Capital One location near you.

The checking account you use to make your first deposit will automatically link to your savings account. You can transfer money between the two accounts and set up what it calls an Automatic Savings Plan.

Kids Savings Account

The Kids Savings Account pays 0.30% APY on balances. It doesn't charge monthly or maintenance fees or have minimum balance requirements.

Children can set up an Automatic Savings Plan to send their allowance to the account regularly. If they want to save money for a bike or other savings goal, they can do it with this online bank account and watch their money grow in separate accounts for each savings goal.

Multiple accounts can be linked to your children’s savings accounts, so you can deposit money to their account after they do their chores, for example.

The Kids Savings Account can be opened in the child’s name only, or in the parent’s name and the child’s name. When the child turns first midwest bank locations illinois, the account is automatically turned into a 360 Savings account.

Kids can sign in to their savings account and check their balances online. An adult must sign in with their own username and password to transfer money in or out of the account.

While not allowed to transfer money, kids can deposit money to their account just as an adult would. They can make deposits through the mobile app by uploading a picture of a check from their phone or computer or can put a check in an envelope and mail it to the bank.

Capital One checking accounts

Capital One Financial offers two types of checking accounts: one for adults and the other for teenagers.

360 Checking Account

The Capital One 360 Checking Account is for adults. It offers online banking 24 hours a day, seven days a week, with no fees to open, keep or use an account, and more than 40,000 fee-free ATMs.

Free online access allows you to do what you’d expect to use a checking account for. You can pay bills, get cash, make deposits, and transfer money. Bills can be paid online or you can send cash with Zelle.

We’ll detail the capital one 360 checking interest rates of this account soon, but the basic feature to know about is that Capital One doesn’t charge monthly or maintenance fees on the account.

The account is insured by the FDIC and Capital One provides fraud coverage. A debit card tied to the account can be switched to “off” mode online or in the mobile app if you think someone has stolen your card or you’ve lost it.

The checking account pays interest but is tiered to balance thresholds. As of Jan. 12, 2021, the APY is 0.10% on balances of less than $50,000. It then goes up by 0.10% more for a balance between $50,000 and $99,999.99, and up another 0.10% for balances of $100,000 or more.

MONEY Teen Checking Account

The MONEY teen checking account is a joint checking account that parents and teens have their own mobile app logins for getting into the account. Teens can manage their money, and parents have visibility and control.

Teens can learn how to make money decisions, such as by depositing their allowance, birthday, and graduation money into the account to save for a car or other goal. Parents can put an allowance on autopay, track account activities, and unlock their child’s debit card.

A checking account, and the debit card that comes with it, may be the best way for teens to learn about money. While the account is meant for teens, any child 8 and older can be a joint account holder with their parent or legal guardian.

Once they’re 18, the teen can choose to open a 360 Checking account and transfer their balance from their MONEY account. If not, their MONEY account will remain open.

The MONEY checking account has no monthly service fees or balance requirements. It pays 0.10% APY interest.

How much do the Capital One bank accounts cost?

This may be the best part of all of Capital One’s accounts. They’re free. That means:

  • No monthly or maintenance fees
  • No minimum balance requirements

Its savings accounts pay 0.30% APY in an account for kids, and 0.40% APY for adults in the 360 Performance Savings account for adults.

Capital One 360 Checking

The Capital One 360 Checking account has no fees to open, keep or use, including no foreign transaction fees.

However, some extra services you may want or need may require paying fees. These can include:

  • Overnight check delivery
  • Replacement debit card
  • Stop payment request
  • Rejected check

Overdraft charges are usually avoided because Capital One generally declines all transactions that would take an account into overdraft. If the bank does pay for an overdraft transaction, customers will have a full business day to replace the amount that has been overdrawn before being charged a $35 fee. An automatic transfer from your savings account to cover overdrafts can also be set up.

MONEY Teen Checking

This account for children 8 and older has no monthly service fees or balance requirements.

There are also no foreign transaction fees, and transferring money from internal or external accounts is free.

Capital One bank account features

Many features overlap at Capital One accounts, but here’s a breakdown of some of the best features for each type of account:

360 Performance Savings features

The top feature of this savings account for adults is the 0.40% APY interest it pays on balances. That’s five times the national average rate, according to Capital One.

The account has no fees or minimum balance requirements. Deposits are insured by the FDIC.

The account can be accessed through a mobile app to do such things as:

  • Transfer money between linked accounts at Capital One or elsewhere
  • Set automatic savings plans with automatic transfers
  • Track savings goals
  • Deposit checks

Kids Savings Account features

This savings account for children pays 0.30% APY on balances. It has no fees or account minimums.

Parents can open this type of savings account for their children as a way to teach them about money. They can automatically have a child’s allowance deposited into the account, and kids can set savings goals and watch their money grow. Their accounts are insured by the FDIC.

Each account is a joint account, meaning a parent must open it for them. Only a parent can withdraw money from the account, which can only be done by transferring to a checking account. Money can be withdrawn from a savings account at an ATM.

360 Checking Account features

Capital One has 2,000 ATMs of its own, along with about 40,000 ATMs in the Allpoint network in stores across the country such as Target, Safeway, CVS, and Walgreens. The bank’s ATMs and those in the Allpoint network are free to use. Capital One won’t charge a fee for using an out-of-network ATM, though the originating bank may charge one.

If you can’t make it to one of its ATMs or to one of its branches, this free checking account has a mobile app to transfer money, deposit checks remotely, and provides real-time alerts on checking account spending.

Bills can be paid through the mobile app. To pay someone in cash, the Capital One mobile app allows money to be sent securely with Zelle.

MONEY Teen Checking features

With no minimum balance requirements, no monthly fees, and 0.10% APY interest paid on balances, essa bank and trust MONEY teen checking account at Capital One is an easy way to help your children learn how money works.

It comes with a free debit card that parents can lock and unlock on the mobile app. Kids can use their card to withdraw their money from more than 40,000 ATMs that Capital One has nationwide, all for free.

The teen and parent will each have their own login to the mobile app. Parents can transfer money to the account and track activities, and teens can set and fund savings goals on the mobile app.

Who are Capital One bank accounts best for?

Kids

From age 8 through their teenage years, kids can learn about savings and spending with the Kids Savings Account and MONEY teen checking account at Capital One. Both pay interest on balances, and neither have monthly account fees.

The MONEY teen checking account has a free debit card that teens can use at ATMs to withdraw money, giving them freedom and responsibility with their money.

Parents

Parents can help their children learn about money through the savings and checking accounts offered by Capital One that are tailored to children.

Parents can transfer money into and out of the accounts. In the MONEY teen checking account, they can use the mobile app to monitor activity on the account and can lock the child’s debit card.

Either account can help children learn the importance of compounding interest and saving for long-term goals. They can set savings goals and watch their money grow in their online accounts.

Savers

The Capital One 360 Performance Savings account pays 0.40% APY, which the bank says is five times the national average.

Looking for free checking

Capital One’s checking accounts don’t have monthly maintenance fees, so they’re free to use for most people. However, if you require extra services, you’ll probably be charged fees for them.

The checking accounts also don’t have minimum account balance requirements, meaning you can drop your balance to a penny and you won’t be charged a fee.

Who shouldn’t use Capital One bank accounts?

You may be happy doing your banking completely online, either on a computer or mobile app. Or maybe just visiting ATMs or calling customer service on the phone is all of the contact you’ll need.

But if you want to visit a Capital One bank to talk to someone in person, you’ll have to be in a state where it has physical offices. Capital One Financial is headquartered in McLean, VA, and has more than 900 bank branches in Washington, Capital one 360 checking interest rates, and the states of Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

You withdraw money often from savings

Money in the high-yield savings accounts at Capital One can’t be withdrawn at an ATM. It can only be withdrawn online or at a branch.

To withdraw from an ATM, money from the savings account must first be transferred to a checking account. Federal law limits customers to six “convenient” withdrawals or transfers per month before a fee may be charged.

Pros and cons

Your banking needs may differ from someone else’s, but the Capital One checking and savings accounts offer basic services that make them easy to compare to other banks. Here’s a look at some of the pros and cons of what it offers.

Pros

  • No fees. We’ve mentioned this again and again, but it’s a big reason to open an account at Capital One: No fees. It doesn’t charge monthly maintenance fees or any other fees to open, keep or use an account. You’ll be charged for extra services, such as ordering a stop payment on a paper check, getting a cashier’s check at a Capital One location, or getting a statement copy, among other things. But you won’t be charged any fees to keep your account open. Overdraft charges can accrue, though Capital One gives customers a few chances to avoid them before a fee is imposed.
  • Lots of ATMs, branches. Capital One has 900 bank branches in Washington, D.C., and eight states. Throughout the country, it has more than 40,000 Capital One and Allpoint ATMs.
  • No minimum balances or deposit requirements. Capital One doesn’t require minimum deposits to open checking or savings accounts, though you’ll be asked to fund at least one penny within 60 days of opening an account. Once your account is open, it doesn’t require keeping a minimum balance.
  • Overdraft protection. Capital One’s checking account helps customers avoid overdraft charges by generally declining transactions that would put an account into a negative balance. When it does pay for an overdraft transaction, customers have one business day to deposit money to cover it before being charged a $35 fee. Account holders can avoid overdrafts by setting up automatic transfers from a linked savings account.

Cons

  • Branches in only 8 states. If you want to visit a physical bank office, Capital One only has them in eight states, and in Washington, D.C. Otherwise, you’ll have to do your banking online, over the phone or at an ATM.
  • No withdrawals from savings at ATMs. The savings accounts that Capital One offers don’t allow withdrawals directly from ATMs. To do that, customers must first transfer money from their savings account to their checking account at Capital One. They can all pull money out of their savings account at a bank branch or online. Either way, only six withdrawals or transfers are allowed each month, or a fee will be charged.
  • Few account options. Capital One only offers two types of checking accounts and two types of savings accounts. Children can have an account, and so can adults. That makes it simple, which can be good, but for customers with more advanced needs, they may want to bank elsewhere.

Capital One vs. competitors

It can pay to shop for banking services, as seen when comparing Capital One to two other large banks, Bank of America and Chase.

BankMonthly feeMinimum depositSavings APYOverdraft feeBranches
Capital One$0$00.30-0.40%$35900
Bank of America$12$1000.01%$354,400
Chase$12$00.01%$344,900

Capital One vs Bank of America

Capital One has much fewer physical bank branches than Bank of America, making it harder to find in-person services.

However, Capital One has zero fees for opening and maintaining an account, so you may be happy to bank online or use its ATMs. Bank of America charges a $12 monthly maintenance fee for its checking account, but that can be waived by meeting one of three simple requirements, such as having direct deposit of $250 each month.

Capital One pays a much higher interest rate on savings accounts: currently, 0.30% APY on its savings account for kids, and 0.40% APY on the regular savings account for adults. It also pays a relatively high-interest rate on its checking accounts, at 0.10% APY.

Read a full review on Bank of America.

Capital One vs Chase

Capital One doesn’t charge any fees for keeping a checking cursive h open, but don’t let Chase’s $12 monthly fee for its Chase Total Checking account fool you. That can be waived by having monthly direct deposits of $500 or more, among other options. Chase pays new customers $200 to open an account with direct deposit, which might be all the incentive you need to bank at Chase.

Chase also has many more branches, 4,900 vs 900, so finding a bank office is a lot easier at Chase.

Where Capital One beats Chase is in the interest rates it pays on account balances. That’s a rarity in today’s low-interest rate environment.

Read a full review on Chase Bank.

FAQs

Can my kids learn about money at Capital One?

Yes, with the help of a parent or guardian, a savings or checking account can be opened for a child. The MONEY teen checking account is for ages 8 and older. Children get a debit card that they can use to withdraw money from an ATM, and parents can see on the mobile app what their child is spending money on if they use the debit card to make purchases. The Kids Savings Account pays 0.30% APY and has no fees, so kids can watch their money grow without worrying about maintenance fees if they have a low balance. Kids can set savings goals online and watch how compounded interest helps them grow. Parents can link their bank accounts to either of these accounts for children, such as to pay their allowance or transfer birthday money.

Can I find better interest rates on savings?

Online-only financial institutions usually pay higher interest on savings accounts than traditional banks. They have lower overhead costs and can make money elsewhere. Chime, for example, pays 0.50% APY on its savings account. But the 0.40% APY that Capital One pays on its 360 Performance Savings account is very good when compared to what other banks with brick-and-mortar branches pay. It also offers many online features, so most of your banking should be able to be done online. You can find higher savings account interest rates elsewhere, but it’s unlikely you’ll find one at a bank with physical branches. If that doesn’t bother you, then maybe an online-only bank is worth checking out.

The bottom line

Daily life often requires having a checking account. A savings account is a good idea too if you want to save for a future expense or have an emergency fund.

Capital One offers both without any fees to open or maintain either account. It also pays interest on checking and savings accounts that are higher than what traditional banks offer. Both of these benefits allow you to get the most out of your money without worrying about fees or seeing your money sit in an account without earning any interest.

Capital One also has plenty of ATMs and mobile banking options so that you can get money on the road or pay your bills from anywhere. It doesn’t have bank branches in every state, so you may need to become comfortable with online banking.

Overall, Capital One’s checking and savings accounts are worth trying for the simple fact that they’re free. That’s not something you hear often from banks.


Источник: https://joywallet.com/article/capital-one-bank-accounts/

I have been a saver with Capital One 360 since September 2009, so this review comes from quite a few years of personal experience!

I signed up for their 360 Checking Account and 360 Savings Accounts soon after I graduated from college as a way to help me get the most of my cash and organize my money like no other bank would let me.

Over the many years I have been a member at Capital One 360 I’ve explored their offering and haven’t been disappointed with hardly anything, even though all banks have a small problem or two. They’ve even added even more useful features that I now use often.

What’s So Great About Capital One 360?

If there was just one new england moves real estate properties I loved about this bank, it’d make my review a lot easier, but the list of things I love about this bank is a long one.

The Basics

First off, let’s start with the banking basics. There are no fees and no minimum balances on their 360 Checking and 360 Savings accounts, a must for any bank account I own.

Interest Rates

The other main feature, their interest rate, is normally one of the higher interest rates in the online banking world. It almost always beats the interest rates at your local brick and mortar banks by a long shot.

ATMs

Capital One 360 also has a large network of ATMs through the Allpoint network which you can use with no fees at all. I’ve always been able to find a free ATM near me without going too far out of my way.

Transferring Money

Finally, if you ever want to transfer money to one of your linked accounts, all you have to do is set up an automatic transfer. Most of these transfers only take 2 business days, southern heritage inn clintwood va they can’t guarantee this time frame due to the different ways other banks can handle these transactions.

Depositing Checks

When I first became a member 2009 I had to mail checks into the bank or deposit them into my brick and mortar bank and then transfer them to Capital One 360. Luckily, they’ve greatly improved this process and now let you scan in your checks on your computer or snap pictures of them on your smartphone!

The interface is very easy to use and it greatly speeds up the check depositing process over the old method. Capital One 360 listened to their audience and made a change for the better.

Bill Pay

Capital One 360 also offers a Bill Pay center to pay your bills electronically or by mail with a check. They’ll keep track of any bill reminders you set up, recent payments, the companies and accounts you normally pay and your Bill Pay history.

P2P (Person to Person) Payments

This is another one of my personal favorite features that Capital One 360 offers. I can send money to anyone with a bank account and an email address with this feature. All I have to do is enter their name, email address and the last four digits of their bank account number.

If the person you’re paying has a Capital One 360 account they can pick up their money instantly. If the person you sent money to has a different bank all they have to do is pick up the money and, after accepting the money, it should be available in their bank in two business days.

This saves me a lot of hassle and means I don’t have to break out my checkbook and write a check as often.

Mailing A Check

Another payment option is to have Capital One 360 mail a check for you. All you do isfill out who to write the check to, the amount and where to send it to. Capital One 360 will take care of the rest and mail it! No envelopes, stamps or fees required.

Organizing Your Money with Multiple Savings Accounts (Sub-Accounts)

I love how they allow me to organize my money in many different savings accounts (often referred to as sub-accounts). This was a great help for me when I was first getting started with my finances. It allowed me to visualize my goals and my budget by splitting my paycheck up into different sub accounts and watch each goal grow separately.

At one time I easily had 15 sub accounts all for different goals. Sometimes I went a bit overboard, but it is easy to close a sub account as well, so your banking interface doesn’t have to be any more cluttered than you want it to be. You can have no savings accounts at all, just one, or quite a few if you’d like. The decision is yours.

Automatic Savings Plans

 

I also love Capital One 360’s Automatic Savings Plan feature that allows me to set up automatic transfers from my checking account to any of my savings accounts on differing dates such as weekly, bi-weekly, monthly, on the 1st and 15th, on the 15th and last day of the month, or on the last day of the month.

This one feature was amazing as it let me automate my savings goals based on when my paycheck was direct deposited in my account.

By automating my savings goals, I was less tempted to spend my money on frivolous things that would be gone tomorrow. Once the money was in my savings account it had put enough of a barrier up for me to not waste my hard earned money.

Of course, I could have transferred it to checking whenever I wanted, but I never did and hopefully you won’t either.

My Savings Goals

Speaking of savings goals, Capital One 360 has an awesome tool called My Savings Goals. Basically, you figure out what you’re saving for, how much you want to save, which account you’re saving in and when you want to reach your goal by.

Based on these inputs, you’ll get see a widget that allows you to see how much you need to save each month, week, or paycheck to reach your savings goal by your goal date. After you save your goal you’ll be able to revisit it on the My Goals tab and see your percentage progress and look into the details such as how much time is left until your goal time arrives.

You can also review your previous goals under the Great Saves tab if you want some inspiration or to see how far you’ve come.

Are There Any Drawbacks to Banking with Capital One 360?

There are some small drawbacks to banking with Capital One 360 at this moment. They don’t offer the highest interest rate of any bank online, but they are normally in the top handful of national banks.

They charge for checks, which some other banks do not charge for. Finally, you need to have brick and mortar bank account to be able to deposit cash and to have a bank to transfer money to and from Capital One 360 as needed.

That’s all I can honestly think of as far as drawbacks go. If you have an account and can think of anything else, please let me know so I can include it in this review.

The Final Word On Capital One 360

Capital One 360 has been an awesome bank in my experience. They’re light years boney m christmas songs of your typical brick and mortar bank in almost every way. I would definitely recommend Capital One 360 to any of my friends and family. Actually, I have! I suggest if you’re looking for an awesome bank that you check Capital One 360.

Common Questions About Capital One 360

How can Capital One 360 offer a higher interest rate than my local bank?

Since Capital One 360 is an online only bank, they don’t have many of the costs that your local bank does. They don’t have to pay for real estate and branch locations or the employees to man them. This saves Capital One 360 a lot of money and this allows them to pay you higher interest rates.

What if I need help with something? There aren’t any branches to go to!

No worries, Capital One 360 will respond to your email within 24 hours OR you can call Capital One 360 anytime between the hours of 8AM and 8PM, 7 days a week. Their customer service number for new customers is 1-800-464-3473 and for existing customers you can call 1-888-464-0727. You can also use their mobile app or write by mail.

I’ve always had a great experience whenever I have called and the associates are very courteous. They really know their stuff!

Bank XYZ has a 0.1% higher interest rate. Shouldn’t I chase that rate to get more for my money?

If your sole goal is making more money despite everything else, you can be a rate chaser over amounts as small as 0.1% in interest. However, even if I had $100,000 in my bank account that would only amount to a $100 difference per year. With a more modest balance of $10,000 that is only $10/year. If using Capital One 360’s Automatic Savings Plans or other features saves you more than that you’d be better off sticking with Capital One 360 rather than chasing rates.

Can you think of any other common questions? Let me know and I’ll add them, along with an answer (after I’ve researched it), in this section.

headshot of Lance Cothern, CPA

Lance Cothern, CPA

Lance Cothern, CPA holds a CPA license in Indiana. He’s a personal finance, debt and credit expert that writes professionally for top-tier publications including U.S. News & World Report, Forbes, Investopedia, Credit Karma, Business Insider and more.

Additionally, his expertise has been featured on Yahoo, MSN, USA Today, Reader’s Digest, The Huffington Post, Fast Company, Kiplinger, Reuters, CNBC and more.

Lance is the founder of Money Manifesto. He started writing about money and helping people solve their financial problems in 2012. You can read more about him and find links to his other work and media mentions here.

Источник: https://www.moneymanifesto.com/the-ultimate-capital-one-360-bank-review-i-love-this-bank-4163/

Capital One 360 checkingI have had a Capital One 360 checking account for some time now, so I figured it would be time to provide a review of the service.  Many of you might know of this service, but Capital One bought ING Direct and relabeled the banking service to Capital One 360.  They offer both a checking and savings account, which are online only.  They are essentially an electronic checking and savings account.  I have really enjoyed the service and Capital One made it extremely easy to setup.  Here is my Capital One 360 review.

[box type=”success” ]Sign up for Capital One 360[/box]

The Basics of Capital One 360

The Capital One 360 checking accounts are all electronic.  They provide you with quick access to your money, but don’t worry about paper statements, checks, or anything else that requires paper.  They do provide you with 50 free paper checks if you need them, but they are not automatically sent to you when you sign up.  You just have to request them.  Along with the 360 checking account, they also provide a 360 savings account.  Here are the basics of the Capital One 360 bank accounts and I am sure you will like the features.

[checklist]

  • No Hidden Fees!
  • No Account Minimums (who doesn’t love that?)
  • Free MasterCard® debt card with the checking account
  • Mobile Check Deposits
  • Access to over 40,000 fee-free ATMs
  • Free Direct Deposit (fast and easy to setup)
  • Free Mobile App
  • Easy to use Bill Pay
  • Person 2 Person payments (allows you to easily send money to others)
  • No Overdraft Fees (They don’t charge these fees, but you do get charged some interest on the amount you go over. It is like a loan)
  • Ability to turn on and off your debit card (more on this later)
  • Free and easy to use banking notifications
  • You can now deposit cash at Capital One ATMs.

[/checklist]

Whew!  That was a lot of features to write about.  This is why I like my Capital One 360 checking account.  Actually I also have the Capital One 360 savings account because they made it so easy to use.  Both accounts are working smoothly for me and I am glad I have them.  Now, lets dig into more of what makes the Capital One 360 account a good banking option.

Capital One 360 Eligibility

Since Capital One is a bank, they have some eligibility restrictions on their account opening process. Basically, you have to be a US citizen with a valid social security number.  You also have to be at least 18 years old.  They do have a little gray area with regards to checking your credit.  They say they “may or may not” do a credit report pull. This would mean they would “hard” pull your credit.  This can lower your credit score a few points.  If you have terrible credit, they might not approve your account.  This is on their own discretion.

Capital One 360 Interest Rates

One of the big things the Capital Capital one 360 checking interest rates 360 account boasts is the ability to earn interest on your money.  While I love to earn interest on money sitting in my checking account, they don’t provide the best rate for checking accounts.  The more you have, the more interest they pay, but there is the breakdown for you.

360 Checking Account Rates

[starlist]

  • $0 – $49,999.99 – 0.20% APY
  • $50,000.00 – $99,999.99 – 0.75% APY
  • $100,000.00 or more – 0.80% APY

[/starlist]

As you can see, the majority of people probably will only get the 0.20% annual percentage yield (APY).  That is not much in my opinion.  That being said, it is better than almost all other free checking accounts offered by the big banks.  Online banks can offer interest on free accounts because they have a cheaper operation to run. They don’t have to worry about staffing branches or even building them. Those cost money.  I am a little partial on the interest earned with the Capital One 360 checking account as I get 0.75% APY with me free credit union account.

Sign up for Capital One 360 Checking

360 Savings Account Rates

OK, now lets see what Capital One offers for their 360 Savings account.  There is no tier system like the 360 checking accounts, but their rate is variable.  Much like a credit card rate, this savings rate change fluctuate over time. It can go up or down.  As of the time of this article, the Capital One 360 Savings account is offering an APY of 0.75%. They do link your savings account to your 360 checking, so you can earn interest in both accounts. This can mean you put most of your money in your savings and just keep the money you need liquid in your checking.

Sign up for Capital One 360 Savings

How to Setup a Capital One 360 Account

Let’s get into the nitty gritty and see how you can setup a Capital One 360 account. You will need some information before you can setup your account, but it is no different than any other bank.  One note they do capital one 360 checking interest rates is that your Capital One 360 account cannot be used for business, power of attorney, or individual retirement account.  This is only for a personal checking and savings what is a routing transit number.  Here is what you will need to united bank and trust mortgage rates in order to setup the account.

You will go through the sign up process and provide Capital One your personal information. They will verify this on the backend.  As you go through, you will have to provide your name, social security number, address, and a few other personal identifiers.  After your approval, you will need to setup a link to your existing checking account. This will be for your first deposit.

When you link your Capital One 360 checking account to your old one, Capital One will make one or two small deposits into your existing checking account. This can take up to three days to complete.  Once you see them, then you will need to log into your Capital One 360 account and verify the deposits. This will ensure a proper and complete link between your checking accounts. They will then deposit the money you indicated into your new account.

For security purposes, Capital One 360 will hold your initial deposit for 10 days. After this hold time, your funds will be available.  Any subsequent deposits will be held for 5 business days before they can be withdrawn.  Please note these times before you try to access your money.

If you want to transfer money out of your Capital One 360 account, then it can take up to three business days to show up into your old checking account.  Capital One does not charge a fee for this process, but you need to check your other bank to see if they charge.  You are able to link up to three personal checking accounts to your Capital One 360 account.  This will allow you to make transfers from your different checking accounts.  One might ask “Why do I need more than one checking account?”, but I have multiple accounts for specific reasons.  You can read more about why I think everyone should have more than one checking account.

What I Like About Capital One 360

I did not have an ING Direct account, so I signed up after it was Capital One 360. The sign up process was super simple.  I had my account read to go in about 8 minutes. I easily connected my account to two of my other checking accounts.  After the initial deposit and verification, I was off and ready to go.  I really like the ease of use Capital One provides.  I also love the debit card on/off feature. I use this feature often when I am going on vacation or know I won’t be using the card for some time.  It is nice to know it can’t be used when I turn it off.  I also enjoy earning interest on my checking account. While the interest rate is not that great, it is better than any big bank, especially brick-and-mortar banks.

My Capital One 360 account is not my main bank, but I do use it occasionally. I would recommend the Capital One 360 account for anyone looking for a no-fee account with no minimums.  Capital One also has great customer service, or at least when I called.

What is your take on Capital One 360?

Источник: https://www.debtroundup.com/capital-one-360-review/

A checking account is the cornerstone of most people's personal finances, which is why it's important to find one that works for you, not against you. That might mean easy access to bank branches and ATMs, or the ability to earn interest on your deposits.

Your checking account should not only help you pay your bills and manage your spending. It should also have overdraft protection, integrate easily with your other bank accounts and have no surprise fees. If you're shopping around for a new checking account, here are some of the best options available right now.

Read more:Best savings account for 2021

Best overall checking account

LendingClub Rewards Checking Account

LendingClub
  • Monthly fee: None
  • Minimum opening deposit: $100
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: Unlimited
  • In-network ATMs: 35,000+ (MoneyPass and SUM)
  • Direct deposit funds available early: Yes
  • Mobile check deposit: Yes
  • Cash deposits: MoneyPass ATMs
  • APY: Earn 0.10% APY on balances between $2,500 and $99,999; 0.15% APY on balance $100,000 or higher

LendingClub checks all of the boxes, earning it our choice for best checking account overall: unlimited ATM reimbursement, support for mobile check deposits and transfers and no monthly or out-of-network ATM transaction fees. It's an excellent checking account -- and with its modest APY and decent cash-back reward structure (for a checking account), it could suitably serve as a one-size-fits-all account to cover all of your savings, spending and checking needs. Also, you can link up to three accounts to your checking account for overdraft protection.

It's worth noting that LendingClub will never charge you for using an ATM outside of its partner networks (MoneyPass and SUM) -- and it will provide unlimited reimbursements if another financial institution charges you for using its ATM. That's an unparalleled level of protection from ATM fees. Another nice feature: If you have direct deposit set up, LendingClub will make your funds available a few days early.

You can also earn up to 1% cash back on everyday purchases, if you maintain an account balance of at least $2,500. The 0.10% APY is a higher rate than most checking accounts, but probably not high enough to make a difference in your overall financial picture. Still, even without the APY or rewards, the LendingClub account stands out above the rest for traditional and mobile banking checking account services. 

Best overall checking account, runner-up

NBKC Bank Everything Account

nbkc
  • Monthly fee: None
  • Minimum opening deposit: None
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: $12 per month
  • In-network ATMs: 34,000 (MoneyPass)
  • Direct deposit funds available early: No
  • Mobile check deposit: Yes
  • Cash How to find my routing number huntington MoneyPass ATMs
  • APY: 0.15% on all balances 

This bank shares our distaste for fees. As such, there are no minimum balance fees, overdraft fee penalties, maintenance fees, foreign transaction fees or out-of-network ATM fees. Aside from a few esoteric international wire fees, when NBKC says 1st june star sign doesn't charge capital one 360 checking interest rates, it means it. 

The NBKC Everything account offers a 0.15% APY on all balances. For a checking account, that's a decent interest rate. And in contrast to most other banks, who ask you to jump through hoops -- like making a number of monthly debit card purchase transactions, signing up for direct deposit or maintaining a certain account balance -- to earn interest, NBKC takes a simpler, unconditional approach with no minimum deposit required. And like LendingClub, NKBC will provide early access to your paycheck if you sign up for direct deposit. You get $12 in monthly ATM reimbursements -- which is good, though not as great as LendingClub's unlimited offer of unlimited ATM fee rebates.

We also like NBKC's mobile banking app, which offers useful money-management features. The "virtual piggy bank" mobile banking app can help you save for specific items and the financial snapshot, which allows you to link external accounts, provides a complete financial picture in one place.

Best for in-person banking

Chase Total Checking

JPMorgan Chase
  • Monthly fee: $12
  • Requirements to avoid monthly fee: Monthly direct deposit of at least $500; or $1,500 daily balance; or $5,000 combined average balance
  • Minimum opening deposit: None
  • Out-of-network ATM fees: $2.50
  • Out-of-network ATM reimbursements: None
  • In-network ATMs: 16,000 ATMs, 4,700 branches
  • Direct deposit funds available early: No
  • Mobile check deposit: Yes
  • Cash deposits: Branches and ATMs
  • APY: None

Large traditional banks like Chase (and Bank of America and Wells Fargo) are more likely to charge fees -- for nebulous purposes like "monthly maintenance" or an out-of-network ATM fee -- than newer players. That noted, if you're able to maintain a significant balance in your checking account and can stick to using in-network ATMs, the big banks offer national branch access, in-person customer service and online and mobile banking tools that are both sophisticated and easy to use. 

Chase has nearly 4,700 branches in the US, second only to Wells Fargo, and 16,000 ATM locations, more than any other US bank. If branch access is a priority -- whether for making transactions or speaking with someone -- Chase, a traditional bank, is a great option. But you'll want to make sure you can easily meet the requirements (listed above) to waive that pesky $12 monthly maintenance fee. 

It's also worth noting that the Chase Total Checking account offers a $200 account bonus when you fund a new account with direct deposit. Given that those checking accounts offering the highest APY likely won't yield $200 in interest over years, this one-time standard checking account cash bonus incentive goes a long way. 

Highest Annual Percentage Yield

Consumers Credit Union Rewards Checking

Consumers Credit Union
  • Monthly fee: None
  • Minimum opening deposit: $5
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: Unlimited
  • In-network ATMs: 30,000 (CO-OP)
  • Direct deposit funds available early: Yes
  • Mobile check deposit: Yes
  • Cash deposits: No
  • APY: 2.09-4.09% tiered system on balances up to $10,000

If earning interest is your top priority, Consumers Credit Union's Rewards Checking account offers the highest APY -- though it comes with some hefty bank account requirements. To qualify for the category-high 2.09% APY, you'll need to: sign up for electronic monthly statements (instead of paper statements); make at least 12 debit card purchases per month; and receive at least $500 in direct deposits or mobile check deposits every month. To qualify for a 3.09% APY, you need to meet all those requirements and spend at least $500 with a Consumers Credit Union credit card each month. And to qualify for 4.09%, you need to spend at least $1,000 with a Consumers Credit Union credit card each month. 

And yet, interest aside, this account has a lot going for it: CCU doesn't charge monthly fees and it offers unlimited ATM reimbursements, mobile check deposit and early access thank you all for the sweet birthday wishes direct deposits. If the APY requirements aren't daunting to you, this could be a great checking account. Otherwise, if earning cash back is your priority, you're better off with a dedicated cash-back credit card. 

Another good choice

Alliant Credit Union High-Rate Checking

Alliant Credit Union
  • Monthly fee: None
  • Minimum opening deposit: None
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: $20 per month
  • In-network ATMs: 80,000+ (AllPoint)
  • Direct deposit funds available early: No
  • Mobile check deposit: Yes
  • Cash deposits: Select AllPoint ATMs
  • APY: 0.25%, as long as you opt-in to eStatements and receive one DD per month

This free checking account is exclusive to members of the Alliant Credit Union (and its partners), most of which are based in the Chicago area. That noted, you can become a member of the organization's "partner charity" with a $5 donation. Once you've joined, there's quite a bit to like: up to $20 in ATM reimbursements a month (sufficient to cover one cash withdrawal outside of AllPoint's ATM network per week) and a 0.25% APY -- if you set up direct deposit and forgo monthly paper statements. There is no minimum balance requirement. That noted, unlike capital one 360 checking interest rates other banks, the Alliant Credit Union doesn't provide early access to direct deposits and there are no cash-back offers for using the debit card. 

Best checking accounts compared


Best overall checking account Best overall checking account (runner-up) Best for in-person banking Highest APY Another good choice
Bank/institution how to check your edd card balance LendingClub NBKC Bank Chase Consumers CU Alliant Credit Union
Account my premier credit card cash advance Rewards Checking md unemployment debit card bank of america https www kohls com pay bill Everything Account Total Checking Rewards Checking members first federal credit union routing number High-Rate Checking
Branch access capital one auto loan payoff capital one 360 checking interest rates are roasted pistachio nuts good for you No Limited (4 locations) chase online order new checks Yes Shared Branching capital one auto finance total loss phone number No
ATMs (number/network) bb&t suntrust merger latest news 35,000; MoneyPass and SUM 34,000; MoneyPass 16,000 ATMs; 4,700 branches chimes aviation academy address comenity credit cards list 2014 30,000; CO-OP 80,000; AllPoint
Out-of-network ATM fee reimbursement (monthly) Unlimited $12 None wells fargo full site login page Unlimited first midwest bank locations illinois $20
bank of america ui card desert community bank barstow ca Overdraft fee $25
Источник: https://www.cnet.com/personal-finance/banking/best-checking-account/

Capital One 360 Checking Accounts Review


ConsumersAdvocate.org Rating: 4.6 / 5 (Excellent)

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Capital One Financial Corporation operates as the bank holding company for the Capital One Bank (USA), providing various financial products and services in the United States, the United Kingdom, and Canada. Capital One is a diversified bank that offers a broad array of financial products and services to consumers, small businesses, and commercial clients. car rental insurance usa One Account Features


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Источник: https://www.consumersadvocate.org/checking-accounts/c/capital-one-360-checking-accounts-review

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