Capital One 360 Checking Account
Fees
Minimum Deposit
Our Rating
APY Checking
Capital One 360 Checking Account
Fees
Minimum Deposit
Our Rating
APY Checking
Capital One is best known for its credit card products, but in recent years, this financial institution has been steadily expanding its banking product line. One of the best examples of this is the Capital One 360 Checking Account.
This account offers a blend of online and bricks and mortar banking features. There are few fees and mobile banking, but you can also pop into a local branch if you prefer in person support.
The account is interest bearing and offers the features you’d expect with a typical checking account, so you can use the account for your day to day finances.
Capital One 360 Checking: Account Features
Explore the features of Capital One 360 Checking Account:
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Interest Bearing
Although an interest bearing checking account is not unique, what is quite unusual with the 360 Checking is that you don’t have to meet any minimums or requirements to earn interest on your balance.
The current rate is set at 0.10% APY, which isn’t the highest rate on the market, but you can earn this on your entire balance. However, Capital One Performance savings offers 4.25% APY as of October 2024.
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Online Account with Branch Access
While the Capital One 360 Checking account is designed as an online account, you can still access the Capital One location if you have any issues and need in-person support.
You can open your account online and manage all the day to day activities via the online platform or mobile app. If you need a branch for deposit a check, for example, you can search on Capital One app:
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Savings Tools
The account also has savings tools to help you towards your savings goals. The My Savings Goal tool allows you to set up automatic savings transfers and more to help you realize your financial dreams.
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Instant Alerts
You can configure the mobile app to provide instant alerts for your account activity. You’ll receive real time alerts and you can also get notifications from the Capital One virtual assistant, Eno.
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Money Transfer Features
The account offers a number of money movement features including online bill payment and Zelle cash sending services.
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FDIC Insured
As with a traditional bricks and mortar bank account, Capital One is covered by FDIC insurance. So, in the event that the bank fails, you’ll have coverage for up to $250,000 for your 360 checking account.
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Is It the Right Choice for You?
There is no clear answer to this question, as whether you consider the account good will depend on your preferences, requirements and circumstances.
As with all financial products, there are both pros and cons associated with the 360 Checking account, which will influence whether it is a good product for you.
Pros | Cons |
|---|---|
Minimal Fees | Low APY |
No Balance Requirements | No ATM Fee Reimbursement |
Overdraft Protections | Limited Cash Deposit Options
|
Excellent User Experience | |
Hundreds of Branches |
- Minimal Fees
The account has no monthly maintenance fees or ATM fees when you use the Capital One ATM network. This means that day to day, you should not incur any expenses to use your account.
You’ll only encounter fees if you need extra services such as sending a wire transfer, requesting a printed checkbook or a cashier’s check.
- No Balance Requirements
There is no minimum balance requirement to open an account or earn interest on your balance, making it a great option if you want to open a free checking account.
This is a great benefit if you don’t tend to keep lots of money in your checking account and want to avoid penalties for this.
- Overdraft Protections
Overdrawing your account is generally not a great idea, but if you need immediate funds, it may be necessary. Fortunately, there are several overdraft protections with this account to minimize the costs.
This includes free transfers from a linked Capital One account or no fee overdraft protection.
- Excellent User Experience
Capital One has a feature-rich app and excellent online banking platform that makes it easy to manage your money, check your score for free with CreditWise, and get recommendations on how to build it.
You can perform transactions, pay bills, manage your alerts, track your credit score and deposit checks without needing to go into a branch.
- Hundreds of Branches
This follows on from the previous point, but while Capital One may not have the largest bank branch network in the U.S, it does maintain hundreds of branches and a growing number of Cafes.
- Low APY
Although an interest checking account is great, Capital One 360 Checking offers very low rates.
Instead of getting 0.10% APY on your balance, it's better to put it in Capital One savings account where you can get 4.25%, as of October 2024.
However, if you are willing to deposit your money – Capital One CD rates are very competitive with terms of 6 – 60 months.
- Limited Cash Deposit Options
You can deposit cash at Capital One locations and ATMs which display the Capital One logo. Unfortunately, these are not widely available throughout the U.S.
If you live in an area where you need to use partner ATM networks, you will not be able to deposit cash
- No ATM Fee Reimbursement
Although there are no Capital One fees if you use an out of network ATM, you may incur a fee from the ATM owner. Unfortunately, Capital One will not reimburse you for these fees.
Who Should Consider Opening a Capital One 360 Checking?
Capital One 360 Checking is a good account if you are interested in an online banking experience with the back up of being able to visit a branch. This account offers tools and features to rival other online checking accounts, but you can also access in person support at one of the 750+ branches and cafes throughout the country.
The account could also be a good fit for you if you don’t tend to carry a large balance in your checking account and find yourself in danger of going overdrawn. You’ll earn interest on your balance even if it is only a couple of dollars and you can opt into the overdraft protections to minimize fees and charges.
Is Capital One a Good Bank to Work With?
In addition to its massive selection of credit cards, Capital One has a decent variety of account options in its product lineup. If you’re happy with managing your account online or via the app, with access to a fairly small branch network, you can access checking, savings, CD and kids accounts, auto loans, and business products.
This makes it a decent option if you want to move all or most of your financial activities under one roof. Generally, Capital One offers solid rates that can stand comparison against online banks, so you don’t need to compromise on the potential returns.
The only obvious gaps in the Capital One lineup are mortgages and investments. So, if you’re happy having these accounts with another financial institution, Capital One should offer sufficient accounts to meet your needs.
The main drawback to using Capital One is that unless you have a branch, cafe or Capital One ATM in your area, you cannot deposit cash.
While this is not a problem for most people, if you have regular cash transactions and don’t have a location in your area, you’ll need to deposit the cash into an external bank account and then transfer the funds into your Capital One account.
This adds a layer of complexity into managing your account and could add several days of delay, which may inhibit your returns.
How to Open a Capital One 360 Checking Account?
It's easy to open a new Capital One account online. You should be able to complete the entire account opening process in approximately five minutes from the comfort of your own home in a few simple steps.
- Navigate to the Product Page: The first thing you’ll need to do is find the 360 Checking Account product page on the Capital One website. You can find this by clicking on the “Checking & Savings” tab on the top bar and then clicking the link for the 360 Checking Account on the left hand side of the menu.
- Review the Details: The product page will provide all the details of the account and if you’re happy to proceed, you simply need to click the blue “Open Account” button.
- Complete the Application Form: You’ll be directed to an application, which is fairly standard. You’ll need to complete all of the mandatory fields including your full name, address, contact details, Social Security Number and other basic information.
- Confirm Your ID: As with all banks and financial institutions, Capital One is required to verify the identity of new customers before they can open an account. You can do this by providing a picture of your driver’s license, passport or other government issued photo ID when prompted.
- Fund Your Account: While there is no minimum initial deposit required for the 360 Checking Account, if you want to start using the account quickly, it is a good idea to fund your new account immediately.
FAQs
Does the 360 Checking Account earn interest?
Yes, regardless of your balance, you can earn interest on the balance in your 360 Checking Account. You don’t need to meet any requirements or have a minimum balance to qualify for interest on your funds.
Does the Capital One 360 Checking offers a promotion?
Capital One does occasionally offer promotions for new customers opening a 360 Checking Account, but there are currently no promotions advertised.
How do you close a 360 Checking Account?
The easiest way to close your Capital One 360 Checking Account is to call the customer support helpline or pop into your local Capital One branch. A representative can initiate the closure request and guide you through the closure process.
How We Review Checking Accounts: Our Methodology
The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:
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Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.
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Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.
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Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account
