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How Capital One 360 products compare
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Capital One 360 Performance Savings
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Capital One 360 Checking
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Capital One 360 CD
For a savings account with a $0 minimum opening deposit and no monthly service fees, Capital One 360 Performance Savings may be ideal.
Capital One 360: Overall Bank Rating
Methodology: How we reviewed the Capital One 360 bank
When we rate a bank, we consider ethics, customer support, and the mobile app. When rating a specific bank account, we consider factors like the interest rate, minimum opening deposit, fees, and more. Read more about how Insider rates checking and savings accounts, and how we rate CDs.
Capital One 360: Pros and Cons
Capital One 360 Performance Savings
Capital One 360 Performance Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Deposit Amount
$0
Pros
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
Cons
- Limited access to customer service by phone
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
This savings account doesn't require an initial deposit or minimum account balance, and it doesn't charge a monthly service fee.
Performance Savings interest rates are pretty high. You can find a higher rate at a couple other big-name banks, but it's definitely one of the best out there. Your child can earn 2.50% Annual Percentage Yield (APY) with a kids savings account, and the rate will jump up to the regular interest rate once they turn 18.
This savings account makes it easy to save for various goals. Set a savings goal and your target amount, then schedule recurring transfers from your checking account until you've saved the full amount.
See Insider's list of the best high-yield savings accounts here >>
Capital One 360 Checking
Capital One 360 Checking
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
Pros
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
Cons
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Product Details
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Capital One doesn't charge foreign transaction fees, making it a great option for regular travelers. There are no monthly fees, and you have two solid overdraft services: free savings transfers and no-fee overdrafts.
With free savings transfers, you'll link your checking account to a savings account. If you overdraw from your checking account, Capital One will make one transfer to cover your overdraft.
No-fee overdraft is a service where Capital One approves check payments, bill payments, or recurring debit payments even if it results in a negative balance for your account. To qualify, you'll need to receive at least $250 in direct deposits during two of the three previous months.
The account also has an early direct deposit feature so you can receive paychecks up to two days early.
Capital One 360 CD
Capital One 360 CD
Annual Percentage Yield (APY)
4.10% to 5.25%
Minimum Deposit Amount
$0
Pros
- Competitive APY
- No minimum deposit
- Low-to-standard early withdrawal penalties
Cons
- No jumbo or no-penalty CDs
Product Details
- Terms ranging from 6 months to 5 years
- No minimum deposit
- Early withdrawal penalties ranging from 3 to 6 months interest
- Compounding interest to maximize your earnings
- FDIC insured
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Capital One CD rates are pretty competitive, but you still might find the best CD rates with other online banks. The institution's CDs come with term lengths ranging from six months to five years. Capital One does set itself apart by not requiring an initial deposit to open a CD — most banks ask for at least $500.
Some banks offer more types of CDs, such as a no-penalty or jumbo CD. Your only option here is a regular term CD.
How Capital One 360 Works
Between Capital One ATMs and partner ATMs, you have access to over 70,000 ATMs nationwide. The bank doesn't charge a fee if you use an out-of-network ATM, but it doesn't reimburse any out-of-network fees charged by an ATM provider.
Once you set up an online account, you can chat 24/7 with a live customer service representative. If you want to speak with an agent on the phone, you can call between 8 a.m. and 11 p.m. ET.
The website is easy to navigate, and its mobile app has received 4.9 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store.
Capital One Bank Near Me
The bank has over 280 branches across Louisiana, Maryland, New Jersey, New York, Texas, Virginia, as well as Washington DC. It also has dozens of Capital One Cafés, where you can grab Peet's Coffee®, speak with a money coach, and open a bank account.
Capital One 360 is the bank's online operation. You can have a hybrid in-person/online banking experience if you live near a branch or Café, or you can bank completely online with Capital One 360.
Capital One 360 Trustworthiness and BBB Rating
The Better Business Bureau rates businesses by how they deal with customer issues and handle transparency. Capital One 360 has an A+ rating because it's received a high volume of customer complaints on the BBB website. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
The company does have a recent controversy, though. Capital One used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.
In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.
Your Capital One bank account is FDIC insured for up to $250,000, or up to $500,000 for a joint account.
Capital One 360 Bank vs. Ally Bank
Ally Bank will be the strongest option if you'd like to open a money market account, because Capital One 360 doesn't have one.
For savings accounts, it could be a close toss-up between Ally vs. Capital One 360. Each has a similar structure to their savings accounts.
If you're looking to open a checking account, Capital One might be more appealing. It offers more ways to access your account. The bank also has physical locations in some states and a bigger ATM network.
Capital One 360 Bank vs. Chime
If you're trying to decide between Chime vs. Capital One 360, the latter has the strongest accounts overall. It pays higher interest rates on savings, and its CDs have strong rates. Meanwhile, Chime doesn't offer CDs at all.
You'll have to open a checking account with Chime to qualify for a savings account. Its checking account is solid, but it charges a fee for using out-of-network ATMs, and it doesn't have as many overdraft options as Capital One.
Capital One 360 Bank vs. Discover Bank
Discover Bank requires at least $2,500 to open a money market account, and Capital One 360 doesn't have a money market account at all.
For CDs, it'll be a toss-up between the two institutions. Both banks offer similar rates on most terms so it could ultimately come down to how much you have to open a CD.
Capital One Credit Cards
Capital One has excellent personal and business credit cards. The best Capital One credit cards offer impressive travel rewards and cash back options. Many of them, such as the Capital One Venture X Rewards Credit Card and Capital One Spark Cash Plus† , also have noteworthy sign-up bonuses if you meet certain criteria.
Capital One 360 Frequently Asked Questions (FAQ)
Yes, Capital One is a good bank overall. It pays competitive interest rates, charges minimal fees, and has robust overdraft protection options. It's also a good bank for opening a rewards credit card.
Yes, the bank is federally insured by the FDIC. When a bank is insured, it means your money is safe even if the institution shuts down. With FDIC insurance, $250,000 is safe in an individual account, and $500,000 is safe in a joint account.
You can deposit cash to a Capital One checking account by using the bank's mobile app or going to an in-network ATM. If you use the bank's mobile app, you'll need to visit a CVS location.
The bank won't charge you an ATM fee if you use a Capital One, MoneyPass, or Allpoint ATM. However, if you use a bank ATM that's not in one of these networks, you might have to pay a $2 fee.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected].Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email [email protected].Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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