As you may have heard, Capital One recently purchased ING Direct. Now called Capital One 360, it’s an online bank that offers everything from checking accounts to savings accounts to bank accounts for children.
My wife and I have had a savings account at ING direct for a number of years. We’ve also opened up accounts for our children. So we were part of the transition to Cap One 360. On top of that, we now have a Capital One 360 checking account and both of our children have what is called a Money account. So it seemed like a good time to give Capital One 360 is thorough review.
Capital One 360 Account Types
As a starting point, let’s first look at the types of bank accounts Cap One 360 offers:
360 Savings Account: The savings account is pretty much what you would expect from an online bank. It offers a very competitive interest rate Without charging a monthly maintenance fee.
360 Checking Account: There are a couple of features that set the checking account apart from most other banks. First, it actually pays a competitive interest rate. Second, it doesn’t charge a month maintenance fee. And finally, it offers free online bill pay and free ATM transactions.
Money Account: This account is designed for parents and their teenagers. Teens receive a free debit card, and they can easily track their deposits and spending online. Both of our children have this account, and we’ve been very happy with it thus far.
Kid’s Savings Account: I was happy to see Capital One continue with ING Direct’s savings account designed for children. It is an excellent way to teach young children the benefits of saving.
Interest Rates & Fees
The two most important features of any bank account or interest rates and fees. In terms of interest rates, capital one 360 offers extremely attractive rates. While there is no point listing the rates here as they can change daily, I have found the rates to be very competitive.
Likewise, it does not charge monthly maintenance fees on any of its accounts. There are no fees to open an account, and they offer free ATM transactions at thousands of locations.
I’ll start with my favorite feature, Checkmate. With any smartphone, you can deposit a check by snapping a picture of the front and back of the check. That is how we deposit my daughter’s paycheck, and frankly, it’s a lot of fun. And of course, the convenience is unparalleled.
Cap One 360 also offers mobile banking apps for smartphones. We use the iPhone app frequently to check balances, transfer money, and deposit checks. It’s extremely easy to use, and it makes banking very convenient.
It’s easy to transfer money between accounts. This feature has come in handy when we’ve needed to transfer money between our children’s accounts and our accounts. Transfers to other Capital One 360 accounts occurs instantly. You can also transfer money to friends and family with accounts at other banks, although the transfer takes two business days.
With the checking account, you can earn a $50 bonus pretty easily. Here’s all we had to do to get our bonus:
- Activate your 360 Checking MasterCard® Debit Card
- Open your checking account and make a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening
- Your $50 bonus will automatically be deposited into your account on day 50
As a final perk, you can connect your Sharebuilder account with your bank accounts. This makes transferring money to and from Sharebuilder quick and easy.
You can get more details or open an account at the Capital One 360 website.