Capital One 360 Review

Review of: Capital One 360
Capital One 360

Reviewed by:
Rating:
4.5
On March 12, 2013
Last modified:March 12, 2013

Summary:

Cap One 360 earns high marks with no maintenance fees, competitive interest rates, mobile banking, and an easy to use website.

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.

Features

CheckMate

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.

Capital One 360 Mobile

Mobile

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.

Easy Transfers

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.

Bonus Cash

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.

Published or Updated: March 12, 2013
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. Larry says:

    Unfortunately, many of their ATMs don’t accept deposits. I went to eight today, and none of them took deposits.

    • jimmy says:

      Other than wanting to deposit cash, why wouldn’t you use the Checkmate feature? I guess I figure that everyone has access to a scanner, either through an all-in-one printer at home (my favorite) or using the smartphone app (I have a cheap phone).

      Before Checkmate was available, I purposely kept a no-minimum, no-fee checking account at a B&M bank for making deposits. I would then transfer the money out right after the checks cleared.

  2. Ruben says:

    Personallay, I am not happy with the change. I get the same rates at my non-online bank which eliminates my need for this Cap One 360. Additionally, most non-online banks have the features mentioned here so what really sets them apart? that they have no monthly fees? whoop de doo! with almost all banks if you have direct deposits and or a Monthly $25.00 transfer from your checking to your savings you get no monthly fees anyway. Or how about a $50.00 dollar bonus for activating a card…WOW! NOT! I got $100.00 bonus for opening my non-online bank account. Honestly, There is no point in having Cap one 360 when I’m getting the same exact if not better features at my non-online bank. Cap One 360 Is completely useless for me.

    • Rob Berger says:

      Ruben, what bank to you use? I’ve seen other online banks that compete with Capital One 360’s rates and low fees. But I’ve not seen a brink and mortar bank that compares, except perhaps for small regional banks or credit unions that aren’t available everywhere.

      • Ruben says:

        I use a Credit Union for intrest accruing savings as for my checking I use Chase (this is acct is so liquid, it really doesnt matter to me that I’m getting interest). I don’t know, but I really am not a fan of this product and it offers me nothing different than what I am getting at my Brick and Mortar Credit union/chase. Features like Check mate, Mobile app banking, Easy transfers & Bonus cash are pretty much industry standard (with the exception of some late bloomers). Cap1 360 is going to have to better than just a couple of penny’s per month to keep me. Very Disappointed!

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