Samuel L. Jackson and Jennifer Garner have been asking us for years: “What’s in your wallet?” – and while that phase has become synonymous with Capital One and their line of credit cards – did you know that Capital One also offers a fully-online banking experience with checking, savings, money market and certificates of deposit (CDs)? They’ve coined this branch of their business Capital One 360 – and they do have some pretty competitive APYs and interest rates on their savings accounts in addition to offering similarly noteworthy perks as their credit cards.
What is a Capital One 360 Savings Account?
Capital One 360 Savings is a predominately online savings account offered by Capital One Bank. Furthermore, there are no monthly or annual fees, no minimum opening deposit required, and it comes with a 0.50% APY (for any balance amount).
What Are The Capital One 360 Savings Account Fees?
There are no maintenance fees or minimum balance requirements for a Capital One 360 Savings Account.
However, Capital One does disclose that the following fees may be charged to your account:
- Outgoing domestic wire transfer, the cost per wire will be $30.00.
- Statement copies are $5 each.
- If you present Capital One with a foreign check, they do not charge a fee (but the paying bank may deduct a fee from the proceeds).
What Are The Benefits Of Capital One 360 Savings Account?
Current customers have most often said that these are the benefits of having a Capital One 360 Savings Account:
- Good APY at 0.50% (as of November 2020)
- No minimum deposit to open or maintain the account
- Mobile deposit is quick and easy to use
- Mobile app is user-friendly
- There are no international fees, so you can use your card abroad without hassle
- Customer Service is available 7 days a week
- Free access to over 40,000 ATM network
- Ability to set up goal tracking
- Ability to set up direct deposit
- Identity theft detection service
What Are The Disadvantages Of Capital One 360 Savings Account?
In this section, we’ll discuss what current customers have most often said are the disadvantages of a Capital One 360 Savings Account:
- Firstly, current customers have reported that there are not a lot of brick-and-mortar locations
- Secondly, the APY is not the best out there. You can get higher APY at other banks
- Another disadvantage is that it can take a long time (3-5 business days) for transfers to other accounts
- Lastly, you can only make 6 withdrawals per month (per federal regulations)
While the 0.50% APY is a nice rate, there are banks out there that will give you a higher return on your investment. That said, here are some competitors that you might want to learn more about:
As of November 2020, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- First Foundation Bank Online Savings – 0.75% APY
- Citi Accelerate – 0.70% APY
- Vio Bank – 0.66% APY
- TAB Bank – 0.65 % APY
- CIBC Bank – 0.62% APY
- Ally Bank – 0.60% APY
- American Express Personal Savings – 0.60% APY
- Citizens Access – 0.60% APY
- Discover – 0.60% APY
- Goldman Sachs – Marcus Account – 0.60% APY
- Synchrony Bank – 0.60% APY
- Barclays Bank – 0.50% APY
- Capital One 360 Performance Savings – 0.50% APY
- CIT Bank Savings Builder – 0.50% APY
- HSBC Direct – 0.50% APY
- MySavingsDirect – 0.50% APY
- TIAA Bank – 0.50% APY
Is A Capital One 360 Savings Account FDIC-Insured?
Yes. Capital One Bank is a FDIC member, which means that funds deposited in a Capital One 360 Savings Account are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A Capital One 360 Savings Account?
All it takes is 5-10 minutes to open your Capital One 360 Savings Account. In other words, it’s really easy!
On CapitalOne.com, hover over ‘Checking and Savings‘ at the top of the page, and select ‘savings’ from the drop down menu.
Scroll down to ‘compare accounts’ and select ‘open account’ under the 360 Savings section.
From here, you will enter your personal information (Name, Contact Info, Social Security Number, and a valid ID), and after that, you’re all set!
How To Access Your Capital One 360 Savings Account
Online: You can access your online savings account at https://www.capitalone.com/bank/. Log in with your user ID and password.
Mobile Device: You can download the Capital One app for your mobile device.
- New Customers: 1-800-289-1992, 8AM – 11PM ET, 7 days a week
- Existing Customers: 1-888-464-0727, 8AM – 11PM ET, 7 days a week
- Automated Phone Services: 1-888-464-7868
- You can fax correspondence to Capital One 360 at: 1-888-464-3220
Capital One 360 Mailing Address:
You can mail correspondence and deposits to:
Capital One 360
P.O. Box 60
St. Cloud, MN 56302-0060
In conclusion, Capital One offers a good option for consumers wanting to couple their credit card and banking experiences together. The APY isn’t the highest in the market at 0.50%, but above all, it’s still much higher than the national average of 0.06%!
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
Capital One – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 4.7 out of 5 stars
- BauerFinancial Star Rating: 4 out of 5 stars
- BankTracker Troubled Asset Ratio: 8.72
- FDIC: Actively insured
More about the rating system:
- Firstly, BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Additionally, Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- Furthermore, BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- Finally, BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.
Capital One began as a spin-off of Signet Financial Corporation in 1994. However, at the time, they specialized in credit cards only; however, when the spin-off ended in 1995, Capital One became its own entity and branched out into auto loans, retail banking, mortgage banking (ended in 2017), and savings accounts. In addition, Capital One helped pioneer the mass marketing of credit cards in the 1990s. They have also acquired several companies along the way to expand their different branches: PeopleFirst Finance LLC, Onyx Acceptance Corporation, Confyrm, ING Direct, HSBC, Summit Acceptance Corporation, Hibernia National Bank, North Fork Bank, NetSpend, Chevy Chase Bank, Paribus, Monsoon, and lastly, Level Money.
Furthermore, Capital One’s headquarters are located in McLean, Virginia in Capital One Tower. They currently have 755 brick-and-mortar locations, 30 Capital One Cafes and approximately 2,000 ATM within the United States. Capital One is the main sponsor of the Florida Citrus Bowl, which has been called the Capital One Bowl since 2003.