June 24, 2024

Capital One 360 Bank Review 2023

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

How Capital One 360 products compare

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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

4.5/5

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Annual Percentage Yield (APY)

4.30% (as of 7/21/23)


Minimum Deposit Amount

$0


Fees

no monthly service fee

Capital One 360 Performance Savings

4.5/5

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Annual Percentage Yield (APY)

4.30% (as of 7/21/23)


Minimum Deposit Amount

$0


Fees

no monthly service fee


Capital One 360 Performance Savings

Capital One is a strong bank overall. You’ll earn competitive interest rates on online savings accounts and CDs.

Details


Fees

no monthly service fee


Annual Percentage Yield (APY)

4.30% (as of 7/21/23)


Minimum Deposit Amount

$0

Pros & Cons
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Highlights
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Additional Reading
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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 0.30% 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 Capital One 360 Checking®

Capital One 360 Checking®

4.5/5

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Annual Percentage Yield (APY)

0.10%


Minimum Deposit Amount

$0


Fees

no monthly service fee

Capital One Capital One 360 Checking®

Capital One 360 Checking®

4.5/5

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Annual Percentage Yield (APY)

0.10%


Minimum Deposit Amount

$0


Fees

no monthly service fee


Capital One 360 Checking®

Capital One is a strong bank overall. You’ll earn competitive interest rates on online savings accounts and CDs.

Details


Fees

no monthly service fee


Annual Percentage Yield (APY)

0.10%


Minimum Deposit Amount

$0

Pros & Cons
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Highlights
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Additional Reading
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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 Capital One 360 CD

Capital One 360 CD

4.5/5

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Annual Percentage Yield (APY)

3.90% to 4.85%


Minimum Deposit Amount

$0

Capital One Capital One 360 CD

Capital One 360 CD

4.5/5

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Annual Percentage Yield (APY)

3.90% to 4.85%


Minimum Deposit Amount

$0


Capital One 360 CD

Details


Annual Percentage Yield (APY)

3.90% to 4.85%


Minimum Deposit Amount

$0

Pros & Cons
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Highlights
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Additional Reading
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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. The bank paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.

Your 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.

No, the bank does not have a bonus for opening a checking account right now.

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.

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