Capital One 360 Bank Review: Full-Service Menu and No Fees

Capital One 360 Bank offers a host of online accounts that you might normally expect to see in a full-service, bricks-and-mortar bank. One of the reasons this is possible is because of the bank’s close relationship with its full-service parent company, Capital One, which is known primarily for issuing credit cards. Capital One online banking offers typical online bank advantages, such as the ability to create an online checking account that you can access from your computer or smartphone. The bank also provides unique services and benefits for its customers.

Learn all about Capital One 360 Bank’s offerings so you can decide if its features make it the best bank for you.

Capital One 360 Bank Review

Capital One 360 serves as the online arm of Capital One Financial. Under the Capital One 360 banner, the bank offers savings, money market, checking and certificate of deposit options. The bank also offers accounts specifically tailored to teens and kids.

The main benefit of Capital One 360 Bank is convenience. Devised as an online or mobile bank, Capital One 360 allows you to access your account 24/7, from anywhere with an internet connection. Features offered by the online/mobile platform include:

• Zelle, a money transfer service
• Online bill pay
• Text and email alerts
• CreditWise, which allows you monitor your credit
• Mobile check deposit
• Capital One Wallet, which helps track transactions
• Enhanced transaction reporting

Capital One 360 Bank also offers 40,000 fee-free ATMs. If you need additional service, you can visit a physical Capital One location.

Related: 10 Best Online Banks of 2017

Capital One 360 Bank Products and Services

Capital One 360 Bank offers a wide range of products and services. Here’s an overview of the main features and benefits.

Capital One 360 Checking Account

Capital One 360 offers an interest checking account. As of today, the bank offered the following competitive rates:

• 0.20% APY on balance of up to $50,000
• 0.75% APY for balances of $50,000 to $99,999.99
• 1.00% APY for balances of $100,000 or more

Here are the other benefits of the bank’s checking account:

• No fees
• No minimum balance
• Free MasterCard debit card for purchases
• Mobile check deposit
• Mobile bill pay
• An 800-number for live customer service
• FDIC insurance

Check Out: Capital One 360 Checking Account Review

Capital One 360 Savings Accounts

You have the opportunity to save even more when you choose a savings account from Capital One 360. Here are the bank’s savings options:

360 Online Savings Account

• No fees
• No minimum balance
• Online and mobile access
• FDIC insurance
• 1.00% APY

360 Money Market

• No fees
• No minimum balance
• 0.85% APY for balances up to $10,000
• 1.60% APY for balances of $10,000 or more
• FDIC insurance

360 CD

• Maturities from 6 months to 5 years
• FDIC insurance
• Can choose monthly, annual or end-of-term payments
• APY from 0.40% for six months and up to 2.75% for five years

Related: Review — Capital One 360 Savings Account

Special Bank Accounts from Capital One 360

Capital One 360 also caters to a younger crowd. Their special accounts include an option for teens and one for kids:

MONEY – Banking for Teens

• No fees
• No minimum balance
• Free debit card
• Free Allpoint ATM access
• FDIC insurance
• Text alerts to track teen spending
• 0.25% APY

Kids Savings Account

• No fees
• No minimum balance
• FDIC insurance
• Access to automated savings plan
• 1.00% APY

Capital One 360 Bank Pros and Cons

Capital One 360 Bank offers a wide range of products to suit various needs. All accounts offer online and mobile access, and none carry any fees or minimum balances. All of the accounts at Capital One 360 Bank also carry FDIC insurance.

However, a limited number of brick-and-mortar Capital One branches exist for Capital One 360 Bank. You can only find a Capital One branch in eight states, plus the District of Columbia: Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas and Virginia.

Although you can open investment accounts online, those are run through the parent company, Capital One, rather than through Capital One 360 Bank. CD rates at Capital One 360 Bank, although high, are not the highest available for some terms.

Related: Pros and Cons of Online Savings Accounts

Capital One 360 Bank offers all the conveniences you would expect in an online/mobile platform and stands out for the absence of minimums and fees across all online checking, savings and CD accounts. However, it’s best if you don’t need a physical branch, as real-world locations are limited.

Rates are accurate as of today. This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Capital One.