Capital One 360 Checking Account Review: No Minimums and Free Credit Monitoring

Learn about Capital One's fee-free checking account.

If you’re in the market for a checking account, consider the pros and cons of the Capital One 360 checking account. As of December 2016, the Federal Reserve ranked Capital One No. 7 out of 1,808 commercial banks in the U.S. And Capital One 360 Checking ranked No. 1 for customer satisfaction in the J.D. Power 2017 U.S. Direct Banking Satisfaction Study.

If you think the Capital One 360 checking account might be a better place to keep your money than where you currently bank, take the time to learn more about banking with this online bank.

Capital One 360 Checking Account Review

When you’re searching for a checking account, you need to examine the features of each account to find the one that best meets your personal banking needs. The Capital One checking account features the traditional banking attributes you’re used to from most banks combined with modern digital banking services.

Capital One checking is fee-free, including transactions you make at Capital One 360 ATM machines, which are now located in Target stores. You can also earn interest on the money in your checking account, which not all banks offer. Here are details on the Capital One 360 checking account interest rates:

  • For balances up to $49,999.99: 0.20% APY
  • For balances between $49,999.99 and $99,999.99: 0.75% APY
  • For balances over $100,000: 1.00% APY

Capital One’s online banking options mean you don’t have to visit a Capital One branch to check your account balance, make a deposit or transfer funds — you can do it all on your computer. Additionally, you can download the bank’s app to make a mobile check deposit, locate nearby ATMs and use the pay bill feature on your smartphone.

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

Pros and Cons of Capital One 360 Checking

Review these advantages and disadvantages of the Capital One 360 checking account to decide if it is right for you:

Pros:

  • FDIC-insured: All Capital One accounts are FDIC-insured up to $250,000.
  • No minimum balance requirements: You’ll never be penalized if your checking account balance is low.
  • No minimum deposit requirements: You can open an account with as little as $1.
  • Free credit monitoring: Every Capital One account comes with the option to download the CreditWise app, which enables you to view your credit score and get email alerts if anything changes.
  • MasterCard debit card: When you open a 360 checking account, you’ll receive a free MasterCard debit card you can easily shut down when you’re on vacation or if the card is lost or stolen.

Cons:

  • NSF fee: Although the checking account will not incur an overdraft fee, you will have to pay $9 for every returned check.
  • Paper statement fee: You can download and print your monthly statement free of charge but you’ll pay $5 to have a paper statement mailed to your home.
  • Limited ability to deposit cash: You can deposit cash to your online checking account only at at a 360 Cafe or a Capital One Bank ATM.
  • No 24/7 customer service: You can reach customer service only between 8 a.m. and 8 p.m.

Review: Capital One 360 Savings Account

Capital One Products and Services

Capital One reviews reveal that you can sync a 360 checking account with other Capital One products and services, like a Capital One investing account. It’s easy to connect the two accounts, and you need to do it only once.

The bank also has an instant transfer feature you can use to quickly move money from your checking account to another Capital One account. If you no longer want your accounts connected, you can disconnect them by calling customer service.

Should You Bank at Capital One?

If you live near one of Capital One’s Cafes or 37,000 Allpoint ATMs, a 360 checking account can be a good choice. Security is a top priority for this online bank, so you can feel confident your personal information will be protected.

In addition, 24-hour online and mobile accessibility give you the flexibility to bank when it’s most convenient for you so you never miss a beat. If you require brick-and-mortar locations that are easier for you to access, however, this might not be the bank for you. Wherever you end up opening an account, your top priority should be that it fulfills your personal financial needs.

See Also: 10 Best Online Banks of 2017