You might recognize Capital One from its “What’s in your wallet?” commercials, but you might not know it’s the seventh largest, full-service bank in the U.S. Its suite of financial offerings includes the Capital One 360 Savings Account, which marries the best features of Capital One online banking with the advantages of brick-and-mortar branches.
Keep reading to find out what’s great — and what’s not — about Capital One Savings Accounts. Review how your savings account stacks up to this one — and decide if Capital One works for you.
Capital One 360 Savings Pros
Deciding between opening an online savings account or one at a local bank branch comes down to whether you’d rather earn more interest on your savings or be able to walk into a branch when you conduct transactions. Capital One offers a high interest rate for its online savings account and access to 2,000 Capital One ATMs as well as its Capital One cafes located across the country.
Here are some advantages to the Capital One 360 Savings Account:
- You have access to 37,000 fee-free Allpoint ATMs and 2,000 Capital One ATMs — you can also use these if you have a Capital One 360 Checking Account.
- Savings accounts earn 0.75 percent variable APY.
- You won’t have to deal with any fees, account minimums or balance requirements.
- Your funds are FDIC-insured.
- You can access your account online, over the phone or at a branch.
- Download the mobile app to deposit checks and transfer funds.
- Capital One allows you to assign names to multiple accounts.
- You can track your goals and establish automatic savings.
- Traditional banks typically offer a savings account rate of only around 0.01 percent compared with Capital One’s 0.75 percent.
Capital One 360 Cons
The downsides of a Capital One Savings Account are few, but they do exist. Here are some drawbacks to consider if you’re considering opening one:
- Online-only banks offer higher interest rates.
- Capital One has fewer branch locations than large brick-and-mortar banks.
Capital One Products and Services
Although a bulk of Capital One’s business revolves around credit cards, it’s a full-service bank that offers just about everything you’d find at any large financial institution. Here are the products you’ll have access to as a Capital One customer:
- Credit cards
- Checking accounts
- Savings, CDs and money market accounts
- Auto loans and refinancing
- Home loans and refinancing
- Home equity loans
- Personal loans
- Capital One Cafes and branches
Banking with Capital One will provide you with a full suite of products services, including an online checking account with no fees and no minimums, which can be tough to find. In addition, you can get points-earning credit cards you can redeem for travel, plus investment services and a wide variety of loans.
Capital One’s rates aren’t always as high as some online-only banks and its investing arm does not offer lowest online trading fees. Online-only banks, however, don’t provide in-person customer service and other conveniences you’ll get from banking at Capital One.
How to Open a Capital One 360 Savings Account
You can open a Capital One 360 Savings Account at a branch or through the bank’s website. To open an account online, you must be 18 and a U.S. citizen or permanent resident with a Social Security number, U.S. home address and checking account at another U.S. chartered bank.
Follow these steps to open an account online with Capital One 360:
- Sign in on the Capital One home page.
- Click on “Products” at the top and choose “360 Savings.”
- Click “Open Now.”
- Select whether you want a single or joint account.
- Enter an account nickname if you want and the account information to fund your new account.
- Accept the Electronic Delivery Disclosure Notice and Terms & Conditions.
- Click “Open Account” to complete the process.
Capital One 360’s Savings Account hits a sweet spot between traditional brick-and-mortar banks and online-only banks. It gives savers higher rates than many of the giant banks as well as branches where they can deposit cash, talk to a human — and even enjoy a cup of coffee.
*Rates accurate as of Sept. 11, 2017