Capital One 360: Is It Any Good?
Capital One is a famous and revered name in the world of banking. As far as opening an account in it goes, there isn’t much that can go wrong. If you were wondering about Capital One 360 and whether you should open an account with it, you have come to the right place. We will take a look at Capital One 360, its features, advantages and disadvantages, giving you a good insight into the institution. Let’s get started.
Capital One 360: All You Need to Know
What does Capital One 360 offer?
Capital One has a broad range of banking services, including online banking and brick-and-mortar services.
What type of accounts does Capital One Bank offer?
- Savings accounts
- Checking accounts
- Certificates of deposit (CDs)
- Credit cards
- Savings Accounts
- 360 Performance Savings Account
What is the Capital One 360 Performance Savings Account?
The Capital One 360 is a high-yield savings account that pays a competitive rate. Here are a few of its salient features:
- Pays 0.40% APY
- No monthly maintenance fees
- No minimum deposit to open
- No ongoing minimum balance requirement
- Mobile check deposit
- An automated savings plan option
- No debit cards, ATM cards, or check-writing capabilities
The 360 Performance Savings account stands tall when compared to online bank accounts. It also earns a decent rate while dodging fees. Even though the interest rates aren’t the highest in the market, they are still quite competitive and consistently good. Depending on how much you have in your account, this rate might be adequate, eliminating the need to chase rates as banks adjust their offers. One major drawback is the absence of debit cards and ATM cards. So this might not be the most ideal way for everyday expenditure.
What is the Capital One Kids Savings Account?
With the Kids Savings Account, parents or legal guardians can open a linked account with a minor under age 18. This can be used to teach kids about money, including important things like the benefits of saving and the power of compound interest.
Here are the salient features of the Capital One Kids savings account:
- Pays 0.30% APY3
- No minimum required to open or ongoing balance requirements
- Mobile check deposit
- View-only access for kids to monitor their accounts
- Adult login required to transfer funds
- Converts to a 360 Savings account once the child turns 18
The rate is lower than Capital One’s 360 Performance Account, which also allows you to add minors as joint account holders. This doesn’t make it a very attractive savings account option.
What is the Capital One 360 Checking Account?
The 360 Checking account is a type of free online checking account. There are no criteria to qualify for fee waivers and that is really unique for a large bank with physical branches. You also get a small interest on your balance. Here are some of the salient features of the Capital One 360 Checking Account:
- Pays 0.10% APY
- No monthly maintenance charges
- No minimum to open or ongoing balance requirement
- Online bill pay
- Mobile check deposit
- Debit card for spending and cash withdrawals
- Over 55,000 fee-free ATMs available, including Allpoint ATMs
- No foreign transaction fee when using your debit card abroad
- Free overdraft transfers from a linked savings account (optional)
If you want to use an ATM that’s not in the network, there’s good news for you. Capital One does not charge you for using another bank’s ATM, which is great. However, the ATM owner might levy additional charges to the transaction.
What is the Capital One MONEY Teen Checking Account?
MONEY Teen Checking allows you to open a joint checking account with your child age 8 years and older. This provides additional autonomy to kids, allowing them to spend from the account as they go through day-to-day life. Here are the salient features of the Capital One MONEY Teen Checking Account:
- Pays 0.10% APY
- No monthly fees, minimum opening deposit, or ongoing minimums
- Automatically issued debit card
- Adults can monitor via text alerts, mobile app, or online access
- $500 limit for withdrawals and purchases
- No checks or online bill pay available
If you’re ready to let children take control of their spending and receive income via direct deposit into their own checking account, this account may be a solution. Once children reach age 18, they can switch to a 360 Checking account with more features.
What are the Certificates of Deposit (CDs) available with Capital One?
Capital One’s 360 CDs don’t have any minimum deposit requirement, making them accessible to everyone. The CD terms range from six months to five years.
You may face early withdrawal penalties if you cash out of a CD early, but that’s not unique to These charges are levied by most banks and the actual charges vary from bank to bank. Here are the details for Capital One:
- For terms of 12 months or less, you’ll pay three months of interest
- For terms longer than 12 months, you’ll pay six months of interest
What kind of credit cards are available with Capital One?
Capital One has almost 20 credit cards to choose from. Whether you want cashback, seek travel rewards, or need a card that matches your credit score, you can filter cards with Capital One’s search tool.
- Capital One Venture Rewards
- Capital One VentureOne Rewards
Cash-Back Credit Cards
- Capital One Quicksilver Cash Rewards
- Capital One QuicksilverOne Cash Rewards
- Journey Student Rewards from Capital One
- Capital One Savor Rewards
- Capital One SavorOne Rewards
- Capital One Walmart Rewards Mastercard
Business Credit Cards
- Capital One Spark Cash for Business
- Capital One Spark Miles for Business
- Capital One Spark Classic for Business
- Spark Cash Select from Capital One
- Spark Miles Select from Capital One
- BuyPower Business Card
- Capital One Secured Mastercard
- Capital One Platinum
- BuyPower Card
- Cabela’s CLUB Card
- Bass Pro Shops CLUB Card
What are some of the other financial products offered by Capital One Bank?
Capital One comes with a wide variety of banking services. The product line is quite simple and easy to access for consumers and businesses. Here are some of those other financial products:
- Car loans
- IRA Savings
- IRA CDs
- Business loans
- Business bank accounts
How is Capital One Bank’s customer service?
Here are some of Capital One’s achievements in the area of customer satisfaction:
- Second place in the J.D. Power 2020 U.S. Banking Mobile App Satisfaction Study.
- Sixth place in the J.D. Power 2020 Credit Card Satisfaction Study.
Customer service is available by phone between 8 a.m. to 11 p.m. EST, Monday-Sunday.
Capital One’s Cafés also offer a place to recharge, with workspaces, Wi-Fi, and discounted Peet’s Coffee for Capital One debit and credit card holders. Free workshops and three, one-hour money coaching sessions can help customers manage their personal finances.
Who is Capital One 360 ideal for?
Capital One is best for people who want to:
- Bank primarily online
- Earn interest at a competitive rate
- Open a free checking account that pays a small amount of interest
- Choose a credit card with rewards or low fees
- Bank in-person in select major cities
- Help children open an account and start learning about money
Did Capital One experience a data breach?
Yes, Capital One experienced a major data breach in 2019. The firm claimed that the data loss was contained well and the person responsible for that was arrested and no evidence was found of any shared/stolen information. It also dampens the firm’s image in the mind of consumers.
How can you get started with Capital One Bank?
To get started, log in to CapitalOne.com or visit a branch to open an account. You can also call 1-800-289-1992 for additional inquiries. You’ll need to provide personal information when opening an account, which is the norm for any financial institution in the U.S.
What are the Benefits and Drawbacks of Capital One 360?
- Capital One has a strong offering of online bank accounts and a user-friendly app.
- You can bank in person if you want but more often than not, you will probably never have to visit a branch.
- Rates on savings accounts and CDs are consistently good, although you can often earn more elsewhere if you’re willing to shop around and open new accounts.
- The interest checking account compares well against competitors, and if you need a credit card, you have plenty to choose from.
- Capital One keeps costs low and rates competitive. However, many other online banks pay better rates on savings accounts and CDs, or offer flexible, no-penalty CDs.
- If your priority is to maximize interest earnings on a large balance, Capital One might not be the best option for you.
However, if your savings are modest, Capital One’s rates should be just fine for you.
So that was our review of Capital One 360 and Capital One Bank in general. Hopefully, you have a better idea on the matter and you will find it easier to decide whether you should use this bank’s financial tools or not.