The benefits explained
- Competitive interest rates: The performance savings account systematically offers a high annual percentage return (APY).
- Mobile banking options: The mobile application is one of the best in the banking world. In addition to typical mobile features, it also includes free credit score access and a card lock function.
- No monthly maintenance fees: There are no monthly maintenance fees for 360 Checking and Performance Savings accounts.
Disadvantages Explained
- Savings rates are never the highest: Although the Capital One 360 Performance Savings account has high rates, they are never the highest in the market.
- Some local branches: Branches are few and far between.
Who is Capital One for?
Capital One should appeal to consumers looking for a full-service online bank. This may be suitable for clients who wish to:
- Earn a competitive APY with an online savings account
- Do not pay monthly maintenance fees
- Do most of their banking online
- Access accounts and credit score from their phone
What does Capital One offer?
As a full-service online bank, Capital One offers:
- Savings accounts
- Verify Accounts
- CD
- Credit card
Savings accounts
360° performance savings
Performance Savings is Capital One 360 high yield savings account. It gives an APR of 1.70%, which is higher than many online banks offer, but not the highest available. Interest is earned regardless of your balance.
Performance savings accounts come with:
- No minimum balance requirement
- No monthly maintenance fees
Children’s savings account
Parents who want to open a savings account for their children should check out Capital One’s Children’s Savings Account. Perfect for kids of all ages, this account also has no monthly maintenance fees or minimum balance requirements. It gives an APY of 0.30%.
Like a deposit account, parents and children can access a Kids Savings account, although transfers require a login under the parent’s account. Once a child turns 18, the account is automatically converted to a Savings 360 account.
| Capital One 360 Savings Accounts | |||
|---|---|---|---|
| Account name | Minimum opening deposit | Monthly fee | APY |
| 360° performance savings | $0 | $0 | 1.70% |
| Children | $0 | $0 | 0.30% |
Verify Accounts
360 Verification
Capital One 360 also has a tiered interest bearing checking account – 360 Checking – which currently earns an APY of 0.10% for all tiers. Features include:
- First checkbook free
- No monthly maintenance fees
- No minimum balance requirement
- Capital One Debit Mastercard®
- Access to over 70,000 free Capital One and partner ATMs
MONEY Teen Checking
The bank’s other current account is aimed at teenagers, although children aged eight and over can open one. MONEY Teen Checking accounts come with debit card access, but no check writing privileges. Both teens and parents can access the account. Parents can also track account activity via SMS alerts and email notifications.
When teenagers reach the age of 18, they have the option of opening a 360 checking account and transferring the funds from their MONEY account.
| Capital One 360 Chequing Accounts | |||
|---|---|---|---|
| Account name | Minimum opening deposit | Monthly fee | APY |
| 360 Verification | $0 | $0 | 0.10% |
| MONEY Teen Checking | $0 | $0 | 0.10% |
CD
360 CDs
CDs are available for a variety of terms ranging from six months to five years. Interest caps at 3.25% APY, which is quite good compared to the best CD prices available now. There is no minimum deposit required.
There is a penalty if you decide to withdraw funds, other than earned interest, before the end of your CD term. CDs with terms of 12 months or less incur a three month interest penalty and those with longer terms incur a six month interest penalty. Customers with 360 CD choose the interest payment method, monthly or annually. Interest is transferred to another Capital One account or another linked bank account.
| Capital One 360 CD Pricing | |
|---|---|
| TERM | APY |
| 6 months | 1.50% |
| 9 months | 1.50% |
| 12 months | 2.40% |
| 18 months | 2.40% |
| 24 months | 2.80% |
| 30 months | 2.80% |
| 36 months | 2.90% |
| 48 months | 3.00% |
| 60 months | 3.25% |
Credit card
Capital One offers a wide range of credit cards, including travel rewards cards, cash back cards, student card, secure card, and several business credit cards. Here are some of the cards available:
Travel Credit Cards
Cash Back Credit Cards
Student credit card
Secure credit card
Business credit cards
Other financial products offered by Capital One
In addition to personal banking products, Capital One also offers a wide range of other accounts and services, including:
- Car loans
- Business accounts and services
- Commercial Banking Solutions
Capital One Customer Service
Customer service is available in a number of ways, including:
Customers can also track their accounts via a mobile banking app, which includes mobile deposit and bill payment features as well as access to your credit score and a card lock feature. The app has outstanding reviews, currently a 4.9 out of five on the App store and score of 4.7 on Google.com/store/apps/details?id=com.konylabs.capitalone&hl=en_US” data-component=”link” data-source=”inlineLink” data-type=”externalLink” data-ordinal=”3″ rel=”sponsored nofollow”>Google play.
How to bank with Capital One
Capital One bank accounts are opened online through the Capital One website. Customers can use an existing Capital One ID or create a new one. You will need to enter personal information such as:
- Last name
- Date of Birth
- Address
- E-mail address
- Phone number
- Job and salary information
- Social Security number
Verdict
Capital One is a great banking option for people who are comfortable doing most of their banking online. There are enough account options to appeal to a wide range of people. With few local branches, most banking is done through an online account or Capital One’s mobile app. This is not the right bank for you if you like to stop by your local branch for in-person banking service. Although Capital One does not offer the highest rates compared to other banks, its rates are still high overall.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks including available products, interest rates, fees and affordability to ensure our content helps users make the right decision for their banking needs. savings and banking.