Who can open a Capital One 360 account?
Capital One 360 bank account can be opened by:
Anyone who prefers to bank online
Capital One 360 is for those who prefer to do all their banking online. If you don’t mind going to a bank branch to talk to someone, make deposits, or do other banking, that should be fine.
A tech-savvy person will also appreciate Capital One 360, as there are many tools and options in your account that don’t come with an “instruction manual.” It’s easy to use, but it’s meant to be fast, intuitive, and online.
Anyone wishing to have multiple accounts
Finally, if you want to save but don’t want to keep all your money in one place, Capital One 360 is a great option.
The ability to open up to 25 savings accounts, each with a unique name and set of goals, makes saving an enjoyable experience.
Plus, you always know where your money is and what it’s for.
Benefits of Capital One 360
- Saving is simple: With the Capital One 360 Savings Account, you can open up to 25 accounts to save for multiple goals.
- High APY: Although Capital One 360 does not have the highest APY, it is significantly higher than traditional brick and mortar banks.
- You can easily link accounts: It’s easy to transfer money between your Capital One savings and checking accounts.
- Customer service is simple: Capital One 360 is open 24/7, superior to most traditional banks.
- APY is still not the highest – Although the Capital One 360 is my favorite, other accounts have higher APYs.
- Few Physical Locations – While not necessarily bad, there aren’t many physical locations.
How does Capital One compare to the competition?
Capital One sits somewhere in the middle of traditional and online banking. It has lower fees and higher returns than most traditional banks, but it doesn’t have the returns of many other online banks. However, it offers limited branch access, unlike online-only banking.
Chase Bank v Capital One
Although Capital One offers branch access, it is no match for Chase Bank in this regard. Chase has approximately 4,700 branches in the United States.
Additionally, Chase offers a broad and diverse product offering, including multiple checking accounts, a variety of home loan products, and the industry’s most comprehensive suite of rewards credit cards.
Chase Bank also offers excellent sign-up bonuses, including a $200 bonus for signing up for Chase Total Checking and setting up direct deposit.
When it comes to fees and APYs, Capital One beats Chase Bank. Capital One’s standard checking and savings accounts all have no fees, no minimum balances, and APYs that exceed Chase’s offerings.
For example, capital One 360 Performance Savings pays 0.4% APY, while Chase Savings only pays 0.01%.
Ally Bank vs. Capital One 360
Ally Bank is one of the most well-known online banks and follows the same primary account structure with no fees or minimums as Capital One.
On the other hand, this allied bank provides a better return to investors. For example, Ally Bank’s APY Basic Savings Account is 0.5% APY versus Capital One’s 0.4% APY.
Similarly, Ally Bank checking account pays 0.25% APY on balances of at least $15,000, while Capital One pays 0.1% APY on all balances.
If you ever need to contact a branch, Capital One has an advantage over Ally. Although Ally provides 24/7 phone support, it has no physical location.
If you need help from a live person to solve your problems, or if you prefer to speak with someone in person, you can visit a Capital One branch.
The catch is that Capital One branches are mostly limited to Louisiana, Maryland, New York, New Jersey, Texas, Virginia, and the District of Columbia.
Capital One vs. TD Bank
TD Bank has over 1,200 branches in the Eastern United States. Its bank accounts are also more traditional than those of Capital One, with monthly fees that can only be avoided through qualifying activities.
For example, the bank’s most popular TD Convenience Checking Account charges a whopping $15 monthly fee, which can be avoided with a modest daily balance of $100.
To avoid the $15 monthly fee on the TD Beyond Savings Account, a minimum balance of $20,000 is required.
Other than that, the usual hefty bank fees include:
- A $35 overdraft fee.
- A $3 fee for using non-TD ATMs.
- A $15 fee for incoming transfers.
When it comes to fees and account minimums, Capital One outperforms TD Bank. TD Bank’s strength over Capital One is its customer service.
TD Bank customers can easily access help when they need it. Thanks to many branches, but exclusively along the East Coast, and 24/7 customer service.
Is Capital One 360 reliable?
Capital One 360 has an A rating from the Better Business Bureau for reliability.
A good BBB rating shows that a company responds effectively to customer complaints. It also uses honest advertising practices and conducts its business transparently.
However, the company has recently been embroiled in controversy. Capital One agreed to pay $80 million after the Office of the Comptroller of the Currency determined the bank was partly responsible for a 2019 data breach. A hacker gained access to more than 100 million credit card applications. Capital One’s security, according to the OCC, was ineffective at the time.
So who is the ideal candidate for a Capital One 360 account? I would recommend this banking option to anyone who wants to do all their banking online but doesn’t want to get the highest interest rates.
And, since there are no fees for opening or maintaining an account, it’s probably the best option for those on a tight budget.
Check out other online banking options for those who are “interest rate junkies.” Depending on your needs, you may be able to find even better rates with competitors like Ally and CIT Bank.
Capital One 360 may not be suitable if you live far from a physical location and want to speak to a representative.