Advertiser Disclosure

GoodBye ING Direct, Hello Capital One 360


Well, the time has come. The popular online bank ING Direct is no more, and Capital One’s new direct bank (Capital One 360) is here to take its place.

In 2012, when the news of this merger became public, many ING customers were concerned with how their beloved checking and savings accounts would fare. ING’s Electric Orange Checking and Orange savings accounts were some of the first to make a splash in the online banking community with extremely competitive yields and low fees across the board.

While the interest rates took a slight plunge in recent years (as did those at all banks), they still remained in the top tier. The lack of fees has also persisted. Their checking account had no minimum balance requirements and threatened almost none of the typical fees (including overdrafts, out-of-network ATM withdrawals and others).

Understandably, customers were concerned what Capital One, more known for its credit card products, would change about these consumer-friendly bank accounts.

2013 review of Capital One 360

Upon initial review, it seems that exactly nothing has changed for the worse, unless you were overly passionate about the orange ball that represented ING Direct accounts. The newly named 360 Checking, as well as the Money account for teens, include the same rates and features as before.

The main observable difference is a positive one: Capital One charges no foreign transaction fees, so you can now spend more freely while traveling abroad. Similarly, their 360 Savings account offers the same yield as before the transition, still a much better deal than what you could find at most other banks.

Although not much has changed in the account fundamentals (check out Capital One’s explanation of what’s different), customers will still be wondering if that’s bound to change in the near future.

2015 review of Capital One 360

Capital One has done a great job taking ING’s digital banking products, which were well-regarded but definitely quirky, and making them more mainstream. The bank has kept some ING innovations, maintaining cafes in such cities as Boston and Los Angeles, with some random ones thrown in (ahem, St. Cloud, Minnesota?) based on where the bank’s operations are located.

But the online banking tools are no longer trying to reinvent the wheel. The interface is clean and pleasant to use. The mobile app loads quickly and gets the job done. Capital One Wallet gives users the ability to get detailed information about each transaction, and that makes people who like to track their spending closely happy.

The best thing about this bank is the simplicity of its products. No convoluted fees. No ridiculously high minimum balances. If you take away its snazzy online and mobile tools, it’s a no-frills bank with basically one solid product in each major account category: checking, savings and CDs. See the full review here.

How does Capital One 360 match up to the competition?

NerdWallet’s Top High Yield Online Savings Accounts

NerdWallet’s Top Online Checking Accounts

  • Sandy Anderson

    Capital One’s “Terms and Conditions” changed so that when you transfer money from a linked external account into your Capital One account put a hold on it for over a week. They refuse to work with you (“we’ll research to make sure the money is actually there, but it will take 1-2 days. Oh, and why do you want to withdraw the money anyway? You agreed to our terms and conditions when you opened the account.”) No, we did NOT agree to those terms and conditions, they bought our ING account and just changed them. I’m closing my account as soon as I can (in 1-2 days!) and woudl recommend everyone else do also.

  • Mary Kuli

    To have to wait 5 days for deposited funds to be available, when check has cleared from issuing bank, should be illegal!

    • Unite_Blue

      They get an entire week of free money on the stock market with every one of your deposits.