GoodBye ING Direct, Hello Capital One 360

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Well, the time has come. The popular online bank ING Direct is no more, and Capital One’s new direct bank (the aptly named Capital One 360) is here to take it’s place. Earlier last year, 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 their credit card products, would change about these consumer-friendly bank accounts.

Initial 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 (currently 0.75% APY) 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.

How do the new Capital One 360 accounts match up to the competition?

NerdWallet’s Top 10 High Yield 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!