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Capital One 360 Review: Checking, Savings, CDs

Banking, Banks & Credit Unions, Checking Accounts, Savings Accounts
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Capital One Review

NerdWallet’s rating: 4.5 / 5.0

4.5 stars out of 5

Capital One 360 provides top-notch online banking along with a degree of brick-and-mortar support you might not expect from an online bank.

The bottom line

  • Capital One 360’s checking and savings accounts have low fees and high interest rates
  • Online account tools make it easy to set savings goals and track them
  • Capital One 360 customers can complete some banking tasks at branches in eight states and the District of Columbia and cafes in 18 cities
Our Ratings
Checking accounts5.0 stars out of 5
Savings accounts4.5 stars out of 5
Certificates of deposit 5.0 stars out of 5
Bank experience4.0 stars out of 5
Overdraft fees3.5 stars out of 5
Overall4.5 stars out of 5

Read on for more details about Capital One 360’s checking and savings accounts, certificates of deposit, bank experience and fees.

Checking

5.0 stars out of 5
5.0 / 5.0

Capital One 360 Checking pays interest that is substantially higher than the national average of 0.04% — and it’s a free account to boot. You’ll be able to make deposits through bank transfers, mobile apps or any of the bank’s ATMs that accept deposits. But don’t expect to do most of your banking at a branch. Capital One locations offer only limited services to 360 accounts.

ProsCons
  • No monthly fee or opening minimum balance requirement
  • Free access to over 38,000 ATMs nationwide
  • Interest rate of 0.20% on balances of up to $49,999.99
  • 0.75% on balances of $50,000 to $99,999.99
  • 0.90% on $100,000 and over
  • Limited branch access
Account reviewed for rating: 360 Checking

» MORE: NerdWallet’s best online checking accounts

Savings

4.5 stars out of 5
4.5 / 5.0

Capital One 360’s savings interest rate is high, though other online banks pay more. Where the account really shines is in its added features — such as the capacity to open up to 25 separate savings accounts, use of an automated savings tool and the ability to set and track goals — to help you manage and save your money.

ProsCons
  • No monthly fee or minimum opening balance
  • Interest rate of 0.75%
  • You can have up to 25 accounts with individual names
  • You can set up an automatic savings tool and track savings goals

  • Other banks have accounts with higher rates
Account reviewed for rating: 360 Savings

» MORE: NerdWallet’s best savings accounts

Certificates of deposit

5.0 stars out of 5
5.0 / 5.0

Capital One 360’s CDs are competitive. Its rates aren’t the highest in the market, but the bank’s two-year CD yields are about three times the national average. There’s also no minimum balance required to open a CD.

ProsCons
  • Strong interest rates ranging from 0.40% to 2.10%
  • Wide range of terms, of six months to five years
  • No minimum deposit requirement or monthly fees
  • Interest rates for nine-month CDs or shorter are no better than for a 360 Savings account

Bank experience

4.5 stars out of 5
4.5 / 5.0

With consistently high app ratings, Capital One 360 boasts one of the best mobile experiences for a big bank. In addition, customer service reps are available by phone and on Twitter seven days a week, including evening hours. Capital One lacks chat support, however, which other banks provide.

You can get limited brick-and-mortar support in eight states plus the District of Columbia. Customers can use branches for services such as disputing transactions, changing contact information, printing tax statements and accessing some debit card services.

As a Capital One customer, you also can access Capital One Cafes in 18 cities across the country. These locations are hybrid offices where you can speak to a rep, open an account and get coffee and free Wi-Fi.

Overdraft fees

3.0 stars out of 5
3.0 / 5.0

Capital One 360’s default overdraft policy is to reject debit transactions if you don’t have funds in the account to cover them. For a bounced check, you’d be charged a $9 nonsufficient-funds fee, but you wouldn’t face overdraft charges because there would be no transaction approved to cause an overdraft.

If you don’t want your transactions to be declined, one option is to sign up for the bank’s “Next Day Grace” program. An overdraft transaction would be approved and you would then have one business day to make a deposit large enough to bring your account up to a positive balance.  If you do, there’s no penalty.  If you don’t, the bank charges a whopping $35 overdraft fee per item, up to four times a day. That’s the kind of fee you’d expect to see at large, expensive national banks.

Another choice is to sign up to have Capital One make a free transfer from your savings account or line of credit to cover an overdraft.  The transaction could be approved, and you wouldn’t face the risk of a high overdraft fee.

If you want a consumer-friendly online bank that doesn’t charge a lot of fees, Capital One could suit you well. However, interest-rate optimizers seeking the highest yields might want to look through NerdWallet’s list of best mobile banks to see how other institutions compare.

Jeanne Lee and Amber Murakami-Fester are staff writers at NerdWallet, a personal finance website. Email: jlee@nerdwallet.com or amufe@nerdwallet.com. Twitter: @jlee_jeanne or @iamyams

Updated Aug. 30, 2017.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.