Editorial Review

Capital One 360 Bank Review: Checking, Savings and CDs

If you want a consumer-friendly online bank that doesn’t have monthly services fees, Capital One could suit you well.

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Overall bank rating

Capital One
  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.5

NerdWallet rating 

The bottom line: Capital One 360 offers a top-of-the-line bank experience with strong customer support. Its checking and savings accounts also earn solid rates and don’t charge monthly fees. Capital One has flexible overdraft options, though its overdraft charge is high.

Pros

  • High interest rates and low fees.

  • No minimum balance to open checking, savings and CDs.

  • Sign-up bonus on the savings account.

Cons

  • Opt-in overdraft fees can be steep.

Full review

Capital One 360 Performance Savings™

Capital One 360 Performance Savings™

5.0

NerdWallet rating 
APY

1.30%

With $0 minimum balance

Bonus

$500

Requirements to qualify

The Capital One 360 Performance Savings Account interest rate is 1.30% APY, significantly higher than the national average of 0.06%. There’s no minimum deposit required to open one, and no monthly maintenance fee.

» Compare Capital One's savings rate to those of other online banks.

Capital One 360 Checking®

Capital One 360 Checking®

4.5

NerdWallet rating 
Monthly Fee

$0

APY

0.20%

With $0 minimum balance

It's somewhat rare to find a no-monthly-fee checking account that pays interest, but Capital One 360 Checking does: 0.20% APY on all balances, and there's no monthly fee to boot. There's also no opening balance requirement, and in addition to Capital One-branded ATMs, you have free access to the Allpoint network, for a total of over 39,000 ATMs.

But don’t expect a bank branch on every corner. Capital One's 360 accounts are primarily online, with deposits available through bank transfers, mobile apps and direct deposit. If you’re close to a Capital One-branded ATM, including those at Capital One Cafes, or at a branch, you can make a physical check deposit there.

» For other excellent options, take a look at NerdWallet’s best online checking accounts.

Capital One CD

Capital One CD

4.0

NerdWallet rating 
1-year APY

1.00%

3-year APY

1.20%

5-year APY

1.30%

Minimum Deposit

$0

CD rates are generally higher than you will find at many brick and mortar banks. There's no minimum balance required, and if you end up withdrawing early, the most you pay is six months' worth of interest, even for five-year terms. Some banks charge a year of interest.

If you plan to withdraw money in less than a year, note that Capital One 360 CDs with terms of nine months or less have rates that are lower than the yields on its own savings account. You may be better off putting your money in savings instead.

» Looking for the highest CD rates? See what banks are offering this month.

Banking experience

4.5

NerdWallet rating 

Capital One 360 accounts boast some of the best mobile experiences for a bank, with app store ratings averaging 4.7 out of 5 stars. And if you need to talk to a person, reps are available by phone seven days a week, including evening hours. Chat is also available for logged-in customers, and there's support via Twitter as well. The bank also has Capital One Cafés in select states. These locations are hybrid offices where you can explore banking options, speak to a representative, open an account, get coffee and use free Wi-Fi.

But if you want to visit a branch, there's scattered brick-and-mortar coverage. Branches are located in fewer than 10 states plus Washington, D.C.

Overdraft fees

3.5

NerdWallet rating 

For those who opt in to overdraft service, the bank charges a whopping $35 overdraft fee per transaction, up to four items a day. But it also offers a feature called Next Day Grace, which gives you one business day to make a deposit large enough to bring your account up to a positive balance. If you do that, the fees are waived.

The bank also offers free transfers from your savings account to cover an overdraft. Some banks charge $12 or more for this service.  For those who don’t opt in to overdraft protection, transactions that would cause your account to go negative would be declined.

Capital One 360 Performance Savings™

Capital One 360 Performance Savings™

5.0

NerdWallet rating 
APY

1.30%

With $0 minimum balance

Bonus

$500

Requirements to qualify

The Capital One 360 Performance Savings Account interest rate is 1.30% APY, significantly higher than the national average of 0.06%. There’s no minimum deposit required to open one, and no monthly maintenance fee.

» Compare Capital One's savings rate to those of other online banks.

Capital One 360 Checking®

Capital One 360 Checking®

4.5

NerdWallet rating 
Monthly Fee

$0

APY

0.20%

With $0 minimum balance

It's somewhat rare to find a no-monthly-fee checking account that pays interest, but Capital One 360 Checking does: 0.20% APY on all balances, and there's no monthly fee to boot. There's also no opening balance requirement, and in addition to Capital One-branded ATMs, you have free access to the Allpoint network, for a total of over 39,000 ATMs.

But don’t expect a bank branch on every corner. Capital One's 360 accounts are primarily online, with deposits available through bank transfers, mobile apps and direct deposit. If you’re close to a Capital One-branded ATM, including those at Capital One Cafes, or at a branch, you can make a physical check deposit there.

» For other excellent options, take a look at NerdWallet’s best online checking accounts.

Capital One CD

Capital One CD

4.0

NerdWallet rating 
1-year APY

1.00%

3-year APY

1.20%

5-year APY

1.30%

Minimum Deposit

$0

CD rates are generally higher than you will find at many brick and mortar banks. There's no minimum balance required, and if you end up withdrawing early, the most you pay is six months' worth of interest, even for five-year terms. Some banks charge a year of interest.

If you plan to withdraw money in less than a year, note that Capital One 360 CDs with terms of nine months or less have rates that are lower than the yields on its own savings account. You may be better off putting your money in savings instead.

» Looking for the highest CD rates? See what banks are offering this month.

4.5

NerdWallet rating 

Capital One 360 accounts boast some of the best mobile experiences for a bank, with app store ratings averaging 4.7 out of 5 stars. And if you need to talk to a person, reps are available by phone seven days a week, including evening hours. Chat is also available for logged-in customers, and there's support via Twitter as well. The bank also has Capital One Cafés in select states. These locations are hybrid offices where you can explore banking options, speak to a representative, open an account, get coffee and use free Wi-Fi.

But if you want to visit a branch, there's scattered brick-and-mortar coverage. Branches are located in fewer than 10 states plus Washington, D.C.

3.5

NerdWallet rating 

For those who opt in to overdraft service, the bank charges a whopping $35 overdraft fee per transaction, up to four items a day. But it also offers a feature called Next Day Grace, which gives you one business day to make a deposit large enough to bring your account up to a positive balance. If you do that, the fees are waived.

The bank also offers free transfers from your savings account to cover an overdraft. Some banks charge $12 or more for this service.  For those who don’t opt in to overdraft protection, transactions that would cause your account to go negative would be declined.

How does Capital One compare?

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$500

Requirements to qualify

RATING 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, banking 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.