Capital One 360: A Competitive Banking Option
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It's been a few years since Capital One bought ING DIRECT, the popular bank that conducted most of its operations online. (See also: 7 Banks Still Offering Free Interest-Bearing Checking Accounts)
For most people looking to centralize their banking and find competitive rates, Capital One 360 is a viable option. Capital One 360 makes it easy to access all of your accounts, including your investment accounts, from your account summary.
Features and Benefits of Capital One 360
Capital One 360 offers a variety of banking products and services.
360 Savings
This is the classic account that started it all. There are no fees, no minimum deposit requirements, and no catches. Right now, the yield is .40% APY, which is reasonably competitive, especially when you consider that there are no minimums and no fees. It’s easy to link your account to other banks and set up automatic transfers to make saving easy.
Kids Savings Account
My son’s savings account at Capital One 360 kicks the crap out of the 0.20% he was getting at the local credit union. It’s easy to monitor the account from your own dashboard and to teach your child the value of saving early on.
360 Checking
You can open a checking account with Capital One 360 and earn a yield on the balance. Current yield is .10%. Account holders can use over 70,000 Capital One or Allpoint ATMs at no cost.
- This account has no fees and no minimums, and you can use P2P Payments to send money to family and friends for free.
- Bill pay is free, even when you have paper checks sent.
- You can use CheckMate to deposit checks remotely, and the account comes with overdraft protection.
- If you overdraw your account, you won’t end up paying a fee. Instead, you are just charged an interest fee on the overdraft until it’s paid off.
MONEY (Teen Checking)
MONEY is an account created specifically for the teen user. Teach your teen to manage her money with this no fee and no minimum account that earns interest.CDs
The yields on the CDs from Capital One 360 are not as competitive as they could be, ranging from 0.20% to .40%. You can choose your term, and you can also choose when you want to receive your interest payments.
Business Account
Capital One 360 also offers business banking products. You can open a business savings account, or a business CD. The current yield on the business savings account is lower than what you get with personal savings, though.
You can also set up a retirement plan for your small business through Capital One. It’s fairly easy to set up, and you can offer this benefit to your employees.
Bottom Line
Overall, Capital One 360 is a viable competitor. The products offered remain fairly competitive. Additionally, the low-fee, low-hassle structure of the bank makes it easy to open accounts, and avoid watching your wealth erode due to hidden fees and complicated requirements.
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
I've been a member of ING Direct since 2006. I've used the Orange Savings accounts to do some directional saving (such as a Vacation Fund, Christmas Fund, Home Savings Fund, etc.). Unfortunately, I'm not a fan of Capital One so I was disappointed to see them take over ING Direct. Lately, ING Direct's interest rates have fallen below the top and I've finally switched my 4 savings accounts to Ally Bank. Ally is currently offering a higher interest rate than ING Direct/Capital One 360 and it allows you to have multiple savings accounts as ING Direct does. The switch was painless and took around 2 days to move the money to Ally.
I too have been with ING Direct since 2005. Interest rates were just over 5% back then. Over the years, it appeared that that interest rate dropped considerably. I, having a horrible experience with Capital One years ago, moved my accounts over to Ally bank. There interest rates have consistently been higher than ING for a few years now and it's financially wiser to make the switch. Also, Ally has all of the same benefits as Capital One in addition to having no ATM fee at any ATM, nationwide. The search for a specific ATM is over!
So far, I do not have any complaints about Capital One 360. I signed up a couple years ago, back when it was still under ING. I have had to call their customer service a few times, but every time I have they went over the top to make sure things went well. You actually get to speak to someone here in the U.S. - not someone halfway across the world. In any company these days, that's hard to come by. Their interest rates used to be better, but they're still great. Overdrafts (if you need them) are just a percentage, so you won't get nailed with a huge fee if you pay it back right away. If you want to open an account, or take a look at the different accounts they have, here's a link to their site:
If anyone is looking to open a Capital One 360 account, here's a link to their site:
How long have you worked for Capital One?
Capital One 360 is a great savings account. Their interest rate is higher than all Brick and Mortar Banks and higher than most online banks. They also offer a $25 bonus if you open with a $250 deposit! ($50 Bonus for checking no Min balance or opening deposit)
Their customer service is top notch and very easy to understand. Their accounts are also very very easy to sit up and they offer a very secure interface to register an account.
You can also transfer money between your savings account and your capital one 360 checking account very easily as well..
My one complaint is that they hold your transfer longer than Ally or my regular brink and mortar bank. If you are using this for savings this is not a bad thing. They usually release the transfer in about 5 days. (this does not apply for their checking account)
Overall I would highly recommend this bank to anyone interested! They also have a checking account promotion currently running.
This bank really takes security into great deal.They have great deals and very low fees.They do not charge an over draft fee,just a very small amount of interest if you do over draft.
I have an account with Capital One 360, and have found it to be easy to use. It has a high interest rate, but because I know of other banks that are higher, it is possible that I might switch sometime soon.
Would I recommend this account to people? Sure. Is it something I'm super thrilled about? Not so much. But it's a solid savings account.
Capital One 360 is terrible so I was sorry to see ING go. I plan to dump the 360 account this month. Their phone system has long hold times, their online system keeps changing the security questions that were never asked originally and logging in has become a chore with the new website design.
I hate everything about them. They have money hold times that are twice as long as ING’s. The website is often undergoing “retooling” so you are locked out. Their representatives are unhelpful at best and liars at worst. Put your money elsewhere. Capital One 360 not a good account.
really, i've never had any of those problems and so far nothing has changed besides the name
Really? That's funny because about 80% of people on credit karma say the exact same thing
Until they were purchased I was an ING customer for 7 years. In general the 360 banking is fine, but gaining access to my account is a real chore. If you forget your pin, they have to mail it to you and you have no access for 5 days - sorry , no easy reset with DOB, Soc. Sec#, home address, phone, last deposit/withdrawl amounts. My latest experience had the rep suggesting he transfer money to a linked account and I use that bank until the new PIN arrived. My advice to Capital One - embrace technology and balance security and convenience.
I too have experienced that inconvenience with the pin #. Overall, my experience with ING/Capital One has been a nightmare. I never liked the fact that you never get statements in the mail... not even the end of year 1099. I always end up forgetting to report my 360 interest. And that on-screen touchpad to enter your pin... just give me a text box already! I went to close out my account tonight, but customer service closes at 8 PM. What's up with that? You're an INTERNET BANK!
I have a joint checking account with my Mom and opened us a new 360 account because I'm tired of my old banks fees. So far, I don't like it. Just signing into the account is awful. On top of that, it takes 2-4 business days for your account to be "fully established" and you can only link one other account to transfer funds to/from in the first 30 days. I have my own checking and savings account with Ally Bank and I like them so much more. Their whole website is easier to use and understand. I wish I had just opened another account with them. Capital One 360 is restricting to say the least.
Finally closed my account with them. They went downhill after ING. I'm currently searching for another online bank.
I have been a long trem ING direct customer. When Capitalone360 purchased ING I was very concerned but willing to give the benefit of the dount.
Without rattling on about a great number of small inconveniences like the extra steps in the mobile app I will instead focus on the one big issue that is in my opinion a deal breaker: I can't ever log in to my account.
I work in IT and as such, passwords, and accurately remembering them is someong I do fairly regularly. I'm not perfect, but in my years with ING, I never had an issue remembering my sign in PIN.
Since the buyout I have to cycle between 4 browsers (IE x86, chrome, firefox, and opera) to see which will accept my PIN. Initially I was worried I was screwing up but out of 13 calls to customer service, I've been able to authenticate with my PIN 13 times so the issue is not likely me. Every time I go to log in I get a "your pin is incorrect" message and have to start altering browsers. IE (32 bit only) seems to have the best success rate at around 60% but IE is NOT my main browser and I am very dissatisfied to have to log in with a different browser each time.
I have called and left VERY detailed descriptions of my issue with time stamps (to the second) and gone as far as to offer wireshark captures of what I'm getting in response but in the 3 months I've been actively trying they can't seem to resolve this.
This is an online banking account, and as such my ability to log in whenever I need is a paramount concern, Capitalone has managed to break a good and existing relationship beyond repair. Look somewhere else for an online bank or be prepared to go through a lot of phone support to get things going.
I will say their phone support agents have increased in quality but that doesn't fix the underlying problem.
I have the worst experience with Capital one 360. This is the worst place to bank with when you try to close your account and get your balance out.
I've banked with ing since 2007. Now with capital one 360, interacting with my accounts is such a chore. I've noticed that it takes a minimum of 5 days for the money I deposit to become available, and this is only after they receive it, which usually adds a couple days more. To transfer from Sharebuilder to the 360 account, also takes 5 days. So, that means, to pull money out of Sharebuilder, it will take upwards of two weeks before my money ever reaches a bank I can physically touch the money... Needless to say, I am going through the motions to close all accounts.
What a shame...
It is very difficult to open a Savings or Checking Capital 360 account if you are not an American citizen. I am a permanent (legal) resident and I have had my application denied several times over the last two years. Calling them does not make any difference, the representatives will "advise" you to call again in a year or two (or when you are a citizen).
It is ridiculous as you are not asking for a loan or a line of credit, you want to give THEM YOUR MONEY!
It was much easier to me to open an account with TD Ameritrade. They also offer checking, savings and money market accounts. On plus, you can trade shares with them. Too bad Capital One 360 is not as much accommodating because I really like the ShareBuilder platform. But I supposed they hate immigrants ... Nevertheless, aren't we all?
They took 30 minutes to say I was initially approved.
It then took 3 months and hundreds of hours and constant reassuring that I would be approved before being rejected.
I asked at least four times if we should stop because the process was intolerable. They assured me I was in good standing and they just needed to get the documents. After all that and $500 in expenses, I was turned down.
This group is not trustworthy. If you have any other options....TAKE THEM!
If I owe money to Capital One Credit cards can they pull from my Cap 360 Account now?
I have had Capital One 360 account since 2010 so I cannot comment as to ING Direct, but I will be closing my account as soon as I get access to my money. I will be closing escrow the next week on a home and had roughly 25k that was transferred into my Capital One account via ACH Direct Deposit on 4/6/14. The funds had complete swept over today 4/9/14. I needed to transfer that and the remaining balance to my US Bank account because I need to wire the money on 4/15/14 to the escrow company to finalize the purchase of my home. I transferred money from four other bank accounts on 4/6/14 and all those cleared by 4/9/14. I find out today, that Capital One has placed a hold on the entire 25k until 4/16/14. The funds and account info has complete swept to my Capital One account, but they are holding the money due to set internal policies.
I spoke to four different representatives who all basically told me it is there policy to hold ACH transfers for five additional days and there is nothing I can do to get the hold removed. I am not an expert, but I believe this violates section 229.10 of the FDIC. Either way, I will not bank with a company who arbitrarily sets their own rules and places holds on their customer's money with no regard as to the outcome to those policies. There are far to many better banks out there that value their customers.
I've been an ING customer since 2007. I loved them. My money was available quickly. If I made a transfer from a linked account I got the money faster and there were no overdraft fees. ( That's the main reason I chose them) Since they moved to Capital one 1st they told me they would just charge me interest on anything overdrafted now they've changed it to were I get emails saying a payment was processed due to NSF and they threaten to close down my account. I've been with ING for 7 years and never had an issue with threatening to close my account. If the funds weren't there they didn't pay it and never once complianed.
Then they told me if they did close it I'd have to wait 2 weeks to receive my money!!! They havent' closed it yet, but I have moved my direct deposit paychecks to a prepaid card while I find a new bank. I am going to look into this Ally. I've heard of them but never tried them. I am also looking for a local bank.
1 more thing, I transferred funds from a linked account Sunday. The funds won't be available until Weds. Now if I am trying to stop something from overdrawing... how is this helpful. At a regular bank as long as the money is deposited by 3pm on Monday, the funds will be available on Tues to clear checks. Why does Capital One keep it another day? I've never had a bounced payroll or deposit with them ever...
The website is horrible. Can't use the version of IE am running.
Problems with the Capital One 360 Checking:
Poor Customer Service - I mean poor, takes 3+ days to respond to an email - NOT friendly - I was actually sent an email that they would no longer be responding to my inquiries
Like another reviewer stated, pending transactions will disappear and then reappear, so it is not always accurate when you check your checking balance.
Deposits take forever to be deposited. I had a check take up to 7 days to be available in my account. Ridiculous.
Depositing cash is a huge hassle - although they do allow you to do that now
They all of a sudden cancelled my husband's check card due to a security breach and did not notify him at all. It was the strangest thing. We were out of town and his check card was getting declined. Luckily, I was with him. If not, he would have been stranded out of town with no access to any money. Thanks Capital One 360!
Has really gone down hill since Capital One 360 bought ING Direct. I'm very sad that it is no longer ING. Capital One is a horrible company and I will be closing all of my accounts with them soon.
I suggest looking elsewhere.
I do not understand why your cannot assign a beneficiary to a Capital One 360 account. Either you have to do a trust, etc., or forget it. I feel like there is a hidden agenda in regards to your money, and it is your money so you should be able to designate a beneficiary. When I call Capital One 360 they just give me the same old song and dance "saying that is just what they have elected to do" but no reason why. I do have concerns as I think there would be many other people who have the same questions.
Yes, I have the exact same concerns. I have dealt with many banks and all other banks would allow you to specify beneficiaries. I have two theories: 1. Without specification of beneficiaries, Capital One does not need to seek out the beneficiaries to give them the money upon the death of an account owner. If the beneficiaries of the will does not take the initiative to approach Capital One and offer all the required documentations such as a valid will, Capital One can pocket all that proceeds without having to pay out. 2. FDIC insurance coverage calculation takes into consideration the number of beneficiaries. Without any POD beneficiaries, the FDIC coverage is significantly reduced. Likely, Capital One 360 is doing it for both reasons. Quite sneaky and unethical, in my opinion. Because of it, I don't think i want to add more savings to my Capital One 360 account. I want to eventually move all my savings out. Can't trust a company with this type of practice.
Having read all the negative comments, I will no doubt go elsewhere. I too was a fan of ING Direct.
They make too many mistakes.
I have a Capital One 360 account that was originally an ING account.
I would be out $1790 if I didn’t catch their mistake, then I asked them for my statements going back which they sent,and they send me somebody else’s statements.