Capital One 360 Savings Review

What is Capital One 360?

Capital One 360 ​​is a suite of products including savings accounts, checking accounts and CDs through the financial services Capital that is giant one. Most 360 products are designed as online or accounts that are online-only. The Performance family savings can be opened as a standalone account or used in combination with other products from inside the Capital One 360 ​​suite.

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ATMs are scattered throughout Capital One, however in limited numbers. full service branchMany on the bank’s branches are located in Washington DC along with other locations are:

  • connecticut
  • Delaware
  • Louisiana
  • Maryland
  • new jersey
  • New York
  • texas
  • Virginia

If you are going to suspend because of access that is limited a brick-and-mortar branch, finally actually Has entered A physical bank branch where you deposit and withdraw money. For most of us, it’s probably been a long time.

How the Capital One 360 ​​Performance Savings Account Works

Capital One 360 ​​works like a brick-and-mortar bank that is traditional. The only difference that is big how you access your account and money.

online banking

Given Cap One’s limited branch network, you may access your account through Cap One’s website or app. that is smartphone only other difference that is significant traditional banks is the method of depositing physical checks. To deposit a check with Capital One 360, simply pull your phone out and take a photograph of both sides on the check. which is it.

goal-oriented savings

One of my features that are favorite the ability to set up multiple accounts on the fly. This is useful for various goals (e.g. emergency fund Also down payment fund).

Open up to 25 personal savings accounts and automate your savings to help define and track your goals that are financial. There are not any fees in order to have accounts that are multiple making it easier to organize your finances in the future.

Easily link checking accounts and credit cards

You can also open a account that is linked free interest Capital One 360 ​​checking account This can include mobile check deposits, debit cards, and huge number of free ATMs nationwide.

Payments are easy and also you get an immediate snapshot of your own balance. You may also seamlessly jump from your own checking account to access your credit quickly card account if you prefer.

convenient customer experience

Capital One 360 ​​offers the most convenient and banking that is easy-to-use’ve knowledgeable about web and mobile apps. I rarely needed it, but contacting a live Capital One 360 ​​customer service representative has also been always an instant and experience that is pleasant

Phone support is available 8am-8pm, better than most banks that are online

Price details

A Capital One 360 ​​Performance family savings will not charge bank that is regular (such as monthly maintenance fees).there is no minimum deposit requirement to open an account.

What is the interest on Capital One 360?

A Capital One 360 ​​Performance Savings Account includes: 3.00% APY.this is the fina end ten times National average. Account balances as much as $250,000 are insured from the FDIC.

According to global consulting firm McKinsey & Company“Branches are expensive and account fully for 1 / 2 of the operating prices for some banks.” This consists of items such as for instance land and rent, utilities and payments to employees to run a branch. increase. Cap One saves you the costs you would normally pay to maintain a large number of bank branches, so you can pay a higher interest rate on your savings account.

Who is the Capital One 360 ​​savings account for?

people who want to do banking that is online*)Capital One 360 ​​is targeted at individuals who do not mind doing a majority of their banking online. This is fine.

People if you’re used to talking to his customer service from home and making mobile his deposits via Cap One’s app who need multiple accounts

You can open up to 25 savings accounts, each tagged with a name that is different goal, making spending less a well-organized experience.

Plus, you will always know where your hard earned money is and exactly what it’s getting used for.

Savings account alternatives

The Capital One 360 ​​Performance family savings offers returns that are great but it’s not the only high-yielding savings option. Below, we compare some of our other savings that are favorite.

Barclays Online Savings

Currently my alternative that is favorite to Capital One 360 ​​Performance Savings Account is Barclays Online Savings Account.

The Cap One’s APY is impressive, but Barclays often outperforms the Cap One slightly. 3.00% To Cap Ones 3.00%It seems like a difference that is tiny however it increases after a while. For instance, he will accrue approximately $15,349 in interest over 30 years with Cap 1 if he has $20,000 in emergency funds in his savings account. At Barclays, he makes about $16,424 during that time. The extra $1,000+ is nothing to scoff at.

Read full review Also Apply now for a Barclays Online Savings Account.

Discover Savings

Discover savings account provide 3.00% APY, there is no deposit that is minimum monthly maintenance fee.

The mobile app is especially user friendly and offers entry to Discover’s award-winning customer support.

Apply for a Discover online savings account.

How to open up a Capital One 360 ​​account

Open and access your Cap One 360 ​​account 24/7. Capital One websitetheir handy mobile appor by phone at 1-888-464-7868.

Screenshot of the Cap One 360 ​​account opening process

Capital One wants a estimate that is rough of income and employment status. No need to verify payslips or other documents to your income. Your estimate that is self-reported is.

Screenshot of the income reporting stage of opening a Cap One 360 ​​account

You don’t have to add money to your account right away, but it’s not considered “open” until you do. Capital One requires that your account be funded within 60 days.

The easiest way to add funds is to link your checking that is external accountor your Capital One checking account, for those who have one) and transfer the funds electronically.

How to finance your Capital One 360 ​​account

How to deposit cash into Capital One 360

Your initial deposit should be from a checking that is personal (not a savings or money market account). Wire transfers are the easiest, but you can also write a check from your linked account.

Capital One walks you through the basics of entering account and routing numbers. There’s no minimum amount that really must be sent due to the fact deposit that is first. Starts at $1 or $5.

Screenshot of first deposit in Cap One 360 ​​account

Once you’ve made your first deposit, you can make future deposits in cash by check (Capital One offers a simple* that is( process), or via wire transfer.

How The checking account you use to make your first deposit remains linked to your savings account to send money to Capital One 360

When you open Performance Savings. It shall then be put up to lead you to easily transfer funds between accounts with no transfer fees. You can easily link as much as 3 checking accounts to your savings.

Banks encourage customers to go for automatic transfers that regularly move specific amounts from checks to savings.

do you know the Capital One 360 ​​deposit limits?

One-time cash deposits are limited by $5,000 each. Check deposits at ATMs are limited by a complete of $999,999.99 every day, with a max deposit that is daily (total) of $5 million.

Frequently Asked Questions

How do I refer a close friend to Capital One 360?

Refer a friend Cap One 360

Capital One provides a referral that is personal on your account overview page (the first page you see when you sign in to your account). A menu that is drop-down the choice to mention a pal.

How to close your Capital One 360 ​​account

Screenshot of Closing a Cap One 360 ​​account

You can cancel your Capital One 360 ​​account online or by phone, not through the app. that is mobile logging into your account,[Close Account]from the menu

Select an option. You can cancel by phone by calling 1-800-227-4825 (8am to ET that is 11pm). A representative shall guide you through the process.

Overview

The Capital One 360 ​​Performance Savings Account offers APY that is excellent especially when compared to traditional brick and mortar banks. There are additionally some select locations that are physical those who prefer the best of both worlds.

But What makes this account truly special is the known undeniable fact that you can get as much as 25 savings sub-accounts, making saving for multiple purposes incredibly easy.

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