Capital One 360 Checking and Savings Review

Here at, we really push the idea of online banking. There are many reasons for this. Convenience, no fees, and very few penalties are just a few of the many benefits to online banking.

Within the past decade, online banking has taken off. This is great because it creates more competition for the banks (as a customer, competition is always a good thing), but it can also cause confusion because of the many choices. Out of all the online banks, one stands out above the rest and that is Capital One 360 (formerly known as ING Direct).

Before we dive into the details of Capital One 360, let’s take a look at the main benefits.

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*High-interest rate on both checking and savings account

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*No hidden fees (a truly free checking account)

*No Charge ATM Withdrawals from All-Point ATMs (38,000 nationwide)

*Comes with free MasterCard and Checkbook

*Mobile and instant check deposits

Capital One 360 In Depth Review

The main reason most people are afraid to switch to online banking is because they think they are going to be limited in what they can do. with Capital One 360, you’ll get access to everything you would at a brick and mortar bank, plus more.

With Capital One 360 you will haves access to:

  • A High Yield Savings Account
  • A 100% Free Checking Account
  • CDs
  • Investment Accounts
  • FDIC Protection

But what about credit cards, loans, and mortgages?

Even though your 360 account won’t give you direct access to credit cards, loans, and mortgages, the cool thing is the fact that the parent company will (assuming you qualify).

As a 360 customer, you’ll have a much better chance of getting approved for a Capital One credit card, loan, or mortgage.

Savings Account Review

One of my favorite things about Capital One’s savings account options is the high APY. According to Bankrate, the current average APY for a savings account is 0.09%. The APY at Capital One 360 is 0.75%…a HUGE difference.

Other than the awesome APY, here are a few other perks to their saving account option.

Zero Fees

Most banks require you to pay a fee just to have an account. They call this a “maintenance fee”. Although I would really like to know what the “maintenance” is. With a 360 account, you won’t be paying any fees.

Zero Minimums

You can open up an account with $1.00 thanks to their no account minimum rule. As long as you maintain at least one penny in the account, the account will stay open.

24/7 Access

Considering the internet never closes, neither does this bank! You can access your funds 24/7 through their secure online portal or smartphone app.

Multiple Savings Accounts (Amazing Perk)

This is without a doubt my favorite thing about Capital One 360. You are allowed to open up 25 different savings accounts under 1 account.

The reason Capital One decided to do this is because they understand people want to save for various things.

This means you can have a savings account for emergency purposes that never gets touched. You can then start a savings account for that car you want to put a down payment on, then another one for that dream vacation, and yet another one to pay off your mortgage, and so on.

This provides you with a really nice visual and shows you how close you are to reaching your savings goals for each category.

Automatic Savings

To take things a step further with being able to open up multiple accounts, you can set up automatic cash flow so each time you get paid, a pre-determined amount will automatically be deposited into the various savings accounts you have.

This makes saving for each goal automatic and also helps prevent you from overspending. If the money isn’t currently in your main checking account, the odds of spending it go down.

Checking Account Review

One of the best things about a 360 checking account is the fact that it truly is a free account. In fact, you will have a difficult time finding a free account that offers as many perks as a 360 account does.

Below are some of the main features:

Free Debit MasterCard

Right when you sign up, they will mail you a debit Mastercard at no cost, even if you sign up with just one dollar in the account.

No Foreign Transaction Fees

On top of the debit card being issued for free, you can use it overseas with no additional fee. If you spend time traveling this is a huge perk.

No Minimums

Most checking accounts require a minimum balance to be maintained. With a 360 account, as long as your account isn’t negative then it will stay open.

No Overdraft Fees (HUGE BENEFIT)

This benefit can’t be overstated. If you read our guide to banking, you know that overdraft fees can really drain your bank account. It’s best to avoid overdrafts in the first place, but accidents happen. Most banks charge a minimum of $30 PER overdraft. So if you overdraft with 3 transactions, that’s $90 worth of fees.

With a 360 account, they don’t charge any fees. Obviously, you will have to pay the amount you overdrafted back, but they don’t add any additional fees.

Free Money Transfers

Owe your friend some money for lunch but don’t have the cash on hand? No problem. You can send money from your 360 account to another persons bank account for free even if they aren’t a 360 customer.

Free Online Bill Pay

Not much to say about this one. It is a nice feature, although just about all banks offer this now.

Mobile App Check Deposits

Since this is an online bank, you are allowed to deposit a check with your phone or any other device that can download apps and take pictures. The deposits are usually in your bank account ready for use within 24 hours.

Free ATM Use

Since 360 is an online bank, they needed to provide a way for you to get your cash without a fee. They did this by teaming up with AllPoint. So you get Fee-Free access to all AllPoint ATMs (38,000 nationwide).


It’s very rare checking accounts offer interest, but you will actually get a 0.20% APY with a 360 checking account. Although if you are after the interest the majority of your money should be stored in the savings account where the interest is much higher.

Before closing out this section of the review on their checking account, I want to bring special attention to the benefit of no overdraft fees. This is obviously great for everyone, but if you are a parent who is about to give your child a debit card, the benefits of this can’t be overstated.

Most teens who use a debit card for the first time will overdraft, it’s part of the learning process. By avoiding the overdraft fee, this could end up saving you quite a bit of money.

Capital One 360 is For You If:

You Want To Start Online Banking

You don’t have to be great with technology to start online banking, and with Capital One 360, you can get started in just a few minutes thanks to their user-friendly interface.

You Tend to Overdraft

If you overdraft quite a bit, there are clearly some spending issues that need to be worked out, so don’t use the no overdraft fee as an excuse to keep spending. However, while getting the spending issues under control, it’s nice not getting charged a bunch of money for each overdraft.

You Want More Than Just Checking and Savings

One thing that holds people back from signing up with online banking is the fact that most online banks only offer checking and savings accounts. 360 is backed by Capital One, so you will also be able to open a line of credit, get a mortgage, auto loans, personal loans, and so on.

You Have Multiple Savings Goals

As mentioned earlier in this article, one of my favorite things about Capital One 360 is the ability to create up to 25 different savings accounts. This means for each financial goal you have, you can create a new savings account. There’s nothing wrong with keeping all your money in one savings account, but being able to create multiple accounts based on your financial goals gives you a good visual of how close you are to reaching your savings goal for each category. This will provide you with all the motivation you need to keep saving.

Capital One 360 is NOT For You If:

You Need a Physical Location to Go To

Some people really hate the idea of not having a physical bank to go to. If that’s you then 360 is obviously not the bank for you. They do have great support and a number you can call at any time, but if you are the type of person that needs to meet face to face, then you’ll want to skip on 360.

You Want The Highest Possible Interest Rate

360 has a very high-interest rate, brick and mortar banks can’t come close to matching 360’s interest rate. However, there are a few other banks that offer a slightly higher interest rate than 360 does. For example, Ally offers about a 1.0% APY, although they don’t have all the other perks that 360 does.

How to Sign Up

If you read this review and decided Capital One 360 is right for you, you can simply click here to head over to their website and create your account. Go ahead and create a checking account first, and then from there, you can create your first savings account.

Take some time to review the pros and cons of joining this bank. We highly recommend opening up a 360 account, but choosing a bank is a big decision that shouldn’t be rushed.

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