Capital One 360 Review: Pros and Cons

Capital One 360 offers free checking and savings accounts with competitive APY rates. Does it live up to its claims? Find out if it's right for you.

Capital One 360 provides multiple banking products, allowing you to satisfy all your banking needs in one place if you choose.

They offer savings, checking, and CD accounts. Your deposits have the protection of the FDIC and your information is encrypted for your safety.

If you're considering opening a personal checking or savings account, you must check out these promotions.

Keep reading to see our take on Capital One 360 and their offerings.

Deposit Rates

Capital One 360 offers a nice range of banking services that satisfy basic checking and savings needs:

• 360 Checking
  
• 360 Performance Savings
  
• 360 CDs

360 Checking

© CreditDonkey

Capital One 360 Checking account has no minimum deposit, no minimum ongoing balance, and no service fees. It offers a better interest rate compared to other online banks.

Other features include:

• Access your money at over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs.
  
• No foreign transaction fee when you use your debit card abroad.
  
• Online bill pay, with option for automatic payments.
  
• Deposit checks from anywhere by snapping a photo on your phone.
  
• Free first set of checks.

The biggest perk of this checking account is the overdraft options. Instead of automatically charging you for overdrafts, the 360 Checking gives you options. You can choose one of the following choices:^[1]

• Auto decline charges you don't have the funds to cover
  
• Link a Capital One 360 savings account to cover the charges
  
• Use the No-Fee Overdraft option where they may approve transactions that overdraw your account without charging a fee. However, you must promptly deposit additional funds to cover the overdraft.

Compare Checking Accounts

Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Learn More

Expires 5/31/2025

• The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
• The offer is for new checking customers only.
• Offer expires 05/31/2025.
• To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
• Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
• Additional terms and conditions apply. See offer page for more details.
• *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
• Bank of America, N.A. Member FDIC.

Member FDIC

BMO Smart Advantage Checking Account - Earn $350 Cash Bonus*

$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC

Get Deal

Expires 5/2/2025

Member FDIC

BMO Smart Money Checking Account - Earn $350 Cash Bonus*

$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC

Get Deal

Expires 5/2/2025

MONEY Teen Checking

The MONEY checking account is specifically for teenagers to help them learn money management. You and your teen will be joint account holders. Teens can make their own money decisions. You'll have your own username and login and can see what they're up to.

With this checking account, teens can:

• Get a debit card in their own name
  
• Earn a little bit of interest
  
• Make mobile check deposits
  
• Transfer money
  
• Set up direct deposits
  
• Get text alerts and emails

There is no minimum deposit requirement, no account opening fee, and no service fees. When your teen turns 18, he/she can roll over this account into a 360 Checking account.

360 Performance Savings

© CreditDonkey

Capital One 360 Performance Savings account might not offer the highest interest rates compared to some other online banks. But if you want the convenience of checking and savings under one bank, it's not a shabby choice. There are no service fees and no minimum deposit.

Tech-savvy savers will enjoy Capital One 360's mobile app. It's easy to transfer money between Capital One and other bank accounts. They even offer mobile check deposit options.

Compare Savings Accounts

Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Get Deal

• Transfer a one-time deposit of $50,000+ for a Bonus of $300
• 4.10% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• No monthly maintenance fee
• Member FDIC

Terms and Conditions

• There are is no period of time where the customer will be required to maintain the funds.
  
• Account must be open when bonus is credited
  
• Promotion is available per account and Primary customer
  
• Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement
  
• Funding can be deposited in one-deposit or incrementally
  
• Promotion Period will be 3 months or until CIT's goals are met, whichever comes first

Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.

Get Deal

Expires 9/11/2025

Member FDIC

High Yield Savings Account - 4.25% APY

Learn More

on Raisin's Secure Website

• No fees
• $1 minimum deposit
• 24/7 online access
• FDIC insured

Kids Savings

Capital One's Kids Savings Account helps children get into the habit of savings. This is a joint account between you and your child. Kids can sign in and view their balance, but you're the only one with the authority to move money in and out of the account.

The Kids Savings Account offers a very decent APY rate, so children can watch their money grow. There is no monthly service fee and no minimum balance.

360 CDs

Capital One 360 offers CD terms from 6 months to 5 years.^[2] If you don't need to access your money for at least a year, the 12-month CD offers a much higher rate than the Savings account.

There is no minimum deposit. Make sure you choose your term wisely. Withdrawing your money before maturity would result in penalties. While you can't add funds to the account once you open it, Capital One does allow you to open up to 50 CDs at any given time.

Reasons We Like Capital One 360

© CreditDonkey

• There are no monthly fees on deposit accounts. Maintenance fees can quickly eat at your profits, which is why the no-fee standards at Capital One 360 are so favorable. This allows you to meet your savings goals faster without worrying about paying service fees.

• You can have as many as 25 savings accounts . If you have multiple savings goals, you can open as many as 25 savings accounts with Capital One 360. This makes it easier to stay organized and reach your goals faster.

• There is no minimum required balance on deposit products. You can open accounts with as little as $1 if you wish. Most accounts offer the same interest and no fees, no matter the balance.

• You have around-the-clock access to your account. You can access your account on your computer or even your mobile device at any time of day or night.

• You don't pay overdraft fees on your checking account. This is worth mentioning again. Many checking accounts charge $35 per overdraft. Capital One 360 gives you options and even second chances.

• You can make mobile deposits. As long as you have a smartphone, you can make mobile deposits in a matter of minutes. All you need is the Capital One app and access to a camera.

• You can transfer money to friends and family. Using Zelle® within your Capital One mobile app, you can send money to anyone, even if they don't bank with Capital One.

• You can get in-person help in select cities. Many online-only banks don't offer in-person support. Capital One 360 currently has over 50 Capital One "Cafes" throughout the country to support you.

• You can get phone support 7 days a week. Capital One 360 offers customer support from 8 AM to 11 PM, 7 days a week, to help you when you need it.

Reasons You May Want to Look Elsewhere

• You may experience long hold times on deposited checks. Online banking does provide its challenges, which include held funds. Capital One 360 often holds your funds for up to four business days if the deposit exceeds $5,525 on any one day.

• You may wait awhile to talk to a customer service representative. The hold times when you call Capital One have been known to be rather lengthy, which can be frustrating, especially when dealing with your money.

• You want a business savings account. There are no Capital One 360 business banking accounts. If you want a business account, you can open one online, or visit a Capital One branch to open a Capital One Business Savings account. This can be helpful whether you need a rainy day fund or have plans to grow your business.

How It Compares

Ally: Ally is another full-service online bank with a range of products. If you want more flexibility for your CDs, Ally may be the better choice. It offers higher rates for short-term CDs. And it has several CD options to choose from, including a No Penalty and Raise Your Rate CD.

Synchrony Bank: Synchrony Bank offers one of the best rates for their Savings account. And it also comes with an ATM card for easy withdrawals, so you may prefer that if you want more flexibility. But it has no checking option.

Marcus by Goldman Sachs: If you are in the market strictly for CDs, Marcus by Goldman Sachs offers high-yield products with many options. They do not, however, offer checking account programs. They are more of an investment/savings vehicle.

Bottom Line: Is Capital One 360 Good?

Capital One 360 is a viable option for those who want the higher interest rates of an online bank without all of the fees. You'll have to have some patience when waiting to access your funds or when you need phone support, though.

If you can independently manage your finances and are tech-savvy, however, this could be a bank that will help you avoid the pesky fees that brick-and-mortar banks tend to charge.

References