Banking (MP) Capital One bank 360 was founded in 1933 and is headquartered in Mclean, VA. The company offers a broad spectrum of financial products and services to consumers, small businesses, and commercial clients. A few years ago Capital One bought ING Direct, the popular online bank and now operates over 1,000 branches in 9 states with both online and mobile services available.
Based on its fees, size, and account interest rates this bank receives a MP Rating of 4.2 out of 5, which is nearing the average of 4.3 for a national bank.
Capital One 360 Bank Review
Opening a Capital One 360 checking account will allow you to earn a yield on the balance. Current yields range from 0.20% to 0.80%, depending on how much money you have in the account. There are 2,000 Cap One ATMs in addition to 38,000 fee-free Allpoint ATMs account holders can use.
⇒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.
⇒Use a mobile app or computer to deposit checks from anywhere with CheckMate.
⇒No foreign transaction fee
Capital One 360 Overdraft
If you overdraw your account – you won’t end up paying a flat out fee. Instead, you are just charged an interest fee (currently 11.25%) on the overdraft amount until it’s paid off.
The Capital One 360 Savings account offers an easy way to save money and earn the top-tier yields on your extra cash. The account offers rates far higher than most other banks or credit unions, and there are no monthly fees to worry about
⇒Bounced check: $9 (compare to the national average of $34).
⇒Overdraft: no flat fee – just pay a small amount of interest until you pay back the advance.
⇒Foreign transaction fee: None.
Minimum Balance Requirement
Interest Rates (APR)
Take a look at the APR (annual percentage rate) for Capital One’s credit cards. A good starting point Platinum 10.9%, Venture 13.9% and Classic 20.9% (Most issuers offer interest rates between 14.99% and 21.99%). But if you’re late paying a couple of times there will be hell to pay, watch out.
CD Interest Rates
Here are a few different CD rates from Capital One. The 1-year option has a significantly below-average yield compared to the national average of 0.35%. You may want to choose one with a longer term in order to receive a higher return.
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 use the ShareBuilder 401(k) to set up a retirement plan for your small business. It’s fairly easy to set up, and you can offer this benefit to your employees.
Capital One 360 offers many great mobile and online banking options to meet customer needs.
⇒Mobile check deposits – iPhone and Android devices.
⇒Transfer money between your personal accounts through online banking or mobile app.
⇒Mobile bill pays.
⇒Send money to friends easily with Bump Money.
Checkout our post about Capital One Secured Credit Card.