Case study: Adrienne’s experience
Adrienne Fuller
Publisher
I signed up for Capital One 360 years ago, when they were ING Direct. The interest rate was over 1.2% APY, so it seemed like a better place for my savings than my local bank. I also wanted an account that made it harder to for me to access my money, making it more likely for me to let it build up. With my Wells Fargo account, I can get at my savings almost instantly by transferring to my checking account or walking into a branch. But Capital One 360 Savings takes a few days to clear from that account to my Wells Fargo checking.
The interest rate is still great and doesn’t fluctuate often. I get notices roughly once a year that it’s changing, although I wish there was a place to see the change in rates over time, so that I could compare it with other accounts.
I use Capital One 360 for money I don’t want to touch that will build interest. I have both a rainy-day fund and an emergency fund in there, both with automatic payments I set up for multiple times a month. That way I know I’m going to continue saving, it’s easy to adjust if I have an issue and need to cut back, and I’m satisfied watching my monthly interest accruals go up. Overall, I’m satisfied. But I’m not taking advantage of all of the benefits, like ATM access, without using some of Capital One’s other products, like checking or CDs.
