Capital One 360 Savings review + rate June 2019 | finder.com

Capital One 360 Savings review

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Capital One 360 Savings
  • 1% APY
  • No monthly fees to keep your account going
  • $0 to open or keep the account

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Start earning interest on your first dollar with this no-fee savings account.

finder.com’s rating: 4.6 / 5.0

★★★★★

Savings accounts are popular for parking your money and accumulating interest. And if you’re comfortable online, you’ll find options offering higher yields than your local bank — not to mention more features.

The Capital One 360 Savings Account is all about simplicity. It’s easy to sign up for an account and start earning interest thanks to no fees, no minimum balances and a 1% APY that’s 10 times the national average.

APY1.00%
Fee$0
Minimum deposit to open$0
Interest compoundingMonthly
Monthly transaction limit6

What are the benefits of a savings account with Capital One?

Capital One shines when it comes to saving and goal setting, and this account is one of its best banking products. In addition to its solid customer service and online accessibility options, its benefits include:

  • No fees. It costs nothing to open or maintain an account, or use any of the 39,000 ATMs around the US.
  • No minimum balance. Deposit as much or as little as you want into this savings account.
  • Convenient deposit methods. Deposit money online, by mail and via the app by uploading photos of checks. You can also receive wire transfers and deposit checks or cash in compatible Capital One ATMs.
  • High interest rate. The account’s interest rate is 1% APY — many banks offer a low 0.01%.
  • Automatic Savings Plan. Speed up your savings with automatic fixed transfers from your other Capital One bank accounts.

What should I look out for?

No account is perfect. With the 360 Savings account, these factors may sway your decision:

  • Expensive outbound wires. The bank charges $30 to process outbound domestic wires. You’ll also need to fill out a Wire Request Form.
  • Cap on transactions. If you make more than six transactions in a month, including transfers between accounts, Capital One may close your account.
  • Short support window. For account support, access live chat during business hours or call from 8 a.m. to 8 p.m., seven days a week. Outside of those hours, you’ll have to make do with the FAQs.
  • Deposit holds. Cash deposits, ACH direct deposits and incoming wire transfers are typically available on the same business day, while Capital One checks appear the next business day. Checks from other banks tend to take around four business days.

Case study: Adrienne’s experience

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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.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
$0
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2.51%
A first step in helping you build a free financial plan for the life you want and automate your investments at a low cost.
$0
$0
2.10%
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
$0
0.01%
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
$0
$1
2.30%
Get one of the highest interest rates available without high balance requirements or fees.
UFB Direct High Yield Savings
UFB Direct High Yield Savings
$0
$100
2.45%
With an APY of up to 2.45%, it's UFB Direct's highest-yielding savings account.
$0
$100
2.45%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.

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How do I open an account?

Opening an account is as simple as filling out an online form, and Capital One claims the whole process takes five minutes.
Follow these steps:

  1. Go to the Capital One website.
  2. Hover over the Checking & Savings tab and press 360 Savings Account.
  3. On the landing page, click Open Account.
  4. Log in if you have an existing Capital One account, credit card or loan. Otherwise, press No to start the sign-up process.
  5. Select your account type: Single or Joint.
  6. Fill out your Personal, Contact, Citizenship and Employment details.
  7. Review and consent to the Terms & Conditions.
  8. Click Now, Let’s Add Money.
  9. Follow the prompts to fund your initial deposit. Once you’ve confirmed your information, you’ll receive an account number.

Eligibility

To apply for a 360 Savings Account, you must be:

  • A US citizen or permanent resident with a physical address and a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • At least 18 years old

Required information

To speed up your application, keep these details handy:

  • Social Security number or Individual Taxpayer Identification Number
  • A valid driver’s license or state ID

How do I deposit and withdraw money?

With this account, there are a few ways to move your money around:

  • Direct deposit. To enroll in direct deposit with your employer, fill out the direct deposit form on the Capital One site. Provide your account number, routing number and the amount you’d like deposited into your account with each paycheck.
  • Electronic Funds Transfers. Log into the app or your online account to send person-to-person payments using Zelle. You can transfer money from other Capital One or external bank accounts.
  • ATMs. To withdraw money, dip your card into 39,000 Capital One and AllPoint ATMs across the US for free. To find compatible Capital One ATMs to make cash deposits, use the search function and check the Make a Deposit box.
  • Checks. Upload a photo of your check on the Capital One app to make deposits, or go old-school and mail it in.
  • Wires. Transfer funds via domestic wires — but be aware that each outgoing domestic wire costs $30.
  • Branches. Head to a Capital One Café or branch to access ATMs and send wires.

How can I get in touch with customer service?

When you need support, you can contact customer service by:

  • Live chat. Sign into your account for real-time help during business hours.
  • Phone. To chat with an agent, call 888-464-0727 from 8 a.m. to 11 p.m. ET, seven days a week.
  • Branches. Use the site’s search function to find one close to you.
  • Capital One Cafes. The bank has cafes dotted all over the country. You can pop in to withdraw or deposit cash in the ATMs, learn about online or mobile banking and ask for expert financial advice.

Bottom line

Capital One’s major selling point is its savings programs. Offering a high interest rate of 1% and doing away with fees and minimum balances gives you more ways to build your nest egg. Before signing up, compare your options with our guide to savings accounts.

Frequently asked questions

Savings account ratings

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2 Responses

  1. Default Gravatar
    StaceyFebruary 25, 2019

    Can I withdraw money from my capital one 360 savings account in an ATM?

    • Avatarfinder Customer Care
      JoshuaFebruary 26, 2019Staff

      Hi Stacey,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Yes, you can use withdraw money from your Capital One 360 Savings account using your card in an ATM. You can withdraw money by dipping your card into one of the 39,000 Capital One and AllPoint ATMs across the US for free.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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