Capital One 360 Money Market review March 2019 | finder.com

Capital One 360 Money Market review

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Capital One 360 Money Market
  • 2.00% APY for balances of $10,000+
  • No monthly fees to open or maintain your account
  • All deposits FDIC insured up to the allowable limits

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If you’ve saved $10,000 or more, this money market account has one of the best rates in the country.

Some banks are better at prodding you to save than others, and Capital One 360 is right up there with the best. Its money market account is free to open and maintain and has two annual percentage yield (APY) tiers. You’ll earn 0.85% on balances up to $9,999.99 and 2% on those that hit the $10,000 mark.

As an account holder, you’ll also get access to the bank’s brilliant savings and goal-setting tools, but you won’t be able to write checks.

APY2.00% on balances of $10,000+
0.85% on balances of $0 to $9,999.99
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingMonthly
Monthly transaction limit6

What are the benefits of a money market account with Capital One?

If Capital One has one major selling point, it would be its savings accounts. The 360 Money Market account has built-in features that give you the opportunity and incentive to save. In addition to being secure and fee-free, its benefits include:

  • No minimum balance. You can stash as much or as little cash as you want into this account and earn interest. If you have less than $10,000, look into the savings account — you can earn 1% on all balances.
  • Easy deposits. Send electronic transfers, receive domestic wires or deposit checks or cash in over 39,000 compatible Capital One ATMs.
  • High interest rate. With this online account, you’ll earn a 0.85% APY on balances up to $9,999.99 and 2% APY on those over $10,000.
  • Automatic Savings Plan. Reach your goals faster by transferring a fixed amount of money from your linked checking account to your 360 Money Market account.
  • Flexible with linked accounts. You can move your money to and from a Capital One account or an account with a different bank.

What should I look out for?

Like all bank accounts, the 360 Money Market account has its drawbacks. These include:

  • No debit card or checks. The account doesn’t come with a debit card or the ability to write checks, which can make withdrawals inconvenient.
  • Doesn’t support international wire transfers. With this money market account, you can’t send or receive international wires.
  • Short support window. While the Interactive Phone Service is available around-the-clock, if you want to speak to a human, you’ll have to call customer service between 8 a.m. and 8 p.m. seven days a week.
  • Expensive outbound wires. The bank charges $30 to process outbound domestic wires.
  • Limited transactions. In alignment with federal law, the account has a limit of six withdrawals per month, which includes internal transfers. If you exceed this, Capital One may close your account.

Compare with other money market accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
$0
$100
$25,000
or set up a direct deposit of $100+ each month
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.
$15 per month
(can be waived)
$25
$0
2.40%
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
$0
$100
$0
1.85%
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.
$0
$0
$0
2.00%
A high-interest, fee-free online bank account that helps you save.
$0
$5
$0.01
1.77%
With no fees and a high interest rate, this account gives you plenty of incentive to save.
$10 per month
(can be waived)
$2,500
$2,500
2.00%
Earn high yields with flexible access to your cash.

Compare up to 4 providers

How do I open an account?

You can open a 360 Money Market account online or in person at a Capital One branch. The bank claims it takes just five minutes to fill out the online form. To do this, follow these steps:

    1. Head to the Capital One site.
    2. Hover over the Checking & Savings tab and select 360 Money Market.
    3. On the landing page, click Open Account.
    4. Log in if you have an existing Capital One account, credit card or loan. If you don’t, press No.
    5. Select your account type: Single or Joint.
    6. Enter your Personal, Contact, Citizenship and Employment details.
    7. Review and agree to the Terms & Conditions.
    8. Click Now, Let’s Add Money.
    9. Follow the prompts to provide identifying documents and fund your initial deposit. Capital One will confirm your details. You’ll then receive an account number.

Eligibility

To apply for a 360 Money Market account, you must be:

  • A US citizen or permanent resident with a physical address and a valid Social Security number or individual taxpayer identification number.
  • At least 18 years old.

Required information

To breeze through your application, have these details handy:

  • Social Security number or individual taxpayer identification number.
  • Valid driver’s license, state ID or military ID.
  • Details for your linked checking account.

How do I deposit and withdraw money?

There are a few ways to access your money and stash your cash:

  • Electronic Funds Transfers. Sign in to the app or your online account to transfer money from other Capital One or external bank accounts.
  • ATMs. Deposit cash or checks in compatible Capital One ATMs. To find one near you, use the search function on the website and check the Make A Deposit box.
  • Wires. Move money around via domestic wires — at $30 for each domestic wire.
  • Branches. Go to a Capital One Café or branch to access ATMs and send wires.
  • Checks. Quickly deposit a check by uploading a photo of it to the Capital One app, bringing it to a branch or mailing it in. The 360 Money Market account doesn’t come with checks, so you won’t be able to send funds that way.
  • Direct deposit. To enroll in direct deposit with your employer, fill out this form.
    Include your account number and routing number, and specify the amount you’d like deposited into your account from each paycheck.

If you’d prefer to pick up the phone, you can withdraw money by calling the Interactive Phone Service at 888-464-7868 any time.

How can I get in touch with customer service?

Got questions? You can contact the customer service team in the following ways:

  • Live chat. Log in to your account for real-time help during business hours.
  • Phone. To speak to someone, dial 877-514-2265 between 8 a.m. and 8 p.m., seven days a week.
  • Interactive phone service. If you’re fine with following prompts, call 888-464-7868.
  • Branches. Head to Capital One’s website to locate a branch near you.
  • Capital One Cafes. Drop by to withdraw or deposit money, learn more about banking or speak to an associate over a cup of coffee. There are cafes across the country.

Bottom line

Money market accounts are designed to speed up saving, and Capital One 360’s is among the best with its high interest rate, automated savings programs and no fees that eat away at your deposits.

However, it doesn’t come with check-writing privileges or an ATM card, and that lack of flexibility can make it tedious to access your money.

To make an informed decision, compare your options with our guide to money market accounts.
Capital One Kids Savings Account review

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4 Responses

  1. Default Gravatar
    Pagrawa20March 12, 2019

    Is there any fee for depositing and withdrawing money by transferring money to and fro between different bank accounts ?

    • finder Customer Care
      johnbasanesMarch 13, 2019Staff

      Hi Pagrawa20,

      Thank you for reaching out to Finder.

      Yes there are fees associated when making transfers between banks. Specific to Capital One 360, the bank charges $30 to process outbound domestic wires and does not support international wire transfers. You may need to confirm with the other bank on fees associated with money transfer. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    AndreaMarch 11, 2019

    So to deposit money with no debit card how is it done? Please explain so I know what to do at the ATM .

    • finder Customer Care
      johnbasanesMarch 12, 2019Staff

      Hi Andrea,

      Thank you for reaching out to Finder.

      First, you would need to locate an ATM that accepts cash deposits. These ATMs have bigger slot where you could place the cash when you deposit through them. Once you have located one, ensure that you memorized your account number where the money would be deposited as this will be asked by the ATM. Follow the prompts provided by the ATM until you successfully deposited the amount. Hope this helps!

      Cheers,
      Reggie

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