Capital One 360 Savings Account Review

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Last updated on June 3, 2018 Views: 1422 Comments: 42

Capital One 360 is one of the oldest online banks. In this review, we look at the savings products it offers, the interest rates, and the fees.

When Capital One purchased ING Direct to create Capital One 360, it made a splash in the online savings account market. Now, Capital One 360 offers a whole host of fee-free online savings account options that are easy to use. Here, we’ll talk about the accounts 360 offers, including their key features and fees.

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Savings Accounts Offered

Currently, Capital One has three true savings account offerings, as well as some IRA and CD options. Since this review is focused on pure savings accounts, we’ll skip these latter two options. The savings accounts include:

  • 360 Savings: This is the traditional FDIC-insured online savings account on offer. It has a 1.00% APY and a $0 minimum balance.
  • 360 Money Market: This account offers up to 1.50% APY, depending on your balance. But you need to have a balance of at least $10,000 to get the higher APY.
  • Kids Savings Account: This one looks a lot like the typical 360 Savings, with a 1.00% APY. But it has some additional features that are just for kids.

We’ll break out the features and fees associated with each account, and then talk about which one might be right for your particular needs.

360 Savings Account

This fee-free account offers a 1.00% APY. It’s not the highest in the market for online accounts, but it’s also not the lowest. And the fee-free account with no minimum deposit makes it a good option for those who don’t have a ton to put into savings right away. Of course, the account is FDIC insured, as well, so you know your money will be safe.

One thing that’s nice about this account is that you can set up an automated savings plan. The account will pull money from your main checking account on a regular basis, whenever you set it. Automating your savings is a great way to become a better saver, so this is a wonderful feature.

Other features include:

  • Free transfers: There’s no fee to transfer money from any external or Capital One account to this savings account.
  • Savings goals: If you want to save for specific things, this is a great option. You can set up a savings goal and keep track of your progress regularly.
  • Mobile check deposit: Snap a picture of a check from your phone, and deposit it into your 360 Savings Account from anywhere.

Speaking of that last feature, Capital One is known for its great mobile app. It lets you do all of your account management conveniently on your phone.

360 Money Market Account

Unless you already have a chunk of change to put into your new Capital One 360 account, skip the Money Market option. Its 1.50% interest rate looks attractive. That is until you realize that you need at least $10,000 to get that rate. Less than that, and you’ll only get .85% APY, which is significantly less than you’ll get with the 360 Savings account.

The other account features are similar, though, including the fee-free structure and the mobile savings tools. But your best bet here is to use the 360 Savings account until you have a $10,000 balance. You could then transfer that money–maybe part of your emergency fund–to the 360 Money Market account to take advantage of the higher interest rates. But until you’ve met that balance threshold, don’t bother.

Kids Savings Account

The Kids Savings Account is a great option if you want to teach your kids to manage their money. It’s very similar to the 360 Savings option. It has the same 1.00% APY, no fees or minimum balances, and online savings tools. You can, for instance, schedule your kids’ allowance to come into their account from yours on a regular basis. Kids can also use the My Savings Goals tool to save for specific things.

The main difference between this account and the adult version is that the app includes parental controls. Adults can sign into the account with their own PIN to manage the account details. And you can keep tabs on how your kids are saving or using their money.

Opening Multiple Accounts

One of the great things about the Capital One 360 system is that its set up to let you easily open multiple linked accounts. You can have up to 25 accounts between 360 Savings and 360 Money Market. This is a great option for saving for specific goals. You could have one account for emergency savings, another for shorter-term savings, and a few more for specific savings goals.

Managing multiple accounts is easy with the Capital One 360 online tools and app. So you don’t have to worry about getting confused as to where your money is or how to access it. You can just sign on online and see where you are on your various savings goals at any given time.

Bottom Line

The bottom line on the Capital One 360 accounts is that they’re a decent option, especially if having multiple savings accounts will help you reach your goals. It doesn’t have the absolute best APY around. If you want that, check out options like Barclays Online Savings, which has a rate of 1.50%.

However, Capital One has become known for its easy-to-use apps and online tools, which is nice. So if you’re looking for an easy way to set up multiple accounts to manage multiple goals, Capital One 360 could be an excellent place to begin.

Article comments

Ray J. Ellis says:

They make too many mistakes.
I have a Capital One 360 account that was originally an ING account.
I would be out $1790 if I didn’t catch their mistake, then I asked them for my statements going back which they sent,and they send me somebody else’s statements.

Anonymous says:

Opened a Capital One “360” business account two months ago and am very pleased. The staff are great (a bit relaxed in their behavior but great non-the-less). Only negative: their initial deposit takes 10 business days even after they receive the external transfer and 5 days on later transfers.

Of note, I don’t like the original Capitol One (without the 360), I’ve had numerous problems over the years and just… read more

Anonymous says:

I recently opened a Capital One 360 account. I called Customer Service to find out how to set up a beneficiary. Capital One 360 does not allow you to set up a beneficiary. They do say you are permitted to list a trust. But without a trust, you cannot designate anyone, and the money would go to probate at time of death. This is a good reason to not have an account with Capital One 360.

Anonymous says:

Spent 50 min on phone only to find out that you are not eligible for any promotions if you Ever had an ING account. They went thru rigorous verification, ran my credit, then my 4th agent said oh, you are not eligible for $ promotions since you had an account w/ING (from over 10yrs ago). Poor practices, misleading/false advertising.

Anonymous says:

Capital one is a joke why send a pre approval then never approve anyone idiots.

Anonymous says:

I am using the 360 savings plan and transfering out from a Chase checking account via
As one of Capital Ones subprime creditcard customers in the past I am just wondering if they can use this account to take back the money that I owe them because on the website it says “credit card payment.”

Anonymous says:

Problems with the Capital One 360 Checking:

Poor Customer Service – I mean poor, takes 3+ days to respond to an email – NOT friendly – I was actually sent an email that they would no longer be responding to my inquiries

Like another reviewer stated, pending transactions will disappear and then reappear, so it is not always accurate when you check your checking balance.

Deposits take forever to be deposited. I had a check take up to 7 days to be available in my account. Ridiculous.

Depositing cash is a huge hassle – although they do allow you to do that now

They all of a sudden cancelled my husband’s check card due to a security breach and did not notify him at all. It was the strangest thing. We were out of town and his check card was getting declined. Luckily, I was with him. If not, he would have been stranded out of town with no access to any money. Thanks Capital One 360!

Has really gone down hill since Capital One 360 bought ING Direct. I’m very sad that it is no longer ING. Capital One is a horrible company and I will be closing all of my accounts with them soon.

I suggest looking elsewhere.

Anonymous says:

I tried to stay loyal since I have been with them for so long, but I can’t take it anymore. After blocking my card due to fraudulent charges, they didn’t even contact me about it!!! I found out when my card was declined.
My husband and I will be closing all of our accounts this week.

Anonymous says:

I have had a great relationship with Capital one for over 13 years now. They have been a wonderful bank to me. I signed up for Capital One 360 thinking that it would be a great extension of that with wonderful new options. It’s NOT! It is overly complicated and the customer service is the worst that I have ever dealt with in my entire life! I wish I was exaggerating. They practically held my money hostage for nearly a month, lied to me (which they later even admitted to), refused to help in even the smallest of ways and were not bright enough to follow the simplest of instructions. They were rude and their behavior was nearly criminal. I am hoping that this does not reflect a new way of business for the entire Capital One baking corporation.

If you want to hold on to your money and prevent yourself from having hours of mind torturing conversations, than do not use this service!

Anonymous says:

i hear ya there. they did same to me too.

Anonymous says:

Sorry that ING was sucked up by this bank. Capital One 360 is terrible. I plan to dump them this month. Their phone system has long hold times, their online system keeps changing the security questions that were never asked originally and logging in has become a chore with the new website design.

I hate everything about them. They have money hold times that are twice as long as ING’s. The website is often undergoing “retooling” so you are locked out. Their representatives are unhelpful at best and liars at worst. Put your money elsewhere. Capital One 360 not a good account and you can get better rates with better treatment.

Anonymous says:

I absolutely agree. Capital One 360 is a risk. Your money is not secure. If you think it is…God help you if you need reimbursement on fraudulent charges. I’m getting ready to take them to small claims court over $400 in fraudulent online charges. After a mere 3 days deliberation and having NO access to my iTunes Account where my debit card was fraudulently charged and the charges are specified, they arbitrarily closed my disputes and refuse to reimburse me. After only 3 days of daily $9.99, $14.99, $1.99, $24.99 daily charges of months and months when no one notified me, they decide I there was no error? I was charged twice when I had no internet. Huh? How is that possible? And yet Capital One 360 keeps denying my claims. Now they’re not letting me into my account where I still have $980 + money waiting to be transferred to my other bank account. Are they holding my money hostage? Will they steal that money? Not while I still have my iPad and my fingers work. Small claims and FDIC here I come.

Anonymous says:

I currently have CapitalOne Online savings account but the rate stink, .5%, Allys have better rate for savings and checking, .84%. Yes I know not that much of a difference.

Im seriously looking into opening up an online checking account instead of a local bank. I was considering opening up a CapitalOne 360 checking and a 360 savings account because the rate is better than what I currently have. My concern is does CapitalOne 360 reimburse you if you dont use an ATM that is part of the AllPoint system? Do they have any drive-up ATM machines? Now-a-days people dont like to have to park their car, go into a store, get money, go back to car and go on their merry way. Ally will reimburse you if there is a fee to use any ATM… just like Schwab.

Anonymous says:

Their rules are straightforward. You can only use Allpoint & CapitalOne ATMs fee-free and you are reimbursed if those ATMs charge you.
BUT … with the Allpoint ATMs, you have to make sure that the specific ATM you use is marked as Allpoint.

Anonymous says:

So far, I do not have any complaints about Capital One 360. I signed up a couple years ago, back when it was still under ING. I have had to call their customer service a few times, but every time I have they went over the top to make sure things went well. You actually get to speak to someone here in the U.S. – not someone halfway across the world. In any company these days, that’s hard to come by. Their interest rates used to be better, but they’re still great. Overdrafts (if you need them) are just a percentage, so you won’t get nailed with a huge fee if you pay it back right away.

[Edited to remove referral link]

Anonymous says:

Capital One 360 is a complete joke. If you make a deposit don’t expect to use it for 10-12 days. My last deposit was placed on hold for 18 days!! So even though my ‘balance’ showed $12,700, they returned a check for $2.86!! Fucking criminals!

Anonymous says:

What kind of deposit was it? I’ve never had them hold a deposit for more than 2-3 days.

I was a bit skeptical at first when Capital One took over.So far I’ve seen no change in service, and have been pleased with the account.

Anonymous says:

The longest I’ve had any check held was 5 business days, according to their rules. It was more than $1000. They credit you with $200 in a day, and give you the rest later.

Anonymous says:

Jason i totally agree with you. A few months ago I needed to pay for a purchase I’d used capital one 360 to save up for. I couldn’t get into my account. I had to call and ask for a new pin to be sent out. It didn’t come. I called them and they had to send again. Finally 5 days later I get a pin. Then it wouldn’t let me in even with the pin. I called. I answered their questions. They said my answers were wrong. Seriously, all my answers were wrong? It had been a full year since I started this account. I explained that I had been victim of ID fraud. I did make my answers difficult but not impossible. All wrong? I doubt that. Finally after two calls not getting anywhere I got a customer service person who didn’t just want to rush through my call in to them. I finally got in but still couldn’t transfer til I find two small deposits they made into my main checking account through another bank. I went to my bank later and asked about these deposits. But they weren’t there. I lost my tolerance of such stupidity and I called again right when I got home. What was there was 12 months prior to this 12 months of biweekly withdrawals from this same account that they said I had to verify. The guy on the phone with me from capital one was pretty surprised himself at this. By 6pm they were showing in my other bank account. Thinking that was the end of my nightmare I made my transfer finally. Ahhhhh, but was again stopped short. My transfer I’d made finally that day wasn’t gonna hit my bank for another three business days and today didn’t count. It was Friday!!!!! Wait a minute. It is MY MONEY. I NEED IT NOW!!!
Since that time I have had good banking experiences with them all but when I need cash now transfered. If western Union can take money from one bank account and get it to a human with a pin code and I.D. just like that, my transfers should be just as fast. A day I can understand (24 hours) I’m nice so I’ll accept a day to wait cuz I know bankers and tellers and computers are busy. But not three (72 business hours) on a verified account.

Anonymous says:

Kim, I understand how you feel about the time it takes to get money transferred, I felt the same way. But here is what I found.
There are 2 types of transfers: 1) from this account to your bank, 2) to your bank, from this account. They may seem the same way. But your bank also has policies as to how money is treated whether it’s pushed into your bank from another account, or pulled from another account into your bank.
Also, I never used Western Union, so I checked them out.
Instant money is only possible with cash, credit card, or debit card.
Putting money into a bank account requires a 3-day wait.

Anonymous says:

Tell me about it. I opened a Capitol One 360 account too with a transfer from my Capitol One checking account. I made this deposit last week and I won’t have access to it (according to the 360 account) for another 7 days. That’s pretty ridiculous–it’s my money and it’s even the same bank! As soon as I can access my money, I am pulling it out and closing the account.

Anonymous says:

I’ve been with ING almost from the beginning. While I came for the interest rates, I stayed for website. It’s easy to use and they keep trying to make it easier. The latest, as you noted, is remote check deposit, where you scan in your check, instead of sending it in.

I was skeptical about Capital One buying INGDirect, given their reputation for horrible credit card customer service. I voiced my opinions to INGDirect, reminding them that they aren’t the only good online bank around. Unlike the sheeple that stick with BofA, no matter how badly they are treated or high the fees become, I have no problems moving my money around.

The latest kudos I give to CapitalOne360 is about the check I sent to a wrong address. When it was returned by the post office, they looked up the correct address, resent the check, notified me of the change, and suggested that I update my address book to reflect the corrected address. That is customer service.

Anonymous says:

“Are you saying that if I open up another bank account using a link to refer myself, I get the bonus???

If you open a new checking account using a referral link with a $250 deposit and leave it for a year and earn a $50 bonus above your normal interest, you’ve effectively raised your interest rate beyond 20% APY.”

Luke Landes says:

No, you can’t refer yourself, and as a new customer, if someone refers you, you can only get a bonus for your first account. But once your account is open, you can then refer your friends, your family, your social media followers, and the public.

Anonymous says:

We’re moving to Ally right now mainly for security reasons. Twice in four months my debit card was comprimised and ING/CapOne Fraud Dept cannot explain or help to understand why. Other banks have security procedures to detect unusual activity (i.e. typically you have charges in Chicago, but now you’re charging in Florida or India). The first time this happened the ING rep was very apologetic and helped me work everything out in terms of contacting the merchant and getting a new card. This second time the Rep (this comprimised happened on Feb 1) acted like I had committed a crime. Very unhelpful and just told me “Your card has been deactivated, and if you claim these charges are fraud you need to request an investigation online.”

Thus, we are now Ally customers and I’m enjoying the experience. I’ve called them three times over the last week and had two online chats. Each time the rep was professional and resolved my issue with no problems.

Anonymous says:

Called three times and two online chats….my goodness.

Anonymous says:

What was the reason you had to call them 3x and have 2 online chats within a week?

Anonymous says:

The one thing that I dislike, and this was an ING thing, that hasn’t changed with Cap1…

anyway – why, when I deposit a check do they hold it for 3 full business days. I just scanned one in on my phone (at about 6pm local time) and it wont be available until 2/12. It’s kind of ridiculous. After the “Check 21” act passed in 2004 a scanned image of a check is no different from a physical check. If I had gone to my “brick and morter bank” and deposited this check it would be available tomorrow. I often go out of my way to stop by the actual bank drive through where the atm DOES EXACTLY THE SAME THING AS MY PHONE instead of waiting the 3 days for it to clear through ING/Cap1.

It’s a strange omission for an otherwise superb bank when it comes to customer service (speaking of ING here…).

Anonymous says:

I noticed that it is faster to deposit your check to your checking account than your savings account.

Anonymous says:

This bugs me quite a bit – why it clears in 2 Business days for the checking account but 5 for the savings is weird and pointless.

javi says:

I have decided to keep my money with Capital One 360 for now, since I haven’t seen any reason to move my money. Luckily there is competition in the online banking market and it won’t be too hard to move my money if an issue does come up.

Anonymous says:

Good luck. We’ve been trying since Oct. to rollover an IRA to another financial IRA. Sent all the hc paperwork. Made seven phone calls. Received seven different answers. Now in email mode and getting more bs and automated (I’m assuming) replies. Last one told us we told us they were unable to move our money to a living trust. None of our correspondence made reference to a living trust. It was supposed to be a simple rollover. I wanted the paper trail of a rollover for IRS. Now I’ll be happy to get my money out.

Ceecee says:

I am willing to give Capital One a chance to see how it goes. I am most focused on the interest rate and will be watching to see if that goes down soon. That being said, I get special offers in the mail for account opening bonuses all the time and they are pretty tempting.

Anonymous says:

The most notable difference for me so far is a big pro — I can now find drive-up ATMs : ).

Anonymous says:

I moved to Ally, but mostly because their interest rate was higher. Simple enough.

Anonymous says:

How much higher was the interest? was it really worth changing over?

Anonymous says:

Honestly, less than 1%, but I also wasn’t into the new UI and such. Super easy to switch, and I like Ally’s style. I am now looking into an account that earns me airline miles each month, so I might move that direction soon…

qixx says:

I’m more likely to hold off until there is a fee increase. The variance in interest rates being less than 1% don’t seem worth it to me. It seems the switch promotions various banks run (switch and get a $100 deposit, ipod, free t-shirt, etc) are a better deal than the small amount of interest switching will generate.

Anonymous says:

My wife and I have used ING Direct since 2001, and we haven’t been all that worried about the switchover. We lived in Germany for most of 2011/2012, and the Capital One Venture credit card was the best thing we could have possibly gotten before we went there: no 2-3% international transaction fees and effectively 2% cash back (we travel a *lot*). In all my customer service dealings, I (fortunately) never had a problem with Capital One.

We use an ING/CapOne360 checking account as the “crossroads” account in our budget system. It’s early, but I haven’t seen anything yet that concerns me about Capital One’s management of the account.

Anonymous says:

So far there’s no change, if you liked ING’s way of doing online savings, there’s no reason to close your new “Capital One 360” accounts.

I personally feel that people who would close their accounts as a knee-jerk reaction to the perception of Cap1 being a “subprime vulture” or some such are ridiculous. You are using a product for the products sake. I’m guessing these are the same people that give 1 star reviews to mobile apps because they can’t get them to run in the first place (seriously how can you review an app if it wont install or run???).

Luke Landes says:

It’s an emotional reaction. I can’t fault people completely for not wanting to deal with a company they’ve had a bad experience with, even if their past experience has no bearing on what they could probably expect for the future. It’s not logical, but fighting against emotions can be difficult. If Capital One 360 were by far the best banking option available, then you wouldn’t want to give up the best for a non-reason, but when there are better rates, and possibly better consumer experiences, available, and switching doesn’t require a lot of work, all I can do is shrug my shoulders.

Anonymous says:

I’m in credit repair mode, and I really appreciate CapitalOne for extending credit to me when I was in a tough place. Things are now improving steadily, and soon I’ll be negotiating with them for a better deal. If they can’t offer one, I’ll move on… it’s just business. I’ve not had any problems dealing with them at all, thus far.