Capital One 360 is a popular online account for checking and savings accounts. It currently pays 4.30% APY as of August 16, 2023. The bank has comparatively higher interest rates, easy online access, easy linking ability from other online banks, remote deposits, and many more.
In this blog, we are going to get a sneak peek of the details of Capital One 360 and how this works.
What is Capital One 360?
Capital One 360 is an online bank. It was created in 2012 when ING sold its American banking branch directly to Capital One.
The ING Direct accounts offered substantially higher interest rates that can easily be found at other banks. However, due to the economic crisis, ING’s parent company had to sell its North American assets.
And now, it is Capital One 360, using the best features of ING Direct along with the financial backing and strong financial products and services and offering to their customers.
Capital One has everything that ING Direct carries, including savings and checking account options, CDs, sub-accounts, and easy access to link your account to another online bank.
What are the features of Capital One 360?
Capital One 360 has a never-ending list of fantastic features that are mentioned below:-
- Users can have multiple bank accounts like checking, savings, money market, CDs, Kids Saving account, and Teen Checking.
- No money is required to open a new account.
- It has over 40,000 free locations: Allpoint ATM Network and Capital One branded ATMs.
- FDIC insures every Capital One 360 account for up to $250,000.
- Capital One 360 offers higher interest-paying checking accounts without any fees, which is very rare.
- You can find full service of Capital One 360 in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, the District of Columbia or their nearby locations.
- This bank offers a chain of trendy cafes with limited banking services but plenty of coffee.
- It is the best feature, as customers can open sub-accounts with different names and account numbers.
- Capital One offers Eno. It is a mobile personal assistant that tracks charges and spending and looks after fraudulent activity. Customers can use this service for virtual numbers for online shopping and answer questions about their bank account balance details and its statement.
How to get started with Capital One 360?
The process of account opening in Capital One 360 is easy. It takes less than 5 minutes to answer all the important questions to give you access to your savings account. These questions include your name, address, social security number, and employment information.
To start your sub-saving account, customers need to follow some given steps.
Step 1. Log into your account, and you will reach the main account page.
Now click on Open an account.
Step 2. Click on OPEN NOW from the first line of the Orange savings section.
Step 3. Choose the type of account you want to open, like a joint, living trust, or living trust joint. After selecting your new account, click Continue for further proceeding.
Step 4. Fill out the information asked on the screen. Here, you can give nicknames to your sub-accounts like emergency fund, Travel fund, Car expenses, etc. The bank provides an account number if you are not using the nickname. You can select the linked bank account and the amount you want to deposit initially in your account. You can start a new account with as little as 50$.
Step 5. Now click on continue, and you will reach the Account Creation Confirmation page to review the accuracy of the information you filled. Two radio buttons will confirm your agreement with the Electronic Delivery Disclosure and the Terms and Conditions.
If you agree, click on both radio buttons and then click on Open account.
Pros of Capital One 360
- Checking Accounts with Interests – Interest-paying checking accounts are rare. It’s like free money.
- No required Minimums – No need to deposit extra money to start getting interested.
- Plentiful ATMs – Multiple ATMs are available near you.
- No international Fees – You can use your 360 Checking account card anywhere without being charged international fees.
- Easy savings – Customers can open up to 25 accounts to save separately to meet different financial goals.
- High APY – There’s no absolute high-paying APY out there. However, it is considerably higher than traditional brick-and-mortar banks.
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Cons of Capital One 360
- Not the absolute highest APY – There is no doubt that Capital One 360 is our favourite, but many banks still offer marginally higher APYs.
- Limited branch access – The branches of Capital One 360 are only limited to eight states + D.C. with full services.
- Customer service available 24/7 – The customers can get their services over the phone seven days a week, but the office closes at 11 p.m. Eastern. But some other banks offer 24/7 customer support.
- Rates are not the highest – Although Capital One 360 has good interest rates, some other banks are offering better interest rates.
Conclusion
Hopefully, the readers will learn how to create sub-accounts in Capital One 360. However, the interest rates shown by Capital One 360 are off-top as they remain competitive and are enough for most people’s requirements.
Despite all the interest rate factors, Capital One 360 gives many benefits and features that fade away all the negative points.