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No Initial Deposit Checking Account
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Conclusion: Capital One is a strong bank overall. You earn competitive rates on online savings accounts and CDs.
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Capital One does not require an initial deposit or minimum account balance and does not charge a monthly service fee.
The Capital One 360 Performance Savings Account pays high interest. You can find a higher interest rate at some other major banks, but it's definitely one of the best. Your child can earn 0.30% Annual Return (APY) in a child savings account, and the rate increases to the regular rate when they turn 18.
Capital One 360 Performance Savings makes it easy to save for different goals. Set a savings goal and target amount, then schedule recurring transfers from your Capital One 360 checking account until you've saved the full amount.
Capital One doesn't charge any fees for foreign transactions, making it a great option for casual travelers. There are no monthly fees and the bank offers multiple overdraft protection options. The account also has an early direct deposit feature, allowing you to receive paychecks up to two days early.
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The duration of the Capital One 360 CDs varies from six months to five years. What sets Capital One apart is that no initial deposit is required to open a CD - most banks require a minimum of $500.
Capital One doesn't offer as many types of CDs as some banks do. For example, you cannot open a penalty or a jumbo CD with Capital One. Your only option is a regular CD.
Capital One has hundreds of locations in Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington DC. There are also dozens of Capital One coffee shops where you can grab a Peet's Coffee®, chat with a Money Coach and open a bank account.
Capital One 360 is the online operation of Capital One. You can get a hybrid in-person/online banking experience if you live near a branch or coffee shop, or you can bank entirely online with Capital One 360.
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Capital One's website is easy to navigate and the mobile app has a 4.9 star rating out of 5 on the Apple Store and 4.6 stars out of 5 on the Google Play Store.
Once you create an online account, you can chat with a live customer support representative 24/7. If you would like to speak to an agent over the phone, you can call them between 8:00 a.m. and 11:00 p.m. ET.
Between Capital One ATMs and partner ATMs, you have access to over 70,000 ATMs nationwide. The bank does not charge a fee when you use an off-network ATM, but it does not cover any fees charged by the ATM provider.
Your Capital One bank account is FDIC insured up to $250,000 or $500,000 for a joint account.
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The Better Business Bureau ranks companies on how they deal with customer issues and how they deal with transparency. Capital One 360 has an A rating due to the high number of customer complaints it has received on the BBB website. A good BBB rating means the company responds effectively to customer complaints, follows honest advertising practices, and is transparent in its business operations.
However, the company has a recent controversy. Capital One paid $80 million after the Comptroller of the Currency found the bank was partially responsible for a 2019 data breach in which a hacker accessed more than 100 million credit card applications. The OCC said Capital One's data security was ineffective at the time.
Ally is the strongest option if you want to open a money market account as Capital One 360 doesn't have one.
With savings accounts, it can be a close exchange between two banks. Ally and Capital One have a structure similar to their savings accounts.
Bank Account Service Fee Of P300 Until The Account Is Zero Balance
If you're looking to open a checking account, Capital One may be more attractive. Capital One offers more ways to access your account. Capital One has physical locations and a larger network of ATMs in some states.
Discover Bank requires a minimum of $2,500 to open a money market account, but Capital One 360 does not.
You might also like Discover if you're looking for a rewards account. Receive 1% cashback on debit card purchases up to $3,000 per month with the Discover Cashback Debit Account.
For CDs, it's a toss between Discover Bank and Capital One. Both banks offer similar rates, so ultimately it may come down to how much you have to spend to open a CD.
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Can I deposit cash into my Capital One 360 account? Chevron Icon Indicates an expandable section or menu, or sometimes a previous/next navigation option.
You can deposit cash into a Capital One checking account using the bank's mobile app or by going to a Capital One ATM. If you're using the bank's mobile app, you should go to a CVS location.
Does Capital One 360 charge ATM fees? Chevron Icon Indicates an expandable section or menu, or sometimes a previous/next navigation option.
Capital One does not charge you an ATM fee when you use a Capital One, MoneyPass or Allpoint ATM. However, if you use an ATM that is not on one of these networks, you may be charged a $2 fee.
Capital One 360 Review: Competitive Rates, No Opening Deposit
What is Capital One's savings rate? Chevron Icon Indicates an expandable section or menu, or sometimes a previous/next navigation option.
Laura Grace Tarpley (she) is the personal budgeting editor at Insider. He edits articles on mortgage rates, refinancing rates, lenders, bank accounts, wealth building, and borrowing and saving tips for Personal Finance Insiders. He was the writer and editor of the insider series The Road to Home, which received a Silver Award from the National Associate of Real Estate Editors. He is also a certified Personal Finance Trainer (CEPF). He has been writing about personal finance for over six years. Before joining the Insider team, he was a freelance financial writer for companies such as SoFi and The Penny Hoarder, and a reporter at FluentU. You can contact Laura Grace at [email protected] Read more about how Personal Finance Insider selects, rates and covers financial products and services »
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