{"id":240238,"date":"2020-07-26T00:30:34","date_gmt":"2020-07-26T07:30:34","guid":{"rendered":"https:\/\/www.getrichslowly.org\/?p=240238"},"modified":"2023-12-05T14:14:18","modified_gmt":"2023-12-05T21:14:18","slug":"capital-one-360-review","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/capital-one-360-review\/","title":{"rendered":"Capital One 360 savings account review"},"content":{"rendered":"
The Capital One 360 Performance Savings<\/a> account, commonly called Capital One 360 Savings<\/em>, is a high-yield savings account with no monthly fees and no minimum balance required. Capital One makes it easy to get started, allowing you to open a new account online in about five minutes. And with the well-reviewed Capital One mobile app, you can easily manage your account on the go.<\/p>\n In this post, we\u2019ll cover the details of having a Capital One 360 Savings account, including the pros and cons \u2014 and how it compares to similar accounts. Plus, we\u2019ll help you decide if this is the right account for you.<\/p>\n There are lots of benefits to having a Capital One savings account. Here are some of the highlights:<\/p>\n A 1.50% APY is a respectable interest rate for a savings account. This interest rate is even more enticing when you generally carry a fairly low balance. Unlike many accounts that offer tiered rates depending on how much money you keep in your account, Capital One offers the same 1.750% APY on all balances. So even if you only have $90 in your account, you\u2019ll still earn that 1.50% APY rate.<\/p>\n With the Capital One 360 Savings account, you don\u2019t have to worry about carrying a minimum balance. And you won\u2019t be charged a monthly maintenance fee to keep your account open. This no-minimum, no-fee structure has become fairly standard in the competitive world of online banking, but it is still an improvement over traditional bank accounts, many of which still charge monthly fees and\/or require you to maintain a minimum balance.<\/p>\n Capital One makes it easy to start saving. You can open your new account online in about five minutes. If you happen to live in one of the eight states with full-service branches, you can also visit one of these branches in person to open your account.<\/p>\n The highly-rated Capital One mobile app makes it easy to automate your savings plan, transfer money between accounts, make mobile deposits, and track your savings progress.<\/p>\n Of course, no savings account is perfect. Here are a couple of potential downside for the Capital One 360 savings account.<\/p>\n While some online savings accounts offer ATM cards so you can easily access your money from any ATM, Capital One does not. To access your money, you need to transfer your money to another account. If you have a Capital One checking account, your transferred funds will be available immediately. But if you\u2019re transferring funds to a checking account with another bank, it can take a couple business days.<\/p>\n While this semi-restricted access can be a negative, it could also be a positive. After all, this is a savings account, not a checking account. And the harder it is to access your savings, the less likely you are to spend that money!<\/p>\n While I love the innovative Capital One Cafes (with their free Wifi, full coffee and snack bars, and personal assistance), there just aren\u2019t enough of them. Capital One currently has local branches in only eight states, most of which are on the East Coast.<\/p>\n Having said that, how often would you go to the local bank branch when Capital One makes it so easy to bank online?<\/p>\n You have several good options when choosing a high-yield savings account<\/a>. Many accounts make the same no-fee, no-minimum offer as the Capital One 360 Savings account. Here\u2019s a quick look at some of the most comparable online savings accounts (as of 30 April 2020):<\/p>\n<\/span>Capital One 360 Savings Account Fast Facts<\/span><\/h2>\n
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<\/span>Capital One Savings Account Benefits<\/span><\/h2>\n
High Yields<\/h3>\n
No Minimum Balance Requirements or Monthly Fees<\/h3>\n
Easy to Get Started<\/h3>\n
Mobile App<\/h3>\n
<\/span>Capital One Savings Account Downsides<\/span><\/h2>\n
No ATM cards<\/h3>\n
Comparatively few local branches<\/h3>\n
<\/span>How Does Capital One 360 Compare to Other Savings Accounts?<\/span><\/h2>\n