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Bank Review: Capital One 360

Capital One 360 is one of the most popular online banks today. I became a customer of ING Direct, the predecessor of Capital One 360, in December, 2007. In six years with the bank, I have learned the upsides, the downsides, and can help you decide if it is the right bank for you.

Capital One 360 Cafe San FranciscoChecking Account Review: 360 Checking

The basic account at Capital One 360 is their trademark 360 Checking. 360 Checking isn’t a typical checking account you find at a brick and mortar bank. It was a revolutionary idea that you can do almost 100% of your banking without a brick and mortar bank.

360 Checking offers extensive online and mobile banking options with no fees. My favorite features as a new customer were the ability to transfer to accounts at any bank in the United States for free on your own via an ACH transfer, the same method your employer uses for a direct deposit. You can also use the free online bill pay to pay your bills without writing a check.

The offerings have grown to include mobile check deposits from your phone on top of the already existing top tier interest rate, no minimum balance, and no fees.

The only downside of this bank is depositing cash. If you deposit cash regularly, you will be in a tough spot unless you live near one of the few branches, called cafes, around the country. Withdrawing cash is easy at 40,000 free ATMs.

If this sparks your interest, you can get a $50 bonus just for signing up and meeting their initial deposit criteria.

Savings Account Review: 360 Savings

The 360 Savings account is the companion savings account that compliments 360 Checking. With no fees for regular use, you can quickly and easily transfer money to or from your checking account or savings account at Capital One 360 or elsewhere. Transfers to Capital One 360 accounts are instant.

With a higher interest rate than 360 Checking, this account is a great place to house your emergency fund.

Like the checking account, you can deposit to this account via direct deposit or through your phone.

If you are interested, you can get the skinny on the 360 Savings account here.

Other Offerings

In addition to regular checking and savings account, you can do some other cool stuff with accounts at Capital One 360.

  • Sub-savings accounts – Create extra savings accounts for free to save for specific goals like a vacation fund, wedding fund, or anything else you’d like.
  • Auto-savings plans – Create automatic, recurring transfers to any account. I like using automatic savings to build my retirement funds, but it can also be used for any savings goals.
  • Mortgage accounts – Keep your banking and mortgage under one roof if you are interested with competitive mortgage products.
  • CDs – A certificate deposit is a time locked savings account with a higher interest rate than a regular savings account. You are penalized interest for an early withdrawal.
  • ShareBuilder – ShareBuilder is a great investment platform for new investors which is owned by the same company, making your accounts management simpler.


Everyone’s banking situation is different. Everyone has different needs. If you can live in the online-only banking world and don’t use cash very often, like me and most professionals, this is a great account option. Having been a long-time customer myself, I don’t have a single bad word to say about the accounts or customer service.

If this sounds like your thing, check out 360 Checking today to get your $50 bonus to get started.

Image by kennejima / flickr

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