Capital One 360 Bank Review: Checking, Savings, and CDs – Should I bank with Capital One

Learn why Capital One 360 is the perfect bank for those looking to improve their credit score and begin saving for a new home. 

Table of contents:

Is there a difference between Capital One and Capital One 360?

What kind of account is Capital One 360?

Is Capital One a good bank?

What are the benefits of Capital One 360?

Is Capital One 360 Checking really free?

Is Capital One or Chase better?

Who is Capital One Bank owned by?

Is Capital One a secure bank?

Are Capital One and Chase the same?

Is there a difference between Capital One and Capital One 360?

Capital One is a financial corporation and bank holding company that was founded in Richmond, Virginia. The bank specializes in credit cards, auto loans, and other savings accounts and banking services. Among all of the different services and products that they offer, which include mortgages and loan products, one of their most common ones is known as Capital One 360. Capital One 360 is a type of savings account that works extremely similar to the way a regular bank account would. Its only major difference is that this bank account can only be accessed online. This means that you will need to either use the Capital One website or the dedicated smartphone app for Capital One. There is very little difference in how this type of bank account works, with the only significant one being how you deposit physical checks. Capital One 360 is an online bank account, which means checks and deposits are made by taking photos of the check. This makes using this type of bank account slightly different from using a traditional bank account, but at the end of the day, the perks are fairly similar. 

• Capital One is a bank holding company
• Capital One 360 is a type of savings account offered by Capital One
• Capital One 360 can only be used online
• Capital, one has a dedicated website and application that can be accessed by those who used their banking services

What kind of account is Capital One 360?

Capital One 360 is an extremely easy to use and monitor online savings account offered by Capital One. A Capital One 360 account can be accessed through both the Capital One website and smartphone app. In many ways it functions in exactly the same way as a traditional savings account, but there are some slight differences that you should be aware of when signing up for this type of account. 

The most significant of these differences is when depositing physical checks you are unable to take the check to a local bank branch for the deposit. Instead, you will need to take photos of the check from both sides and upload them on the Capital One system. After, you should be able to see that your physical check has been deposited into your account. 

One of the great things about Capital One 360 is that you can set up automatic savings deposits from your other bank accounts. If you are saving for something big, like a house deposit, having these automatic payments could mean that you will be able to reach your goal amount much faster. You can open up to 25 individual savings accounts, which means that you can have dedicated accounts for everything that you need to finance. 

Apart from the Capital One 360 savings account, they have now also created a Capital One 360 checking account. Much like with the savings account using this checking account can be effortless. Not only is the account interest-bearing, but it can also be used in many of the ways that you would expect a normal checking account to function. This means that you can make mobile check deposits, payments, and use a debit card to withdraw money from one of the thousands of free ATMs that are available and work with Chase One. 

• Capital One 360 can be either a savings or a checking account
• Both accounts work similarly to normal bank accounts
• Payments, savings, and bills can all be managed through your Capital One account
• The recurring payment feature can be extremely helpful for those who are looking to save up for something big like a house deposit. 

Is Capital One a good bank?

Capital One is considered one of the best-ranking banks in the USA. This is because they manage to have great CD rates, great products, both in regards to their checking and savings products, and an impeccable customer support service. Their intuitive customer support service can be accessed by email and by phone from 8 AM to 8 PM. According to most Capital One users, finding a call support agent is never hard with Capital One and part of the reason for this is that their call-center works extended hours. Another reason that Capital One is often preferred is that they do not have a minimum balance requirement for the opening of a new bank account. This can be extremely important for those who do not have the cash reserve to meet the required deposit that is often requested by different banks. Finally, Capital One has no monthly fees. For many clients, this is a huge deal, as banking fees can often feel like a bit of a waste and they are something that bank clients are often hoping to avoid. With Capital One, you would not even have to worry about avoiding it, as all of their bank accounts come with zero monthly fees. 

What are the benefits of Capital One 360?

You may be wondering at this point if there is any difference between a Capital One 360 Account and your regular checking or savings account. The reality is that there are fewer differences than you may have been expecting. One of the main benefits of using a Capital One 360 account is that there is a $0 monthly fee. This could in the long run help save you quite a bit of money that can be used for other purposes like beefing up your savings account. Other than that, with a Capital One 360 account, you will still be able to receive your paycheck as well as take out the money that you need from the money that you have been making. The main convenience of using Capital One 360 over other banks comes from the fact that almost the entirety of their service is done online. This means that it is much faster and more convenient as all you need is access to your smartphone to handle all of your banking. Finally, one of the biggest benefits of using these accounts is that they have relatively high-interest rates. This means that if you’re saving money for your new home, you will find that the little amount added each month because of the interest rate can help you achieve your home savings goal.

Is Capital One 360 Checking really free?

A Capital One 360 Checking account is indeed free. This means that there is no monthly fee or maintenance fee associated with you maintaining your account in this bank. Apart from that, you can use fee-free ATMs to withdraw money from your account. There are also no fees associated with the overdraft that you choose. All of these factors together mean that your Capital One 360 account is truly free to use. 

Is Capital One or Chase better?

Both of these banks can be great options, this is especially true because of the array of different products that they offer. From savings and checking accounts to mortgages and home loans, choosing either one of these banks could potentially mean that you will be able to take care of all of your banking on one platform. So, how you choose often times will depend on your current situation. Capital One has been known to offer great solutions to those whose credit score is not as high. In contrast to that Chase is often considered the better option for those who have a great credit score and are looking to maximize the rewards that they can receive. 

If one of the reasons that you are looking at opening savings and checking account is to prepare for purchasing a home and your credit score is not that great then Capital One is definitely the better option. This is for several reasons: 

1. They offer better interest rates

2. There is no monthly fee that you need to pay to keep your account

3. Capital One is a very good bank for credit building

These three factors as well as the fact that you can use your Capital One savings account to set up automatic savings payments can mean that ultimately you will be able to make your dreams of homeownership come true potentially faster if you choose Capital One. 

Who is Capital One Bank owned by?

Capital One was originally founded by Richard Fairbank and for a long time, he served as both CEO and Chairman of the bank holding company. Since that time the company has become a subsidiary of Signet Financial Corp. Capital One is a publicly traded company which means that there is no sole owner for this business. 

Is Capital One a secure bank?

Capital, one takes cases of fraud very seriously and as a bank, they have many services available to their clients so as to ensure that in case of a fraudulent transaction they will be able to take action as quickly as possible. Apart from that, All Capital One deposits are insured under the Federal Deposit Insurance Corporation (FDIC) up to a pre-set allowable limit. This means that if your fund is withdrawn fraudulently from your account with Capital One you will most likely be able to claim the amount that was lost back. With all being said, the fact this so many of Capital One’s products can only be used online could lead to potential security threats if the user is not careful about hiding their password and ensuring that they are only logging in to their banking accounts through secure connections. From their part Capital One has done what they could to create a safe environment in which their clients are able to use their banking services without constantly worrying about something potentially going wrong. 

Are Capital One and Chase the same?

Capital One and Chase are competitor large banks that are commonly used by clients in the USA. The two banks are not the same nor do they belong to the same subsidiary. What may occasionally lead to some confusion is that Capital One acquired the Chevy Chase bank, however, the Chevy Chase Bank and the JPMorgan Chase, or Chase Bank, are completely unrelated to each other and the only thing the two share is the word, Chase. As such, Capital One and Chase are not the same bank and do not belong to the same parent company. 

Summary

Capital One is a great bank for those looking to start building their credit and saving up for their future home. Since the bank offers savings and checking accounts at relatively high-interest rates, saving up becomes even easier. What’s more, with their mortgage products, Capital One clients can keep all their banking services within one simple and easy-to-use online platform. Capital One is a very secure platform and all savings are insured under FDIC making this a great choice for those looking to have security when it comes to their money.