Capital One 360 Savings & CD Review 2024

Editor's Rating

Editor's Rating

4.5

Written by Rebecca Lake

Financial Expert

Edited by Kristin Marino

Managing Editor

When comparing online banks, some may have more recognizable names than others. Capital One 360 may be one online banking option you’ve heard of, but is it the right bank for your savings?

This overview of Capital One Bank reviews some of the most important things to know about saving with this online financial institution.

What Is Capital One 360?

Capital One 360 is the brand of online bank accounts offered by Capital One Bank, which is federally insured by the FDIC.

In addition to savings accounts and checking accounts, the bank also offers credit cards and auto loans, as well as business banking products and services.

Keep reading to learn how Capital One 360’s savings accounts and certificate of deposit accounts compare to those offered at other banks or credit unions.

Which Banks Have the Best Savings Account Rates?

Finding the bank with the best savings account to meet your needs is as simple as using our search tool. Compare savings accounts and find the best rates being offered today.

Popular Capital One 360 Accounts

How Capital One 360 Works

Capital One 360 is an online bank offering savings accounts and CDs that you can use to meet your short- or long-term financial goals.

When you bank with Capital One 360, you can earn interest on savings at a rate that’s above the national average for savings accounts.

Capital One 360 CD rates are also worth looking at compared to other banks or credit unions.

Fees

You pay no monthly fee to maintain a savings account with Capital One. While higher minimum deposits are allowed, there’s no minimum balance you need to open a Capital One 360 savings account or CD account, including IRA CDs.

Savings accounts and CD accounts are federally insured up to the per-depositor/per-account-ownership-type limits.

Making withdrawals

You can access your savings accounts or CD accounts online or via the Capital One mobile app.

Once you download the app, you can use it to:

• Transfer money between Capital One 360 checking accounts and savings accounts.
• Transfer money between your Capital One 360 accounts and a linked account at a different bank.
• Process a wire transfer.

Capital One also allows you to make withdrawals from your account via ATM.

Making deposits

If you need to deposit money to your Capital One 360 account, you can do so by scheduling an ACH transfer from a linked external bank account. You can also set up direct deposit, schedule a wire transfer, deposit money at an ATM, or use mobile check deposit to add checks from your smartphone.

Customer support

If you need help with your accounts, you can tweet customer service at @AskCapitalOne. Support for existing customers is also available by phone from 8 am to 11 pm ET, seven days a week.

Capital One 360 Savings Account

If this is your first time reading Capital One 360 reviews, you might be wondering what you get with a Capital One 360 Savings Account.

First, it’s important to remember that this is a savings account, so you don’t get a debit card or check-writing privileges. For that, you’ll need to open a Capital One 360 Checking Account.

If you want to grow your money, you’ll want to know what Capital One savings rates you can expect to earn when opening an account. The Capital One 360 savings interest rate and APY are above the national average interest rate. Capital One 360 pays the same APY across all balances, so you can enjoy the same rate whether you save a little or a lot.

At other banks or credit unions, you may see tiered rates instead. In order to get a higher interest rate, you have to meet a higher minimum balance requirement.

Capital One charges no monthly maintenance fees for its 360 savings accounts. That’s a plus if you’re looking for an online bank account that comes with minimal fees.

Capital One 360 CD Rates

Capital One 360 offers both regular CDs and IRA CD accounts. An IRA CD is a certificate of deposit that enjoys the tax advantages of an individual retirement arrangement.

CDs come with terms ranging from six to 60 months, so you can decide what period of time works best for meeting your savings goals. Capital One CD rates are tiered based on the CD term; the longer the time frame until your CD matures, the higher the APY you can earn.

There’s no minimum dollar amount required to open a Capital One 360 CD account or a Capital One 360 IRA CD account. That’s worth noting because at some online banks, as well as traditional banks or credit unions, you may need $500 or more to open an IRA CD.

Capital One 360 CDs and IRA CDs are federally insured, up to the FDIC limits. Either one could be a good savings option if you’re looking for a safe way to earn guaranteed returns for the short or long term.

Capital One 360 Checking Accounts

Capital One offers checking accounts for even more convenient access to your money.

With a 360 Checking Account, you pay no monthly maintenance fees and there are no minimum balance requirements to meet. You have 24/7 access to your money through mobile banking, and, of course, you can use your debit card to make deposits or withdrawals using Capital One’s extensive ATM network.

There’s also a separate MONEY Teen Checking Account for young people who are starting to learn the basics of money management. Teen checking accounts have no minimum balance or minimum deposit requirements and no monthly maintenance fees. Teen account holders also get a debit card that’s linked to their account for fee-free ATM access.

Capital One 360 Pros & Cons

Whenever you’re comparing banks or credit unions to find the right one for your needs, it’s helpful to weigh the advantages and potential drawbacks, if any.

As online banks go, Capital One 360 has earned a solid reputation for being a reliable financial institution. But consider these pros and cons to judge for yourself.

Locations – Branches & ATMs

Capital One is headquartered in McLean, Virginia, and has over 450 branch locations as well as more than 2,000 Capital One ATMs. You can also access your accounts at Allpoint ATMs, which expands the size of Capital One’s ATM network to more than 40,000 locations.