Having been founded in just 1994, it might come as a surprise that Capital One is the fifth-largest consumer bank in America today. They are a much newer institution than most of the other big banks like Citibank, Bank of America and Wells Fargo which were founded in the 1800’s and early 1900’s.
In 2011, while Capital One was primarily offering just credit cards and mortgages, they purchased ING Direct, a struggling multinational financial services corporation, and rebranded the accounts as Capital One 360 accounts.
Today, Capital One’s 360 products suite of online deposit accounts consists of:
- 360 Performance Savings Account (Available for IRAs) – Variable rate of 4.30% APY
- 360 CDs (certificates of deposit) – Fixed rates up to 4.85% APY (See rates here)
- 360 Checking – Variable rate of 0.10% APY
- Kids Saving Account – Variable rate of 0.30% APY
- Money Teen Checking – Variable rate of 0.10% APY
For the purpose of this review, we will focus on the Capital One 360 Performance Savings account, the IRA savings account and Kids Savings account. The 360 Performance Savings account is their most competitive offer but still isn’t as competitive as some of the yields provided by other FDIC-insured online banks.
That said, it does have some unique savings features and award winning apps and technology. Plus, the fact that it has no monthly maintenance fees or minimum deposit or monthly balance requirements make it widely accessible to a large swathe of people.
Capital One 360 Performance Savings Account Rate + Details
The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with hefty cash bonuses. Today the account still earns a reasonable 4.30% APY and has some legacy features left over from the ING Direct days that are still quite useful.
|Minimum Deposit||Minimum Balance||APY|
To give the yield above some context, the national average for savings accounts sits at just 0.42% according to FDIC data, however, some online banks offer high yield savings accounts and money market accounts with rates above the 5.00% APY mark.
How Does Capital One 360 Performance Savings Compare?
Take a look at the table to see how the 360 Performance Savings account stacks up against other popular online banks and their high yield savings account offers.
Separate Savings Accounts (formerly Buckets)
One of the more popular legacy features from ING Direct was the savings bucket feature. This allowed users to set up various “buckets” for money to be set aside for particular savings goals. This could be a vacation, a wedding, a downpayment for a house, etc.
Today, this feature still exists with the 360 Performance Savings account, but rather than having “buckets,” Capital One will just give you the option to set up multiple accounts.
If you have monthly direct deposits set up, you can then specify the amount you’d like to have flow into each account. All of the accounts would, of course, earn the same advertised APY.
Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.
A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be transferred electronically between other Capital One accounts, external bank accounts, automatically via direct deposit from an employer or other income source, or by using the mobile check deposit feature.
Capital One 360 Performance Savings Account Fees
|Outgoing Domestic Wire||$30|
|Statement Copies||$5 per statement|
|Cashiers Check at Capital One Location||$10|
|Foreign Check Deposit at Capital One Location||$0|
Technically the 360 Performance Savings account only allows up to 6 transfers per statement cycle to a 3rd party or to any of your other deposit accounts at Capital One, however, in their fine print they have noted that they are not currently enforcing this rule and will email clients if/when they choose to do so again.
There are also no limits set for the number of transfers that you may make into your account.
Capital One IRA Savings Account
Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.
360 IRA Online Savings Rate
|Minimum Deposit||Minimum Balance||APY|
If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.
Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).
Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.
You may want to consult with your tax advisor before coming to your final decision.
Capital One Kids Savings Account
These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.
Kids Savings Account Rate
|Minimum Deposit||Minimum Balance||APY|
On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.
On the down side, this is one of Capital One’s deposit accounts that hasn’t seen its yield increase with the rising interest rate environment.
Capital One 360 Customer Sentiment & Reviews
Capital One has won several awards for their technology over the years and their ratings in the app stores are a testament to their user centric focus and commitment.
On IOS, they have a whopping 4.9 stars out of 5 based on over 7.5 million consumer ratings and on Android they have a still respectable 4.6 stars out of 5 with over 1.47 million reviews.
We should also note that although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same level of access to customer service, branches, ATMs, etc. as customers of the traditional bank.
You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re someone that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that.
Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.
To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.
As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.
Capital One 360 Performance Savings FAQs
Still have questions about the Capital One 360 Performance Savings account? See what other consumers are asking around the web as well as our responses below.
Does Capital One 360 Have a Money Market Account?
No. At this time there is no money market account option in the Capital One 360 deposit account suite.
Is Capital One 360 Performance Savings a Good Option?
In terms of usability, you’ll be hard pressed to find another savings account with more highly rated mobile apps.
In terms of savings rates, Capital One doesn’t currently perform that well. Many online banks are now offering rates near or over 5.00% APY (annual percentage yield) following the Fed’s most recent rate hike.
What is the Routing Number for Capital One 360 Accounts?
The routing number for Capital One 360 deposit accounts is 031176110.