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Capital One 360

Our Two Cents: Capital One 360 - A Complete Account Guide

If you're looking for a one-stop shop for checking and savings, Capital One has you covered with their 360 line of products. As the name suggests, Capital One provides complete coverage with their core banking product. If you're looking for a lightweight checking account with no fees 360 can do that. Need a fee free savings account? 360 can do that too. Need a CD with a competitive rate? You got it. Capital One also boasts some of the easiest to use credit cards to help round out your banking experience.

Capital One 360 Checking

Capital One's 360 checking product is well thought out. While other banks are adding monthly maintenance fees, Capital One has removed the fee barrier with their checking product. There are no minimum balance requirements to maintain your fee free account. You won't even pay for your first book of checks. Free mobile deposits and online bill pay will also make your money management a breeze. 

360 checking has one of the most flexible overdraft protection policies out there as well. You can choose to have your overdraft charges automatically declined so you do not go negative, have money from your 360 Savings account or Money Market account auto transferred to cover the cost of your purchase, you can open a line of credit to cover the overdraft (interest fees would apply), or opt for a one day grace period. These are all great options if you happen to overdraft from time to time, but keep in mind it's important to have a budget to avoid this!

The last item to note here is that Capital One will actually give you interest on your checking account balance. The interest rates aren't very good, you're much better keeping your money in a high yield savings account or CD, but it's still a nice feature. Your base rate for balances under 50,000 will be 0.2%, where as you can get rates around 1.5% in a savings account.

Capital One 360 Savings

The 360 savings account is about as simple as they come, and a great compliment to a 360 checking account. There are no minimum account balances required and no fees. You can also deposit checks directly into your savings account from Capital One's top rated mobile app. Capital One also has over 39,000 branch and ATM locations, so accessing your money shouldn't be an issue.

As far as interest rates are concerned, the APY isn't the best or the worst. As of 4/21/2018, Capital One is offering a flat 1% APY on all balances. You can certainly do better with a high yield savings account, but the standard rate for brick and mortar banks can be much worse.  We're looking at you, Chase. The lower interest rate on Capital One may be justified by the ease of transferring money to your checking account, or the benefit it provides in the form of overdraft protection.

Capital One 360 CD

If you've got a stack of cash that you don't need immediate access to, a 360 CD is a pretty good place to park it. One year CD rates are 2.1% APY as of 4/21/2018. If you find yourself needing to withdraw money a bit early due to an emergency, you'll be charged 3 months worth of interest to unlock your CD.

Complimentary Products

Don't forget that Capital One touches nearly all aspects of consumer lending. A customer relationship with Capital One could make your other financial transactions much easier. For auto loans, Capital One has made the car buying process a breeze with their Navigator program. Credit Wise will give you access to free credit monitoring and while you won't see Capital One on the list of best credit cards, you won't be embarrassed to have their cards in your wallet either. They've also built out a great credit card graduation program for consumers that need to build credit.

A Penny for Our Thoughts:

Capital One 360 is a strong suite of products for someone that wants to avoid fees and park their cash in one place for convenience. With over 39,000 locations to access your cash, a good mix of checking, savings, and credit products, and a top-notch mobile application money management is easy. If you're looking to maximize every cent of interest you earn, there are going to be stronger options out there for you. 

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