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Capital One 360 High Yield Savings Account Review
Capital One 360 high yield savings account review 2024: bank fees, APR/APY interest rates. New client promotions, service, cons.
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Capital One 360 High Yield Savings Account Review
When it comes to online banking, people simply want an institution that is secure, has minimal fees, and allows easy to access money. With Capital One 360, customers can enjoy the
benefits of a national financial institution by opening an online savings account without the monthly fees or minimum balances required by most brick-and-mortar banks.
Capital One 360 has very minimal fees that are competitive with most online banks. Customers that regularly use services like wire transfers & return deposits due to insufficient
funds will encounter higher fees similar to other online banks.
Capital One 360 High Yield Savings Fees
- Capital One 360 Savings Monthly Inactivity Fee - $0
- Return Deposit Due To Insufficient Funds - $9
- Normal ACH Money Transfer - $0
- Wire Transfers - $30
Capital One 360’s fees are very competitive with other online banks and most customers will not use the services that have fees that are higher than $0.
Capital One 360 Savings Is High Yield
Regarding interest rates, Capital One pays MUCH higher rates than traditional brick-and-mortar banks. Their current rate on Capital One 360 High Yield Savings account is
0.20% APY.
Capital One 360 Savings
Capital One 360 Savings is pretty straightforward. No minimum balance is required to maintain the account and they currently pay a flat interest rate of 0.20% APY.
for the entire account balance. This rate is better than at other online and brick-and-mortar banks.
There are some delays when new deposits are accessible for withdrawal. Money is transferred for free using the Automated Clearing House (ACH) transactions that normally take 2-3 days
to complete. Once the new funds arrive in the 360 Savings account, the holding time can be up to 5 days before one is able to access the money for withdrawal. Capital One leaves no
confusion when the deposits are available for withdrawal and will display a prompt that states something similar to, “funds available on 12/5.”
There are three other potential drawbacks for 360 Savings. The first negative is that a 360 Savings account can only be linked to 3 external accounts, where the user can initiate
transactions from Capital One to schedule transfers with their other bank accounts. Secondly, Capital One 360 customer support can only be reached from 8 AM - 8 PM by telephone or
chat while other banks offer 24/7 chat & telephone support. The final drawback applies to all online high-yield savings accounts because of federal regulations, users can make no
more than 6 withdrawals per month.
Navigating the 360 Savings account is easy, along with scheduling money transfers. It can be completed in less than 30 seconds by typing in the dollar amount, the two accounts
involved in the transfer, and when to initiate the transfer. As the default transfer method is free, it can take 2-3 business days for the money to arrive in the receiving account.
For savers wanting to create savings goals, 360 Savings makes it easy. One option is that users can create up to 25 different accounts with nicknames, making it easier to see how many dollars are allocated for specific budget categories like vacation or college. The second budget tool offered is a feature called “My Savings Goals” that allows users to create and track their progress for reaching a particular savings goal. A final option is to setup automated transfers and essentially put savings on autopilot. None of these options are unique to 360 Savings, but all can be easily setup with a click of a button.
One other potential hassle with online banking is depositing checks. With Mobile Deposit, Capital One makes it as easy as possible. Using the mobile app or computer, 360 Savings only needs a snapshot of the check and the funds are normally available the next business day. There is still the option of mailing the check(s) or visiting any Capital One branch.
Capital One 360 High Yield Savings Account Pros
- Online bank with national presence allowing customers to visit any local branch or café if necessary
- No monthly fees or minimum balances
- Secure, Easy To Use Website & Mobile Deposit app
- Can Open Kids Savings Accounts
- “Refer-A-Friend” program pays existing customer $20 for every new referral that opens an account
Capital One 360 High Yield Savings Account Cons
- Holding time for savings account deposits (up to 5 days) is long
- No 24/7 customer service
Capital One 360 High Yield Savings Review Summary
Overall, Capital One 360 High Yield Savings account is a great option for online banking along with an easy-to-use website. If customers need to visit a physical branch, they can go to any Capital One office or café for assistance; a perk other online banks cannot offer. Certain fees and deposit hold times are higher than other banks, but no monthly fees or required balances are what make Capital One 360 a better than average option for online banking.
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