As you may have heard, Capital One recently purchased ING Direct. Now called Capital One 360, it’s an online bank that offers everything from checking accounts to savings accounts to bank accounts for children.
My wife and I have had a savings account at ING direct for a number of years. We’ve also opened up accounts for our children. So, we were part of the transition to Cap One 360. On top of that, we now have a Capital One 360 checking account, and both of our children have what is called a Money account. So it seemed like a good time to give Capital One 360 is thorough review.
Deal of the Day: Earn 1.30% APY on an FDIC-insured savings account at .
Capital One 360 Account Types
As a starting point, let’s first look at the types of bank accounts Cap One 360 offers:
360 Savings Account: The savings account is pretty much what you would expect from an online bank. It offers a very competitive interest rate without charging a monthly maintenance fee.
360 Checking Account: There are a couple of features that set the checking account apart from most other banks. First, it actually pays a competitive interest rate. Second, it doesn’t charge a monthly maintenance fee. And finally, it offers free online bill pay and free ATM transactions.
Money Account: This account is designed for parents and their teenagers. Teens receive a free debit card, and they can easily track their deposits and spending online. Both of our children have this account, and we’ve been very happy with it thus far.
Kid’s Savings Account: I was happy to see Capital One continue with ING Direct’s savings account designed for children. It is an excellent way to teach young children the benefits of saving.
Interest Rates & Fees
The two most important features of any bank account or interest rates and fees. In terms of interest rates, Capital One 360 offers extremely attractive rates. While there is no point listing the rates here, as they can change daily, I have found the rates to be very competitive. You can, however, view the best interest rates we’ve found recently, here.
Likewise, it does not charge monthly maintenance fees on any of its accounts. There are no fees to open an account, and they offer free ATM transactions at thousands of locations.
I’ll start with my favorite feature, Checkmate. With any smartphone, you can deposit a check by snapping a picture of the front and back of the check. That is how we deposit my daughter’s paycheck, and frankly, it’s a lot of fun. And of course, the convenience is unparalleled.
Cap One 360 also offers mobile banking apps for smartphones. We use the iPhone app frequently to check balances, transfer money, and deposit checks. It’s extremely easy to use, and it makes banking very convenient.
It’s easy to transfer money between accounts. This feature has come in handy when we’ve needed to transfer money between our children’s accounts and our accounts. Transfers to other Capital One 360 accounts occurs instantly. You can also transfer money to friends and family with accounts at other banks, although the transfer takes two business days.
You can compare rates with other banks in the table below: