Capital One 360 Review | No Fee Checking and Savings
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So the first and most popular feature that they offer is their Capital One 360 savings account which is currently going to offer a 0.65% interest rate. Now as always this is going to fluctuate however this does come really close to some competitors like Ally bank who is currently at 0.6% and discover bank who is currently at 0.7% but these numbers always seem to change right as I’m posting a video so it’s probably already different by now. That said, keep in mind that the national average is right around 0.05% so this is over 10 times the national average although there are some competitors who are offering significantly more at the moment. One of my biggest gripes with those large national banks is the ridiculous fees that they charge but thankfully Capital One understands that that’s just not going to fly anymore so there is no minimum deposit required, no monthly maintenance fees, and no international fees however they are still going to charge the mortal enemy and crown jewel of all fees, the overdraft fee which is currently $35.
Now as far as checking goes, there’s also going to be no minimum balance requirement on your checking account, and you’re going to earn 0.1% which is pretty good for a checking account and you’ll also have access to the Allpoint network of ATMs that we have become pretty familiar with and that means that you can use over 39,000 ATMs nationwide to withdraw cash for completely free. By no means are they as widespread as some other national banks with thousands of locations but there are 682 branches nationwide and they are starting to really push a model that they’re calling Capital One cafes which seems to be a mix of Starbucks and your friendly small-town bank mixed into one awkward and somewhat confusing experience.
Alright now outside of those checking and savings features you are going to have access to CDs or certificates of deposits which we’ve seen from several competitors including discover bank and Ally bank. Currently, there one year CD offers a 0.3% rate there three-year CD offers a 0.5% rate and their three-year CD offers a 0.6% rate and all of these have no minimum deposit required which is always a plus.
Alright so now let’s answer the question that I’m sure many of you were wondering and the question that I was wondering when I started researching for this video and that is is their mobile platform actually any good. We have seen countless tech companies step into this fintech industry and absolutely crush it in the design and ease of use of their mobile platforms and honestly, this has made a lot of the older banking platforms look sluggish and outdated. However, Capital One has clearly spent a lot of time and money developing its mobile platform because it is pretty good if you ask me and it currently has five stars with over 2.1 million reviews on the iOS app store alone so needless to say it’s pretty good.
The Capital One Quicksilver card which I’m a big fan of, as well as the Capital One saver and venture cards which I’m sure we have all seen advertisements for at one point or another. Now you are able to contact customer support seven days per week right from within the app but you can also chat with someone live if you just log in through the website or get customer support through their Twitter page so you definitely have a number of options.
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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.
