Capital One 360 Savings Plan

I’m just wondering, has anyone had any experience with the Capital One 360 Savings Account? It looks like they have a pretty good interest rate at the moment, and I can’t see any “gotcha’s” in the description.

Thanks in advance.

I have been banking with Capital One for years, with checking and savings for us and the kids. When we sold our house at the end of last year I opened a new savings account and it’s been great. $65 interest paid last month. No catches as far as I can see

Thank you TalieJ!

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I had one problem opening an account, which was part their problem and part mine.

I opened an account with $500 and the next day, set up a name and p/w. But it did not work. Could not log on. This was followed by hours online, trying every method they offered, and three phone calls [and horrendous wait times]

On day four, finally got a rep who understood, and explained. She said the site should have explained better, and the earlier reps should have known, and told me.

New accounts are frozen for five work days, and cannot be accessed or managed in any way.

Now I know…

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Thank you for the valuable info, robertpri!


Background -

We were originally account holders of Netbank (Alpharetta, GA). In 2007, Netbank was closed and the FDIC named ING Direct (Wilmington, DE) as the receiver of Netbank’s former deposit accounts. In 2012, ING Direct merged with Capital One (McKean, VA) so our fam has been using CO360 for a more than a decade as our primary financial institution for banking.

We currently hold almost a dozen different accounts. We regularly deposit paper checks, that often clear within hours. We use e-BillPay for both scheduled and as needed payments. We use direct deposit for our employer and pension payments.

Customer service has been above average to excellent for most issues though everyone has different circumstances. We’ve found few issues that are worthy of anger or shopping elsewhere even though we have deposit accounts, laddered CDs, and others with other institutions.

Checking: 0.10%. APY
Savings: 4.30% APY

The CO mobile app is regularly updated and has most features to handle the majority of your everyday banking needs.

Best of luck to you and yours. :handshake:t2:

I have a Capital One 360 Performance Savings account. I’ve had no complaints. Having it shown on the same web page as my Capital One credit cards is nice. But their rate is only 4.30% at the moment, so I have some cash in a T-Mobile money checking account (pays 2.50% on balances that are immediately available for bill pay) and the rest in my CIT Bank (not Citi) online savings account, which is paying 5.05% currently. I also have savings accounts at Citi, Ally, Discover and Lending Club. I’m a sucker for a free wad of cash for opening a new account and parking some money there. So I keep $1,000 in each of those accounts in case they ever decide to up their game and offer the highest rate. I plan to close one or two of them in December.

FYI, you don’t have to be a T-Mobile customer to open that interest bearing checking account. I did some math and figured I was missing out on probably $200 in interest during the year from cash sitting in my checking account. So I found T-Mobile money. Pays 2.5% in interest and works just like your current checking account. The bill pay feature is actually better in some ways than the one at my brick and mortar bank.

Also, before I found my CIT account, I opened a Raisin account to earn over 5% in an online savings account at Western Alliance Bank. However, I did some research and the FDIC clearly states that they DO NOT guarantee that you won’t get screwed by Raisin. Yes, the account at Western Alliance Bank is FDIC insured, but the FDIC does not guarantee for you that Raisin actually moved your cash from their accounts to Western Alliance. So, in my opinion, what’s the point of the insurance? I will be closing that account.

mjross & skimmer90, thanks for your input. I would be opening an online account since there are no brick and mortar Cap One banks near me. I was planning on putting $40,000 in a savings account, but i feel kind of nervous about moving that amount over to an online account. Worried about something going wrong. I don’t know why, because I have other online accounts.

I’ve had CO360 for years (from back with it was ING Direct) with no issues. Had kids accounts to help them save and spend and they are now adults. I’ve used their mortgages (ARMS), depositing checks through the phone etc. with no issues. Savings isn’t the highest out there but good enough for money to have easy access to. Use your brokerage money markets if you want a little extra interest rate.

Closed my CapOne acct. Deposited $500 into new savings acct on 8/2.
Spent the next week trying to access it, nothing worked. Learned I needed to wait five bus days.

It’s been nine days and still cannot log in or see my acct. Got thru on the phone and rep could not undestand it, so he helped me close it.

Went to online Discover bank, opened acct, and next day could easily access it