So this has been on my Recommendations page for quite awhile now but I thought I’d do an actual post about it. If you open a Capital One 360 checking or savings account through my referral link with at least $250 funded from a non-Capital One 360 source, you”ll get a $25 bonus (and I’ll get a bonus too so thanks!). For the checking account, you’ll just need to make three debit card purchases within 45 days of account opening. For the savings account, you won’t need to do anything after the initial $250 deposit.
There are no monthly fees or account minimums.
It’s hard to find a bank that doesn’t have monthly fees or account minimums these days. My Chase Total Checking account charges a $12 monthly fee if certain requirements aren’t met (direct deposit, minimum balance or minimum average daily balance). Bank of America Core Checking charges that same fee. Even my TradeKing brokerage account charges an inactivity fee of $50 a year that can only be avoided with certain account minimums. Capital One 360 on the other hand has no monthly fees or account minimums. So you’re getting a pretty good deal (and peace of mind) with a Capital One 360 account.
It’s not that hard to find a Capital One 360 ATM.
Unlike Chase or Bank of America that have their own network of ATMs, Capital One 360 uses Allpoint ATMs. There are over 38,000 of these fee-free ATMs out there, according to the 360 Checking Guide. And a good number of them are located in local gas stations, food marts and drugstores.
Both accounts carry interest!
Capital One 360 Checking gives you “0.20% for balances up to $49,999.99; 0.75% for balances between $50,000.00 and $99,999.99; 0.90% for balances of $100,000.00 or more.” That’s not horrible for a checking account. Capital One 360 Savings gives you a flat 0.75% on any balance (effective December 22, 2016). Of course, I’d still put most of my cash into the stock market and index funds, but any cash left over would do just fine in one of these accounts.
You can link to up to three external accounts.
These can be investment accounts or other checking/savings accounts. By linking external accounts, you can easily make deposits via ACH transfer which takes roughly one or two business days. In the alternative, you can deposit checks seamlessly with the Capital One app.
So there you have it, two solid options for banking with Capital One 360. To recap, all you need is a minimum deposit of $250 to open either account through my link for the $25 bonus. For the checking account, you’ll need to make three debits in 45 days. For the savings account, you’ll get the bonus immediately.