Description: The article is about capital one 360 login. This is an review about the capital one 360. The review focuses on the pros and cons about the Capital One 360. The pros include the interest rates,the maintain fee,the online application,the cons are the time for transferring and the limitation on branches.
Today we’re going to do a review of the Capitol 360 banking service. My name is Dennis,we love to talk about personal finance investing and retirement to help build your wealth. Today I’m very excited to talk about the Capital One 360 banking service,I have talked about them in the past before but this is going to be a whole review dedicated to reviewing the actual service.
Before we get into the review I want to say that this is by no means sponsored from Capital One,I want to make this for you. If you find it valuable and that you want to open up an account with them,I have a referral link in the description box down below at the very top,if you use that link,you will get a $25 bonus for signing up. I want to have that as a full disclosure for you,let’s go ahead and go into the actual review today.
For any review I am going to have some pros and cons for you,in this list I also have one myth when it comes to most people’s perception of online banking,you can stick around for that one at the very end of this review.
First and foremost,the most biggest Pro is going to be that there are no fees for maintaining your checking and your savings account,that is a big deal. Because nowadays a lot of these companies are trying to charge you by every single way possible when you open checking or savings account with them. Having no fees is such a big plus because that is going to save money for you,then you are able to build additional wealth,attack debt and have a great emergency fund.
One of the cons is the amount of time that takes when you transfer your money from one bank to your Capital One. If you do direct deposit,don’t worry that money will go into your account immediately,but when it comes to transferring from such as a Wells Fargo or a Bank of America,it will take some time to get that money transferred over. You have to make that consideration that if you want to transfer some money,it might take two to three business days to get into that checking account.
One of the best pros is the interest rate when it comes to have a Capital One 360 count. It’s not skyrocket high,it’s not the amount that you can have when you’re putting in investments and earning big returns. They have a 1% interest rate on their savings as of this recording.
That’s a big deal especially when you have multiple savings accounts,that is going to be able to help you earn more money,your money is sitting there and not doing anything else except for a waiting to be used in a shorter period of time. If you compare their interest rates from capital one to other regular banks,regular banks usually give you an interest rate of point zero one percent on your money for their savings accounts versus capital one has one percent for their savings accounts.
Their checking accounts also have about a point two percent interest which is awesome,that is the money rotating around,it is coming in and going out to pay bills. You will earn a little bit of money because all their money in the checking and the savings is compounded daily.
That is cool for you because if you’re moving some money in there for your checking,it takes a few days for it to process on bill pay,you will still earn a little bit of money during that time period because you get compounded interest on a daily basis.
One of the other cons is that if you’re moving your money from one other bank institution into a savings account with Capital One,they are not only going to spend two to three days to get that money transferred over to you but also they will unfortunately put a hold on that money for you about seven days. I don’t know their actual reason for it but I like to think it’s because they want you to help save that money.
If you’re putting into a savings account maybe you shouldn’t be move that money away. The nice thing about that is that once the money is fully transferred into the account before you have access to it,it will still earn you that great interest rate so you don’t have to worry about missing out on that portion. You can transfer all your money into your checking account and then disperse it through all your savings account so you don’t have that money sitting there in that 7-day.
Another great Pro is that you can have multiple accounts when you use the Capital one card. I have quite a few different Sage’s accounts when it comes to sinking funds and that’s not everybody’s preference. But if you have that preference of having multiple accounts,Capital One 360 is definitely there for you,you can have up to 25 different accounts and they don’t charge those fees.
You’re not going to have to sit there and worry about getting charged so many fees on having many savings accounts. That’s going to give you a lot more breathing room and you can split up all your accounts so you can see where all your money’s going and how much it earns in each individual account.
One of the downsides for a capital 360 being an online bank for some people is that they don’t have any physical locations. To some people like myself I think that doesn’t matter,I don’t prefer to go into a bank if I can do all my banking online.
I want to do my banking online because I have the 360 online. But for some people that can be a deal-breaker. I know that they have physical locations in certain places,I’m assuming that they might try to bring out more physical locations all across the country. If I’m not mistaken,I believe it’s in Texas,they have some places that you can walk into to do some of that banking.
Another great pro is going to be their customer service. I’m going to repeat that because I know that’s not a sentence most people hear especially when it comes to banking. But to me they have some amazing customer service. I’ve heard some people talk about emailing them and having some issues with that,but I always call them for any type of issues that I’ve ran into.
They’ve always been very attentive to my issues and have solved every single one of them in a very short amount of time. I can’t remember waiting more than four to five minutes on the phone to talk to a person let alone the actual issue being solved in a very short period of time. If you ever have issues,they are very quick to respond to that. I commend them on having such great customer service especially in an industry that is not very known to have that quality.
Another great Pro is going to be their application,it’s a great application to use if you are on mobile,but they recently transitioned their website to match the mobile version. So everything is a little more congruent when it comes to how you utilize their services. I’m happy with it so you can deposit your checks through the online application and that is very easy to do. I’ve done it quite a few times and it’s a simple very easy process.
The last pro I have is going to be overdraft,I know this also sounds very weird,but their overdraft fee process is bar none the best in the industry because they care about their customers. Now they have a couple different processes when it comes to overdraft fees.
The first thing that you can do is to have it auto decline for you. I know some people who may rather pay a fee so that they don’t get embarrassed in front of other people that they don’t have the money in their account. But you can set it up to have an auto decline for you. This is the way that I personally have and I don’t overspend.
Another option for you is that they can auto draft from one of your savings accounts. One of the two other options is going to be the overdraft line of credit which means essentially that you’re paying a small fee to have that amount go drafted over. You’re not going to pay the full 35 if you have that option chosen.
Now the last option is very interesting and very caring for their customers because they understand life happens. If you don’t have any of the other ones set up,you have a one business day to be able to get that money back into the account before they charge you that $35 overdraft fee.
Now to me that screams customer service because they understand that life happens. As long as you can get that $3.00 or whatever back to zero or in the positive,they don’t charge you that fee in that one business day.I think that’s incredible,I think that’s a great Pro to have when it comes to look at different types of banks and what they offer for you.
Before we get into the myth of having an online banking service,you can check out my review about breaking up with a bank,that is going to show you some of the things that you want to do when you’re transitioning fully from one bank institution to another. The biggest myth for a lot of people is not being able to access or deposit cash with an online bank,the great news is that is not a thing with Capital One. That myth is busted for them.
That is a great thing because you can deposit and withdraw cash from over 40,000 ATMs all across the country for free,you don’t have to worry about that should stop you from potentially opening up a banking account if everything else is to your liking except for not having that access. Hopefully that breaks down that wall for you,you cam choose to go with an online bank without the worries of not having cash available for you.
We’d love to talk a lot about personal finance investing and retirement on this show to help build you wealth. I am hoping that you can learn something from this review. When you choose to open an account,you can read my suggestions and decide whether you are going to open an account with Capital one or not.