Description: This passage is going to talk about the accounts of Capital One 360, it introduces the benefits that you can get from the accounts and the Capital One 360 bank.
Today I want to talk about one of my favorite favorite products. Sinking funds are as you put money aside every month for an anticipated item that you know is going to come up as a large purchase.
If you’re saving up for a TV or putting money away for little foreseen emergencies that pop up, like major car repairs, medical and medical bills, so my four major categories are my car insurance, car maintenance, clothing and vacation and weddings.
I didn’t put away my money at the beginning of the year because I had a small Christmas budget. So the reason why I’m talking about sinking funds is that sinking funds are amazing because you need them for life’s unexpected things and moments, you need them for the things that you want to save up for and I want to talk to you about Capital One 360 today which is an amazing place to have your sinking funds.
Capital One 360 is an online bank which was started off as a European bank that came over into the states online only and then recently Capital One is bought and now it’s become Capital One 360.
All you could do was to have it as a savings account and the great thing was that it was a savings account outside of your normal savings account, so you didn’t have it intermingled with your normal funds, therefore it was out of sight, out of mind and it did take a few days to transfer that money back into your checking account, so it kept me from spending any of my savings.
Most recently, they’ve started having a checking account feature which I do use now. So I use both the savings and the checking account features for Capital One 360 and I want to talk to you about the accounts, how they work and why they’re awesome.
First, both the checking and the savings accounts are interest-bearing which means that they accrue interest based on your balance which is nice for both checking and savings. I don’t see tons of interest accrue on my checking account on a regular basis because I do actively use my checking account and get like 11 to 20 cents a month.
But my savings accounts is the best, because it is an online bank, so they offer more lucrative interest rates for your savings accounts, for checking is a point to zero percent, then for savings is 0.75 percent which is unheard of. So it’s an amazing feature to have because when you have your sinking funds or emergency fund, there’s an insurance. You won’t make tons of money on it or invest it but at the same time you know this allows you to get a nice healthy sort of growth on your account and still have it easily transferable.
Now because I have both the checking and the savings account feature, I can instantly move money back and forth. If you do have a checking account outside of Capital One 360, it does take about 2 to 3 business days to clear back and forth depending on your bank and how your bank sort of sets everything up.
Another thing is if you are going to be setting up a transfer from Capital One 360 from your regular bank account which is not Capital One 360, you make sure that you initiate it from Capital One 360 because in that way, your own bank won’t charge you any transfer fees. Next up is that you can have up to 25 savings accounts which is a lot, you can have one account for each item and they will all accrue their own interest.
My Electronic Funds that I have with the Capital One 360 are my white wedding and also my emergency funds, so I have two savings accounts with them, once my car maintenance cash envelope gets a little larger, I will deposit that money and make it an electronic sinking fund because I just don’t have all that cash around the house but now I keep that cash so that I can use it on a regular basis.
Another great thing is since I have the checking account, for whatever reason I’m out and I have to get my car maintenance fund, all I need to do is firm my phone and transfer the money from my car maintenance sinking fund into my checking account and pay with my debit card then everything is good.
Next is free ATMs, they do have a free network of ATMs and you’ll find these at your local pharmacy, convenience stores, take out your phone and look up locations, it will tell you the nearest one. An ATM will not charge you a withdrawal fee and you’ll only be able to get your bills out in $20, or you can go into a bank and tell the teller what denominations you want you bills in.
But in case you don’t have a Capital One near you, you can get to these in-network ATMs, I use Capital One 360 as my bank, it is not an actual bank so it is very simple that my direct deposit goes in every two weeks and I can pay my bills from it, I can use my debit card anywhere I go, I can use it like a regular bank.
The fifth thing I want to talk about is some people may hesitate going to an online bank when getting checks. When I get checks, I do my mobile banking on Ebay. It’s super convenient.