Description: This article is going to be about the introduction of the pros and cons of the Capital One 360, which can give you a full review of the Capital One 360 accounts and let you know if it is worth getting.
It’s been six months since we opened our Capital One 360 account and I wanted to give you a little review of what I think of it. We’re going to go with pros and cons, before I get started, there’s going to be a referral link down in the description box.
If you click on that link and open a Capital One 360 account, you get a 25 bucks bonus for you and I get a bonus as well, but I have to warn you that it takes about a month to kick in, you have to open the account and put in a certain of money to start, you would reach that limit by kicking off your your sinking fund account.
Now I’m going to show you the pros of opening this card. There are no fees to open this account or to maintain this account. There is no minimum, so if you wipe out your whole account, you have one blanket account, but you can divvy it up into smaller accounts up to 25 and you can name each one of those individual accounts.
I recommend putting one emergency fund in the account, because it takes a couple of days to transfer from one bank to another. We opened up a checking account with Capital One 360 as well, so if we have an emergency, I can transfer the money from emergency fund to the checking account. And I have a debit card, so I have access to all ATMs, I can use it on every ATM, and they are totally free, I can go and take out cash.
It’s got a decent interest rate which is 0.75%, the interest rate on the Capital One 360 account is awesome. There is also an app which allows you to scan your check, it directly deposits into whatever account you tell it to, which is convenient. Another pro is that you have sinking funds.
Now let’s get into the cons, there are no branches, but I think the ATM is enough. It can take up to seven days for money to transfer from the account or to the account, it’s a little bit scary when the money disappears from one account and does not show up in the other one for a couple of days.
The last con is that if you don’t do your transactions properly, you will get slammed with a fee around three dollars, what you have to do is to make sure that you initiate the transaction from Capital One 360. For example if I want to transfer money from my Navy Federal account to Capital One 360 and I did it from the Navy Federal website, it will cost me $3. If I log on to Capital One 360 and initiate it there for them to go into my other bank and withdraw, it doesn’t cost me anything.
I’m going to use an example to show you why you need sinking funds. This year we had the tax debacle and we owed $2,500, we worked it out differently, but I could have pulled all $2,500 from sinking funds and I wouldn’t have to use overdraft, a credit card or take out a bank loan. The best part about it is that it’s not attached to my main bank accounts.