In terms of Capital One 360, it’s a new online bank. We are going to find out if it makes sense for you to open up a business relationship. This is Neil Frankel, the owner of Wealth Pilgrim and a Certified Financial Planner. You can feel free to connect with me on Facebook, Twitter or on the blog at Wealth Program.
Capital One 360 is alternatively newcomer to the online bank environment, which is not exactly true. What happened is Capital One acquired INGDirect, which was one of the biggest online banks ever. The parent company was forced to sell because they got a bailout in a European bank as well as the European bailout. They were forced to divest and Capital One was going to pick up the pieces.
Capital One is a very big credit card company, whose commercials can be seen all the time. What is more, they have some pretty snazzy credit card offers, but they wanted to expand their menu of available products and services. They can do more business, which is the idea.
Obviously, it offers bank accounts CDs, savings and checking. First and foremost, the rates are not bad, especially if you buy deposit more than $50,000, the rates can be very competitive. As can be imagined, if you have less than $50,000 in your account, the interest because of it would be much. The interest rate is so low that, even if someone else is paying twice as much, it will not make a difference no matter how low the rate is, but more interest is better than less.
For fifty thousand or more for checking savings or CV, you’re going to get a very good rate below that. But the good point about Capital One 360 is that there are no charges, maintenance fees, or minimum balances. All are free. You do with theit by your own checks, but they provide a good overdraft protection, which is where they you do chart. You pay about 11 percent on an annualized basis for every amount that you have overdrawn.
However, you don’t pay any penalties, so most banks will charge you 30 or 40 dollars for an overdrawn amount. You’ll pay interest, so I did some research on my site. You can refer to it if you borrow. If you’re overdrawn by $100 for 10 days, the normal banks will charge you $31 for that.
Capital One 360 is going to charge you about 31 cents to keep their balances above water for those with problems, which is a rather inexpensive way. They offer mortgages. I was surprised by their mortgages, as their rates are super competitive. I learned about it as they just refinanced my house.
Secondly, the costs of getting a loan are 40% below with the national averages, so it’s rather inexpensive to get a loan. Further, they provide good customer service and great ratings. People have rated them very highly with their customer experience, so the mortgages are good for investing. They offer the bottom line for a share builder, which is good.
As for the charts 695 for trading ( or some other fancy trading going on, what’s called the advantage account. but it’s a lot of smoke and mirrors) is not bad. The only real advantage is that it’s tied to your checking savings and CB. In this way, you can get it all tied together.
That’s a good thing. Nothing is really more exciting than their obviously offering the retirement accounts and business accounts. There’s nothing wrong with their offering, but it is not a whole of excitement. Their customer service is very goo, I made one phone call. I did have to push one to get to a human being. But once I did, I had a great experience.
They have a referral and bonus program if you deposit. If you get some people to pause it over $250, you’re rewarded. The new person who opens up an account is rewarded, about which please find more information on my site.
In summary, Capital One 360 is decent. The only real claim to fame is that it’s highly integrated, so you can use one bank in relationship and get a great many different products and services. I have a credit card with Capital One, which I love because there’s no foreign transaction fee. It is also because of their benefit across the board.
There’s no transaction fee with anything, their banking or savings or checking or credit cards, which is desirbale. Personally, I don’t think it’s critical to have it all tied together, but if you do, it’s great. I prefer to have a wonderful online bank and there are better ones, which you can read about on my site to check out every bank, especially those with better online trading experiences as well.
For those who are willing to or not interested in getting the best in each area but a convenient place to do business, it might be worth your while to check into it. Consider it if you have any questions or if you’ve had experience with Capital One 360, I would like to hear about it. Please drop me a line either through Twitter Facebookor on my blog.
If you have any questions that I can answer, please let me know. Thanks for more great ideas on how to have no money worries, no matter what come over to wealth pilgrim.com. Sign up for your free weekly updates and get a free-course on how to make better investments.