open capital one 360 money market

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Open capital one 360 money market -

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Looking for a great way to kick-start your savings account? There’s an easy way to get a $25 or $100 bonus when you sign up with Capital One. The bank offers several saving options with varying bonuses that can boost your savings. Read on to discover everything you need to know about the Capital One savings bonus.

Capital One 360 joining bonus

There is a range of Capital One 360 joining bonuses, with the bonus varying depending on the account you sign up for. Getting your bonus is simple: you just need to click on the appropriate referral link. Note however that you will only receive the bonus if you are a new customer. Here are the joining bonuses on offer when you apply for a Capital One 360 product:

360 Savings: $25 bonus. The Capital One 360 Savings product is a simple saving account that you can open with no minimum balance required, enjoying 1% APY in interest from day one. There are no monthly fees on this account and you won’t be penalized if your account balance drops to zero.

360 Checking: $25 bonus. Whether you already have a checking account and want to switch, or even if this is your first checking account, check out the $25 bonus you get just for signing up with Capital One. Like the 360 Savings account, there are no monthly fees just for holding the account, and no minimum balance requirements.

360 Money Market: $100 bonus. If you have a larger amount of money to save, say over $10,000, consider opening a money market fund such as 360 Money Market. Capital One will give you a $100 bonus if you open a 360 Money Market account and you won’t be charged a monthly fee. Interest on large balances in the 360 Money Market account is higher than the rates on the 360 Checking account, you could earn up to 1.75% APY for balances $10,000 and over.

Capital One 360 referral bonus

For every applicant that gets a bonus, there is a matching referrer. If you already bank with Capital One you can stand to earn a handy cash amount by referring friends and family for a Capital One 360 account, whether it is a savings account or a checking account. Enrolling in the referral program is simple.

To become a Capital One 360 referrer, you simply need to log in to your Capital One 360 account and go to the “Refer a Friend” section. Here you can generate a refer-a-friend link unique to your account. To enjoy ongoing referral bonuses of $20 per referral you simply need to provide your referral link to friends and family. Note that you can enjoy a maximum of $1,000 in referral bonuses per year.

Capital One savings account

We just explained how signing up for the Capital One 360 Savings Account can earn you $25 straight away. But signup bonuses alone are not reason enough to choose one bank over another. Let’s take a closer look at what you get when you sign up for a Capital One 360 Savings Account.

  • New customers can enjoy a $25 joining bonus if they sign up via a referral link
  • Interest of 1.00% APY on ­­your entire balance
  • Backed by FDIC insurance
  • No minimum balance requirement to open the account
  • No minimum ongoing balance required to keep the account

This is a solid set of account features which makes the Capital One 360 Savings Account a good deal for personal savings that you need ongoing access to.

Capital One money market

The signing bonus on the Capital One 360 money market account is a chunky $100. If you sign up for a Capital One 360 money market account you can instantly boost your savings with $100. But what is a Capital One money market account, and how much do you need to invest to open an account?

Money market accounts are similar to savings accounts, but generally, offer better interest rates than an ordinary savings account. Money market accounts are targeted at individuals with larger savings to invest, and this is the case with the Capital One 360 money market account too.

With the Capital One 360 money market account you can get a very solid 1.85% APY on your savings if you invest more than $10,000. Balances below that hurdle still earn a respectable 0.85% APY. Here’s what else you can look forward to with a Capital One 360 money market account:

  • Fully FDIC insured, so you can rest assured your money is safe
  • Joining bonus of $100 for new customers
  • Up to six withdrawals per month
  • No minimum balance requirement

Clearly, the Capital One money market account is a good choice if you want to invest more than just a few hundred dollars, the high rate on offer for investments over $10,000 is particularly attractive.

Making the most of the Capital One referral bonuses

With three generous bonuses on offer, it would be foolish to miss out on Capital One’s referral bonuses. If you have not switched banks recently it may be a good opportunity to reconsider your banking provider. Opening a checking account, savings account and money market account at Capital One can net you a total bonus of $150.

Once your Capital One accounts are set up you can refer your friends and family, netting up to $1,000 a year in referral bonuses. You might not get anywhere near the $1,000 on offer, but refer a few friends to Capital One and you could be well on your way to several hundred dollars in bonuses, a great way to top up your savings.

Источник: https://overdraftapps.com/capital-one-savings-bonus/

Capital One is offering a bonus up to $1,000 for opening up their Capital One 360 Performance Savings account. The bonus is either $200 or $1,000 depending on how much money you’re able to deposit into the account. This one requires a lot of free cash, but it’s worth it if you have the coin available.

Where do I enroll?

You can enroll directly at the promotion page Capital One set up for this special offer:

Ninja Update 8/29/21:The $200/$1,000 offer has expired – we’ll update this link as it should be back at some point. There’s a similar Chase offer available.

Looking for other bank bonuses? See the list of the best bank bonuses currently available on this page.

Capital One 360 Performance Savings landing page ad

Related:

Who qualifies for the Capital One 360 bonus?

You qualify for the bonus, unless you have or had an open savings and/or money market account as a primary or secondary account holder (excludes CDs) with Capital One on or after January 1, 2016.

What are the details?

To get the $200 or $1,000 bonus, you have to do one of the following:

  • $200 Bonus: Add new money within 10 days of account opening and have a balance of $10,000 to $149,000
  • $1,000 Bonus: Add new money within 10 days of account opening and have a balance of $150,000 or more

Availability: Nationwide
Expiration: 12/31/2019
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: None
Early Account Termination Fee: None

3 steps to get the Capital One 360 Performance Savings bonus

Avoiding Fees

Fortunately, there are NO monthly fees to worry about and there’s no early account termination fees either.

What are the other details I need to know?

Here are the promotion’s terms and conditions:

  • Open a 360 Performance Savings account between 12:00 a.m. ET on October 15, 2019, and 11:59 p.m. ET on December 31, 2019. When you open your account, enter your promotional code SAVE1000. If you have or had an open savings and/or money market account as a primary or secondary account holder (excludes CD) with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval.
  • Deposit a total of $10,000 or more of new money from an external bank (transfers between Capital One accounts will not qualify) within the first 10 days of account opening (Initial Funding Period). You will earn a bonus once you’ve maintained a daily balance of $10,000 or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows: an account with a daily balance between $10,000–$149,999.99 will earn $200 or an account with a daily balance of $150,000 or more will earn $1,000. If at any time during the 90 days following the Initial Funding Period your daily balance decreases to an amount less than $150,000, you will earn a cash bonus of $200. If your daily balance decreases to an amount less than $10,000, you will not qualify for a cash bonus.
  • This offer cannot be combined with any other Capital One 360 new savings account opening offer, including savings accounts opened through Refer A Friend. Only one promotional code is accepted. Bonus is only valid for one account.
  • Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

The Bottom Line

A pretty hefty requirement, but on the flip side is your cash will earn 1.60% APY in interest as of December 2019 – that’s great especially when you’ll need to hold the cash in the savings account for at least 100 days (10 days for the initial funding period and 90 days of maintaining the required daily balance).

This is as big as you’re going to get of a bonus for opening a bank account and the Capital One 360 Performance Savings is one of the better savings accounts out there with its high interest rates.

Источник: https://themoneyninja.com/capital-one-360-savings-bonus/

The best high-yield savings account offered by a big bank that you can visit in person

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

Online-only banks are known for having the best high-yield savings accounts rates, yet big-name brick-and-mortar banks still remain popular for consumers who value a personal, face-to-face experience.

With hundreds of physical branches, Capital One may just offer the best of both worlds. The Capital One 360 Performance Savings™ comes with an Annual Percentage Yield (APY)that is competitive with online high-yield savings accounts, without having to give up in-person banking altogether.

For an even more personal touch, customers can head to a Capital One® Café to open an account, ask questions and get financial advice — a perk that stands out among the largest banks and/or credit unions we rated.

Below, we review the Capital One 360 Performance Savings and give you all the details of its features, including the annual percentage yield (APY), access to your cash, perks and fees so you can decide if this high-yield savings account is right for you.

Capital One 360 Performance Savings review

Capital One 360 Performance Savings™

Information about the Capital One 360 Performance Savings™ has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Capital One is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    You may incur a fee or your account may close

  • Overdraft fees

    $35, but overdraft coverage is available to avoid this fee

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Capital One checking account

See our methodology, terms apply.

Pros

  • Strong APY
  • No minimum balance required
  • No monthly fees
  • Has physical branch locations, plus Capital One® Cafés
  • Option to add a checking account with ATM access
  • Up to 6 free withdrawals or transfers per statement cycle*
  • Has a top-rated mobile app
  • Offers mobile check deposit
  • Users can take advantage of free credit monitoring service

Cons

  • Excessive transactions may incur a fee or your account may close
  • There is a $35 overdraft fee if you don't have coverage

Capital One 360 Performance Savings APY

The current APY is 0.40%. Users of the Capital One 360 Performance Savings can start earning interest right away, with no minimum balances required in their account.

Access to your cash

Being a big bank, Capital One offers customers the ability to visit one of its hundreds of physical branches in person for all their banking needs. Plus, the large financial institution offers nearly 40 Capital One Cafés nationwide where anyone can stop in to talk to someone about banking with Capital One or just their personal finances in general.

Customers who open a Capital One 360 Performance Savings can transfer their money between linked Capital One accounts or external bank accounts. They can set up direct deposit and automatic transfers to grow their savings on autopilot. Like all savings accounts, withdrawals and/or transfers are limited to six per statement cycle (limit waived during the coronavirus outbreak under Regulation D).

Using Capital One's top-rated mobile app, users can also manage their money from anywhere and deposit checks through mobile check deposit. And, if you are a Capital One credit cardholder, you can also check the app for all your card information, like your balances.

Capital One also offers a Capital One 360 Checking with no fees and access to 40,000-plus fee-free ATMs. It ranked "best overall" on CNBC Select's list of the top no-fee checking accounts.

Perks

The big perk of signing up for a Capital One 360 Performance Savings is its access to in-person customer service. In addition to the bank's physical branches, its cafés allow customers and non-customers alike to speak to a Capital One ambassador about banking or get free one-on-one financial advice from a money coach over coffee. You can search to see if there's a café located near you by visiting Capital One's website.

For those on the go, however, its mobile app makes it simple to track your spending and savings goal progress through an online account tool called My Savings Goals.

Another plus of Capital One is its free credit monitoring service, CreditWise® from Capital One (though you don't have to have a Capital One account to use it). It ranks as the "best overall free service" on CNBC Select's list of the top credit monitoring services because users can track their credit score and receive alerts when it changes all for free.

Fees

In addition to having no minimum balance requirement, the Capital One 360 Performance Savings offers zero monthly maintenance fees.

Any transfers over the six-per-month limit (which is currently waived during the pandemic) may incur a fee or your account may close.

Bottom line

Our methodology

To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an APY around 1%, no monthly maintenance fees and low (or no) minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

*American Express National Bank is a Member FDIC.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Источник: https://www.cnbc.com/select/capital-one-360-performance-savings-review/

Capital One 360 Savings / Money Market Account Review: My 4 Pros & Cons After 13 Years

Not enough people talk about their finances. For whatever reason, we’ll talk and write about our favorite products – but never about things like banks, lawyers, or doctors. I do a lot of book reviews, but wanted to venture out with something a bit different – a Capital One 360 Savings Account / Money Market review.

See Capital One’s Current Account Options & Rates

Back on January 6, 2006, I ditched my local banks’ one-tenth of 1% interest rate on my personal savings (at the time), and signed up for ING Direct. At the time, online banking was still a new industry. It’s now very normal will a ton of companies to choose from.*

*I also signed up for their Venture Rewards credit card, which has a higher total payback than cashback cards.

In the 13 years since I signed up, ING Direct has become Capital One 360®, and is now one of the largest online banks in America. After 13 years of banking with them, here’s my pros and cons of Capital One 360 (and online banking in general).

Pros of Capital One 360 Money Market / Savings

Consistently High Rates

Due to much lower overhead and scale, online banks typically offer much higher interest rates on savings vs. physical banks. Really, the difference is so much that it’s not even a fair comparison. It was true back in January 2006, and it’s still true today. For example, Capital One 360 is offering a 1.00% current savings rate vs. the lower savings rates for my (otherwise AMAZING) local Atlanta credit union*.

*If you are an Atlantan, check them out here.

Additionally – they are offering a frequently updated 2.00% rate on their money market* savings rate. This is the account where I actually keep my money. It’s in the same dashboard, has the same insurance, and same bank connections. The money is simply legally designated for Capital One to more flexibly lend the money.

*Note about Capital One Money Market Savings vs Traditional Savings – ok, I was totally confused about this for a long time. You can really go down the rabbit hole with this. But basically, a Capital One has more flexibility to make money with money in a Money Market account than with money in a savings account. A money market savings account is just as safe and just as insured, but usually has higher minimums and regulators let them loan the money out in overnight money market funds…thus more money for Capital One and more money passed on to you.

Either way – both those rates are high-ish.

By and large, most banks with physical locations have given up the high-yield savings account market to online banks. The rates they offer are simply too high.

That said, there are a ton of online banks (and online-only versions of offline banks). And that is where the real competition and choice is at.

The trend that I’ve found over the past 12 years is that the bank with the highest savings rate is never consistent. All banks are bound by market rates on loans (where they put your money to make money), and by the rates they can earn or pay on deposits among other banks or the Federal Reserve.

Since all banks make money off that spread, there’ll be a leapfrog & ratchet effect for rates across the board. No one bank will  consistently raise their savings rates as mortgage rates go higher.

Instead, one bank will “sprint out ahead” with a teaser rate, get a bunch of customers, and then drift back down as they are leapfrogged by other banks the next week. But then, the bank that offered the teaser rate has to play the game of “how little can I raise my rates before all my customers leave for the teaser rate at another bank.”

As a consumer, it’s a bit insane to constantly switch bank accounts to get that extra .15% interest rate, especially if you keep your credit frozen. The end goal is to find a bank that offers consistently high rates so that you can just stay and always get a high rate.

The main pro of Capital One 360 (and back when it was ING Direct) is that they are consistently right at the top of interest rates for online banks. When I first started with them, they were less than a tenth off the top interest rate (currently at Goldman Sachs). Right now, GS is at 2.25% for their Money Market Savings compared to Capital One’s 2.00% APY. More than I’d want the spread to be – but nowhere near far enough to tempt me to leave, and certainly high enough to sign up with.

Simple Account Creation

For whatever reason, banks often act like they live in a completely different universe than other industries. Bank accounts can be an absolute pain to open.

However, opening an initial account at Capital One 360 is fairly easy and straightforward (it was when I signed up, and appears to still be so). There’s no account minimums and no faxing or paper trails created.

But what’s really useful for me is how easy it is to create new bank accounts once you’re a customer. When you sign up, your customer ID number is different than your bank account number. This setup creates a sort of umbrella account effect where you get to have separate,distinct bank accounts – but manage them from a single online dashboard.

It’s a particularly good feature to have if you like to have several different savings accounts – each for a different purpose. You can set up automatic deposits into each and have them very much separate..but all within a single dashboard.

Well-Done Feature Set

Beyond the simple account creation, Capital One 360 doesn’t really have a single killer feature. Instead, it really has quite a minimal interface and feature set that simply…works.

Capital One Dashboard

They’ve got scheduled deposits, automatic savings plans, emailed tax documents, an easy to use transfer center, and a mobile app for mobile deposits.

Nothing is super-amazing, but nothing ever breaks either.

They have 24/7 support via email, phone, chat, and even fax. But I have never in 12 years had to contact support.

They were one of the first to sync properly with Mint personal finance software (and it still syncs really easily). They also sync well with Personal Capital and YNAB. They have a nifty Access Key so that the software can sync on its own without actually logging in with your credentials and scraping the information. Nothing exciting, but nothing annoying. In my opinion, that’s the way banking should be.

Mint & Capital One 360

Syncs with Other Capital One Products

Before the Capital One merger, ING Direct was a savings bank only. They did mortgages, but they were really just a savings bank.

When Capital One bought up ING Direct, it was part of a play to become a larger, more diversified financial services company. Capital One started out as a credit card company and has bought its way into becoming basically a bank.

As part of that move, Capital One has been trying to sync up all their products into one single company. That means that your Capital One 360 savings account will also sync with your Capital One credit cards, Capital One Investing (stock brokerage), and any other Capital One services you use.

I have a Capital One Venture Rewards card, and it is informative and useful to have my credit card balances and info right on the same dashboard as my savings account.

I don’t have an investment account (I use Vanguard), but if I did, it would be really useful to have my investment information all in one place as well.

Capital One Credit Card

Syncing up a wide range of products is a good strategy for Capital One. They may start to abuse it, but if they keep it focused on the customer, it’s definitely a pro for signing up with Capital One 360 for anyone with other Capital One accounts.

Cons of Capital One 360

Never the Highest Rates

Capital One 360 may always have high rates, but a pretty major con is that the never seem to have the highest rates. As I said in the pros section, banks have an incentive to keep rates as low as possible without tempting you to leave.  So at times (like in January when other banks are offering slightly higher than Capital One 360’s 2.00% APY current money market savings rate), it can be hard to tell exactly where the trigger line to switch is. You never really know for sure if you’re being strung along, or if you are getting a good deal overall.

As easy as online banking is to set up, it’s still can be a pain to switch bank accounts – especially if you have everything automatically synced up right now. It may be rational to stick with Capital One 360 since they do have consistently high rates. However, it can be a bit annoying and frustrating  in a time of overall low interest rates to see such a low rate of return on your account. To see other banks offer higher rates (even if only for a short time) only adds to the grass-is-greener syndrome.

Upsells to Other Products

Capital One’s growing financial services empire certainly provides convenience to a lot of customers that use their products (as mentioned in the pros section). That said, for customers who don’t use other Capital One products, the constant cross-sells can be annoying.

Capital One hasn’t resorted to pop ups and unsolicited emails (yet), but they certainly advertise their other products within Capital One 360.

It’s a fine line to walk between offering genuinely good offers to current customers, and pushing unwanted advertisements. And it’s also the flipside of the pro of syncing all your accounts.

So far, I’ve been cool with their offers. It hasn’t gotten in the way of the product yet, but for the purposes of a Capital One 360 review – having this tension is a con to consider.

Getting Money Out

In America, we’re stuck with financial plumbing built in the 1970s, which means that often it takes longer for digitized money to move from one bank account to another bank account than it takes for Amazon to ship books via truck from Los Angeles to Atlanta.

Moving money online has gotten a bit better since I first opened my account in 2006, but it’s still a major con to using Capital One 360 (or any online bank for that matter).

Need to dip into your emergency savings? Better hope you can last 3+ days while the money is transferred to your physical bank’s checking account.

In some ways, this con can help you save a bit more by adding an extra hurdle to tapping into savings. It does, however, add an extra layer of planning to your finances.

In 12 years, I’ve only had 2 occasions where I really needed emergency savings quickly (a used car purchase over a weekend and a pretty bad miscalculation with my credit card bill). Both situations turned out fine, and would not have been worth switching to the lower interest rate of a physical bank savings account. It was still not particularly fun – and had me wishing I could just walk down to my local bank teller.

Either way, between credit cards, better planning, and a bit of a buffer in checking, it is possible to work around the time lag. But until America upgrades its financial plumbing, hurdles to getting your money out will be a con for online banking.

Quick aside: Capital One 360 does offer Capital One 360 Checking that attempts to get around this problem. I’ve never seriously considered it, but it’d be worth looking into.

Conclusion

If you’re looking for high rates and a straightforward setup for an online savings account, you should check out Capital One 360’s account options here. Bonus recommendation if you’re already a Capital One customer and can sync your other products.

If you’re just looking for the absolute highest rates – head over to Yahoo Finance here. Also, if you want the highest rates without FDIC insurance, you can always just buy directly into a Money Market fund via a stockbroker like Vanguard (ie, the place where Capital One makes their extra money with Money Market account money). I often use VMMXX as a complement to my Capital One Savings, but it can be a bit confusing…and it’s not insured.

Filed Under: Reviews, Products

Источник: https://www.nateshivar.com/1725/capital-one-360-savings-account-review/

What is a money market account?

Money market accounts are sometimes called money market deposit accounts or money market savings accounts.

Like a regular savings account, a money market account at a bank is insured by the Federal Deposit Insurance Corporation (FDIC), while one at a credit union is insured by the National Credit Union Administration (NCUA). You cannot withdraw money or make payments more than six times a month from a money market account by check, debit card, draft, or electronic transfer. Withdrawals or payments by ATM, in person, by mail, messenger, or telephone check (where payment is made by using your checking account number and bank routing number) do not count against the six-transaction limit. Your bank or credit union may also have a minimum deposit that it requires to open a money market account.

A money market account is different from a money market mutual fund, or a money market fund. Money market funds are offered by investment companies and others. Money market funds are not insured by the FDIC or the NCUA, which means you could possibly lose money investing in a money market fund.

Источник: https://www.consumerfinance.gov/ask-cfpb/what-is-a-money-market-account-en-915/

Open capital one 360 money market -

Capital One 360 Reviews: CDs, Checkings, and Savings Account

Capital One is a full-service bank with competitive rates and no-fee accounts to meet the majority of banking needs.

While it does have branches and Capital One café in select locations, Capital One is primarily an online bank.

Capital One, best known for its popular credit cards, entered the banking world in 2012 when it purchased ING Direct and rebranded services as Capital One 360 Banking.

Capital One provides credit cards and auto loans, as well as business and commercial solutions. This is in addition to popular consumer banking options.

This Capital 360 review will concentrate on how capital One 360 works, pros and cons and different Capital One 360 accounts.

About Capital one 360

The Capital One 360 savings account is straightforward, safe, and user-friendly.

The first thing you should know about Capital One 360 is that it is not a physical bank (sort of).

Capital One is experimenting with a hybrid model. They have physical locations in eight states as well as online banking.

These are some examples: Connecticut, Delaware, Louisiana, Maryland, The state of New Jersey, The city of New York, Texas, and Virginia\sDC.

Yes, Capital One has branches throughout the United States, but you’re mostly dealing with an online savings account here.

If this idea frightens you, consider the last time you went into a physical banking branch to deposit or withdraw money. It’s probably been a long time for most of us.

How Does Capital one 360 works?

Capital One 360 is the company’s online presence. If you live near a branch or a Café, you can have a hybrid in-person/online banking experience.

On the other hand, you can bank entirely online with Capital One 360.

Capital One’s website is simple to use, and its mobile app received 4.8 out of 5 stars in the Apple App Store and 4.6 out of 5 stars in the Google Play Store.

Once you’ve created an online account, you’ll be able to chat with a live customer service representative 24/7. You can also reach an agent by phone between the hours of 8:00 a.m. and 11:00 p.m. ET.

Capital One 360 provides checking, savings, and CD accounts. You can open a separate checking and banking account for your child under the age of 18. A minor, like you, will earn 0.10 percent on their checking account balance and 0.30 percent APY on their savings account balance.

You have access to over 70,000 ATMs nationwide through Capital One ATMs and partner ATMs. If you use an out-of-network ATM, the bank does not charge you a fee, but it does not reimburse any out-of-network fees charged by an ATM provider.

Your Capital One bank account is FDIC-insured up to $250,000, or up to $500,000 if you have a joint account.

Capital one 360 Checking

Over the years, Capital One 360 has proven to be an ideal option for travelers. This is because, with a Capital One 360 account, you can be sure of making transactions without been charged whether on a daily, weekly, or monthly basis.

Also, the bank offers overdraft protection services to its customers. Moreso, you can be sure of getting your paycheck two days early.

This is because the bank has an early direct deposit feature which is rare when compared with other banks.

Furthermore, there is no opening deposit or minimum account balance. Note, this bank account has 0.10% APY on all account balances.

Account NameDetails
360 CheckingAPY: 0.1%
Minimum to open: $0
Monthly fee: $0
Monthly fee waiver: N/A
MONEYAPY: 0.1%
Minimum to open: $0
Monthly fee: $0
Monthly fee waiver: N/A

Capital One 360 CD

Capital One 360 CDs are available in terms ranging from six months to five years. This bank account pays competitive rates, but higher rates can be found at other institutions.

The Capital One 360 CD distinguishes itself by not requiring an initial deposit to open a CD, whereas most banks require at least $500.

Also, it does not have as many CD options as other banks. Capital One, for example, will not allow you to open a no-penalty CD or jumbo CD. A regular term CD is your only option.

Capital One 360 Savings Account

When it comes to online savings accounts, Capital One’s 360 Performance Savings account checks all the major boxes: This includes no fees, no minimums, and an above-average yield, despite the fact that it cannot compete with many online banks that offer even higher APYs.

Children under the age of 18 can open a Kids Savings account. When an account holder reaches the age of 18, his or her 360 Performance Savings account automatically converts into a 360 Performance Savings account.

The no-fee, interest-bearing account, which includes an automatic savings plan and allows users to set specific savings goals, can be a good way to teach kids how to save.

Account NameDetails
360 Performance SavingsAPY: 0.4%Minimum balance for APY: $0Monthly fee: $0Monthly fee waiver: N/A
Kids Savings AccountAPY: 0.3%Minimum balance for APY: $0Monthly fee: $0Monthly fee waiver: N/A

Who can Open a Capital One 360 account?

Capital One 360 bank account can be opened by:

Anyone who prefers to conduct their banking online

Capital One 360 caters to those who prefer to conduct all of their banking online. If you don’t mind not going into a bank branch to speak with someone, make deposits, or do any other banking, this should be fine.

People who are tech-savvy

A tech-savvy person will appreciate Capital One 360 as well, because there are many tools and options in your account that do not come with an “instruction manual.” It’s easy to use, but it’s intended to be quick, intuitive, and online-based.

Anyone who wishes to have multiple accounts

Finally, if you want to save but don’t want to keep all of your money in one place, Capital One 360 is a great option.

The ability to open up to 25 savings accounts, each with a unique name and set of goals, makes saving money a pleasurable experience.

Furthermore, you always know where your money is and what it is used for.

Pros of Capital One 360

  • Saving is simple — With the Capital One 360 Savings Account, you can open up to 25 accounts to save for multiple goals.
  • High APY — While the Capital One 360 does not have the highest APY, it is significantly higher than traditional brick and mortar banks.
  • You can easily link accounts — It’s simple to transfer money between your Capital One Savings and Checking accounts.
  • Customer service is simple — Capital One 360 is open 24 hours a day, seven days a week, which is far superior to most traditional banks.

Cons

  • APY is still not the highest — While the Capital One 360 is my personal favorite, there are other accounts with higher APYs.
  • Few physical locations — While this isn’t necessarily a bad thing, there aren’t many physical locations.

How does Capital One stack up against the competition?

Capital One sits somewhere in the middle of traditional and online banking. It has lower fees and higher yields than most traditional banks, but it does not have the yields of many other online banks. It does, however, provide limited branch access, which online-only banks do not.

Chase Bank vs. Capital One

Although Capital One provides some branch access, it is no match for Chase Bank in this regard. Chase has approximately 4,700 branches in the United States.

Also, Chase has a broad and diverse product offering, including multiple checking accounts, a variety of home loan products, and the industry’s most comprehensive line of rewards credit cards.

Chase Bank also has some excellent sign-up bonuses, including a $200 bonus for signing up for Chase Total Checking and establishing direct deposit.

When it comes to fees and APYs, Capital One beats out Chase Bank. Capital One’s standard checking and savings accounts all have no fees, no minimum balances, and APYs that outperform Chase’s offerings.

Capital One 360 Performance Savings, for example, pays 0.4 percent APY, whereas Chase Savings pays only 0.01 percent.

Ally Bank vs Capital One 360

Ally Bank is one of most well-known online banks, and it follows the same no-fee, no-minimum basic account structure as Capital One.

This Ally bank, on the other hand, does a better job of providing yield to investors. For example, Ally Bank’s basic savings account APY is 0.5 percent APY versus Capital One’s 0.4 percent APY.

Similarly, Ally Bank’s checking account pays 0.25 percent APY on balances of at least $15,000, while Capital One pays 0.1 percent APY on all balances.

If you ever need to contact a branch, Capital One has an advantage over Ally. Although Ally provides phone support 24 hours a day, seven days a week, it does not have any physical locations.

If you require the help of a live person to resolve your issues, or if you simply prefer to speak with someone in person, you can visit a Capital One branch.

The catch is that Capital One branches are mostly restricted to Louisiana, Maryland, New York, New Jersey, Texas, Virginia, and the District of Columbia.

Capital One vs. TD Bank

TD Bank has over 1,200 branches in the Eastern United States. Its banking accounts are also more traditional than Capital One’s, with monthly fees that can only be avoided through qualifying activities.

For example, the TD Convenience Checking account, the bank’s most popular, charges a whopping $15 monthly fee, which can be avoided with a modest $100 daily balance.

To avoid the $15 monthly fee on the TD Beyond Savings account, a minimum balance of $20,000 is required.

Aside from that, the usual slew of big bank fees such as a $35 overdraft fee, a $3 fee for using non-TD ATMs, and a $15 fee for incoming wires.

When it comes to fees and account minimums, Capital One clearly outperforms TD Bank. The strength of TD Bank over Capital One is its customer service.

Customers of TD Bank can easily access help when they need it. Thanks to extensive branch locations — albeit exclusively along the Eastern seaboard — and 24/7 customer service.

Is Capital One 360 reliable?

Capital One 360 has an A rating from the Better Business Bureau for trustworthiness.

A good BBB rating shows that a company responds effectively to customer complaints. It also uses honest advertising practices, and conducts business in a transparent manner.

However, the company has recently been embroiled in a controversy. Capital One agreed to pay $80 million after the Office of the Comptroller of the Currency determined that the bank was partially to blame for a 2019 data breach in which a hacker gained access to over 100 million credit card applications. Capital One’s security, according to the OCC, was inefficient at the time.

Conclusion

So, who is an ideal candidate for a Capital One 360 account? I’d recommend this banking option to anyone who wants to do all of their banking online but isn’t concerned with earning the highest interest rates.

And, because there are no fees for opening or maintaining an account, it’s probably the best option for those on a tight budget.

Check out the other online banking options for those who are “interest rate junkies.” Depending on your needs, you may be able to find even better rates with competitors such as Ally and CIT Bank.

Capital One 360 may also be unsuitable if you live far from a physical location and want to speak with a representative.

FAQs

Is Capital One insured by the FDIC?

Yes, all Capital One accounts are FDIC insured for up to $250,000 per depositor and account ownership category.

Is Capital One Bank a secure institution?

Capital One employs a number of security measures to protect customer accounts and personal information. SSL encryption, fraud protection, debit card locking features, and other features are included. In 2019, Capital One experienced a security breach involving credit card accounts. The problem was quickly resolved.

Is it possible to open a money market account at Capital One?

No, Capital One does not offer any money market accounts.

Is there a difference between Capital One and Capital One 360?

Capital One is an online-bank. The only real difference is how you access your account and your money. With Capital One 360, you’ll access your account through their website or an app on your smartphone. The only other significant difference is with physical checks.

Reference

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13 Best Bank Accounts for Kids Under 18 (Checking & Savings) – Rates for 2021

Opening a bank account for your kids and becoming a joint account holder is a great way to:

  • Reinforce basic banking concepts that we take for granted, such as adding and withdrawing funds
  • Teach basic budgeting skills and demonstrate the importance of spending less than you earn, a cornerstone of financial responsibility
  • Demonstrate the importance of saving, even if it’s just a few dollars per month, to the young child in your life
  • Get a head-start on long-term savings goals, such as higher education supplies and tuition
  • Communicate the value of having long-term financial goals in general

Here’s a closer look at the differences between the two major types of kid-friendly bank accounts, plus a roundup of the best checking and savings accounts for kids under age 18.

Bank Accounts for Minor Children: Joint vs. Custodial vs. Prepaid

With the exception of legal emancipation, U.S. law prohibits children under age 18 from having sole ownership of deposit accounts, such as checking and savings accounts. However, most U.S. banks and credit unions allow children to hold deposit accounts together with a parent.

True minor-friendly bank accounts come in two forms with very different characteristics and permissions: joint accounts and custodial accounts. A third minor-friendly account type, the reloadable prepaid debit card, is often used as a first step for parents unsure about opening a kids’ bank account right away.

Joint Bank Accounts

If you’re married or in a committed relationship, you may hold one or more joint financial accounts with your spouse or partner. The same idea applies to accounts held jointly with minor children; both you and your child can make deposits and withdraw funds as you see fit.

Parents can exercise considerable control over accounts held jointly with children. When your kid is too young to work legally, you’re likely to be the sole or principal source of their funds. If you want to set a strict weekly or monthly spending limit for them, simply fund the account at the desired level and frequency.

Generally, joint deposit accounts are ideal for day-to-day expenses and short- to medium-term savings. Most checking accounts place few restrictions, if any, on deposit and withdrawal amounts and frequencies. By law, savings accounts limit withdrawals to six per statement cycle, with excess withdrawals subject to penalty fees.

If your child — and you — can resist the temptation to raid it for short-term needs, a high-yielding joint savings account is suitable for long-term savings goals, such as college tuition, your kid’s first car, or a security deposit on their first apartment.

Custodial Bank Accounts

Under the Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA), parents or legal guardians may establish custodial accounts for the benefit of minor children without involving a trust fund or trustee. UGMA and UTMA permit a wide range of assets, but most banks limit custodial deposit accounts to cash only.

The minor holder of a custodial account is its owner and primary beneficiary. However, until the minor reaches the legal age of majority, the account’s custodian acts as its steward. A parent or legal guardian may serve as the custodian or designate an outsider — typically a financial institution or third-party financial advisor — to fill this role.

In either case, the custodian is a fiduciary, which means they may make disbursements from the account to cover qualifying, reasonable expenses but must manage the account in the minor’s best interests. Full control of the account and its contents must pass to the minor when they reach the age of majority.

Because a minor custodial account beneficiary can’t access their account’s funds without the custodian, custodial accounts are not appropriate for day-to-day use or short- or medium-term savings. They are suitable for long-term savings goals, such as higher education.

Pro tip: Putting your kids on the right track financially doesn’t end with the right bank account. Open a UGMA account through EarlyBird to help invest in their future.


Best Checking Accounts for Kids Under Age 18

Set on a true bank account for your kid? These are the best options on the market right now.

Most of these accounts are free or low-cost and have low minimum balance requirements. Some have decent interest rates as well. But be sure to carefully review all account disclosures before applying.

Unless otherwise noted, these kid-friendly bank accounts are all structured as joint ownership accounts, not custodial, and are FDIC-insured.

1. Chase First BankingSM

Stringent Parental Controls and Account Management Tools

Chase First BankingSM is a debit card designed to teach children and teens the fundamentals of sound money management. It’s available to kids ages 6 to 17.

Much like the training wheels on your youngster’s first bike, Chase First Banking guides minor account holders in the right direction without ever removing the controls that prevent serious mishaps.

Those controls are built into a debit card with customizable parental alerts to clue adult custodians in on how and where their kids are spending. Chase First BankingSM also enables flexible limits on spending to ensure kids don’t overspend in one place.

  • Minimum Deposit and Balance Requirements: You must be an existing Chase customer to open a Chase First BankingSM account. The monthly service fee is $0.
  • Yield: None.
  • Rewards and Incentives: Fee-free access to more than 16,000 Chase and affiliated ATMs, plus a robust suite of educational tools for first-time account holders.

Sign Up


2. Copper Banking

A Banking Solution Built for Teens

Copper is a teen-friendly mobile banking solution designed for kids ages 13 to 17 (and their parents too).

The Copper app and debit card teach teens how to make smart financial decisions by creating a platform for parents and teens to connect and learn together.

Use the Copper debit card to shop everywhere and withdraw cash for free at over 55,000 ATMs. The Copper app allows you to monitor spending and instantly send money in seconds. Features like automatic saving teach teens strong financial habits by automatically setting aside a portion of the money they make for savings.

Copper uses secure encryption and authentication to protect your account and all Copper accounts are insured up to $250,000 through Evolve Bank & Trust.

  • Minimum Deposit and Balance Requirements: The minimum deposit is $10, but there’s no ongoing minimum balance requirement or maintenance fee.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: Copper has a nice referral program that could earn you some extra cash for referring friends — $3 for each successful referral. See terms and conditions for details.
  • Overdraft Fees: Copper does not charge overdraft fees, period.
  • Possible Fees: See terms and conditions for a complete list of potential fees.

Sign Up


3. Axos Bank First Checking

Earn 0.10% APY and Pay No Monthly Maintenance Fees

Axos Bank First Checking is a custodial teen checking account built for kids between the ages of 13 and 17.

With easily customized parental controls and a digital debit card dashboard that lets parents and kids manage virtually every aspect of the banking relationship, it’s a great choice for on-the-go families.

Axos Bank First Checking is great for parents who want to let the reins go slowly, rather than all at once. Axos limits cash withdrawals to $100 per day and point-of-sale transactions to $500 per day, limiting how far kids can stretch their means.

And Axos’ biometric authentication protocols help keep your card and account — and your kids — safe from troublemakers.

  • Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirements.
  • Account Opening Bonus: None, although targeted offers may occur from time to time.
  • Yield: 0.10% APY on all balances as of June 3, 2021.
  • Rewards and Incentives: Enjoy up to $12 in domestic ATM fee reimbursements per month.
  • Possible Fees: There are no monthly maintenance fees, overdraft fees, or nonsufficient funds (NSF) fees. Other fees may apply.

Sign Up


4. Alliant Credit Union Free Teen Checking Account

0.25% APY on All Balances With E-Statements and One Direct Deposit Per Month

The Alliant Credit Union Free Teen Checking Account is designed for parents and kids ages 13 to 17.

With no monthly maintenance fees or balance requirements, it’s an ideal first checking account for teens with part-time or summer jobs. All accounts come with a free Visa® debit card and a free first box of checks with both account holders’ names.

All balances yield 0.25% APY when you opt in to electronic statements and receive at least one direct deposit per month. When the minor account holder turns 18, the account automatically converts to an adult checking account.

You must be an Alliant Credit Union member to open a Free Teen Checking account on your child’s behalf. If you live in the Chicago area, you can join at a physical branch.

If not, the easiest way to join is to become a supporter of Foster Care to Success, a partner charity that doesn’t restrict membership by geography. You can find more details about Alliant membership here.

  • Minimum Deposit and Balance Requirements: None.
  • Account Opening Bonus: None.
  • Yield: 0.25% APY on all balances when you opt in to e-statements and receive at least one direct deposit each month.
  • Rewards and Incentives: Access to more than 80,000 fee-free ATMs around the United States. The account has an automatic daily debit card limit of $100 in cash withdrawals and $300 in total spending to control overspending by young account owners. Each month, account holders get up to $20 in ATM rebates from out-of-network ATMs.
  • Overdraft Options: You can opt in to an overdraft line of credit. Alliant reserves the right to decline transactions that would normally result in overdrafts, depending on prior account usage.
  • Possible Fees: 1% foreign transaction service fee for ATM withdrawals, $25 per NSF transaction.

Sign Up


5. Capital One MONEY Teen Checking Account

0.10% APY on All Balances

The Capital One MONEY Teen Checking Account is a fee-free, paperless checking account for kids ages 13 to 17.

With no minimum or ongoing balance requirements and a decent yield on all balances, it’s another solid day-to-day account for kids flexing their financial muscles for the first time.

All accounts come with a free Mastercard® debit card but no checks or electronic bill pay option. Parents can set text or email alerts for specific account actions and transactions to monitor their teen’s spending from a distance.

The MONEY Teen Checking account also comes with a nice array of budgeting and balance-tracking features for basic financial education. Account holders under age 18 have a daily limit of $500 in non-PIN transactions, $500 in PIN transactions, and $500 in ATM withdrawals.

  • Minimum Deposit and Balance Requirements: None.
  • Account Opening Bonus: None.
  • Yield: 0.10% APY on all balances.
  • Rewards and Incentives: Access to about 40,000 fee-free ATMs around the United States and free mobile deposits through the Capital One app.
  • Overdraft Options: If you have a savings account with Capital One 360, you can opt in to fee-free automatic savings transfers to cover transactions that would typically result in a negative balance. Otherwise, you can apply for an overdraft line of credit, subject to credit approval and fees.
  • Possible Fees: $25 expedited debit card processing fee, $5 statement copy fee.

Sign Up


6. Wells Fargo Clear Access Banking

Robust Suite of Money Management Tools

The Wells Fargo Clear Access Banking suite is a teen-friendly product available to kids ages 13 to 17 (kids 16 and under require an adult co-owner).

With no maintenance fee for younger account holders and low balance requirements, it’s a great general-purpose checking account for kids learning to budget. However, this account has no yield, so it’s not appropriate for stashing away funds for a rainy day.

Wells Fargo has a slew of educational and practical tools for kids and parents. The “My Spending Report with Budget Watch” feature helps kids build a budget and track spending on their own, while a robust set of parental controls lets you monitor and restrict spending.

  • Minimum Deposit and Balance Requirements: $25 minimum opening deposit; no ongoing balance requirement.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: 24/7 fraud monitoring and fee-free person-to-person (P2P) transfers through the Wells Fargo app or online banking site.
  • Overdraft Options: You can opt in to overdraft protection that covers shortfalls on transactions that would normally result in a negative balance. You must link a Wells Fargo savings account, and there’s a $12.50 fee per transfer. If you prefer not to transfer funds out of a linked savings account, you can opt in to standard overdraft protection, which covers shortfalls at a slightly higher fee.
  • Possible Fees: $2.50 per non-Wells-Fargo ATM withdrawal, $15 NSF transaction fee, 3% foreign transaction fee. The monthly service fee is $5 for account holders age 25 and older.

Sign Up


7. Chase High School Checking

Automatically Upgrades to an Adult Chase Checking Account at Age 19; No Joint Owner Needed

Chase High School Checking is an account designed specifically for kids ages 13 to 17.

Minor account holders must open the account with an adult as a co-owner and link their accounts to that person’s checking account to allow direct control over the account’s funding.

When the minor account holder turns 19, the account turns into a checking account for adults, and the adult account holder is removed. There is no yield on any balances but no monthly maintenance fee either.

  • Minimum Deposit and Balance Requirements: $25 to open and maintain.
  • Account Opening Bonus: None, although targeted offers may occur from time to time.
  • Yield: None.
  • Rewards and Incentives: Fee-free access to more than 16,000 Chase and affiliated ATMs plus lightning-fast money transfers to family and friends with Chase QuickPay® with Zelle®.
  • Overdraft Options: If you opt in to Chase’s overdraft program, transactions for which you have insufficient funds are allowed to go through. You’re charged $34 per overdraft item, with a limit of three per day.
  • Possible Fees: See terms for a complete list of fees.

Sign Up


Prepaid Debit Cards: An Alternative to Bank Accounts for Kids Under Age 18

If you’d prefer not to open a joint or custodial account for your minor child, consider a prepaid debit card instead.

Many parents use Visa-, American Express-, or Mastercard-branded prepaid debit cards for teens as replacements for cash allowances or bank accounts.

8. Greenlight

The standout in this category is Greenlight, a kid-friendly debit card that makes it super easy for parents to manage youngsters’ allowance funds and walking-around money.

Key features include:

  • An in-app chore list that ties financial incentives (reloads) to household jobs
  • Automated weekly or monthly allowance transfers — no manual deposits required
  • Real-time notifications whenever the card is used
  • Customizable spending rules for parents
  • Customizable earning, spending, and saving goals for kids

It all adds up to set-it-and-forget-it financial empowerment for young people ready and eager for a financial head start.

Greenlight’s debit card plan (Greenlight) costs $4.99 per month.

Greenlight + Invest, a more comprehensive plan that includes a kid-friendly investing platform with full parental control, costs $7.98 per month.

Greenlight Max adds identity theft protection, cellphone coverage, and purchase protection for $9.98 per month.

Sign Up


9. GoHenry

Built around an easy-to-use mobile app, GoHenry is a kid-friendly prepaid debit card designed for kids as young as 6 years old. It’s ideal for managing an allowance, saving up for school supplies and activity fees, building an education nest egg, or all of the above.

GoHenry’s key capabilities include:

  • Setting and funding household chores, teaching your kids the value of a dollar in the process
  • Creating and contributing to savings goals
  • Setting automated allowances and managing one-time or recurring transfers
  • Setting rules about where and how much minor users can spend
  • Generating real-time spending notifications
  • Enabling instant card blocking and unblocking for lost, stolen, or damaged cards

GoHenry is free for the first month, then costs $3.99 per child per month. Upgrade to a custom card for $4.99.

Sign Up


10. FamZoo

FamZoo is more than a prepaid debit card. It’s a full-fledged financial education app that teaches age-appropriate money lessons on everything from compound interest to the importance of paying yourself first. Highlights include:

  • Chore and odd job scheduling tied to rewards or penalties
  • Separate accounts for spending, saving, and giving
  • Payment splits that allocate one transfer to multiple accounts
  • Parent-paid interest that reinforces the concept of compound interest
  • Customizable savings goals
  • Informal loan tracking for parental disbursements and receipts
  • Real-time account activity alerts
  • A text-message-based system for receiving and approving kids’ funding requests
  • Card locking and unlocking for lost, stolen, or damaged cards
  • Scheduled and instant funds transfers

FamZoo costs $5.99 per family per month when paid monthly (automatic renewal required). Pay in advance to earn a deep discount on the sticker price — as low as $2.50 per month per family with a 24-month subscription.

Sign Up


Best Savings Accounts for Kids Under Age 18

All of the following accounts are subject to a strict withdrawal limit of no more than six per statement cycle under U.S. law.

Unless otherwise noted, all are joint accounts rather than custodial. Legally, the account’s minor owner can deposit, withdraw, and move funds before their 18th birthday.

11. Alliant Credit Union Kids Savings Account

0.55% Yield on All Balances Above $100; Open to Kids Under Age 13

With a $5 minimum opening deposit and a yield of 0.55% APY on all balances, the Alliant Credit Union Kids Savings Account is ideal for long-term savings goals.

This account is open to kids under age 13, giving them even more time to accrue compound interest. Kids 13 or older aren’t eligible to apply, but account holders can keep the account open as long as they wish.

All account activity is subject to parental review and approval, ensuring minor account holders can’t raid their balances before they ripen.

  • Minimum Deposit and Balance Requirements: $5 to open and maintain, although Alliant covers the deposit for young account holders.
  • Account Opening Bonus: $5 to cover the initial deposit requirement.
  • Yield: 0.55% APY on all balances above $100.
  • Rewards and Incentives: No monthly fees for members who opt in to e-statements.
  • Overdraft Options: None.
  • Possible Fees: Excess transaction fees charged at Alliant’s discretion.

Sign Up


12. Capital One 360 Kids Savings Account

0.30% Yield on All Balances; No Age Limit to Open

The Capital One 360 Kids Savings Account is another high-yield online savings account designed for younger kids.

With no opening deposit or ongoing balance requirements and an automatic savings plan option, it’s an ideal set-it-and-forget-it account for kids working toward future savings goals.

There’s no age threshold to open an account, and parents have final approval over fund transfers. Seamless mobile check deposit is a nice perk.

  • Minimum Deposit and Balance Requirements: There’s no minimum balance requirement or deposit requirement here.
  • Account Opening Bonus: None, although targeted offers may apply.
  • Yield: 0.30% APY on all balances.
  • Rewards and Incentives: You can set up savings goals or make recurring transfers based on an automated savings plan.
  • Overdraft Options: None.
  • Possible Fees: $5 paper statement fee; excess transaction fees charged at Capital One’s discretion.

Sign Up


13. PNC Bank ‘S’ is for Savings® Account

Robust Educational Suite

The PNC Bank ‘S’ is for Savings® Account is fee-free for account holders under age 18.

Minor account owners can keep this account as long as they like after they reach legal age, subject to a $5 monthly maintenance fee that’s waived in any statement cycle during which:

  • The account holder is under age 18
  • The account has a minimum daily balance of $300 or more
  • The account receives at least one $25 transfer per month

This account is definitely geared toward younger kids. It offers a “learning center” populated by Sesame Street characters and an automated savings program for parents looking to help their kids save.

  • Minimum Deposit and Balance Requirements: $25 minimum to open and maintain.
  • Account Opening Bonus: None.
  • Yield: Varies by balance.
  • Rewards and Incentives: The educational tools are second to none, and the automated savings feature is a nice touch.
  • Overdraft Options: None.
  • Possible Fees: $7.50 card replacement fee.

Sign Up


Final Word

Where you bank is your choice and yours alone. Most banks and credit unions, from big institutions like Bank of America to smaller outfits like Alliant Credit Union, allow parents to open joint or custodial accounts for their minor children.

If you have a longstanding relationship with a local bank or credit union, you may want to look into whether they offer kid-friendly accounts.

Before you make a final decision and take steps to become a joint account holder, check out our compilation of the top bank account promotions. If you don’t have an existing banking relationship with one of the best banks for kids, you might as well seek out the highest bidder.

Источник: https://www.moneycrashers.com/best-bank-accounts-kids/

Capital One 360 Money Market Account Review

Capital One 360 Money Market AccountCapital One 360 Money Market Account

UPDATE: This product is no longer available to new customers -- consider one of the other money market accounts available now.

Your savings should grow much faster than you think. Imagine an account that offers potential interest rates that are 100 times as much as what you'd find from a national bank.

The Capital One 360 Money Market Account can deliver those types of savings rates, especially if you're going to maintain a large balance.

Other useful features that you're getting with this account:

  • Mobile check deposit
  • Up to 6 withdrawal transactions per month with no penalty
  • Option of using a Capital One branch location, Capital One 360 cafe or Capital One 360 ATMs
  • Allpoint ATMs

In this Capital One 360 Money Market Account review, we'll compare rates, fees, and services to other national and online banks.

Adding Up the Interest on Your 360 Money Market Account

There are two APY tiers depending on how much money you keep in your account.

Capital One 360 Money Market Account Pros & Cons

ProsCons
  • High interest rate
  • Mobile app available
  • No monthly maintenance fee
  • No minimum opening deposit
  • No ATM fees at Allpoint® ATMs
  • No physical branches
  • Minimum balance required to earn APY

Breaking the $10,000 mark is going to give you the biggest benefit in terms of the rate. As far as how those rates compare to other money market accounts, Capital One 360 is similar to other online banks.

There’s no minimum amount required to earn that APY either.

That’s an advantage if your savings isn’t in the five-digit range yet. The catch is that you’ll need at least $1,000 to open an account. Capital One 360, on the other hand, doesn’t have a required minimum balance.

Sign-up Bonuses

Occasionally, Capital One 360 offers various cash bonuses for new customers who open one of its accounts -- the money market account is one of them.

The typical bonus could be hundreds of dollars, but the exact bonus amount depends on the balance maintained over the first 90 days of account opening.

With these bonuses, the effective earnings of the Capital One 360 money market account increases significantly.

How Do the Fees Compare?

The Capital One 360 Money Market Account is a bargain when it comes to fees. There’s no monthly maintenance fee. There’s also no excess withdrawal fee.

Capital One 360 Money Market Account Fees

TypeFee
Monthly Maintenance Fee$0
Domestic Wire Transfer$30
Statements generated within the last 2 years$5 per copy
Overdraft FeeYou're not allowed to overdraw your 360 Money Market and you agree not to withdraw more money than what is available at the time.

Federal Regulation D limits how often you can take money out of a savings account.

At other banks, this fee applies when you make more than six withdrawals per month from your savings or money market account.

This limit does not apply to withdrawals made in person or through ATMs, mail (by a check payable and mailed to you), or messenger.

Depending on the bank, even some online banks, there could be monthly maintenance fees for money market accounts, in addition to other account fees may apply.

At Ally, for example, there’s a $7.50 returned deposit fee, a $20 fee for outgoing domestic wire transfers, a $10 excess transaction fee and a $25 per hour research fee.

While those are fees you may not incur on a regular basis, it still helps to be aware of what your bank might charge. Every fee will reduce the amount that you’re earning.

The point of saving in a money market account is to watch your dollars and cents pile up, not lose money on the deal.

That’s why it’s important to understand the fees up front so you don’t end up getting nickeled and dimed.

Tip: Use an APY calculator to see how quickly your own savings could add up.

Step Up Your Savings With an Automatic Savings Plan

Saving money is a habit and for some people, it takes more time to develop. If you struggle to save, the Automatic Savings Plan may be just what you need.

With the Automatic Savings Plan, you can have a fixed amount of money transferred from your linked checking account to this account. You can set up your plan when you open your account or any time after.

Transfers can be made weekly, bi-weekly, or monthly so you can adjust your savings to fit your pay cycles.

It takes just a minute or two to establish your Automatic Savings Plan through your Capital One 360 online account and you can cancel it anytime you like.

Is a Capital One 360 Money Market Account the Best Place for Your Savings?

Money market accounts are designed to offer higher interest rates than regular savings accounts. As an added bonus, many brick-and-mortar banks offer check-writing capabilities or a debit card for money market account holders.

Unfortunately, Capital One 360 doesn’t offer them on it money market account.

There are some online savings accounts, however, that may offer better rates than a money market account.

Another plus of choosing a savings account over a money market account is the low minimum opening deposit.

With a lot of money market accounts, you’re expected to bring $1,000 or more to the table to get started.

If you’re on the fence about whether a money market account or a savings account makes more sense, comparing your options can help settle the issue.

With that in mind, these are the top savings accounts that give 360 Money Market Account a run for its money:

Ally Bank Online Savings

In addition to a money market account, Ally also offers an online savings account. This account currently offers an APY that’s higher than what you’d get with the 360 Money Market Account.

There are no monthly maintenance fees and there’s no minimum deposit to open your account. You do, however, have to put something in it within the first 30 days; otherwise, Ally will close the account.

Deposit options include direct deposit, mobile check deposit, and ACH transfers.

The biggest difference is that with Ally’s money market account, which comes with a debit card and checks.

In a nutshell, Ally’s Online Savings Account offers a higher rate but Ally's money market account gives you more flexibility if you need to withdraw some of your savings.

Capital One 360 Performance Savings

The Capital One 360 Performance Savings Account offers the same APY on every balance.

You’ll get the same rate if you’re saving $100 a month or $1,000 a month. Like the money market account, there’s no minimum opening deposit. This account is also fee-free.

You can set up the Automatic Savings Plan with a 360 Savings account and you have the same deposit options as the money market account.

If you’re not sure whether to go with the savings account or the money market account, you could compromise and do both.

For example, you could use the Capital One 360 Performance Savings Account as your emergency fund.

This is money you might need to cover a minor car repair or an unexpected doctor bill.

If you’ve got a long-term savings goals, such as establishing a down payment for a home, you could park that in the money market account to earn a higher APY.

Synchrony Bank High Yield Savings

Synchrony Bank’s High Yield Savings Account features a highly attractive APY.  You get that rate with no minimum balance or monthly maintenance fee. This account also offers the advantage of an ATM card, for easy withdrawals.

There’s no excess withdrawal fee if you go over the six withdrawal limit. Synchrony Bank can, however, close your account if you get in the habit of making excess withdrawals.

Final Verdict: The Capital One 360 Money Market Account is Ideal for Super Savers

After looking at all the options, the Capital One 360 Money Market Account stands out for people who’ve got a bigger bankroll to park in savings.

If you typically keep less than $10,000 in savings, you might be better off with something like Ally Bank’s Online Savings Account, since it has a better yield and you don’t need a minimum amount of savings to earn that APY.

As you’re weighing your options, remember to consider how the APY compares to the account’s fees and whether it comes with any perks, like a debit card.

In the end, whether you’re better with a money market account or a savings account may depend on what’s more important: a higher interest rate or convenient access to your money.

More:Best Savings Accounts of the Year

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Источник: https://www.mybanktracker.com

What is a money market account?

Money market accounts are sometimes called money market deposit accounts or money market savings accounts.

Like a regular savings account, a money market account at a bank is insured by the Federal Deposit Insurance Corporation (FDIC), while one at a credit union is insured by the National Credit Union Administration (NCUA). You cannot withdraw money or make payments more than six times a month from a money market account by check, debit card, draft, or electronic transfer. Withdrawals or payments by ATM, in person, by mail, messenger, or telephone check (where payment is made by using your checking account number and bank routing number) do not count against the six-transaction limit. Your bank or credit union may also have a minimum deposit that it requires to open a money market account.

A money market account is different from a money market mutual fund, or a money market fund. Money market funds are offered by investment companies and others. Money market funds are not insured by the FDIC or the NCUA, which means you could possibly lose money investing in a money market fund.

Источник: https://www.consumerfinance.gov/ask-cfpb/what-is-a-money-market-account-en-915/

Capital One 360 is a particularly good choice if you’re looking for a strong all-round option ifn online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.

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Capital One 360 is a particularly good choice if you’re looking for a strong all-round option in online banking. In fact, it’s The Simple Dollar’s pick for the best free checking account. This online arm of Capital One should appeal to anyone who wants to dip their toes into online banking with a convenient, trusted service that boasts several physical locations and a nationwide ATM network.

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Capital One 360 Highlights

  • No hidden fees or minimums as you earn interest on your everyday money
  • 38,000 fee-free Allpoint® ATMs and 2,000 Capital One® ATMs
  • Free MasterCard® Debit Card for all purchases
  • Mobile check deposits with CheckMateSM & one checkbook’s free

Capital One 360 launched in 2013 after Capital One acquired ING Direct and rebranded the service. As a former ING Direct customer, I “inherited” a Capital One 360 savings account that I still use today, and I can personally attest to the convenience and ease of use it offers.

Capital One 360 at a Glance

When it comes to your banking needs, you’ll have access to just about everything you expect from a bank through Capital One 360, as well as some products that aren’t as common for online-only banks. Here are the key offerings:

  • Savings: Capital One 360 offers personal, business, and kid-focused savings accounts.
  • Checking: There’s a no-fee personal checking account and a teen-friendly checking account that links to a debit card and helps teach your child how to manage money.
  • CDs: Choose from nine terms ranging from six to 60 months when you want to amp up your personal or business savings.
  • Mortgages: Whether you need a fixed- or adjustable-rate mortgage, Capital One 360 has you covered at competitive interest rates.
  • Investment accounts: With the Capital One Investing platform, you can build a portfolio of stocks, ETFs, and mutual funds. You can also open an IRA.

In addition, parent company Capital One fills in the gaps with auto loans, credit cards, and more extensive business and commercial banking. However, there are no money market accounts or personal loans.

If you’re nervous about online banking, note that your deposits with Capital One 360 will be protected by the Federal Deposit Insurance Corporation, just like at any brick-and-mortar bank. In addition, your data is fully encrypted and protected by several layers of security such as firewalls, intrusion detection, and multi-factor authentication.

Capital One 360 Performance Savings

Capital One 360 Performance Savings has a lot of appeal, the interest rate, currently 0.40% APY, isn’t the highest you can find online, but it’s still pretty competitive — especially when you consider that the national average is .09%, according to Bankrate. Add that to this account’s other perks, including no fees and no account minimums, and you’ve got a compelling savings option. Here are the account features at a glance:

  • No maintenance fees: At other banks, you may have to pay a fee just to have an account.
  • No account minimums: You don’t have to have a certain amount of money to open an account or maintain any sort of minimum balance to avoid a fee.
  • A great rate: You’ll earn 0.40% APY, more than eight times the national average.
  • Open multiple accounts: You can have up to 25 different savings accounts for free.
  • 24/7 account access: Need to make a withdrawal at 2 a.m.? No problem.
  • Customer support any day of the week: You’re just a phone call away from a real person.
  • Easy account management: Schedule stress-free automatic deposits, and track your progress with the My Savings Goals feature.
  • Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.

One of the nicest features on this list is the ability to open up to 25 savings accounts without ponying up account maintenance fees. This is a great way to stay organized if you have multiple savings goals.

Right now, I have a few separate savings accounts with Capital One 360, and have had several more in the past, including one dedicated to saving for a down payment on our house. You could also have one emergency-only account, one for a dream vacation, and so on.

I can also vouch for the convenience of the automatic savings plan, which let me funnel a certain amount of money into my savings account every other week without lifting a finger. You can also set up an automatic transfer to take place as often as every week or as little as once every few months depending on your savings goals. It’s a great way to force yourself to save and requires very little effort to set up.

The biggest downside here is the interest rate. I’ve watched my interest rate sink (and sink … and sink) over the past several years from a high of close to 5%, when I opened it with ING. Now, that’s not a situation that’s unique to Capital One 360 — rates have plummeted everywhere, and the current rate of 0.40% is definitely higher than brick-and-mortar banks offer.

However, some competing online-only banks are higher — you’ll find a few in our guide to the best savings accounts. That isn’t a lot in the grand scheme of things, but every bit helps.

Capital One 360 Checking

Capital One 360 Checking shares many of the benefits of the savings account, including no maintenance fees and mobile check deposits. Though I don’t personally use Capital One 360 for checking, The Simple Dollar has picked it as one of the best checking accounts for 2020. Why? Here are some of the main features:

  • No maintenance fees or minimums: You won’t need to keep a minimum balance or hook up direct deposit to avoid maintenance fees, like many other banks require.
  • No overdraft fees: At many banks, you’ll pay $30 or more every time your account is overdrawn.
  • Nationwide ATMs: You’ll get fee-free access to 38,000 Allpoint ATMs and 2,000 Capital One ATMs.
  • Free debit card: You’ll get a MasterCard debit card to make purchases. And as a bonus, there are no foreign transaction fees if you use it overseas.
  • Pay other individuals for free: You can easily send money directly to others’ bank accounts, even if they don’t also bank with Capital One 360.
  • Mobile check deposit: Depositing funds is as simple as snapping a picture with your phone using the CheckMate feature.
  • Free online bill pay: Use the bill pay center to keep up with bills online — no need to waste checks or stamps. If a bill ever arrives late because of Capital One 360, they will pay your penalty fees.
  • Earn interest on your balance: You’ll get 0.10% APY on all balances.

One of the biggest perks of Capital One 360 Checking is the lack of an overdraft fee. These fees top $30 at other banks and can add up fast. Instead, Capital One hooks up your checking account to an Overdraft Line of Credit of up to $1,000. You’ll simply pay interest on the amount you’re overdrawn only for as long as you’re overdrawn.

To get an idea of how much that can save you, here’s an example: If you slipped up and overdrew your account by $100 for just five days, you’d only pay about 15 cents in interest with Capital One 360 instead of a fee over $30 with another bank. That’s a big savings for anyone who has let their balance slip into the red from time to time.

On the downside, you’ll have to have a pretty substantial balance to earn anything more than 0.10% APY on this account, and there are competitors that offer better yields on checking. For instance, Ally will bump you up to 0.10%-0.25% depending on your balance, and Bank5Connect offers 0.20% on any balance over $100. If you’re like most people, you aren’t going to park a huge amount of money in a checking account. Still, the interest is a nice bonus.

I also want to mention the fees that I did see: $25 to stop payment, $20 to overnight a check, and up to $40 for domestic wire transfers. The first two fees are in line with national averages, but $40 for wire transfers is high — so take note if you think you may use wire transfers often.

You will also have to pay for checks with Capital One 360. The first checkbook is free, but after that, it’s $5 per book of 50 checks. It’s a trade-off I’ll gladly make for no account maintenance fees and the lack of overdraft gouging, but it’s still worth noting.

Capital One 360 Accounts for Children and Teens

Online banks will probably be even more common once your kids are grown, so Capital One 360 could be the perfect way to teach them about money.

  • Kids Savings Account: A lot of banks offer savings accounts aimed at teaching kids the value of a dollar, but most earn the paltry interest rates typical at brick-and-mortar institutions. Kids will earn 0.00% APY, but they will have access to tools including the automatic savings plan and My Savings Goals tracker. They get their own log-in to check their balance, but adults will have to transfer money to and from the account.
  • MONEY (teen checking): This checking account aimed at teens help them learn how to use a checking account and fully featured debit card, but adults can easily keep tabs on account activity. Teens have access to all of Capital One’s ATMs as well, but only adults can initiate online money transfers.

Getting Started with Capital One 360

Capital One has a clean, easy-to-use website, and opening an account is a fairly effortless affair. To open a savings or checking account, you’ll need to enter standard personal information: name, address, date of birth, and Social Security number.

You’ll also need to link your new account to an existing checking account for funding purposes. You simply enter your account number and bank’s routing number, all found on the bottom of your current checks. You’ll be asked to verify ownership of your external account by confirming one or two small deposits from Capital One 360. You can link up to three personal checking accounts to a Capital One 360 checking or savings account.

After you open a savings account, your funds will be held for 10 business days for security purposes. After that, all new deposits are held for five business days before they’re available for withdrawal. Checking account deposits have a standard two-day hold; however, some types of deposits (such as direct deposit) are available sooner. You may have to wait up to five days to access all of a check deposit over $500, however.

Who Is Capital One 360 Best For?

You tend to rack up overdraft fees: If you’re in the habit of withdrawing more than you owe, you know that bank fees make that an expensive habit. Though you should still aim to better track your balance and avoid the situation entirely, Capital One 360’s Overdraft Line of Credit means you’re likely to pay just pennies in interest instead of over $30 in fees.

You’re looking for a lot of services in one spot: A lot of online-only banks focus only on checking and savings to the exclusion of other products, but you have a lot more to choose from with Capital One 360, like mortgages and investments. And 360’s parent bank, Capital One, provides easy access to other products such as auto loans and credit cards.

You’re not that tech-savvy but still wants to start banking online: Opening an account with Capital One 360 is very simple, and the online interface is very streamlined. Several cities now even have inviting brick-and-mortar Capital One 360 Cafes, where you can open an account or speak with an associate in person over a cup of Peet’s coffee.

You have a variety of savings goals and want an easy way to manage them: Capital One is great for savers with a lot of different goals. Because you can have up to 25 different accounts for free, it’s easy to keep your money in different buckets but still manage each account in one spot.

You like the idea of online banking, but lesser-known online banks make you nervous: Capital One 360 is an established brand with all the resources of a major bank, including its huge ATM network — that may mean peace of mind for some people.

Who Might Want to Skip Capital One 360?

While Capital One 360 should have a lot of appeal for the casual saver who wants a convenient venue for their online banking, there are still a few downsides. You may want to look elsewhere if:

You’re chasing the highest interest rate: While Capital One 360 offers solid interest rates that eclipse those offered by traditional brick-and-mortar banks, they aren’t the highest you’ll find online.

You need your money fast: This can be an issue with all online banks, but some online reviewers complain that Capital One 360’s hold times on check deposits are too long. Assuming you’re using mobile check deposit to put funds in your checking account, you’ll only get access to the first $200 of a check over $500 the next business day. You’ll have to wait five business days to access the remainder of the deposit. (Note that direct deposits, if available, are a good way around this, as you can get same-day access to those funds.) For savings accounts, you’ll wait five business days to access any deposit. Since I don’t expect to turn around and immediately access my savings, I’ve been OK with this delay, but I can understand why the checking holds would be frustrating.

You want 24/7 customer service: Disappointingly, Capital One 360 does not staff its call center around the clock. Many may not take issue with this, but it’s worth noting that several competitors do let you talk to a live person, even at 3 a.m.

Compare top bank accounts

Too long, didn’t read?

When it’s all said and done, Capital One 360 is a great option for anyone who wants the convenience of online banking, better-than-average interest rates, and no account maintenance fees. Capital One 360 has extended their current offer – sign up by 11/30 to earn up to $500 when you maintain a certain balance in your new account for 90 days.

If you’re not quite sold, you can check out more of The Simple Dollar’s banking recommendations in our guides to the best free checking accounts, best savings accounts, and best money market accounts to find the right home for your money.

Saundra Latham is a personal finance writer and editor. Her work has appeared in The Simple Dollar, Business Insider, USA Today, The Motley Fool, Livestrong and elsewhere.

Reviewed by

  • Courtney Mihocik
    Courtney Mihocik
    Loans Editor

    Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.

Источник: https://www.thesimpledollar.com/banking/bank-reviews/capital-one-360-review/?L4z-jnJly8g

Capital One is offering a bonus up to $1,000 for opening up their Capital One 360 Performance Savings account. The bonus is either $200 or $1,000 depending on how much money you’re able to deposit into the account. This one requires a lot of free cash, but it’s worth it if you have the coin available.

Where do I enroll?

You can enroll directly at the promotion page Capital One set up for this special offer:

Ninja Update 8/29/21:The $200/$1,000 offer has expired – we’ll update this link as it should be back at some point. There’s a similar Chase offer available.

Looking for other bank bonuses? See the list of the best bank bonuses currently available on this page.

Capital One 360 Performance Savings landing page ad

Related:

Who qualifies for the Capital One 360 bonus?

You qualify for the bonus, unless you have or had an open savings and/or money market account as a primary or secondary account holder (excludes CDs) with Capital One on or after January 1, 2016.

What are the details?

To get the $200 or $1,000 bonus, you have to do one of the following:

  • $200 Bonus: Add new money within 10 days of account opening and have a balance of $10,000 to $149,000
  • $1,000 Bonus: Add new money within 10 days of account opening and have a balance of $150,000 or more

Availability: Nationwide
Expiration: 12/31/2019
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: None
Early Account Termination Fee: None

3 steps to get the Capital One 360 Performance Savings bonus

Avoiding Fees

Fortunately, there are NO monthly fees to worry about and there’s no early account termination fees either.

What are the other details I need to know?

Here are the promotion’s terms and conditions:

  • Open a 360 Performance Savings account between 12:00 a.m. ET on October 15, 2019, and 11:59 p.m. ET on December 31, 2019. When you open your account, enter your promotional code SAVE1000. If you have or had an open savings and/or money market account as a primary or secondary account holder (excludes CD) with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval.
  • Deposit a total of $10,000 or more of new money from an external bank (transfers between Capital One accounts will not qualify) within the first 10 days of account opening (Initial Funding Period). You will earn a bonus once you’ve maintained a daily balance of $10,000 or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows: an account with a daily balance between $10,000–$149,999.99 will earn $200 or an account with a daily balance of $150,000 or more will earn $1,000. If at any time during the 90 days following the Initial Funding Period your daily balance decreases to an amount less than $150,000, you will earn a cash bonus of $200. If your daily balance decreases to an amount less than $10,000, you will not qualify for a cash bonus.
  • This offer cannot be combined with any other Capital One 360 new savings account opening offer, including savings accounts opened through Refer A Friend. Only one promotional code is accepted. Bonus is only valid for one account.
  • Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

The Bottom Line

A pretty hefty requirement, but on the flip side is your cash will earn 1.60% APY in interest as of December 2019 – that’s great especially when you’ll need to hold the cash in the savings account for at least 100 days (10 days for the initial funding period and 90 days of maintaining the required daily balance).

This is as big as you’re going to get of a bonus for opening a bank account and the Capital One 360 Performance Savings is one of the better savings accounts out there with its high interest rates.

Источник: https://themoneyninja.com/capital-one-360-savings-bonus/

Capital One 360 Savings / Money Market Account Review: My 4 Pros & Cons After 13 Years

Not enough people talk about their finances. For whatever reason, we’ll talk and write about our favorite products – but never about things like banks, lawyers, or doctors. I do a lot of book reviews, but wanted open capital one 360 money market venture out with something a bit different – a Capital One 360 Savings Account / Money Market review.

See Capital One’s Current Account Options & Rates

Back on January 6, 2006, I ditched my local banks’ one-tenth of 1% interest rate on my personal savings (at the time), and signed up for ING Direct. At the time, online banking was still a new industry. It’s now very normal will a ton of companies to choose from.*

*I also signed up for their Venture Rewards credit card, which has a higher total payback than cashback cards.

In the 13 years since I signed up, ING Direct has become Capital One 360®, and is now one of the largest online banks in America. After 13 years pseg long island pay my bill banking with them, here’s my open capital one 360 money market and cons of Capital One 360 (and online banking in general).

Pros of Capital One 360 Money Market / Savings

Consistently High Rates

Due to much lower overhead and scale, online banks typically offer much higher interest rates on savings vs. physical banks. Really, the difference is so much that it’s not even a fair comparison. It was true back in January 2006, and it’s still true today. For example, Capital One 360 is offering a 1.00% current savings rate vs. the lower savings rates for my (otherwise AMAZING) local Atlanta credit union*.

*If you are an Atlantan, check them out here.

Additionally – they are offering a frequently updated 2.00% rate on their money market* savings rate. This is the account where I actually keep my money. It’s in the same dashboard, has the same insurance, and same bank connections. The money is simply legally designated for Capital One to more flexibly lend the money.

*Note about Capital One Money Market Savings vs Traditional Savings – ok, I open capital one 360 money market totally confused about this for a long time. You can really go down the rabbit hole with this. But basically, a Capital One has more flexibility to make money with money in a Money Market account than with money in a savings account. A money market savings account is just as safe and just as insured, but usually has higher minimums and regulators let them loan the money out in overnight money market funds…thus more money for Capital One and more money passed on to you.

Either way – both those rates are high-ish.

By and large, most banks with physical locations have given up the high-yield savings account market to online banks. The rates they offer are simply too high.

That said, there are a ton of online banks (and online-only versions of offline banks). And that is where the real competition and choice is at.

The trend that I’ve found over the past 12 years is that the bank with the highest savings rate is never consistent. All banks are bound by market rates on loans (where they put your money to make money), and by the rates they can earn or pay on deposits among other banks or the Federal Reserve.

Since all banks make money off that spread, there’ll be a leapfrog & ratchet effect for rates across the board. No one bank will  consistently raise their savings rates as mortgage rates go higher.

Instead, one bank will “sprint out ahead” with a teaser rate, get a bunch of customers, and then drift back down as they are leapfrogged by other banks the next week. But then, the bank that offered the teaser rate has to play the game of “how little can I raise my rates before all my customers leave for the teaser rate at another bank.”

As a consumer, it’s a bit insane to constantly switch bank accounts to get that extra .15% interest rate, especially if you keep your credit frozen. The end goal is to find a bank that offers consistently high rates so that you can just stay and always get a high rate.

The main pro of Capital One 360 (and back when it was ING Direct) is that they are consistently right at the top of interest open capital one 360 money market for online banks. When I first started with them, they were less than a tenth off the top interest rate (currently at Goldman Sachs). Right now, GS is at 2.25% for their Money Market Savings compared to Capital One’s 2.00% APY. More than I’d want the spread to be – but nowhere near far enough to tempt me to leave, and certainly high enough to sign up with.

Simple Account Creation

For whatever reason, banks often act like they live in a completely different universe than other industries. Bank accounts can be an absolute pain to open.

However, opening an initial account at Capital One 360 is fairly easy and straightforward (it was when I signed up, and appears to still be so). There’s no account minimums and no faxing or paper trails created.

But what’s really useful for me is how easy it is to create new bank accounts once you’re a customer. When you sign up, your customer ID number is different than your bank account number. This setup creates a sort of umbrella account effect where you get to have separate,distinct bank accounts – but manage them from a single online dashboard.

It’s a particularly good feature to have if you like to have several different savings accounts – each for a different purpose. You can set up automatic deposits into each and have them very much separate.but all within a single dashboard.

Well-Done Feature Set

Beyond the simple account creation, Capital One 360 doesn’t really have a single killer feature. Instead, it really has quite a minimal interface and feature set that simply…works.

Capital One Dashboard

They’ve got scheduled deposits, automatic savings plans, emailed tax documents, an easy to use transfer center, and a mobile app for mobile deposits.

Nothing is super-amazing, but nothing ever breaks either.

They have 24/7 support via email, phone, chat, and even fax. But I have never in 12 years had to contact support.

They were one of the first to sync properly with Mint personal finance software (and it still syncs really easily). They also sync well with Personal Capital and YNAB. They have a nifty Access Key so that the software can sync on its own without actually logging in with your credentials and scraping the information. Nothing exciting, but nothing annoying. In my opinion, that’s the way banking should be.

Mint & Capital One 360

Syncs with Other Capital One Products

Before the Capital One merger, ING Direct was a savings bank only. They did mortgages, but they were really just a savings bank.

When Capital One bought up ING Direct, it was part of a play to become a larger, more diversified financial services company. Capital One started out as a credit card company and has bought its way into becoming basically a bank.

As part of that move, Capital One has been trying to sync up all their products into one single company. That means that your Capital One 360 savings account will also sync with your Capital One credit cards, Capital One Investing (stock brokerage), and any other Capital One services you use.

I have a Capital One Venture Rewards card, and it is informative and useful to have my credit card balances and info right on the same dashboard as my savings account.

I don’t have an investment account (I use Vanguard), but if I did, open capital one 360 money market would be really useful to have my investment information all in one place as well.

Capital One Credit Card

Syncing up open capital one 360 money market wide range of products is a good strategy for Capital One. They may start to abuse it, but if they keep it focused on the customer, it’s definitely a pro for signing up with Capital One 360 for anyone with other Capital One accounts.

Cons of Capital One 360

Never the Highest Rates

Capital One 360 may always have high rates, but a pretty major con is that the never seem to have the highest rates. As I said in the pros section, banks have an incentive to keep rates as low as possible without tempting you to leave.  So at times (like in January when other banks are offering slightly higher than Capital One 360’s 2.00% APY current money market savings rate), it can be hard to tell exactly where the trigger line to switch is. You never really know for sure if you’re being strung along, or if you are getting a good deal overall.

As easy as online banking is to set up, it’s still can be a pain to switch bank accounts – especially if you have everything automatically synced up right now. It may be rational to stick with Capital One 360 since they do have consistently high rates. However, it can be a bit annoying and frustrating  in a time of overall low interest rates to see such a low rate of return on your account. To see other banks offer higher rates (even if only for a short time) only adds to the grass-is-greener syndrome.

Upsells to Other Products

Capital One’s growing financial services empire certainly provides convenience to a lot of customers that use their products (as mentioned in the pros section). That said, for customers who don’t use other Capital One products, the constant cross-sells can trulia new mexico homes for sale annoying.

Capital One hasn’t resorted to pop ups and unsolicited emails (yet), but they certainly advertise their other products within Capital One 360.

It’s a fine line to walk between offering genuinely good offers to current customers, and pushing unwanted advertisements. And it’s also the flipside of the pro of syncing all your accounts.

So far, I’ve been cool with their offers. It hasn’t gotten in the way of the product yet, but for the purposes of a Capital One 360 review – having this tension is a con to consider.

Getting Money Out

In America, we’re stuck with financial plumbing built in the 1970s, which means that often it takes longer for digitized money to move from one bank account to another bank account than it takes for Amazon to ship books via truck from Los Angeles to Atlanta.

Moving money online has gotten a bit better since I first opened my account in 2006, but it’s still a major con to using Capital One 360 (or any online bank for that matter).

Need to dip into your emergency savings? Better hope you can last 3+ days while the money is transferred to your physical bank’s checking account.

In some ways, this con can help you save a bit more by adding an extra hurdle to tapping into savings. It does, however, add an extra layer of planning to your finances.

In 12 years, I’ve only had 2 occasions where I really needed emergency savings quickly (a used car purchase over a weekend and a pretty bad miscalculation with my credit card bill). Both situations turned out fine, and would not have been worth switching to the lower interest rate of a physical bank savings account. It was still not particularly fun – and had me wishing I could just walk down to my local bank teller.

Either way, between credit cards, better planning, and a bit of a buffer in checking, it is possible to work around the time lag. But until America upgrades its financial plumbing, hurdles to getting your money out will be a con for online banking.

Quick aside: Capital One 360 does offer Capital One 360 Checking that attempts to get around this problem. I’ve never seriously considered it, but it’d be worth looking into.

Conclusion

If you’re looking for high rates and a straightforward setup for an online savings account, you should check out Capital One 360’s account options here. Bonus recommendation if you’re already a Capital One customer and can sync your other products.

If you’re just looking for the absolute highest rates – head over to Yahoo Finance here. Also, if you want the highest rates without FDIC insurance, you can always just buy directly into a Money Market fund via a stockbroker like Vanguard (ie, the place where Capital One makes their extra money with Money Market account money). I often use VMMXX as a complement to my Capital One Savings, but it can be a bit confusing…and it’s not insured.

Filed Under: Reviews, Products

Источник: https://www.nateshivar.com/1725/capital-one-360-savings-account-review/
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Источник: https://www.53.com/content/fifth-third/en.html

Capital One 360 Money Market Account Review

Capital One 360 Money Market AccountCapital One 360 Money Market Account

UPDATE: This product is no longer available to new customers -- consider one of the other money market accounts available now.

Your savings should grow much faster than you think. Imagine an account that offers potential interest rates that are 100 times as much as what you'd find from a national bank.

The Capital One 360 Money Market Account can deliver those types of savings rates, especially if you're going to maintain a large balance.

Other useful the bank sacramento food hall that you're getting with this account:

  • Mobile check deposit
  • Up to 6 withdrawal transactions per month with no penalty
  • Option of using a Capital One branch location, Capital One 360 cafe or Capital One 360 ATMs
  • Allpoint ATMs

In this Capital One 360 Money Market Account review, we'll compare rates, fees, and services to other national and online banks.

Adding Up the Interest on Your 360 Money Market Account

There are two APY tiers depending on how much money you keep in your account.

Capital One 360 Money Market Account Pros & Cons

ProsCons
  • High interest rate
  • Mobile app available
  • No monthly maintenance fee
  • No minimum opening deposit
  • No ATM fees at Allpoint® ATMs
  • No physical branches
  • Minimum balance required to earn APY

Breaking the $10,000 mark is going to give you the biggest benefit in terms of the rate. As far as how those rates compare to other money market accounts, Capital One 360 is similar to other online banks.

There’s no minimum amount required to earn that APY either.

That’s an advantage if your savings isn’t in the five-digit range yet. The catch is that you’ll need at least $1,000 to open an account. Capital One 360, on the other hand, doesn’t have a required minimum balance.

Sign-up Bonuses

Occasionally, Capital One 360 offers various cash bonuses for new customers who open one of its accounts -- the money market account is open capital one 360 money market of them.

The typical bonus could be hundreds of dollars, but the exact bonus amount depends on the balance maintained over the first 90 days of account opening.

With these bonuses, the effective earnings of the Capital One 360 money market account increases significantly.

How Do the Fees Compare?

The Capital One 360 Money Market Account is a bargain when it comes to fees. There’s no monthly maintenance fee. There’s also no excess withdrawal fee.

Capital One 360 Money Market Account Fees

TypeFee
Monthly Maintenance Fee$0
Domestic Wire Transfer$30
Statements generated within the last 2 years$5 per copy
Overdraft FeeYou're not allowed to overdraw your 360 Money Market and you agree not to withdraw more money than what is available at the time.

Federal Regulation D limits how often you can take money out of a savings account.

At other banks, this fee applies when you make more than six withdrawals per month from your savings or money market account.

This limit does not apply to withdrawals made in person or through ATMs, mail (by a check payable and mailed to you), or messenger.

Depending on the bank, even some online banks, there could be monthly maintenance fees for money market accounts, in addition to other account fees may apply.

At Ally, for example, there’s a $7.50 returned deposit fee, a $20 fee for outgoing domestic wire transfers, a $10 excess transaction fee and a $25 per hour research fee.

While those are fees you may not incur on a regular basis, it still helps to be aware of what your bank might charge. Every fee will reduce the amount that you’re earning.

The point of saving in a money market account is to watch your dollars and cents pile up, not lose money on the deal.

That’s why it’s important to understand the fees up front so you don’t end up getting nickeled and dimed.

Tip: Use an APY calculator to see how quickly your own savings could add up.

Step Up Your Savings Who were the first 3 presidents of the united states an Automatic Savings Plan

Saving money is a habit and for some people, it takes more time to develop. If you struggle to save, the Automatic Savings Plan may be just what you need.

With the Automatic Savings Plan, you can have a fixed amount of money transferred from your linked checking account to this account. You can set up your plan when you open your account or any time after.

Transfers can be made weekly, bi-weekly, or monthly so you can adjust your savings to fit your pay cycles.

It takes just a minute or two to establish your Automatic Savings Plan through your Capital One 360 online account and you can cancel it anytime you like.

Is a Capital One 360 Money Market Account the Best Place for Your Savings?

Money market accounts are designed to offer higher interest rates than regular savings accounts. As an added bonus, many brick-and-mortar banks offer check-writing capabilities or a debit card for money market account holders.

Unfortunately, Capital One 360 doesn’t offer them on it money market account.

There are some online savings accounts, however, that may offer better rates than a money market account.

Another plus of choosing a savings account over a money market account is the low minimum opening deposit.

With a lot of money market accounts, you’re expected to bring $1,000 or more to the table to get started.

If you’re on the fence about whether a money market account or a savings account makes more sense, comparing your options can help settle the issue.

With that in mind, these are the top savings accounts that give 360 Money Market Account a run for its money:

Ally Open capital one 360 money market Online Savings

In addition to a money market account, Ally also offers an online savings account. This account currently offers an APY that’s higher than what you’d get with the 360 Money Market Account.

There are no monthly maintenance fees and there’s no minimum deposit to open your account. You do, however, have to put something in it within the first 30 days; otherwise, Ally will close the account.

Deposit options include direct deposit, mobile check deposit, and Open capital one 360 money market transfers.

The biggest difference is that with Ally’s money market account, which comes with a debit card and checks.

In a nutshell, Ally’s Online Savings Account offers a higher rate but Ally's money market account gives you more flexibility if you need to withdraw some of your savings.

Capital One 360 Performance Savings

The Capital One 360 Performance Savings Account offers the same APY on every balance.

You’ll get the same rate if you’re saving $100 a month or $1,000 a month. Like the money market account, there’s no minimum opening deposit. This account is also fee-free.

You can set up the Automatic Savings Plan with a 360 Savings account and you have the same deposit options as the money market account.

If you’re open capital one 360 money market sure whether to go with the savings account or the money market account, you could compromise and do both.

For example, you could use the Capital One 360 Performance Savings Account as your emergency fund.

This is money you might need to cover a minor car repair or an unexpected doctor bill.

If you’ve got a long-term savings goals, such as establishing a down payment for a home, you could park that in the money market account to earn a higher APY.

Synchrony Bank High Yield Savings

Synchrony Bank’s High Yield Savings Account features a highly attractive APY.  You get that rate with no minimum balance or monthly maintenance fee. This account also offers the advantage of an ATM card, for easy withdrawals.

There’s no excess withdrawal fee if you go over the six withdrawal limit. Synchrony Bank can, however, close your account if you get in the habit of making excess withdrawals.

Final Verdict: The Capital One 360 Money Market Account is Ideal for Super Savers

After looking at all the options, the Capital One 360 Money Market Account stands out for people who’ve got a bigger bankroll to park in savings.

If you typically keep less than $10,000 in savings, you might be better off with something like Ally Bank’s Online Savings Account, citizens one bank apple it has a better yield and you don’t need a minimum amount of savings to earn that APY.

As you’re weighing your options, remember to consider how the APY compares to the account’s fees and whether open capital one 360 money market comes with any perks, like a debit card.

In the end, whether you’re better with a money market account or a savings account may depend on what’s more important: a higher interest rate or convenient access to your money.

More:Best Savings Accounts of the Year

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Источник: https://www.mybanktracker.com

What is a open capital one 360 money market market account?

Money market accounts are sometimes called money market deposit accounts or money market savings accounts.

Like a regular savings account, a money market account at a bank is insured by the Federal Deposit Insurance Corporation (FDIC), while one at a credit union is insured by the National Credit Union Administration (NCUA). You cannot withdraw money or make payments more than six times a month from a money market account by check, debit card, draft, or electronic transfer. Withdrawals or payments by ATM, in person, by mail, messenger, or telephone check (where payment is made by using your checking account number and bank routing number) do not count against the six-transaction limit. Your bank or credit union may also have a minimum deposit that it requires to open a money market account.

A money market account is different from a money market mutual fund, or a money market fund. Money market funds are offered by investment companies and others. Money market funds are not insured by the FDIC or the NCUA, which means you could possibly lose money investing in a money market fund.

Источник: https://www.consumerfinance.gov/ask-cfpb/what-is-a-money-market-account-en-915/

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