Capital One 360 Checking Account Review


Top perks

Competitive APY: The account earns a 0.10% APY. While it’s not the best checking account APY it is much higher than the competition, where a fraction of that number is common.

Fee free: It’s smart to avoid checking account fees and this account helps you do so by cutting ATM and monthly maintenance fees.

No minimum balance: Capital One doesn’t require its 360 Checking® Account holders to maintain a certain balance to earn interest or avoid fees, and even more unusual, it doesn’t require a minimum balance to open an account either. This makes it a good fit for those who don’t keep a lot of money in their checking accounts and don’t want to be penalized for it.

Overdraft protections: While overdrawing your checking account is generally something you want to avoid, having the option to do so can be useful if you’re in a situation where you need funds immediately. By law, overdraft protection isn’t automatic — you must opt into it. If you do so, Capital One gives you the choice of a free transfer from your linked Capital One savings or money market account, an overdraft line of credit, or a next-day grace period option by which you can avoid an overdraft fee if you pay back the excess you withdrew within one business day.

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Hundreds of branch locations: Capital One maintains hundreds of branches throughout the United States, including a growing number of Capital One Cafes. You may not ever need to visit one of these locations, but if you run into questions or issues with your account and want personalized assistance, you’ll be glad that you have the option.

Feature-rich mobile and online banking tools: Capital One’s mobile banking app enables you to do all the things you’d expect — viewing transactions, depositing checks, paying bills, and managing alerts — as well as some things you wouldn’t expect. You can set up an automatic savings account transfer and use the My Savings Goals tool to help you achieve your financial dreams more quickly. You can also track your credit score over time.

FDIC insured: Finally, a Capital One account is covered by FDIC insurance, so in the event of a bank failure, you’re covered for up to $250,000 per depositor, per institution.

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