Banking With Capital One 360
In this Capital One 360 Review we’ve uncovered that it’s a different variety of accounts being offered by the well-established Capital One Bank. Capital One purchased ING Direct for $9 billion in 2011. ING Direct was beloved by customers as they paid 4.5% interest on savings accounts and high interest on checking accounts in 2007.
Capital One 360 has made it easy for customers to manage their credit cards along with their savings and checking accounts on the same screen. Capital One360 accounts do provide high interest rates in a dismal interest rate world.
In our Capital One 360 Review we’ve discovered one of the best features to come with their accounts; the fact that they’ve inherited most of ING Direct’s standards. The website is set up similarly, but it is not as functional as what most users loved about ING Direct.
- Capital One 360 provides an easy way for people to earn top-tier yields without paying fees or having to keep a minimum balance in the account.
- Capital One 360 offers other accounts including CD’s, youth savings accounts and checking accounts. There are several different terms to choose from to ensure you get a decent interest rate.
- Capital One 360 is focused on helping kids learn the importance of saving money and provide accounts without fees.
- The Capital One 360 Kids Savings Account provides flexibility and high interest rates for teens, making it a great tool for teens to use to save money for the future.
- Their website is easy to navigate.
- You can get in touch with customer service via online chat, phone, or email. Customer service response times were fast and the phone reps were helpful and informative.
- Capital One 360 offers mobile banking, including mobile check deposits and bill pay.
- You can also transfer funds to friends or families accounts to and from the 360 account.
- Capital One 360 offers a $50 bonus for signing up for a checking account.
Without a list of drawbacks this would be an incomplete Capital One 360 review. For anyone that ended up having their ING Direct account moved to Capital One 360, you already know the strange changes that have been made. Some people are missing the bright orange colors from ING Direct and their customer service. Capital One 360 is easy to get ahold of via phone, but it can take a few days to get an email reply. Other complaints include:
- Hold times on deposits is frustrating. It can take up to a 7 business days for a deposit to be processed.
- Transferring the money to your savings account from the checking account can also take a day or more.
- Checking account consumers often find pending charges that drop and reappear on the account several days later. The annoyance with pending charges is that they reduce your ability to use the money in the account.
- Transfers from your account to a different bank can take up to 7 business days. This can be frustrating if you need your money immediately.
Most of the complaints stem from transferring money. If you send a transfer from your bank to your online savings account, you may need approval for a large amount. Normally anything “unusual” will be flagged by Capital One 360. For example, if you have continually made $50 deposits and now you make a $700 deposit, your account can be flagged and will be on hold. This is frustrating as it can take a few days to straighten everything out and regain access to your account.
Is Capital One 360 Worth Banking With?
To conclude our Capital One 360 Review we’d like to reiterate that they are not ING Direct! This is important for people to remember when they are opening an account. They do not operate in the same manner. Their customer service is different, and you won’t be obtaining the higher interest rates of yesteryear.
Capital One 360 does offer a variety of savings products, and they are a sustainable company. However, the overall sentiment is poor customer service, and slow deposits and transfers.
Capital One 360
P.O. Box 60
St. Cloud, MN 56302-0060
Customer Service Number:
New Customers: 1-800-289-1992
Existing Customers: 1-888-464-0727