Capital One has a great many financial services. Our Capital One review focuses on their Capital One 360 banking services. Just like any other bank, Capital One 360 allows you to open a checking account, set up a savings account and invest in CDs (Certificates of Deposit). While conducting our Capital One review, we were surprised to see how much Capital One 360 banking services differ from other online banks. There are almost no fees, and there is offline support in the form of High Street branches that you may find in your local town or city. To help save you from searching for their fees, we have listed all of their standard fees in this review.
Capital One review – Benefits And Features
- No opening deposits or maintenance fees
- Set up savings goals, track them, and dedicate savings accounts for each goal
- Account linking may help you avoid going into an unplanned overdraft
- You may set up flexible savings accounts that do not penalize you for withdrawing
- Capital One 360 has very competitive CDs that offer three times more than the national average
- The online user interface for credit facilities is very easy to understand
- Set up CDs for as long as five years
- They have over 40,000 ATMs nationwide
- Almost all of their financial products have very good interest rates
Perks And Downsides
[+] You gain access to some of the many other Capital One services they offer
[+] The bank is ideal for people who wish to avoid fees of all kind
[+] Capital One 360 is an online bank that has a few mixed-use branches you may visit
[+] They have customer-friendly overdraft policies that allow you to avoid going charged
[+] You may earn 0.2% on balances up to $50,000, and that percentage climbs as you deposit more
[+] They have no minimum opening balances and no monthly fees
[+] You may open up to 25 savings accounts
[-] You may only deposit cash at their branches or in one of their cafes, and they do not have branches/cafés on every High Street.
[-] The nine-month CDs pay the same as their savings accounts
[-] The app occasionally gives users problems
[-] Their website doesn’t have the full attention of full-time tech workers
[-] Customer support would rather you close your account than try to help you
[-] Their fees are dressed up with fancy words
Capital One 360 will pay you interest on your checking account balance, which is a fantastic thing, especially since they pay you 0.04%, which is more than the national average. Their checking accounts are free, and they have many ATMs in their network around the country. You may withdraw money for free from their ATMs, though depositing cash can be difficult. They have a mobile app that allows you to photograph your checks to deposit them. If you wish to deposit cash, you will have to do it at their branches or at one of their Capital One cafes.
The rates that Capital One gives are high compared to High Street banks, but they are about average when compared with other online banks. One of the great things about Capital One 360 is that you may open up to 25 savings accounts with them. You may turn your savings accounts into the ultimate budgeting tool. You may set up automatic saving tools and attach them to your savings goals. Track your savings goals in each of your dedicated accounts.
Certificates Of Deposit
If you are thinking about getting a two-year CD, then Capital One 360 offers interest rates that are as much as three times more than the national average. While researching our Capital One review, we noticed that their savings accounts offer the same interest rates as their nine-month CDs. Instead of going for their nine-month CDs, you may as well put your money in their savings accounts instead of locking it away in a CD. Their Certificate of Deposit interest rates go from 0.4% to 2%, which is very good. You may set up CDs that go from six months to five years.
Capital One Review – Biggest Selling Point
Their checking account offers you interest on your balance, and the money you have is just sitting there, so it may as well be earning interest on it. The amount of interest you receive will go up depending on the balance you maintain in your checking account. It can go up to as high as a 0.9%. Capital One is known for lending. They are world-class lenders, but I was a little more impressed with the interest they give you on your Capital One 360 checking account.
Capital One review – Fees And Charges
Nice try Capital One. You really gave me the run-around trying to find your fees and charges. I loved the naughty answer one of your customer support staff said, “If you apply for an account, we have to give you all our terms and conditions by law.”
- $0.00 Monthly maintenance charge
- $0.00 Minimum balance requirement
- $0.00 Minimum opening deposit
- $0.00 Person-to-Person Payments and Bill Pay: Free
- $9.00 Courtesy overdraft service for returned checks
- $0.00 Drawing from another account to cover your non-sufficient funds
- $9.00 Non-sufficient funds when you write a check
- $25.00 Stop payment
- $0.00 Snapshot statement (no checks)
- $5.00 Copy your statement
- $0.00 Domestic incoming wire transfers
- $40.00 Domestic outgoing transfers
- $5.00 Checkbooks
- $20.00 Cashier’s check online with overnight shipping
- $10.00 Cashier’s check in branch
- $5.00 Document copies
- $0.00 Account research
- $0.00 Domestic collections
- $0.00 Bank-branded ATMs charges
- $0.00 Allpoint ATMs
- $??.?? Other Bank ATMs
Capital One says they will not charge you a fee for using other bank’s ATMs, but that doesn’t mean you won’t be charged. Capital One will not reimburse you for the ATM fees you pay.
Despite the fact I had to dig up these fees and charges from a well-hidden PDF, and even though Capital One doesn’t have transparent fees, it does have fewer fees than many other banks.
Whom Should Take Note Of This Capital One Review?
If you are looking to borrow money in the future, or you wish to build your credit rating, then you should try Capital One. Much of their business is tied to lending money, and they seem to enjoy giving lending deals to their banking customers. In addition, your credit building efforts with Capital One will be well documented. It is the sort of company you go to if you want to start doing things right where people are going to notice.
User Comments And Reviews
[+] Ask questions about loans, credit cards or mortgages and the customer support staff are helpful and professional.
[+] Capital One 360 makes online payments and transfers very easy and very smooth.
[+] By only charging an APR on what people overdraw, many see Capital One 360 as the bank to go to during tougher or leaner times.
[+] Their credit cards are very popular. They do not have a great APR rate, but they are easy to obtain, and their credit card GUI screen is easy to understand.
[+] Some people say that Capital One is the company to go to if you want to build your credit rating, and it seems to be true.
[-] Many negative user reviews include some sort of technical issue, and many times they are directed at the Capital One website because they have incompetent web-tech staff.
[-] The company seems to hold checks sometimes, and it infuriates people who need their money sooner rather than later.
[-] Getting help online is very difficult. They always prefer that you call, and there are some people who cannot or would rather not make contact online.
[-] If you are reporting fraudulent transactions or things of that nature, then the customer support are not trained on it. They soon become very unhelpful and frustrating.
[-] If you lodge a complaint about a merchant/vendor, they do not use two-factor authorization and will take the side of the vendor/merchant and won’t refund your money.
Conclusion – Capital One Review
I like Capital One. I have used them personally in the past, and my experiences using them for this review were pleasant. The only thing that grinds my gears is how well they do on most things, and how slippery they are with other things. For example, I found a review that says they slip fees in without you knowing, and I believe it because there are fees hidden in the reams of paperwork they give you when you sign up for an account. They are not the fees they show people who don’t have an account. If you don’t have an account, they hide their fees away in the darkest corners of the web. Even when you find their fees, they are written slippery, such as how “Capital One” will not charge you for using other bank’s ATMs, where it should say, “Use other ATMs and you will have to pay.”
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Another ever-present fact is that if their customer support staff are not trained to deal with an issue, then they will try to encourage you to close your accounts just so they do not have to deal with you. Once again, Capital One offers great lending services and great banking services, and I personally think they are good–just remember that they are just not without their faults.