It’s a fee-free account that’s flexible with overdrafts and overseas travel. With an online checking account, it delivers great rates and features without any fees. Banks these days seem to nickel and dime customers wherever they can. Monthly maintenance fees, ATM fees, and other fees can cause your balance to dwindle even if you’re a good saver.
The biggest draw of Capital One 360’s checking account is that there is no minimum balance required to open the account. On top of that, there are no maintenance fees. No matter how much or how little you keep in the account, it will cost the same amount, nothing.
Easy to Use Overdraft Line of Credit with No Fees
Capital One 360 makes it so that you’re not paying expensive overdraft fees when you spend more than you have in your account. After you open your account, you can apply for an overdraft line of credit through your online portal.
If your application is approved, you can receive a credit limit as high as $1,000. When you make a purchase or transaction that exceeds the balance of your account, the difference is borrowed from the overdraft line of credit.
How it Works
When you make a purchase or transaction that exceeds the balance of your account, the difference is borrowed from the overdraft line of credit.
Then, you’ll have to make payments on the loan. The interest rate is high, so you should try to pay it in full to avoid incurring interest charges. The good news is that the rate is lower than the rate charged by most credit cards.
You can make a payment simply by transferring money from another account into your 360 Checking account. You’ll get a reminder e-mail that will tell you the minimum you must pay each month.
The good news is that the rate is lower than the rate charged by most credit cards. You can make a payment simply by transferring money from another account into your 360 Checking account. You’ll get a reminder e-mail that will tell you the minimum you must pay each month.
Another option is to Transfer from Savings
If you decide to stop using an overdraft line of credit, you can switch to using the savings transfer option. With the savings transfer, if you try to make a purchase that exceeds your checking account’s balance, the funds will be taken from a 360 Savings account.
Neither the savings transfer nor the overdraft line of credit charges a fee when you use them.
Capital One’s ATM Network and Fees
When you receive your Mastercard debit card, you can withdraw cash and check your account balance at over 39,000 Capital One and AllPoint ATMs — which are located at select Target, Walgreens, CVS, and convenience stores across the country.
Some ATMs support cash and check deposits, too. To find a compatible one near you, use the search function on Capital One’s website.
Keeping with Capital One’s credit card offerings, there are no fees for using your card during international trips. When making foreign purchases or ATM withdrawals you will have to convert your US dollars to the local currency.
Capital One will automatically do the conversion for you using the market rate at the time of the transaction. There are no fees charged by Capital One for performing the conversion. Again, you will still be responsible for fees charged by the ATM operators.
Leading Interest Rates on Higher Balances
After the ability to access the money in your checking account, the next most important thing about a bank account is its interest rate. The Capital One 360 checking account offers three interest rate tiers based on your account’s balance:
- Less than $50,000
- $50,0000 to $99,999.99
- $100,000 or more
Capital One 360’s interest rates tend to beat most national banks, but the lower end rates fall short of the rates offered by online banks. If you have a lot of money to keep in your checking account you can earn more at Capital One than you can elsewhere.
Otherwise, you might be able to get more interest with a different account.
No Monthly Fees
As mentioned before, the Capital One 360 Checking account does not charge a monthly service fee or other monthly fees. By keeping your money working for you, you can get closer to achieving your financial goals.
Capital One 360 Checking Account Fees
|Monthly Maintenance Fee||$0|
|Out-of-Network ATM Fee||$0 (ATM operator fees may apply)|
|Overdraft Protection Transfer||N/A|
|Deposited Item Returned or Cashed Check Returned||$0|
|Incoming Domestic Wire Transfer||$0|
|Incoming International Wire Transfer||$0|
What Other Checking Options does Capital One Offer?
Teens aged 13 to 17 can open a Capital One MONEY account. It motivates teens to save with real-time text alerts and an interest rate of 0.25% on all balances.
The online checking account comes with no fees or minimum balance requirements. It’s a joint account, so an adult must cosign and have access to the account.
Does this Bank Offer Business Services?
Yes. Capital One has two customized business checking accounts:
- Spark Business Basic Checking. To help businesses control their cash flow, this account offers unlimited transactions and free overdraft protection. There’s a $15 monthly service fee, which Capital One will waive if your previous 30- or 90-day balance averages $2,000 or more.
- Spark Business Unlimited Checking. Ideal for bigger businesses or those with a more steady stream of income, this account has unlimited transactions, fee-free cash deposits and five free domestic wires each month. Capital One will waive the $35 monthly maintenance fee if your prior 30- or 90-day balance averages $25,000 or more.
What are the Benefits of a Checking Account with Capital One?
This FDIC-insured account comes with a Mastercard debit card, wide ranging customer service and these other benefits:
- No fees. It costs nothing to open and maintain an account or access your money from any ATM, though the ATM owner may charge a fee. You won’t be charged foreign transaction fees, either.
- 0.20% interest rate. The interest rate is higher than the 0.09% national average. But online-only banks offer much higher rates.
- Check-writing privileges. If you need paper checks, Capital One will send you your first checkbook for free. After that, it costs $5 for 50 checks.
- Lenient overdraft policy. Unlike many of its competitors, Capital One gives you four options to choose from to avoid paying any overdraft fees — which can add up quickly at $30 to $40 each.
- Complimentary credit monitoring. Download the CreditWise app to monitor your credit score, learn how to improve it and receive email alerts if it changes.
- Savvy online banking tools. Transfer money, pay bills, set up alerts and deposit checks with a tap of the app.
- Deactivate card online. Sign into your account to deactivate a stolen or missing card yourself.
Manage Your Account and Deposit Checks From Anywhere
Capital One strives to make accessing your account as easy as possible. That’s why they’ve built a nationwide network of ATMs and opened physical banks and café locations.
On top of the convenient ways to get physical cash in your hand, Capital One makes it easy to manage your account online. You can access your account through a computer to make transfers or pay bills.
You can also manage your account on the go using Capital One 360’s smartphone app. If you want to deposit a check, it’s easy to do using the account’s mobile deposit feature.
When it’s all said and done, the Capital One 360 Checking account offers a mix of convenience and high interest rates, so long as you have a high balance. It doesn’t excel in any one category, but it does not lag behind in any either.
If you want a safe, easy place to store your money, the Capital One 360 Checking account is a good choice.
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