If you’ve saved $10,000 or more, this money market account has one of the best rates in the country. In this review, we’ll compare rates, fees, and services to other national and online banks.
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
Capital One 360 Money Market Account Pros & Con
- High-interest rate
- Mobile app available
- No monthly maintenance fee
- No minimum opening deposit
- Also, no ATM fees at Allpoint® ATMs
- No physical branches
- Minimum balance required to earn APY
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 increase 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
|Monthly Maintenance Fee||$0|
|Domestic Wire Transfer||$30|
|Statements generated within the last 2 years||$5 per copy|
|Overdraft Fee||You’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 upfront so you don’t end up getting nickeled and dimed.
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Benefits of a Money Market Account with Capital One
If Capital One has one major selling point, it would be its savings accounts. The 360 Money Market account has built-in features that give you the opportunity and incentive to save. In addition to being secure and fee-free, its benefits include:
- No minimum balance. You can stash as much or as little cash as you want into this account and earn interest. If you have less than $10,000, look into the savings account — you can earn 1% on all balances.
- Easy deposits. Send electronic transfers, receive domestic wires or deposit checks or cash in over 39,000 compatible Capital One ATMs.
- High-interest rate. With this online account, you’ll earn a 0.85% APY on balances up to $9,999.99 and 1.9% APY on those over $10,000.
- Automatic Savings Plan. Reach your goals faster by transferring a fixed amount of money from your linked checking account to your 360 Money Market account.
- Flexible with linked accounts. You can move your money to and from a Capital One account or an account with a different bank.
How Do I Open an Account?
You can open a 360 Money Market account online or in-person at a Capital One branch. The bank claims it takes just five minutes to fill out the online form. To do this, follow these steps:
- Head to the Capital One site.
- Hover over the Checking & Savings tab and select 360 Money Market.
- On the landing page, click Open Account.
- Log in if you have an existing Capital One account, credit card, or loan. If you don’t, press No.
- Select your account type: Single or Joint.
- Enter your Personal, Contact, Citizenship, and Employment details.
- Review and agree to the Terms & Conditions.
- Click Now, Let’s Add Money.
- Follow the prompts to provide identifying documents and fund your initial deposit. Capital One will confirm your details. You’ll then receive an account number.
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.
Money market accounts are designed to speed up saving, and Capital One 360’s is among the best with its high interest rate, automated savings programs, and no fees that eat away at your deposits.
However, it doesn’t come with check-writing privileges or an ATM card, and that lack of flexibility can make it tedious to access your money.
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