topic Re: A shout out for Capital One 360 Checking and Savings in Personal Finance

A shout out for Capital One 360 Checking and Savings

LADave — Fri, 10 Jun 2022 20:56:06 GMT

I finally bit the bullet this week and signed up for a Capital One checking account. To help prevent any account issues in the future, I did it at a local Capital One Cafe so someone could scan my ID (even though I've been a C1 credit card customer for just over 7 years).

The main draws to me were the ability to get my direct deposits a day earlier, and to make transferring funds to my C1 savings much faster than with ACH (I can only add Zelle to a C1 checking account.)

And wow... the "get paid a day early" feature with direct deposit works like a charm! I was told that it might not happen on the first paycheck, but it did! It's almost like magic to see that happen. For the money that needs to be paid out later in the month, I created a separate "pump 'n dump" savings account to hold the money until it's needed so it earns a little interest. Although I wasn't a fan of savings accounts for the longest time, C1 is currently paying 0.8% APR on savings (currently higher than their CDs!). While it's not the absolute highest rate available it's close enough, and it's quick to move around as-needed with Zelle. And not taking advantage of that kind of rate for short-term storing of cash seems like leaving money on the table.

C1's fees for both checking and savings are practically non-existent, with no minimum deposit requirements. (Their terms and conditions page says they have a limit of 6 transfers from savings accounts per statement cycle, but it also notes that they're not enforcing it right now.)

And while there aren't a lot of physical locations near me to deposit cash (there's the cafe and C1 ATMs at Target stores), I don't have a lot of actual need to deposit cash. When I do, I still have accounts with WF, Chase and Union Bank (soon to merge with US Bank), in addition to the C1 ATMs.

I read somewhere online that C1 also allows up to 25(!) savings accounts per profile, which is great for creating separate savings accounts for different savings purposes. And the app seems way more user-friendly for multiple accounts than the apps I've used for Union Bank, Chase and WF (even after the recent upgrades WF has made).

One thing I did miss while setting up my checking account was putting in the "BONUS250" coupon code mentioned on Doctor of Credit to get a $250 bonus, which I'm eligible for after getting 2 direct deposits of $250 or more within 75 days. I called about it, and was told to give them a call back in a few weeks after both direct deposits kick in. I believe them, but I still strongly advise anyone signing up to Google for the latest coupon codes before signing up, and to be sure to put them in when doing the application.

I feel that the only thing I'm missing out on is building up more banking history with Wells Fargo or Chase, which factor in bank account history when approving cards and CLIs (C1 apparently does not do this.) I currently have credit cards with both WF and Chase and would like to get more of them in the future. That's why I'm planning to keep my checking accounts active with both WF and Chase, and make most of my payments through them.

Even though it's been less than a week and I haven't received my debit card yet, I'm a very happy camper with C1 and can highly recommend them!

Re: A shout out for Capital One 360 Checking and Savings

tnhomestead — Sun, 12 Jun 2022 01:49:46 GMT

For me, my check is deposited Thursday morning instead of Thursday night like my other accounts. 5 or 6 hours early is not a great deal.

I did get burned by them on a check hitting same day a credit card payment did and I had screwed up and was about 30 cents short. Yeah cost me a bounced check fee, which pretty well stopped me using them as much as I used to.

Glad your happy with them, hope it works!

Re: A shout out for Capital One 360 Checking and Savings

TheGoogleNinja — Tue, 21 Jun 2022 15:41:36 GMT

I've been pretty happy with Cap1

Re: A shout out for Capital One 360 Checking and Savings

Varsity_Lu — Mon, 09 Sep 2024 18:00:28 GMT

@LADave

I know your post is a few years old, but I want to add my love for Capital One as well. I have several 360 Preformance high-yield savings accounts and they are awesome. Right now they are paying 4.25%. No fees, no minimums. I paired that with a 360 checking to get the debit card. That is an unbeatable pairing. They are part of the Money Pass and All Point network ATMs which are all over the place. And you can use CVS and Walgreens for deposits. No fees for using ATMs overseas, either. Most travel sites recommend either the 360 debit card or the Charles Scwab debit card for traveling in Europe.

Re: A shout out for Capital One 360 Checking and Savings

masscredit — Mon, 09 Sep 2024 19:55:31 GMT

I signed up with them a few months ago. They aren't my main account but I did move a decent amount of money into the savings account because of the 4.25% rate, No complaints here!

Re: A shout out for Capital One 360 Checking and Savings

LADave — Mon, 09 Sep 2024 23:04:31 GMT

It's interesting to see replies to this post, since I completely forgot about it!

At the moment I'm not using my Cap1 checking account much except as a way to transfer money between my Cap1 savings accounts and my other checking accounts. I have easier access to ATMs and branches with Wells Fargo and US Bank. WF is free for me with direct deposit, and US Bank checking became permanently(?) free for me when I got a credit card there. I've also recently opened a Citi checking account with an eye towards deepening my relationship with them down the road. (I seem to be very polybankorous.)

And since my last post in this thread, WF began offering early direct deposit. Theirs is slightly faster for me than Cap1, but that's very much a YMMV thing.

But for savings, Cap1 is hard to beat, and the best (IMHO) way to transfer money to and from Cap1 is with their checking accounts. Unless they open an actual branch near me instead of a non-branch "cafe," I don't think I'd want to use them as my primary bank.

(I also opened a second Cap1 checking account with DW. It was very easy to do, and it's still very convenient.)

Re: A shout out for Capital One 360 Checking and Savings

ptatohed — Tue, 10 Sep 2024 00:46:06 GMT

I just recently got my $1500 bonus for putting $100k in their 360 account for 90 days. I'll be pulling it out soon and putting it back in to a 5%+ account, not their 4.25%. I never thought of using Cap1 as a main bank. I just wanted the bonus.

Re: A shout out for Capital One 360 Checking and Savings

Patient957 — Tue, 10 Sep 2024 15:35:01 GMT

@ptatohed wrote:
I'll be pulling it out soon and putting it back in to a 5%+ account, not their 4.25%.

Who do you use or recommend for a 5% account?

Re: A shout out for Capital One 360 Checking and Savings

Gregory1776 — Wed, 11 Sep 2024 05:39:29 GMT

@tnhomestead wrote:
For me, my check is deposited Thursday morning instead of Thursday night like my other accounts. 5 or 6 hours early is not a great deal.
I did get burned by them on a check hitting same day a credit card payment did and I had screwed up and was about 30 cents short. Yeah cost me a bounced check fee, which pretty well stopped me using them as much as I used to.
Glad your happy with them, hope it works!

With Wells Fargo my deposit is available 11 PM Thursday, which is barely early. Capital One is Thursday morning? What others?

I want Wednesday morning ffs 😒🙃🙃

Re: A shout out for Capital One 360 Checking and Savings

ptatohed — Wed, 11 Sep 2024 06:40:38 GMT

Right now I have money at:

Primis (checking, 5.07%), Popular Direct (savings, 5.01%), upgrade (savings, 5.02%), LendingClub Bank (savings, 5.05%).

Still have some money at Sallie Mae at 4.55% (MMA) that I need to get out of there. But I also have some CDs locked in at 5.40%. Wish I bought more.

Re: A shout out for Capital One 360 Checking and Savings

Patient957 — Wed, 11 Sep 2024 17:22:02 GMT

@ptatohed wrote:
Right now I have money at:

Primis (checking, 5.07%), Popular Direct (savings, 5.01%), upgrade (savings, 5.02%), LendingClub Bank (savings, 5.05%).

Still have some money at Sallie Mae at 4.55% (MMA) that I need to get out of there. But I also have some CDs locked in at 5.40%. Wish I bought more.

Thank you. Will check those out.

Re: A shout out for Capital One 360 Checking and Savings

Thorin809 — Mon, 16 Sep 2024 21:30:04 GMT

If you need checking, I'd recommend looking at Discover. Essentially the same APY for Savings (4.20% instead of C1's 4.25%), but the big benefit is they have a money market account (with debit card access and checkwriting) at 4% APY. That blows C1's 0.10% APY checking account out of the water.

Re: A shout out for Capital One 360 Checking and Savings

Varsity_Lu — Tue, 17 Sep 2024 13:39:47 GMT

@Thorin809 wrote:
If you need checking, I'd recommend looking at Discover. Essentially the same APY for Savings (4.20% instead of C1's 4.25%), but the big benefit is they have a money market account (with debit card access and checkwriting) at 4% APY. That blows C1's 0.10% APY checking account out of the water.

Something to consider: Capital One 360 checking has a huge atm network (both Allpoint and MoneyPass ATMs) and it is one of the few cards that can be used abroad without additional fees. I am a big Rick Steves fan and the two debit cards that he recommends for travel are Cap One and Charles Schwab. Also, I leave my 360 checking account at $0 and all my cash in the Cap One HYSA. If I need cash, I use my phone to instantly transfer prior to using the ATM. This is actualy a better scenario than leaving money in a 4% MM. Just some food for thought.

Re: A shout out for Capital One 360 Checking and Savings

FicoMike0 — Wed, 18 Sep 2024 17:24:49 GMT

You can also get ~5% with fidelity, if you pick the right 'sweep' fund. They are not a bank and you may not get fdic insurance, depending on the sweep.

Re: A shout out for Capital One 360 Checking and Savings

FicoMike0 — Wed, 18 Sep 2024 17:33:57 GMT

I just got a mailer from amex (so 20th century), they're pushing 4.25% savings. They only pay 1% on their checking, but you can move $ back and forth instantly.

Re: A shout out for Capital One 360 Checking and Savings

Varsity_Lu — Wed, 18 Sep 2024 19:40:31 GMT

@FicoMike0

I got the same mailer yesterday and looked into it. It's basically a carbon copy (very 20th century) to the Cap One 360 set up. AmEx even uses the same ATM networks that Cap One does. Same rate, same fee structure. Idenical.

I'd still choose Cap One simply because it's on the Mastercard network and would be more reliable in Europe. And the Cap One app is waaaay better than AmEx.

Re: A shout out for Capital One 360 Checking and Savings

MikeB4 — Sat, 21 Sep 2024 22:04:55 GMT

@Varsity_Lu wrote:
@LADave

I know your post is a few years old, but I want to add my love for Capital One as well. I have several 360 Preformance high-yield savings accounts and they are awesome. Right now they are paying 4.25%. No fees, no minimums. I paired that with a 360 checking to get the debit card. That is an unbeatable pairing. They are part of the Money Pass and All Point network ATMs which are all over the place. And you can use CVS and Walgreens for deposits. No fees for using ATMs overseas, either. Most travel sites recommend either the 360 debit card or the Charles Scwab debit card for traveling in Europe.

I had my account back when it was ING Direct and it got rolled into the 360 checking but I saw here about the preformance high yield and I just switched over to that.. I don't know if I will ever use it more since I bank with Chase.

Re: A shout out for Capital One 360 Checking and Savings

GhostCredit — Wed, 25 Sep 2024 11:50:43 GMT

Dang u was so stupid I opened up a 360 without a bonus... then closed it but it looks like I won't be eligible with their terms of "after January 1, 2022, you will be ineligible for the bonus. " they seem strict. And wow that's crazy they're also have no ftf for their debit card.

Re: A shout out for Capital One 360 Checking and Savings

LADave — Thu, 10 Oct 2024 16:44:36 GMT

@GhostCredit wrote:
Dang u was so stupid I opened up a 360 without a bonus... then closed it but it looks like I won't be eligible with their terms of "after January 1, 2022, you will be ineligible for the bonus. " they seem strict. And wow that's crazy they're also have no ftf for their debit card.

Having that kind of cutoff isn't unusual. Banks don't want people to cancel accounts just to sign up again for the same kind of account to get the bonus. (Wells Faro let me get a checking SUB a few months after I cancelled an account, but I think they're an outlier.)

Keep the account closed, and before you know it you'll be eligible to get another C1 checking bonus.