Budgeting, Other, Save Money

My Review of Capital One 360 Online Bank Account

The Latte Budget participates in affiliate marketing programs, which means I may earn money or products from the companies mentioned in this post.

One of the most common questions I get is about whether I like online banking. So I thought I’d do a quick overview of the pros, cons, and more.

For the past 4 years or so, I’ve used a Capital One 360 online savings and checking account. Keep in mind, this post is not sponsored by Capital One or anything. They just happen to be the bank account I’ve used for years.

With online banks, there are no brick and mortar locations (though I believe Capital One is starting some). My bank accounts are 100% online. The good thing about this is that online bank accounts can typically offer higher interest rates since they don’t have the overhead costs to deal with.

The Pros

To start, here are the biggest pros of the Capital One 360 online bank accounts.

Easy to Set Up and Free Money

I think it took me about 5 minutes to set up my bank account. They are currently running a promo where you get $25 for free by simply opening an account (You can read more about that here if you are interested).

Higher Interest Rates

Since there are no brick and mortar locations, I am able to get a much higher interest rate on my savings accounts than I could find anywhere else. Currently, I earn 1.00% APY on my savings.

No Fees

When my old bank started charging me to simply have an account, I knew I had to switch. Capital One has free checking and savings accounts and no minimum requirement. And my savings are all FDIC insured.

The Check Deposit Feature Actually Works

My biggest issue that I’ve had with banks in the past is that the mobile check deposit feature is crap. I mean, how many times can you take a picture of a check without it going through?

Capital One has one of the better mobile check deposit features I’ve used, and their app is super simple. That’s really important to me since there are no brick and mortar stores where I can go deposit a check. I did have issues with it one time, but I was able to call customer service and they helped me out.

Customer Service

This is the point that really blew me away. Customer service has exceeded every expectation I’ve had. I’ve never been put on hold for more than 5 minutes when I’ve called. They’ve overnighted new credit or debit cards to me when I needed it. They really have gone above and beyond for me every single time I’ve called.


And here are my not-so-favorite parts about my online savings account.

Harder to Find ATMs

To be honest, I rarely use ATMs so this isn’t something I have explored much more. My Capital One account does help me to find these ATMs and has a map online. Since I live in a city, there are plenty of ATMs. But for someone who lives in a more rural area, this might be a concern.

No Face-to-Face Interaction

I’ll admit, sometimes I do miss going into a bank and getting to know the people who work there. Or eating the free treats they usually leave out 🙂

Like I said, Capital One has had great customer service. But sometimes I do wish I had that personal interaction instead of just getting whoever on the phone.

The Verdict

I absolutely love my Capital One 360 savings and checking account. It is intuitive to use and the things I was nervous about are really not problems. Capital One does a great job of addressing customer concerns.

For anyone who finds themselves banking online or via mobile most of the time, an online savings account could be a great option, especially considering the much higher interest rates. If you like to bank in person, this might not be the account for you.

If you are interested in starting an online savings or checking account with Capital One 360, you can do so here.

2 thoughts on “My Review of Capital One 360 Online Bank Account

  1. I love Capitalone 360! We have like 13 bank accounts open with them and I like being able to separate my savings goals. I actually using their checking account as my business checking account 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *