Capital One 360 Checking Account Review 2014
CapitalOne360, formerly ING Direct, is a solid choice for full-service online banking, offering a competitive blend of service, product selection and rates. Rate-chasers will have hard time finding higher interest rates in other companies.
ING Direct was an early major player in online banking, breaking new ground and deposits in the era where it seemed like a strange concept to have a bank without physical locations. The idea is mainstream now and ING surely still has a nice base of customers from its first-mover advantage and massive marketing campaigns in the early 2000s. ING was purchased by CapitalOne in 2012, so much of the future is yet to be written. Thus far, the acquisition has yielded very few changes for customers aside from re-naming of product lines in February 2013 to drop ING’s “Orange” themes in favor of CapitalOne’s 360 theme.
CapitalOne360 Savings Review
ING’s earliest major product offering was savings accounts with a recurring automatic withdrawal. The premise is to automate savings without action and build a saving nest egg. That remains, of course, and it’s still easy to link external accounts for free transfers. In addition, the ability to create sub-accounts for specific savings goals is an appealing way to save money directly for a vacation, car purchase or anything else in a visual way.
In terms of rates, CapitalOne's offering is very competitive - % APY. This is much better than the local bricks and mortar bank but the difference in rates certainly isn’t life-changing money.
CapitalOne360 Checking Review
CapitalOne360’s new 360 checking (formerly Orange Checking) offers a feature-rich experience for an online checking account. In addition, the ability to earn some interest as well as instant transfers from the higher interest savings account make it a flexible option for day to day banking. Balances in the checking account earn an interest ( % APY at press time), which is not always the case at traditional banks.
The Person2Person payment feature is useful for sending recurring payments to others. Though I only used it a few times, it was a convenient option to send a payment to someone online without any worry. I mostly prefer online transactions through Paypal, but when that’s not an option this is a good resource
to use. The “mail a check” feature is also useful for this if a “hard” check is needed.
CapitalOne360 does have a wide selection of free ATM’s to use and doesn’t charge an additional fee on top of ATM owner fees. Deposits are not allowed at ATM machines, which can be marginally challenging since the bank doesn’t have a physical location. You can, however, use a mobile app or the online upload tool to cash checks which is a nice feature. If you’re web savvy or mostly using direct deposit, it’s very simple. If you find yourself going to a physical bank with lots of paper checks and cash, you might be better off with a bank that has physical locations, but if it’s only an occasional thing, CapitalOne360 handles it nicely.
As an early entrant in online banking, ING has always done a nice job with security, staying at the forefront of online safety trends. While security is considered table stakes in online banking, it’s certainly comforting to be with a company that has been leading edge in that regard. It also integrates well with services like Mint.com that are useful in aggregating account to get a holistic view of the financial picture. An easy integration with Sharebuilder (ShareBuilder review ) is also a plus for users of that service for retirement or investment accounts.
With a rich combination of features and competitive interest rates, CapitalOne360 is a formidable competitor in the online banking space. With the takeover of CapitalOne, consumers will be closely watching for changes, but all signs point to them retaining the features that built ING Direct into a major player.
- Better interest rates than traditional banks
- Easy transfers in/out and among account
- Wide ATM network
- No physical locations for high volume transactions
- Uncertainty around changes in ownership
CapitalOne360 Checking Account Promotion
Get $50 when you open a CapitalOne 360 Checking account. % APY. 38,000 free ATMs and no overdraft fees.