Author Topic: Capital One 360 Checking/Savings Accounts  (Read 2996 times)

VioletVixen

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Capital One 360 Checking/Savings Accounts
« on: February 15, 2015, 02:28:55 PM »
I've had a Capital One credit card for 8 years and have always been happy with their customer service (had my card number hacked twice and it was taken care of very quickly both times). I am thinking of opening a 360 Savings account to help grow my emergency fund since they have .75% APY. I know this is less than some other online banks out there, but if the APY is constantly changing, might it not also increase to 1.0% like some of the other banks? I also like the idea of having sub-accounts for savings goals, which the 360 savings account offers.

Also, right now Capital One has a promotion going where I can get $400 if I open a 360 CHECKING account. However, I noticed that the checking account only has .2% APY. Why the difference from savings to checking accounts? I doubt they'd give me the $400 to put into the .75% savings account, but would opening the checking account be worth the free money (and extra .1% interest that I don't get in my current credit union checking account)? Should I open both accounts? Do all of the online banks change their rates from year to year? Why can some offer higher rates than others?

caliq

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Re: Capital One 360 Checking/Savings Accounts
« Reply #1 on: February 15, 2015, 02:31:02 PM »
Check the fine print on the checking account offer.  Usually you have to do something like set up direct deposit within X months of opening it, and use direct deposit for X months after setting it up, or maybe use the debit card X times a month for X months.  It's not exactly free money but it might be worth it depending on the exact terms and your exact situation.

Doubleh

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Re: Capital One 360 Checking/Savings Accounts
« Reply #2 on: February 15, 2015, 02:45:51 PM »
We opened a capital one 360 checking & savings accounts in November as part of their black Friday promotion and got $100 bonus for each. So far no complaints with either account although we haven't switched to using them as our main accounts which is evidently what they hope you would do.

To qualify for the bonus on checking we had to deposit I think $100 and either use our debit card 5 times or deposit a check via the mobile app 5 times in the first month. As we were out of the country before the debit card arrived at just wrote 5 separate $5 checks from other accounts of ours &  our families and deposited them. Bonus was deposited after something like 50 days, all in all a couple hundred bucks for maybe half an hour's work. If you're getting offered $400 I'd say it's a no brainer!

 

Wow, a phone plan for fifteen bucks!