Author Topic: Capital One 360 vs Local Credit Union?  (Read 8350 times)

missmoneymachine

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Capital One 360 vs Local Credit Union?
« on: March 13, 2016, 05:57:06 PM »
Anyone have opinions one Capital One 360?  I really like my local credit union, but 360's savings account rate is hard to beat.  It is even beating my credit union's money market deposit!

turketron

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Re: Capital One 360 vs Local Credit Union?
« Reply #1 on: March 13, 2016, 06:03:27 PM »
I've had my main checking and savings with Capital One since they were ING and I love them. They make it easy to deposit any checks you get using your smartphone camera, and you can send checks or e-payments pretty quickly (either one-off or scheduled, recurring bill payments. Their rates are pretty good too. One other thing that I really like but they don't highly advertise is that they give you a read-only personal access code you can use with services like Mint or Personal Capital that doesn't give them full access to your actual login info.

Another Reader

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Re: Capital One 360 vs Local Credit Union?
« Reply #2 on: March 13, 2016, 06:13:31 PM »
Rates are higher at Ally Bank.  Like Capital One, they offer checking as well as savings and money market accounts.  For savings, look at the rates at GE Capital and Synchrony Banks.  To compare rates, try www.depositaccounts.com.

ohsnap

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Re: Capital One 360 vs Local Credit Union?
« Reply #3 on: March 13, 2016, 06:43:53 PM »
I've had a Capital One 360 account for maybe 15 years?  Since ING was brand new.  But there are so many other good options out there now. I've recently moved all of my money to a Barclay savings account which is at 1%. 

It's definitely worth opening a Capital One 360 account if there are current bonuses, though.

Thinkum

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Re: Capital One 360 vs Local Credit Union?
« Reply #4 on: March 13, 2016, 06:54:44 PM »
I too have been with 360 since it was ING for well over 10 years. There might be others that have a bit higher interest rate, but I have no other reason to change over my account. I recently changed over my local CU account to them. On top of that, I love that they have brick & mortar stores close by for those times I have needed signatures/services, etc.

HAPPYINAZ

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Re: Capital One 360 vs Local Credit Union?
« Reply #5 on: March 30, 2016, 01:43:48 PM »
Like several others, I have been with Capital one 360 since they were INGdirect.  I am very happy with them, but Ally bank usually has higher rates and so I find I think about switching fairly often.  fyi, the Capital one 360 checking account has a higher rate than their savings account if you have a lot of money to stash.  So I actually keep more in my checking.  But their money market account has higher rates than both savings and checking accounts.   I use Bankrate.com to look at current rates.  That's how I found INGdirect long ago.  Some banks have high rates for awhile and then drop down, but Ally Bank consistently has some of the highest rates. 
« Last Edit: March 30, 2016, 01:46:07 PM by HAPPYINAZ »

NoStacheOhio

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Re: Capital One 360 vs Local Credit Union?
« Reply #6 on: March 30, 2016, 01:52:06 PM »
fyi, the Capital one 360 checking account has a higher rate than their savings account if you have a lot of money to stash.  So I actually keep more in my checking. 

My 360 checking is 0.20% APY vs 0.75% for the savings

Paul der Krake

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Re: Capital One 360 vs Local Credit Union?
« Reply #7 on: March 30, 2016, 02:08:49 PM »
CapitalOne 360 is often mentioned because they are pushed by every financial blogger (not that there is anything wrong with that). Like Another Reader pointed out,many options pay the same or more. The top ones currently pay around 1%, give or take a couple hundredths of a percent. Some local banks and credit unions offer better rates, but there are hoops to jump through.

Features on a savings account shouldn't matter much. As long as I can see how much is in there and transfer money in/out in a reasonable amount of time, it's all a wash.

josstache

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Re: Capital One 360 vs Local Credit Union?
« Reply #8 on: March 31, 2016, 05:18:05 AM »
Capital One 360 offers free ATM withdrawals worldwide, which a lot of other banks don't. 

For instance, if you generally maintain a $3000 balance in your account, and withdraw $1000 from foreign ATMs (normally a 3% fee) in one year, then you earn the equivalent of 1% on your balance by virtue of having free withdrawals. 

Obviously this won't matter for some people.

dandypandys

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Re: Capital One 360 vs Local Credit Union?
« Reply #9 on: March 31, 2016, 05:36:30 AM »
Thanks for bringing this up,  I have a 20k emergency fund in a savings account at my local credit union for a few years now. Interest rate is 0.25%
Are there any great reasons to stay with a credit union?
When i decide to move, do i have to move my checking too? That would be a slight hassle of course.

Revelry

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Re: Capital One 360 vs Local Credit Union?
« Reply #10 on: March 31, 2016, 05:49:38 AM »
Yep, I too opened an ING savings account back in the days of 5% interest.  I don't use it anymore since I keep our cash in a couple Netspend accounts and the local credit union is right across the parking lot from my office.
I've read good things about Lake Michigan Credit Union's 3% checking account.

solon

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Re: Capital One 360 vs Local Credit Union?
« Reply #11 on: March 31, 2016, 05:54:45 AM »
I've got y'all beat. I was with NetBank which was bought by INGDirect, which was bought by CapitalOne 360.

Roots&Wings

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Re: Capital One 360 vs Local Credit Union?
« Reply #12 on: March 31, 2016, 06:43:40 AM »
Also been with Capital One since the ING glory days. As others have mentioned, you can get a higher interest rate at Ally or GE Capital Bank. I have accounts at both as well as a local credit union, and mostly use Capital One 360 for checking and no fee international ATM cash withdrawals. 360 is great for free online check mailing (when that's needed). You can't designate a beneficiary with 360.

dandypandys

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Re: Capital One 360 vs Local Credit Union?
« Reply #13 on: March 31, 2016, 06:45:48 AM »
I was looking up Ally, as it sounded scary to me, an internet bank?? but i dont know about these things. I see a bunch of bad reviews here: http://www.mybanktracker.com/Ally-Bank/Reviews
not sure if that is a reliable website to check reviews from.
So wondering if savings account at Capital One 360 is the way to go..

neo von retorch

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Re: Capital One 360 vs Local Credit Union?
« Reply #14 on: March 31, 2016, 06:46:19 AM »
Concerning GE Capital - their accounts have been bought out by Goldman Sachs, and in a few weeks, they will be transferred. I'm probably going to open a Barclay Savings account and move there.

Ally Bank has been an "internet" bank for a pretty long time now. I wonder if they have a setup like SmartyPig.com, where there's actually a "regular" brick and mortar bank behind the scenes. Either way they are fully legitimate FDIC-insured banks!

NoStacheOhio

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Re: Capital One 360 vs Local Credit Union?
« Reply #15 on: March 31, 2016, 07:07:43 AM »
I was looking up Ally, as it sounded scary to me, an internet bank?? but i dont know about these things. I see a bunch of bad reviews here: http://www.mybanktracker.com/Ally-Bank/Reviews
not sure if that is a reliable website to check reviews from.
So wondering if savings account at Capital One 360 is the way to go..

It seems like many (not all) of the negative reviews are related to the lending/leasing side and not the vanilla bank account side.

missmoneymachine

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Re: Capital One 360 vs Local Credit Union?
« Reply #16 on: March 31, 2016, 08:16:30 AM »
I am still going back and forth with whether or not I want to close one of my money markets from my CU and open up an online savings.  I have looked up several different online banks and have done comparisons.  Capital one, ally, and barclays top my list.  I just haven't been able to pull the trigger.

Thanks for bringing this up,  I have a 20k emergency fund in a savings account at my local credit union for a few years now. Interest rate is 0.25%
Are there any great reasons to stay with a credit union?
When i decide to move, do i have to move my checking too? That would be a slight hassle of course.

No you don't have to move your checking.  The online banks allow you to solely open up a savings and transfer from an outside checking account.

dandypandys

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Re: Capital One 360 vs Local Credit Union?
« Reply #17 on: March 31, 2016, 08:20:41 AM »
That is cool. I wonder if there are any sign up bonus's to those 3. I am trying to decide between those 3 too now. Very helpful thread! I will be eager to know who you decide for- pro cons etc. I already have a capital one credit card.. might make things easier for me perhaps..

Rollin

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Re: Capital One 360 vs Local Credit Union?
« Reply #18 on: March 31, 2016, 11:57:35 AM »
I have everything over $14,500 at CapitalOne, but the first $14,500 at Lake Michigan Credit Union at 3% (not tuff to meet their requirements either).