Opening and using a savings account is a great way to build and acquire wealth. Banks offer their customers interest rates as a way for them to gain money while their money sits behind their walls. If you’re interested in opening a savings account, be sure to check out Capital One 360 Savings!

With Capital One 360 Savings, there are no fees and no minimums balance required to open or keep an account. It’s a savings account with which you can earn a great interest rate of 1.00% APY on your money. Plus, enjoy 24/7 online and mobile access to your account. They offer tools to keep track of your savings goals and you can put your money on auto-pilot with an Automatic Savings Plan. Deposit checks from anywhere using your mobile smartphone or computer.

Online banking is the new wave and it has become easier than ever before. If you still want the benefit of the doubt with physical deposits, there are over 39,000 ATMs scattered across the nation.

If you’re already interested, be sure to sign up using our referral link! This link will score you a $25 referral bonus when you open an account!

Basic Features

• No monthly fees
• No minimum balance
• Earns interest at 1.00% APY
• May access account through mobile phone or online
• Deposit checks through mobile phone
• $25 bonus will automatically be deposited to you
• Learn more: Click here to learn more about the features of Capital One 360 Savings Referral Account!

Pros

Below is a compiled lists of reasons we would consider Capital One 360:

• No Monthly Fees
  • Maintenance fees can quickly eat at your profits, which is why the no-fee standards at Capital One 360 are so favorable. This can allow worry-free savings.
• Up To 25 Savings Accounts
  • If you have multiple savings goals, as much as 25, you can open multiple accounts to reach all of your goals.
• No Minimum Balance Required
  • Open an account and start with as little as $1. Although it’d be more beneficial to add more money to your account, it’s not required.
• 24/7 Access To Your Account
  • No matter what time during the day, you’ll have access to your account and be able to manage it.
• Mobile Deposits
  • As long as you have a smart phone, mobile deposits can be made within a minute.
• Automatic Deposits
  • Although many banks now offer this, it’s always a pro in our eyes. Automatic deposits into your savings account helps maintain a steady course towards your savings goal.
• Transfer Money to Friends and Family
  • Using Zelle within your Capital One mobile app, you can send money to anyone, even if they don’t bank with Capital One.
• Phone Support 7 Days of the Week
  • Capital One 360 offers customer support from 8 AM to 8 PM, 7 days a week, to help you when you need it.
• Plenty of ATMs
  • If you prefer physically depositing money/checks, fear not, Capital One 360 has over 38,000 ATMs across the nation.

Cons

Despite all these Pros, there’s still a handful of Cons to consider.

• Cannot Assign Beneficiaries 
  • In the event that you unfortunately pass away, your account will be passed to probate court. It’ll be harder for your loved ones to access your account despite being family.
• Not a Business Savings Account
  • If you want to business savings account, you’ll have to visit one of their branches to open one. Capital One 360 does not offer business savings accounts.
• Long Deposit Holds
  • Deposits of $5,000 or more can result in a hold lasting up to 5 business days. Despite being a savings account, it’s still good knowing that you have instant access to your money.
• Can’t Open an Account at their Branch
  • Don’t get confused with Capital One and Capital One 360. The latter is strictly an online bank, so Capital One branches will not be able to open a 360 account. They can guide you through the process, but it must be done by you online.

Should You Open an Account?

Savings accounts are the best way to reach financial goals.

Even if you have 25 separate goals, a savings account can be open for each and every one with Capital One 360.

Opening an account with Capital One 360 is a quick and easy process, so long as you know how to work a computer. Their intuitive and easy to use websites and apps make the entire online banking experience super easy. Capital One 360 is definitely an online account that is worth considering.

Bottom Line

With our compiled list of pros out weighing the cons, we definitely recommend using Capital One 360 Savings. Opening an account does not require a minimum balance and up to 25 savings can be opened for all your financial goals. If that wasn’t enough take advantage of their tools and automated deposits to help maintain a steady path towards success. 24/7 access guarantees that you money can be managed the way you want whenever you want.

If you plan on making an account, be sure to use out Referral Link! This link will score you a $25 referral bonus upon creation of your account an a minimum deposit!