Capital One 360, formerly known as ING Direct, is an online bank that offers great rates and services to its members. The following are a list of important and convenient
features that detail how Capital One 360 is an appealing choice to start an online savings account:
High Interest – Capital One 360 savings accounts enjoy a 0.75% annual percentage yield (APY) while the rest of the financial industry offers savings account APYs at
around 0.10%. As an example, utilizing the above numbers, with a deposit of $10,000 for one year you would earn $75 interest with Capital One 360 instead of the $10 you would likely expect with more common interest rates at other banks.
No Fees – It is common for financial institutions to impose maintenance fees for their savings accounts. Capital One 360 offers their services
at absolutely no charge.
No Minimums – Minimum account balances are also standard and typically require $25 or more in order to maintain the account, not allowing you to access all funds in your account. Once again, Capital One 360 separates itself from the industry by allowing you to create a savings account with a $0 balance, assuring you access to all of your money at all times.
No Changing Banks – Regardless of whether or not you use Capital One 360 for your checking account needs, you can electronically link to any other
bank account so you can enjoy free and easy transfers. This ability to link is limited to a total of three external checking
accounts. Account types that are restricted from completing electronic transfers, like brokerage and money market,
are not permitted. The linking process is simple, taking just a few days, during which you verify small deposit amounts made to the linked account.
FDIC Insured – All of your deposits are FDIC-insured up to $250,000.
Quick Application – You can complete the online application and start using the account in under five minutes.
ShareBuilder Link – If you have a ShareBuilder online brokerage account (Sharebuilder Review)
you can create an instant link to your Capital One 360 checking and/or savings, allowing you to instantly send and receive money between all accounts.
Paperless – As an online-only bank you can expect online-only bank and tax statements, enabling you to print off, or electronically store
any account document at your convenience.
Automatic Savings Plan – You can create an automatic savings plan that you can change, stop or start at any time. All you have to do is set the frequency, enter the appropriate account information, and start saving.
My Savings Goals – This is our favorite feature, because it helps provide visual motivation while striving towards your savings goals. It is easy to set
up: you just go through a few quick questions, starting with telling the bank what you are saving for. You have the ability to name the goal anything you want,
allowing you to completely customize your plan; it can be named anything from rainy day fund to vacation plans, house, wedding, whatever you want!
Most importantly, you enter what the target dollar amount is, and then as you add money to the account you can track your progress with a handy status bar.
Whenever you want to check the progress of your savings goal, you just click on the “My Savings Goals” tab inside your account, and it pulls up a master
summary of your goal. The summary includes how long until your goal is due (based off the projected completion date you entered) displayed in years, months, and days. It also graphically depicts a percentage bar to visually display the progress you have made towards reaching your goal. Another great feature is once you complete a savings goal, it gets filed away so you can later reference it to see how far you have come in your overall savings journey.
Somehow, Capital One 360 has been able to make a somewhat boring subject, like saving money, a fun and exciting activity, making savings accounts easy to use
and manage. Their almost overly-simplistic menu makes their website incredibly easy to navigate, giving you access to any aspect of your account in seconds,
putting you in charge of the decisions that impact your financial future.
CapitalOne360 Savings Account Promotion:
High Yield savings from Capital One 360. No fees, no minimums, and no need to change banks.
CapitalOne360 New Account Promotions:
This article was updated on 2/23/2013.