Capital One 360 Checking Account Review

Capital One checking accounts come with no fees, no minimums and an attractive APY for this type of account.

Min. Deposit
$0
Overdraft Protection
4
J.D. Power Rating
2/5
SimpleScore
4.4 / 5.0
close
SimpleScore Capital One 360 4.4
Interest APY 5
Overdraft Protection 5
Customer Satisfaction 2
Support 5
Additional Accounts 5

A Capital One checking account comes with plenty of great perks for people who are OK without a brick and mortar location to go into. The online bank offers no fees, no minimums, overdraft protection and an APY rate much higher than most traditional banks.

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In this article

    Capital One at a glance

    BankMin. DepositATM NetworkJ.D. Power Survey ScoreKey Benefit
    Capital One$0Over 40,000 nationwide2/5 CirclesAttractive APY regardless of balance

    Table accurate as of July, 2020

    What we like about it

    The list of things to like about the Capital One checking account is extensive. The account comes with no fees, no account minimums and access to over 40,000 ATMs across the nation. Additionally, you get access to the company’s mobile app that allows you to handle all of your banking from the palm of your hands.

    All accounts also come with an attractive APY rate of 0.10%. The best part? This rate is regardless of the balance you have. So, no matter the size of your account or where you are in your financial journey, you get to enjoy the best perks the bank has to offer.

    Things to consider

    Finding negatives with the Capital One checking account requires a pretty deep dive. The bank clearly wants to offer all of the perks and benefits that people want in a checking account.

    The one major drawback to the bank is that everything operates online. If you are someone who needs the in-person, personal touch and the ability to walk into a branch location, Capital One won’t work for you. However, if you’re OK with handling all your banking online, via mobile app or over the phone, then this negative really is a moot point.

    What you need to know

    Capital One only has one type of checking account to choose from, and all of the fees and perks are the same, regardless of the amount you have deposited. There are no fees associated with the account, no account minimums or balances you need to carry, and all accounts earn the same 0.10% APY.

    Instead of getting your Capital One debit card from a banking location, it will be mailed to you within six days of opening your account. With your debit card, you’ll have fee-free access to the AllPoint network of ATMs, which is over 40,000 locations strong. Additionally, your debit card comes with $0 fraud liability and lock and unlock features.

    Capital One does offer a wide array of other services, including savings accounts, credit cards, loans and business services. All of these accounts can be linked to your checking account to make for a more streamlined banking process.

    Mobile app

    According to a 2019 J.D. Power study, the Capital One mobile app scored an impressive five out of five circles. This rating was good enough to score the bank the 2nd highest spot on the list. With the app, you can manage all of your Capital One accounts, including your checking accounts, in one place. Additionally, you can get instant purchase notifications, free credit score checks, online bill pay, access to Zelle transfers and mobile check depositing. The app goes the extra mile to streamline the online banking experience for all customers.

    Fees and penalties

    There are genuinely no fees with maintaining the Capital One 360 checking account. Overdraft fees of $35 do exist, but the bank puts in several unique safeguards to prevent you from having to pay when you make a mistake. These safeguards include auto-decline, free savings transfers and next day grace.

    Auto-decline works to decline transactions that are going to overdraw your account. Free savings transfers allow you to set up automatic transfers from your savings in the case of an overdraw. And lastly, next day grace gives you a full business day to replace the overdrawn amount before a fee is assessed. It’s a well thought out system of safeguards to help keep you safe from overdraft fees.

    Capital One vs. Wells Fargo

    If you’re looking for multiple options with checking accounts, you may want to give Wells Fargo a try. The bank has five different checking account options available. Unfortunately, most of these accounts pale in comparison to what is offered through Capital One. All accounts, except for the account for teenagers, come with a fee of $10-$30. The bank does offer interest on preferred checking accounts with a balance over $500. The one perk that Wells Fargo has over Capital One is the ability for customers to come into branch locations to handle banking services. Outside of that, Capital One excels in most categories.

    Compare top bank accounts

    We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best checking accounts of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. However, when we compare the checking account offered by Chase with the checking account SimpleScore metrics, it scores a 4.4 out of 5. We change and tweak the methodologies for different categories based on industry standards to paint a complete picture of products and brands.

    Have questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Minimum deposit

    We awarded checking account providers that require low or no minimum deposits to open an account.

    Overdraft protection

    It sucks when your account gets overdrafted and you’re hit with fees. Brands that offer more overdraft protections are awarded higher SimpleScores.

    Customer satisfaction

    We leveraged J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study and 2020 U.S. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. The higher the satisfaction score, the higher the SimpleScore.

    Customer support

    The checking account providers that have the most channels of customer support score higher than providers that don’t. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

    Additional products

    When it comes to banking, it’s nice to have options. If you want a checking and savings account in one place, that’s great, but we also considered other financial products like MMAs, CDs, IRAs, loans and more. Providers that have more additional products score higher.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.