Rating:   3.5-star brokerage rating

2020 Capital One 360 bank money market savings account review: annual and monthly maintenance fees, ATM fee, interest rates, required minimum daily balance, pros and cons. Compare Capital One 360 MMA vs Capital One 360 and Synchrony Bank money market accounts.

Easy To Set Up Capital One 360 Money Market Account

Capital One has made it very simple for users to sign up for a 360 Money Market Savings account with their bank. The requirements are basic: You must be a US citizen, have a US address and a valid Social Security number. Users are able to simply sign up online, enter their information and have a 360 Money Market Savings account set up in just a few minutes. This particular savings account offered by Capital One is great for personal and business use, and it offers a convenience for those who prefer to do more online banking, rather than popping in and out of a traditional bank.

No Tricky Rates and Fees

When signing up for online banking, it’s good to be sure to read the fine print regarding rates and fees. The process to sign up can seem so simple, only to be slapped with ridiculous fees that ruin the entire banking experience. Capital One has kept this pretty simplified. Their 360 Money Market Savings Account offers an annual percentage yield of 1% and a standard, basic 0.995% interest rate that is compounded and credited to your account monthly. Users are eligible for a 2% annual percentage yield on accounts with balances of $10,000 or more. Capital One regularly offers sign up bonuses for new, 360 Money Market Savings account holders, that allow them to enter a promo code either online or via the app, to earn either a $200 bonus on balances of $10,000 to $49,999.99, or a $500 bonus with balances of $50,000 or more.

As far as other associated fees, all outgoing domestic wire transfers are set at $30 and there is a $5 statement copy fee for statements generated within the last 2 years. Apart from these two fees, Capital One continues to keep the rules simple for users. There are no hidden fees associated with their savings accounts and no monthly maintenance fees on any of their savings accounts.

Account Limitations

The 360 Money Market Savings account is industry standard in regards to not allowing more than 6 transfers per month from the account—which is no different from other traditional banks. This account is also set up where there can be no overdrafts from this account.

A drawback to the 360 Money Market Savings account or any account with Capital One—checking or savings—is that there are very few physical branch locations around. Capital One only has branch locations in Virginia, Delaware, Maryland, Texas, Louisiana, New York, Connecticut and New Jersey. They are newly rolling out their Capital One Cafes, to give users a personalized banking experience, however, unless you are located in one of the aforementioned areas, you will be restricted to online use or via the app. Users have also reported that there seems to be a glitch in their online system, that Capital One is aware of, whenever new customers try to create a new 360 Money Market Savings account. When accessed from their online website, Error Code 101 is displayed, that forces the user to call into Capital One and speak to a live agent. The agent would then instruct the caller to download their Capital One mobile app, to create the new account and get set up by going that route. This seems a little insistent of the bank, by forcing users to download the mobile app.

Downloading the app does provide some key benefits, however. One cool tip via the app, is that you will be able to make check deposits, check balances, transfer and move funds, get account activity alerts, as well as view detailed online statement information, in addition to other cool features. Once the new 360 Money Market Savings account has been officially setup via the app, users will then have the opportunity to log into their account via Capital One’s online platform, to get a full view of their account benefits, activity and disclosures. Capital One has not offered a resolution just yet regarding Error Code 101 ever getting fixed—as it appears that the bank wants to encourage new account holders to download and regularly utilize their mobile app.


Bonus Features

The simple online setup isn’t the only convenience with their 360 Money Market Savings account! Users can open an account in their name, or with their name plus another person. Parents can also open a 360 Money Market Savings account for their child, (under 18), providing that the legal guardian is also listed on the account. A cool feature about the Kid’s Savings account is that it requires no minimum deposit nor does it have any monthly maintenance fees.

The 360 Money Market Savings account is not officially opened until it is funded with a linked account by a money transfer or a personal check drawn to a linked account. This process is verified within minutes by Capital One, by having the user log into their linked bank account with their username and password, to verify authentication. Once the account is confirmed and linked, then the new 360 Money Market Savings account can be set up, funded and established in less than 20 minutes. The overall experience is seamless, as Capital One has created a platform conducive to user’s mobile needs, both online and via the app.

In comparison to other popular savings accounts, the Capital One 360 Money Market Savings account ranks high amongst its competitors. Their pros far outweigh the cons, if functionality, no fees and low account maintenance is the goal. The biggest takeaway from their savings account, is that there are limited locations, they offer basic interest rates and the user is forced to download the app; however, they far more make up for it with the multi-functionality of the mobile app and that there are no fees at all to use any Out-of- network ATM. Several of their competitors charge anywhere from $2.50 on up for ATM withdrawals that are Out-of-network. Capital One has found a unique way to carve their place into the digital banking world and gain positive ranking with mobile users.




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