Capital One 360 Review: Should you get Capital One Checking and Capital One Savings?

so what's the deal with Capital One 360

in this video I'm going to review

Capital One's checking and savings

account and give you my honest thoughts

on both my name is Kevin and make

personal finance videos like this one

all the time and I always give my honest

take so if you like that sort of thing

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if this video helped you out be sure to

give it a like I'd really appreciate it

now let's jump right into it so I don't

know about you but I knew nothing about

Capital One 360 prior to doing research

on it other than they put out really

ridiculously cringy commercials trying

to appeal to Millennials in order to get

them to use their services apparently

you're supposed to go to a coffee shop

which was supposed to allow you to talk

freely but your finances and get coffee

it was very strange I never quite

understood it and it really kind of put

me off too the whole idea of Capital One

with all that being said the Capital One

savings account is actually pretty good

and I'll explain why I think that

whereas a checking account not my

favorite but if you have a lot of cash

and you need to make deposits it could

be a really good account for you I'll

explain a little later first I'm going

to jump into the Capital One savings

account so right off the bat it's clear

that the Capital One savings account is

the better of the two products the

Capital One savings account is free to

use and it offers as of the date of this

video a 1.8 percent interest rate on its

FDIC insured account this is terrific

and this compares among the higher rates

of all the sort of banks out there and

blows away the competition when you

compare it to Chase Bank of America

Wells Fargo and City which offer close

to 0% interest to be fair there are bank

accounts out there that offer a slightly

higher interest rates such as VAR o bank

but this account the Capital One 360

savings is among the highest and it's

gonna move in tandem with all those

other banks depending on what the

Federal Reserve does if the Federal

Reserve raises interest rates you can

expect the Capital One savings account

to have an interest rate increase as

well and if the Federal Reserve lowers

interest rates you can expect the

calculon 360 savings account adjust rate

to fall another great thing about the

Capital One savings account is that it's

free to use there are no account

maintenance fees whatsoever on this

account this compares with Alli Robin


so five Discover and all those other

online banks which are also similarly

free to use and the brick-and-mortar

banks like Chase and Bank of America

often will actually charge you money to

have an account which is ridiculous you


fortunately the capital and savings

account is free to use however it should

be noted that the Capital One 360

savings account limits your transfers to

six per month which is in line with

traditional savings accounts like Ally

or those found at your brick-and-mortar

retailers and has to do with the federal

law having to do with money laundering

but I wouldn't know that Robin Hood and

Soph I don't have this restriction at

all if you exceed the six per month the

capital one charges you a fee now I'd

say the biggest downside to this account

is that you cannot access money except

for transferring from another bank what

I mean is you can't actually withdraw

money from the Capital One savings

account via an ATM you have to connect

this account to another account another

checking account

whether it be at Capital One or another

bank in order to get money into the

savings account there are a few other

key things I like about this account I

like that you could set savings goals

for this account for example you could

set money for your kids college fund or

we could set money as a goal to save for

the holiday shopping season and you

could do automatic transfers by

connecting this account with an outside

account making them every two weeks or

however often you get paid in order to

transfer the money into that account to

get your savings automated which i think

is a really good thing to do the less

friction you have in your savings the

better it's going to be for you the

Capital One 360 savings account does

offer a mobile check deposit and a clean

user interface other than that it's a

pretty bare-bones account there's not a

whole lot to say about the savings

account other than it's free to use it

has a good interest rate and it's FDIC

insured so for those who are looking for

a place to put their emergency fund the

Capital One 360 savings account could be

a good place for you it's not an account

that you're gonna be doing a lot of

transactions out of it's just a place to

put your merchants you find set and

forget and know that it's gonna be safe

now moving on to the Capital One 360

checking account this is an account that

I would not recommend for most people

out there because it doesn't have a very

high interest rate it doesn't have a lot

of features out there that the newer

firms are offering and it charges money

for basic services like checks I'm gonna

get into all this in just one second I

would recommend a firm like Robin Hood

or even so find money an account that I

love and use every single day as opposed

to this account however there is one

reason why you should give the Capital

One checking account let me start with

the pros of this account

well the capital

and count again is also free to use just

like the capital n savings account which

is great especially when you compare it

to those brick-and-mortar retailers

which again charge you an account

maintenance fee something you should

never ever pay I know I repeat myself a

lot in this but it's a really key point

and something so simple that people can

do to better the financial lives

secondly this account is FDIC insured

which is a really great thing because

you never want to have an account that's

not FDIC insured in case the bank goes

bust not the Capital One is probably

going to go bust anytime but you never

know another great thing about this

account is that it does offer interest

on your deposits but it scales and

depending on how much money you have in

the account it ranges from around 0.2

percent to around 0.75 percent for your

balances in there which is great when

you compare it to traditional checking

accounts from those brick-and-mortar

retailers but it doesn't compare very

favorably when you look at another firm

like Robin Hood or so Phi which combines

on the checking and savings aspects of

two accounts and offers you an interest

rate which is about double or triple or

even quadruple what Capital One is

offering now the Capital One checking

account again like I said doesn't have a

lot of the cutting-edge features out

there and it actually has some of the

old relics of a banking industry which

is nickel and diming a lot of their

customers out there one of the examples

I will bring up here is the fact that

you need to pay money to have checks

ordered for Capital One's so if you want

to order some checks you have to pay

between 7 and 11 dollars you know which

may not seem like a lot of money but to

me it's a big annoyance and I don't like

paying those little tiny fees just for

something as simple as ordering checks

so if I money for example it has free

check ordering there's a lot of other

firms out there that offer free check

ordering and this is just something that

just rubs me the wrong way

I don't like to be nickeled and dimed

and that is exactly what they're doing

here even if they say the account is

free there are certain aspects of the

account which I would think would be

included a checking account providing me

checks which I thought would be free but

clearly it's not in this account now

there is one aspect to the capital and

checking account which i think is

phenomenal and way better than a lot of

checking accounts offered on the market

today in fact it's one of the only

checking accounts that I know which

offers this service you can make cash

deposits into an ATM around the country

for Capital One now it's limited

very limited you can see online you

could go and type in exactly where you

want to make cash deposits in those ATMs

but it is a service that is offered all

other online banks that I know of

including sofa and Ally and those other

banks out there don't allow you to make

cash deposits directly typically you

have to make a cash deposit into a brick

and mortar retailer or credit union and

transfer the money over but for Capital

One you can actually make the direct

cash deposits into the ATMs themselves

in addition to that Capital One offers

you the network that Allpoint Network

and the Capital One network of ATMs

across the country which is tens and

thousands of ATMs not all of those in

fact the majority of them aren't going

to be able to accept cash deposits but

you will be able to withdraw for free

cash from any of those ATMs which again

is a great great plus so for those who

get paid in cash or happen to have a lot

of cash around or want the ability to

make just simple cash deposits the

Capital One checking account actually is

going to be a really good account to

have now the interest rate is something

to always keep in mind you don't want to

leave too much money in there because

you can get a much higher yield on other

FDIC insured accounts whether it be a

checking account or a savings account

you're gonna get a much higher yield

than the Capital One checking account

but if you need a place to deposit cash

and you don't want to have a traditional

brick and mortar retailer like Chase or

Bank of America to be your in-between

this can be a great account to have the

Capital One checking account also has a

few other features which I think are

important and some people may get a lot

of value out of them

it has fraud protection and the ability

to give you notices if you're running

low on funds so you don't have over

drops they send you texts and updates

that way and they also have a phone

number which is very different when you

compare the customer experience to a

place like Robin Hood which tries to be

as bare-bones as possible Capital One

does have a service line where you can

call somebody for most hours of the day

in order to answer any questions you

have about your account which I know is

a feature that a lot of people are going

to value especially with the primarily

online bank account like Capital One so

my takeaway for the checking account of

Capital One is that I would get it if

you're somebody who needs to make a lot

of cash deposits if you're not then I

would recommend getting another checking

account out there because you're going

to get

a similarly free account but you're

going to be able to get the benefits of

free checks a lot of times and certainly

much higher interest rate than you would

with the Capital One account out there I

personally like so fine money Robin Hood

is great example as well of a good

account out there and I'll put in the

description below some of my

recommendations for you to check out and

get familiar with be sure to check out

my other videos in order to see what I

have to say and get my honest takes on

those other bank accounts but overall

the Capital One checking account is not

an account that I would recommend a

savings account is a good place to put

your merchants you find but the checking

account I'd leave behind so what do you

think of the Capital One 360 savings and

checking accounts so let me know in the

comments below is this an account that

you would recommend or get yourself or

do you have the account are there things

that I'm missing please let me know or

do you know of accounts out there which

offer the best benefits of capital one

but also additional benefits as well

please let me know I got this idea from

a few users who commented and I always

really appreciate those comments because

they give me great video ideas to do and

I really like doing them researching

them so please like the video if it

helped you out I'd really really

appreciate it it's all I asked and

subscribe to the channel I guess I'm

asking two things so with that I will

see you next time thanks so much