I've been using Capital One 360 for seven and a half years now, this is my customer review of the pros and cons, plus a usability tour of Capital One 360.
I want to start with the history, all you really need to know is that Capital One 360 used to belong to ING Group, the world's largest banking and financial services institution from the 1700s, they create a product called online banking back in 1997, they had divisions in several different countries, one of their divisions called ING Direct USA was sold for eight billion dollars to Capital One, and they named it Capital One 360, the best user interface I've ever seen for online banking, and I've used several online banks in the last 10 years.
So you have your accounts, your products here, and your help here, and it's pretty easy to find everything you're looking for, one thing that it's a little bit difficult is finding the checking account books, but you can just go to checkbook, and then you can order checks, your first 50 checks are free, which is pretty cool, so that the best thing is the user interface really easy to use.
But let's get into the cons, because I want to give the negative side of Capital One 360, a fair share, now these cons come from negative reviews that I found online, and the first thing that people complain about the most is the customer service, so I've seen reviews of people talking about using their customer service going back and forth with emails and then them closing the ticket stuff, I don't recommend using email, just go to the help in Mora section, go to the contact us and then just contact them by phone, I've never had an issue with their customer service, they've always been very nice to me, so just call them and talk to them on the phone.
The second biggest con is that transfers take a long time, this is true if you use more than one bank, which I do, I use Chase Bank as my primary bank, so if you're transferring from an external account to a savings account, it does take longer, it takes about seven days, but if you're transferring from an external account to a checking account, it takes two days, takes two business days, and I'll show you that right now actually, so let's say I have $100 that I want to transfer from my Chase Bank to my Christmas fund, transfer date is the 19th, available on the 27th, but if I was to transfer that same amount from my Chase account to my checking account, it only takes two days, two business days, but if I was to transfer from any other account into any other account, it's instant.
The third con is you can't deposit cash, that's not entirely true anymore, because as of last month you can now deposit cash, you just need to deposit cash into a capital one ATM, so if you go to this locator and then type search for an ATM Capital One bank accepts deposits, I've never really had an issue, I've just always transferred it from external accounts, and now they have this way for a mobile app too, just take a picture of your checks, which makes it really simple, I've used this several times and haven't really had issues with it.
Those are all the cons, but let's get into some of the pros, so the best interface for online banking, no fees on any checking accounts or savings accounts, easy to set up savings accounts, you just click this and set it up, and then the fourth Pro is that they have a high yield for interest and well high yield compared to other brick-and-mortar banks, so if I went to the Chase Bank and checked out my savings accounts interest, it's actually just 0.001 percent, compare that with the point seven five percent and it's pretty dang good, let's just run this experiment, let's say I have $10,000 and Chase Bank and I contribute zero to it, and I want to see how much money I would have the day I die which is probably going to be in 70 years, the interest rate point zero one percent, I would have seventy extra dollars, let's say instead that, I had the money in Capital One and I have six thousand eight hundred and seventy one more dollars, it makes a difference over time.
Those are my pros and cons of Capital One 360 and there's one other thing that I want to share with you, if I refer a friend, my friend will get a bonus and I consider all of you my friends, so you can have a bonus if you want to do Capital One 360, that's my review of Capital One 360, you can set up tons of savings accounts. and that's the most awesome thing about it, link your bank accounts and everything.