Capital One 360 Pros and Cons Review

By Gavin | June 18, 2019

It's been six months since we opened our Capital One 360 account, and I wanted to give you a little review of what I think of it. I'm going to do this simply, we're going to go with the pros and cons.

Divvy it up into smaller accounts

Let's go with the pros. No fees, there are no fees to open this account, there are no fees to maintain this account, there is no minimum. If you wipe out your whole account you're okay and you can have, this is probably my favorite, you have one like blanket account.


But you can divvy it up into smaller accounts up to I believe 25, and you can name each one of those individual accounts in mind, we have our medical thinking fund, our car repair replace fund, our emergency trip to Columbia fund, and we also have several others, but we also keep our emergency fund in there.

I know that some people don't keep their emergency fund in there, but because it takes a couple of days to transfer from one bank to another, but I've discovered a workaround with our emergency funds, you want emergency access to your emergency fund, you want it immediately, obviously it's an emergency.

Transfer the emergency fund

What we have done is we actually opened up a checking account with Capital One 360 as well, and so if we have an emergency, I boot transfer the emergency fund or whatever fund I need money from to that checking account.

And I have a debit card to use a debit card that is immediate, it happens instantaneously, so I can. All we've accessed that money, there are ATMs everywhere associated that are free, that doesn't cost any money to use.


Again we haven't really ever needed our emergency fund, I know that if we ever do, I either have that debit card I can use to pay for it or I can go and take out cash. So it's always an option, it's got a decent interest rate for a savings account, it's like it's right under 1%. I think it's like point 7 5 percent.

That's pretty awesome, considering my maybe federal interest rate is like 0.3 or 0.2, I don't even remember 0.25, it's bad, but the interest rate on the Capital One 360 account is pretty awesome. While we don't have enough money in there to be really earning anything.

If we ever do have lots of money in there, like we're saving for a big trip, obviously not, while we're on baby step 2, but if we ever go that route and have less money in there for some reason we'll get a decent amount of money, that's that's awesome.

Have thinking funds

Considering it's your emergency fund, you're not twisted earn money on your emergency phone, the app allows you to scan your checks. If you get checks for any reason you can just scan them in on the app, and it directly deposits into whatever account you tell it to, and that's convenient.


But honestly, I think all banks do that, maybe they do all the banks, I have done that, so that's kind of a wash, but it's a good thing. It's something, it's a selling point.

Another Pro is that you have thinking funds, sinking funds are awesome, you have cash to fall back on, not really buy the Capital One 360, but I use any opportunity I can to push sinking funds, because for years we did not have thinking funds and I have never felt such peace of mind, then since we opened the sinking, but now I know what you're waiting for.

There are no branches

Let's get into the cons. There are no branches, it is ATM only for me, that's not such a big issue, because even at my bank that I go to the branch, I only use ATM, I almost never go into it, thanked I have no desire to go in there and wait in line, because everybody in the bank is always grumpy like that the people that work there, but people are just grumpy, because they have to go and get money. I just much rather go up to the ATM and pull out my cash or whatever I need Khan.

Number two, it can take up to seven days for the money to transfer from the account or to the account, that can be a problem if you don't track if you monitor where your money is, where it's supposed to be. It's not a problem.

But it's a little bit scary when the money disappears from one account and does not show up in the other one for a couple of days, little annoying, but not says something. I've gotten used to, it took me a couple of months to get used to that, the first month was a little bit of a disaster, though oddly enough when I open the accounts.

It showed up in the account before it had disappeared out of the other account. It actually was part of the reason that I had the Christmas debacle of last year because we opened it up at Christmas time last year.


Not do transactions properly you will get slammed

The last con is that if you don't do your transactions properly you will get slammed with a fee,  and I think the fee is around three dollars, I was well warned about this. It's never actually happened to me, basically what you have to do.

You absolutely 100% have to make sure that you initiate the transaction from Capital One 360, fortunately, my other banks don't charge me for that kind of transactions, but if you do not, if I were to want to transfer money from my Navy Federal account to Capital One 360, and I did it from the Navy Federal website which I can very easily do. It will cost me $3.

Whereas if I log on to Capital One 360, and initiate it there for them to go into my other bank and withdraw. It doesn't cost me anything, I don't know why, I don't understand the logic, but that's what it is.

So I just remember that if I ever need to transfer money I have it set up every month, so on a particular day of my sinking fund accounts get filled. It just goes into my regular accounts, pulls the money out, and we're good to go for that month. I mentioned that you need sinking funds because it will change your life, it will create such a sense of peace for you.

Capital One 360 not attached to my main bank accounts

When we had the tax debacle of this year and we owed $2,500, there was that money there if I had to. Unfortunately, I didn't have to, we worked it out differently, but if I had to I could have pulled all $2,500 from that thinking on those thinking funds.

And I wouldn't have had to use overdraft, I wouldn't have to use a credit card, we don't even have credit cards anymore, but I wouldn't have to take out a bank loan nothing.


I cannot emphasize enough how much I love having Capital One 360 for my sinking funds, and the best part about it is that it's like not attached to my main bank accounts. I have to two banks I bank with, and all of our money goes in and out of those two banks in various accounts.

And because it's not attached I kind of forget it's there, and it's just accumulating and accumulating and accumulating every month alone. I'm kind of like not wanting to ever take money out of there.

So I can have it for an emergency or when I really need it. so I don't even really think about it unless I absolutely need it. The last con is that.

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