Capital One 360 Checking® Account Review: A Deep Bench of Fee-Free Perks

The Capital One 360 Checking® Account aims to blend the best of online and brick-and-mortar banking. It has a competitive APY and few fees, but it also has plenty of branches for those who prefer more personalized support. Read our Capital One 360 Checking® Account review for a full breakdown of all it has to offer.

Top perks

Competitive APY: While the Capital One 360 Checking® account doesn't have the best checking account APY, it is much higher than most of the rates we've come across.

Fee free: It's smart to avoid checking account fees and this account helps you do so by cutting ATM and monthly maintenance fees.

No minimum balance: Capital One doesn't require its 360 Checking® Account holders to maintain a certain balance to earn interest or avoid fees. And even more unusual, it doesn't require a minimum balance to open an account either. This makes it a good fit for those who don't keep a lot of money in their checking accounts and don't want to be penalized for it.

Overdraft protections: While overdrawing your checking account is generally something you want to avoid, having the option to do so can be useful if you're in a situation where you need funds immediately. By law, overdraft protection isn’t automatic -- you must opt into it. If you do so, Capital One gives you the choice of a free transfer from your linked Capital One savings or money market account or a no-fee overdraft protection. If you choose the latter, you must promptly deposit more funds into your account or Capital One may not approve additional transactions -- and may even close your account.

Hundreds of branch locations: Capital One maintains hundreds of branches throughout the U.S., including a growing number of Capital One Cafes. You may not ever need to visit one of these locations, but if you run into questions or issues with your account and want personalized assistance, you'll be glad that you have the option.

Feature-rich mobile and online banking tools: Capital One's mobile banking app lets you do all the things you'd expect -- view transactions, deposit checks, pay bills, and manage alerts. You can also set up an automatic savings account transfer and use the My Savings Goals tool to help you achieve your financial dreams more quickly. You can even track your credit score over time.

FDIC insured: Finally, a Capital One account is covered by FDIC insurance, so in the event of a bank failure, you're covered for up to $250,000 per depositor, per institution.

What could be improved

No ATM fee reimbursements: While Capital One doesn't charge its own fees for using out-of-network ATMs, it also doesn't reimburse customers if they're charged fees by the ATM owner. Not all banks offer this, but it's a nice option to have if you don't live near an in-network ATM.

Here's an overview of how you can deposit and withdraw money from your Capital One 360 Checking® Account.

Deposit options

These are your options for depositing money into your Capital One 360 Checking® Account:

• ACH transfer
• Wire transfer
• Mailed check
• Mobile-deposited check
• Visit a Capital One branch location
• Use a Capital One deposit-taking ATM

You can find Capital One branch locations and deposit-taking ATMs using the ATM locator tool on Capital One's website or in its mobile app.

Withdrawal options

You can withdraw your funds from your Capital One 360 Checking® Account in any of these ways:

• ACH transfer
• Wire transfer
• Request a mailed check
• ATM withdrawal
• Point-of-sale cash withdrawal
• Visit a Capital One branch location

Electronic transfers and mailed checks may take a few days to get to you, so plan accordingly and initiate the withdrawal before you need the funds.

The Capital One 360 Checking® Account is a smart choice for those who want the strong mobile tools and high interest rates commonly found with online banks without sacrificing the option to visit branch locations for in-person support. This account is also a good fit for those with low average checking account balances who may be in danger of overdrawing their accounts.