Capital One 360 Checking® Account Review

Kailey writes about credit cards, loans, and all things personal finance. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money.

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The Capital One 360 Checking® Account's aim is accessibility and convenience for all. No minimum balance or activity requirements means this account is open to everyone, and its multiple overdraft protection options enable each person to choose the one they're most comfortable with. Its above-average APY and highly rated mobile tools are similar to those offered by high-yield online checking accounts, but its branch locations and Capital One Cafes make it a great choice for those who aren't ready to cut ties with traditional banks quite yet.

Top perks

Competitive APY: The account earns a 0.20% APY. While it's not the best checking account rate, it is much higher than the competition, where a fraction of that number is common.

Fee free: It's smart to avoid checking account fees and this account helps you do so with 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, an overdraft line of credit, or a next-day grace period option by which you can avoid an overdraft fee if you pay back the excess you withdrew within one business day.

Hundreds of branch locations: Capital One maintains hundreds of branches throughout the United States, 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 enables you to do all the things you'd expect -- viewing transactions, depositing checks, paying bills, and managing alerts -- as well as some things you wouldn't expect. You can 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 also track your credit score over time.

What could be improved

Surcharge-free ATM network: Capital One 360 Checking® Account holders may use any Capital One or Allpoint ATM at no cost. This amounts to more than 39,000 surcharge-free ATMs nationwide, which may be plenty if you live in a city. However, account holders in rural areas may not have a fee-free ATM near them. These individuals would be better off going with a checking account that offers a larger surcharge-free ATM network or one that reimburses checking account holders for some or all of their ATM fees each month.

Capital One 360 Checking® Account Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $0 $0 $0 if you do a funds transfer from a Capital One savings account, $35 if not (unless you pay back the overdrawn amount by the next business day) $25 per item $9

How to access your money

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.

Alternatives to consider

The Axos Bank Rewards Checking Account is strong where the Capital One 360 Checking® Account is weak, offering a high APY and unlimited ATM fee reimbursements to all account holders. It also has no minimum balance requirements to avoid fees or earn interest. Axos doesn't have any branch locations, so it may not be a good choice if you are looking for a bank that offers in-person assistance.

The Discover® Cashback Debit Account might be a better fit for those who use their debit cards often but don't maintain a high enough checking account balance to earn much interest. You can't earn any interest with this account, but you'll get cash back on debit card purchases. This could prove to be more rewarding than an interest-bearing checking account for those with low average checking account balances. Plus, Discover doesn't have any minimum balance or activity requirements.

Rates as of Jan. 16, 2020
Capital One 360 Checking
Member, FDIC
Axos Bank Rewards Checking
Member, FDIC
Discover Cash Back Debit
Member, FDIC
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.

APY: 0.20%

APY: Up to 1.25%

APY: 0%

Best For

Best For: APY and low to no fees

Best For: High APY and unlimited ATMs

Best For: Cash back on $3,000 of spend monthly

Min. to earn APY

Min. to earn APY:

Min. to earn APY:

Min. to earn APY:

Next Steps

This checking account is right for you if:

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. There are hundreds of Capital One Cafes and branches nationwide for those who need them, and those who don't will be pleased with the advanced online and mobile tools that help you not only manage your money but reach your savings goals more quickly.

This account is also a good fit for those with low average checking account balances who may be in danger of overdrawing their accounts. There's no minimum balance necessary to open the account, avoid fees, or earn interest, and the multiple overdraft protection solutions, including the flexible next-day grace period option, give you the freedom to spend how you please and dictate how much overspending will cost you.

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