Did Capital One 360 Savings raise rates?

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Engineer250
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Did Capital One 360 Savings raise rates?

Post by Engineer250 » Thu Dec 07, 2017 12:23 pm

If I go to Capital One's website it says the rate for their regular 360 savings is 1%. However if I go to my account and click details it still says 0.75%. Anyone know if they just increased rates? Maybe it will take a day or two to show 1% on my account or maybe I am misreading something.

Money market rates appear unchanged (0.60% for < $10k and 1.30% for > $10k).
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Ice-9
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Re: Did Capital One 360 Savings raise rates?

Post by Ice-9 » Thu Dec 07, 2017 12:45 pm

Just as you described, I see 1% on their website before logging in, and then the old 0.75% in the details. However, if I then click on "View Current Terms & Conditions" from the details, I get a page that includes:
Capital One 360 wrote:Rate Information - The Interest Rate on your account is 0.9954% with an Annual Percentage Yield of 1.00%.
I suspect the rate only recently changed and the number listed in Details just needs to be updated.

Chip
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Re: Did Capital One 360 Savings raise rates?

Post by Chip » Thu Dec 07, 2017 1:52 pm

It figures. I just pulled everything out of Cap One 360 for something higher yielding. :oops:

I guess I can put it back - the account is still open.

onourway
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Re: Did Capital One 360 Savings raise rates?

Post by onourway » Thu Dec 07, 2017 2:00 pm

I am still showing 0.75% for 360 accounts and 1.3% for MM.

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nisiprius
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Re: Did Capital One 360 Savings raise rates?

Post by nisiprius » Thu Dec 07, 2017 2:07 pm

When I log into my account and click the "Transactions" tab, it shows "Current APY: 1.00%."

It must have only just changed, though, as my November statement shows 0.75%, and for October (November's too complicated) it shows "Monthly Interest Paid: $6.36" on a balance of $10,026.61, which works out to... 0.74% APY.
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inbox788
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Re: Did Capital One 360 Savings raise rates?

Post by inbox788 » Thu Dec 07, 2017 2:08 pm

APYs are variable and effective 12/7/2017.
https://www.capitalone.com/bank/savings ... /#id_rates

The accounts will probably update when their computer system does their overnight maintenance.

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Re: Did Capital One 360 Savings raise rates?

Post by nisiprius » Thu Dec 07, 2017 2:14 pm

Also, I see that it is saying that my Capital One 360 Money Market is now earning 1.30%, think it just changed from 1%.
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Abe
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Re: Did Capital One 360 Savings raise rates?

Post by Abe » Thu Dec 07, 2017 2:29 pm

nisiprius wrote:
Thu Dec 07, 2017 2:14 pm
Also, I see that it is saying that my Capital One 360 Money Market is now earning 1.30%, think it just changed from 1%.
Yes, my Capital One 360 Money Market is showing the same 1.30%. It was paying 1% previously. My online savings account is still showing .75%.
Slow and steady wins the race.

KeepItSimple78
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Re: Did Capital One 360 Savings raise rates?

Post by KeepItSimple78 » Thu Dec 07, 2017 2:33 pm

I can't comment on the 360 Savings, but the online Capital One Money Market has increased from 1% to 1.3% over the past few months... increasing by increments of 0.1% on three different occasions.
Avid reader of personal finance/investing literature; however, no formal training in this area. My comments are always well-intended, and most often well-informed.

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JoMoney
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Re: Did Capital One 360 Savings raise rates?

Post by JoMoney » Thu Dec 07, 2017 2:37 pm

KeepItSimple78 wrote:
Thu Dec 07, 2017 2:33 pm
I can't comment on the 360 Savings, but the online Capital One Money Market has increased from 1% to 1.3% over the past few months... increasing by increments of 0.1% on three different occasions.
Yup ... :greedy
viewtopic.php?t=222084
viewtopic.php?t=226888#p3516288
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CollegePrudens
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Re: Did Capital One 360 Savings raise rates?

Post by CollegePrudens » Thu Dec 07, 2017 2:41 pm

nisiprius wrote:
Thu Dec 07, 2017 2:14 pm
Also, I see that it is saying that my Capital One 360 Money Market is now earning 1.30%, think it just changed from 1%.
Hi Nisi - there was an early thread on MM rates at Capital One: viewtopic.php?f=1&t=222084.

PS: Those who don't have an MM account yet at Capital One, but have another Capital One 360 account, can open one without going though a credit check (topic discussed in the above thread as well).
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fizxman
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Re: Did Capital One 360 Savings raise rates?

Post by fizxman » Thu Dec 07, 2017 3:09 pm

I have about $20,000 in my Capital One 360 savings account so is there an easy way to convert a savings account to a money market account? As long as it doesn't take up about $60 worth of my time, I'll come out ahead.

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Re: Did Capital One 360 Savings raise rates?

Post by CollegePrudens » Thu Dec 07, 2017 3:15 pm

fizxman wrote:
Thu Dec 07, 2017 3:09 pm
I have about $20,000 in my Capital One 360 savings account so is there an easy way to convert a savings account to a money market account? As long as it doesn't take up about $60 worth of my time, I'll come out ahead.
Hi fizxman - see my three posts at viewtopic.php?f=1&t=222084#p3591407
Basically you can add an MM account without any fees or too much hassle and get the better MM rate.
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fizxman
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Re: Did Capital One 360 Savings raise rates?

Post by fizxman » Thu Dec 07, 2017 3:28 pm

CollegePrudens wrote:
Thu Dec 07, 2017 3:15 pm
fizxman wrote:
Thu Dec 07, 2017 3:09 pm
I have about $20,000 in my Capital One 360 savings account so is there an easy way to convert a savings account to a money market account? As long as it doesn't take up about $60 worth of my time, I'll come out ahead.
Hi fizxman - see my three posts at viewtopic.php?f=1&t=222084#p3591407
Basically you can add an MM account without any fees or too much hassle and get the better MM rate.
Sweet, thanks.

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Re: Did Capital One 360 Savings raise rates?

Post by iamlucky13 » Thu Dec 07, 2017 6:06 pm

fizxman wrote:
Thu Dec 07, 2017 3:09 pm
I have about $20,000 in my Capital One 360 savings account so is there an easy way to convert a savings account to a money market account? As long as it doesn't take up about $60 worth of my time, I'll come out ahead.
I did this a few months ago. I barely remember it, so it couldn't have been very hard at all. Create the money market account. It shows up when you log in as just another account in the list. Then transfer your funds.

I think I had to wait a day for Capital One to verify the new account before I could move the money.


And now that I log in, I see Capital One has now done...what...their 4th website change since buying ING? Isn't that just great? I no longer see where you go to create a new account.

Time to dig through and see what other new things they've made harder to do, aside from switching from a multi-column layout to an oversized single column with giant, ugly billboard buttons, so I can limit my 24" monitor to being as useful as a smartphone screen. It also looks like they no longer show when interest rate changes took effect in the transaction history.

Who was the genius who thought, "You know what users would like? Diplaying account balances in 50 pixel tall letters, so if they check their account while at work or in other public places, everybody within 15 feet can read it."
/rant
Last edited by iamlucky13 on Fri Dec 08, 2017 1:41 pm, edited 1 time in total.

Engineer250
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Re: Did Capital One 360 Savings raise rates?

Post by Engineer250 » Fri Dec 08, 2017 12:15 pm

iamlucky13 wrote:
Thu Dec 07, 2017 6:06 pm
It also looks like they no longer show when interest rate changes took effect in the transaction history.

Who was the genius who thought, "You know what users would like? Diplaying account balances in 50 pixel tall letters, so if they check their account while at work or in other public places, everybody within 15 feet can read it."
/rant
I agree I was frustrated to see interest rate changes don't show up in transactions anymore and agree the new format is pretty awful. Luckily I just park money there and only sometimes add or remove so only a mild frustration.

I couldn't figure out how to open a money market while logged into my savings but if you go to their regular page on the money market and click the open an account button it will ask you if you are already a member and can sign in. I finally was going to have the $10k needed to get the higher rate, right when they raise rates on the regular savings. Oh well.
Where the tides of fortune take us, no man can know.

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Re: Did Capital One 360 Savings raise rates?

Post by flyingaway » Fri Dec 08, 2017 12:18 pm

Why does anyone NOT use their Money Market account if it has a higher interest? What is the downside?

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Re: Did Capital One 360 Savings raise rates?

Post by James2 » Fri Dec 08, 2017 12:26 pm

The only downside I am aware of is that every time I call them to ask, they tell me the MM and 360 accounts don’t support trusts. So if you want to have it in a living trust, they can’t help. Yet.

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fizxman
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Re: Did Capital One 360 Savings raise rates?

Post by fizxman » Fri Dec 08, 2017 1:18 pm

I can confirm that opening a Capital One 360 money market account and moving money from my Capital One 360 savings account to the money market account was easy and painless. Took all of 5 minutes.

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Re: Did Capital One 360 Savings raise rates?

Post by nisiprius » Fri Dec 08, 2017 1:22 pm

flyingaway wrote:
Fri Dec 08, 2017 12:18 pm
Why does anyone NOT use their Money Market account if it has a higher interest? What is the downside?
$10,000 minimum.
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Re: Did Capital One 360 Savings raise rates?

Post by CABob » Fri Dec 08, 2017 1:33 pm

James2 wrote:
Fri Dec 08, 2017 12:26 pm
The only downside I am aware of is that every time I call them to ask, they tell me the MM and 360 accounts don’t support trusts. So if you want to have it in a living trust, they can’t help. Yet.
I'm not sure that is correct. I have a 360 savings account that I changed to be in the name of my trust. I'm not sure about the MM account since I don't have one. I got a bit confused when I talked to them about converting the savings to a MM account although they assured me that opening a new MM account would be a simple process.
There is a note on the website that reads:
If you’d like to change the account ownership or trust name on your trust account, please call 1-888-464-0727 and one of our Associates will help you out.
although I think I made my change online.
Bob

Engineer250
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Re: Did Capital One 360 Savings raise rates?

Post by Engineer250 » Fri Dec 08, 2017 3:24 pm

fizxman wrote:
Fri Dec 08, 2017 1:18 pm
I can confirm that opening a Capital One 360 money market account and moving money from my Capital One 360 savings account to the money market account was easy and painless. Took all of 5 minutes.
I have a dumb question because I am about to do this. Did you leave any money behind in your regular savings account when you did this? Did you see any reason to? I believe there is no minimum so it made sense to me to move everything to the MM but I wanted to make sure I wasn't overlooking something.
nisiprius wrote:
Fri Dec 08, 2017 1:22 pm
flyingaway wrote:
Fri Dec 08, 2017 12:18 pm
Why does anyone NOT use their Money Market account if it has a higher interest? What is the downside?
$10,000 minimum.
This! Some of us finally amassed that much in our emergency savings accounts for the first time! (I have been great at saving for retirement just not so great at keeping my emergency fund topped off).
Where the tides of fortune take us, no man can know.

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Re: Did Capital One 360 Savings raise rates?

Post by flyingaway » Fri Dec 08, 2017 6:39 pm

Engineer250 wrote:
Fri Dec 08, 2017 3:24 pm
fizxman wrote:
Fri Dec 08, 2017 1:18 pm
I can confirm that opening a Capital One 360 money market account and moving money from my Capital One 360 savings account to the money market account was easy and painless. Took all of 5 minutes.
I have a dumb question because I am about to do this. Did you leave any money behind in your regular savings account when you did this? Did you see any reason to? I believe there is no minimum so it made sense to me to move everything to the MM but I wanted to make sure I wasn't overlooking something.
nisiprius wrote:
Fri Dec 08, 2017 1:22 pm
flyingaway wrote:
Fri Dec 08, 2017 12:18 pm
Why does anyone NOT use their Money Market account if it has a higher interest? What is the downside?
$10,000 minimum.
This! Some of us finally amassed that much in our emergency savings accounts for the first time! (I have been great at saving for retirement just not so great at keeping my emergency fund topped off).
After I opened the money market account, I moved the integer part (thousands) of my money from the savings account to the money market account. I am wondering if I still need to keep the savings account.

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Re: Did Capital One 360 Savings raise rates?

Post by CollegePrudens » Sat Dec 09, 2017 12:19 pm

Engineer250 wrote:
Fri Dec 08, 2017 3:24 pm
I have a dumb question because I am about to do this. Did you leave any money behind in your regular savings account when you did this? Did you see any reason to? I believe there is no minimum so it made sense to me to move everything to the MM but I wanted to make sure I wasn't overlooking something.
I left a very small amount in Savings in case I need that account in the future. Interest rates and Capital One 360's policies will change over time. And my account balance at Capital One 360 will also fluctuate. So, I thought it best to retain flexibility by having savings in addition to MM (and checking).
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Re: Did Capital One 360 Savings raise rates?

Post by CollegePrudens » Sat Dec 09, 2017 12:24 pm

James2 wrote:
Fri Dec 08, 2017 12:26 pm
The only downside I am aware of is that every time I call them to ask, they tell me the MM and 360 accounts don’t support trusts. So if you want to have it in a living trust, they can’t help. Yet.
I had called Capital One 360 regarding Trusts a few weeks ago. They do not support trusts for new accounts. They are aware that many customers are interested in holding accounts in the name of a revocable living trust, but they don't have a timeline for when they would support trusts (yet).
CABob wrote:
Fri Dec 08, 2017 1:33 pm
I'm not sure that is correct. I have a 360 savings account that I changed to be in the name of my trust. I'm not sure about the MM account since I don't have one. I got a bit confused when I talked to them about converting the savings to a MM account although they assured me that opening a new MM account would be a simple process.
Trust accounts were supported by ING and retitling an account in the name of a trust was a simple online process. Post acquisition (by Capital One), accounts already in the name of a trust are grandfathered in (as per the Capital One rep I spoke to). However new accounts, including new MM accounts, do not support Trusts (yet).
Live as if you were to die tomorrow; learn as if you were to live forever - Gandhi

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CABob
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Re: Did Capital One 360 Savings raise rates?

Post by CABob » Sat Dec 09, 2017 2:05 pm

CollegePrudens wrote:
Sat Dec 09, 2017 12:24 pm
James2 wrote:
Fri Dec 08, 2017 12:26 pm
The only downside I am aware of is that every time I call them to ask, they tell me the MM and 360 accounts don’t support trusts. So if you want to have it in a living trust, they can’t help. Yet.
I had called Capital One 360 regarding Trusts a few weeks ago. They do not support trusts for new accounts. They are aware that many customers are interested in holding accounts in the name of a revocable living trust, but they don't have a timeline for when they would support trusts (yet).
CABob wrote:
Fri Dec 08, 2017 1:33 pm
I'm not sure that is correct. I have a 360 savings account that I changed to be in the name of my trust. I'm not sure about the MM account since I don't have one. I got a bit confused when I talked to them about converting the savings to a MM account although they assured me that opening a new MM account would be a simple process.
Trust accounts were supported by ING and retitling an account in the name of a trust was a simple online process. Post acquisition (by Capital One), accounts already in the name of a trust are grandfathered in (as per the Capital One rep I spoke to). However new accounts, including new MM accounts, do not support Trusts (yet).
Thanks CollegeP. Your explanation and history makes the apparent discrepancy between various posters more clear. While I would like to get the MM account for the higher interest rate I'm not sure I am willing to give up the trust ownership.
I hope someone remembers this conversation because I am sure the question will come up again in the future.
Bob

Engineer250
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Re: Did Capital One 360 Savings raise rates?

Post by Engineer250 » Sat Dec 09, 2017 10:02 pm

flyingaway wrote:
Fri Dec 08, 2017 6:39 pm
After I opened the money market account, I moved the integer part (thousands) of my money from the savings account to the money market account. I am wondering if I still need to keep the savings account.
CollegePrudens wrote:
Sat Dec 09, 2017 12:19 pm
I left a very small amount in Savings in case I need that account in the future. Interest rates and Capital One 360's policies will change over time. And my account balance at Capital One 360 will also fluctuate. So, I thought it best to retain flexibility by having savings in addition to MM (and checking).
Thanks for the answers. I think I will do something similar and leave behind a very small amount just in case.

Just checked today and the "details" tab does reflect the new 1.00% interest rate. Hoping the MM will go up a little too near future.
Where the tides of fortune take us, no man can know.

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CollegePrudens
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Re: Did Capital One 360 Savings raise rates?

Post by CollegePrudens » Sun Dec 10, 2017 10:46 pm

CABob wrote:
Sat Dec 09, 2017 2:05 pm
Thanks CollegeP. Your explanation and history makes the apparent discrepancy between various posters more clear. While I would like to get the MM account for the higher interest rate I'm not sure I am willing to give up the trust ownership.
I hope someone remembers this conversation because I am sure the question will come up again in the future.
Happy to help CABob.

I am somewhat like you in this regard - my preference was to have the MM account in the name of the trust. I worked around this by making my spouse (who is the other trustee of our revocable living trust) a joint account holder on the MM account. The joint-account process was all online and quite smooth. While this is not the perfect solution, for me it was good enough.
Live as if you were to die tomorrow; learn as if you were to live forever - Gandhi

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