Capital One 360 vs Capital One Money Market

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JD2775
Posts: 193
Joined: Thu Jul 09, 2015 10:47 pm

Capital One 360 vs Capital One Money Market

Post by JD2775 » Tue Sep 12, 2017 2:32 pm

Thinking about moving from 360 to the Money Market acct.

Only difference I can tell is 0.75% vs 1.2% APY in favor of Money Market, and needing $10k minimum for the Money Market

Has anyone here made this switch before? Anything to look out for? This is for my regular savings account

Also, any reason to not transfer over my entire balance? (and keep both accounts active)

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KlingKlang
Posts: 469
Joined: Wed Oct 16, 2013 3:26 pm

Re: Capital One 360 vs Capital One Money Market

Post by KlingKlang » Tue Sep 12, 2017 2:48 pm

I've done it. No problems. Not sure if they will let you keep an account active with a zero balance.

Then I switched everything over to PurePoint for the 1.30% APY. Also no problems.

KeepItSimple78
Posts: 65
Joined: Fri Apr 15, 2016 6:03 pm
Location: Louisiana

Re: Capital One 360 vs Capital One Money Market

Post by KeepItSimple78 » Tue Sep 12, 2017 2:58 pm

I made the switch months ago. No problems/concerns thus far, and setting up the account through their website was very easy. I transferred everything I had in the 360 account to the MM and was prompted with a notice as to whether I wanted the 360 account closed or to remain open... I opted to keep it open with a zero balance.

I would take the plunge and start reaping the benefits today.

Note as well - all transfers between Capital One bank, 360, and the MM are instant. Though I believe in the small print of the MM disclosure the institution reserves the right to delay "large" transfers a few days.
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.

JD2775
Posts: 193
Joined: Thu Jul 09, 2015 10:47 pm

Re: Capital One 360 vs Capital One Money Market

Post by JD2775 » Tue Sep 12, 2017 3:16 pm

Perfect, thank you both!

I will sign up. Only small catch I can see is if I let the MM account get to < 10k, the APY goes to .60% which is actually less than the regular 360 savings. Something to keep an eye on for me...

I will follow your lead and leave the regular 360 savings acct open. That way if I am close to being below 10k for some reason, i can transfer money back into it to get the extra %APY

jmk
Posts: 283
Joined: Tue Nov 01, 2011 7:48 pm

Re: Capital One 360 vs Capital One Money Market

Post by jmk » Tue Sep 12, 2017 10:21 pm

JD2775 wrote:
Tue Sep 12, 2017 2:32 pm
Thinking about moving from 360 to the Money Market acct.

Only difference I can tell is 0.75% vs 1.2% APY in favor of Money Market, and needing $10k minimum for the Money Market

Has anyone here made this switch before? Anything to look out for? This is for my regular savings account

Also, any reason to not transfer over my entire balance? (and keep both accounts active)
I did exactly that. I called them to verify there was no difference other than the one you identified above with 10k minimum. Their marketing worked: it kept me from transferring to Synchrony.

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TD2626
Posts: 519
Joined: Thu Mar 16, 2017 3:40 pm

Re: Capital One 360 vs Capital One Money Market

Post by TD2626 » Wed Sep 13, 2017 12:20 am

It's a large bank with FDIC insurance and a good rate. It seems pretty decent in my opinion. Better to be getting 1.2% than the essentially zero that many have been getting in checking accounts for years.

onourway
Posts: 379
Joined: Thu Dec 08, 2016 3:39 pm

Re: Capital One 360 vs Capital One Money Market

Post by onourway » Wed Sep 13, 2017 8:10 pm

Have both kinds of accounts for both my wife and I. Instant transfers, no problems with $0 account balances. As of late the MM account has become very competitive and is usually among the earliest of major banks to raise rates.

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