Is Capital One 360 bank account OK?

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tc101
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Is Capital One 360 bank account OK?

Post by tc101 »

I have maxed out my Ally account up to the FDIC limit. Capital One 360 has a 1.3% savings account, much better than Vanguard MMF and I am thinking of opening a Capital One 360 account. Has anyone used them? Are they OK? Is this 1.3% likely to be a teaser rate that changes in a few months, or is it likely to stay at a good rate?

The thing I like about Ally is that their rates tend to stay consistently high. They don't tease you with a high rate and then lower it.
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02nz
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Re: Is Capital One 360 bank account OK?

Post by 02nz »

Make sure you get a bonus if you haven't had a Capital One account since 2016: https://www.capitalone.com/score500/

Use the search box - there are threads here that discuss the pros and cons of Capital One. On balance, it's ok.
JD2775
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Re: Is Capital One 360 bank account OK?

Post by JD2775 »

Cap One 360 had > 2.0 % a while back and then it steadily slid down to the current 1.3%. You don't realize this is happening unless you check it yourself. I get the feeling this slide down is standard though right now across banks. No real complaints here though, transferring to/from my BofA checking takes a day or 2.
life in slices
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Re: Is Capital One 360 bank account OK?

Post by life in slices »

I've had accounts there since they were ING direct - no issues, easy to use interface/ap
tashnewbie
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Re: Is Capital One 360 bank account OK?

Post by tashnewbie »

I have savings accounts at Capital One and Barclays. No problems with either. As another user mentioned, there are threads about Cap. One if you want to check those out. It seems they're not as transparent as other banks with notifications about rate decreases. But I think their decreases/increases in rates are consistent with other banks. Rates are going down pretty much everywhere right now.
02nz
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Re: Is Capital One 360 bank account OK?

Post by 02nz »

JD2775 wrote: Thu May 28, 2020 11:57 am Cap One 360 had > 2.0 % a while back and then it steadily slid down to the current 1.3%. You don't realize this is happening unless you check it yourself. I get the feeling this slide down is standard though right now across banks. No real complaints here though, transferring to/from my BofA checking takes a day or 2.
Yes all banks have been adjusting rates downwards. The issue with Capital One is that they've created a new account type (Performance Savings) with a better interest rate than the existing "high-yield" savings account. Existing customers didn't get the better rate unless they opened a new account. Easy enough to do, but most don't pay such close attention, and unlike other banks (Marcus, Ally) Capital One doesn't send out notices about changes in interest rates. To be fair, Capital One isn't the only one that uses this somewhat slimy way to shaft existing customers.

Still, with a $500 bonus I wouldn't hesitate to take advantage.
obgraham
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Re: Is Capital One 360 bank account OK?

Post by obgraham »

I was with CapOne for years, then switched to Ally. I'd say they are pretty much equal. Never had a problem with customer service with either outfit.

I changed when CapOne changed their web site layout and it wouldn't let me do a couple of things I wanted to. As long as you can get done what you want, I wouldn't overthink the choice.
j0nnyg1984
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Re: Is Capital One 360 bank account OK?

Post by j0nnyg1984 »

Wow, I had no idea Cap1 had lowered the rate AGAIN. I just opened this stupid “performance saving” account in March, the rate was 1.7%, and it went to 1.5% not long after.

I guess I’ll be looking around for something better.
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tc101
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Re: Is Capital One 360 bank account OK?

Post by tc101 »

I guess I’ll be looking around for something better.
I don't think you'll find anything much better. Ally is 1.25%. Vanguard MMFs are all way below that.
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MrJedi
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Re: Is Capital One 360 bank account OK?

Post by MrJedi »

Capital One is typically on the upper end of the competitive rate range in my experience. They've been slow to slash their rates so far too over the past few months, most others seemed to cut pretty aggressively right after the federal funds rate.
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Re: Is Capital One 360 bank account OK?

Post by nisiprius »

I've had an account at Capital One starting back when they were ING Direct. They're OK. I won't swear that they have the very absolute best rates of anyone on the Internet. Their interest rates have started to come down in the last few months and I expect that to continue. In my experience they haven't done short-term "teasers," and haven't done anything to get me seriously ticked off at them. Their behavior is consistent with legitimately wanting to have long-term customers.

The worst thing they've ever done to me was discontinuing the ability to do image deposits from a desktop computer. (It has to be a smartphone now, and I am dragging my feet on putting "real money" apps on my smartphone.)

I've wanted to talk to humans about three or four times in a decade or so and I've always been able to get through with no problems.

I hate their ads. Hate them hate them hate them. I want to wipe that smug smile off the guy's face. And I don't understand how paying half price for Peet's Coffee is better than getting it for free from the Keurig in my small-town bank. Hate the ads.
Last edited by nisiprius on Thu May 28, 2020 12:51 pm, edited 3 times in total.
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MikeG62
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Re: Is Capital One 360 bank account OK?

Post by MikeG62 »

j0nnyg1984 wrote: Thu May 28, 2020 12:27 pm Wow, I had no idea Cap1 had lowered the rate AGAIN. I just opened this stupid “performance saving” account in March, the rate was 1.7%, and it went to 1.5% not long after.

I guess I’ll be looking around for something better.
This issue (falling rates) is no different than for Ally or Marcus. For example, Ally was 1.60% at the end of Feb and now they are at 1.25%. Marcus was 1.70% at the end of Feb and is at 1.30% now. Barclay's (another bank I have accounts with) was at 1.65% at end of Feb and are at 1.15% now.

I'm not defending Capital One (as I don't yet have an account with them, although I will probably jump on the SCORE500 Promo before it expires), but I'm not sure you are going to do a lot better for an online savings account. They are all subject to change and we are (have been) in a decreasing rate environment. Could lock in yield in a no penalty CD and at least know your rate won't decline but those are hovering around 1.30% now too.

What bothers me about Capital One is the fact that they don't let customers know about the decline in yields. The three banks I mentioned are all proactive about communicating rate changes. This won't hold me back from the SCORE500 promo though.
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j0nnyg1984
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Re: Is Capital One 360 bank account OK?

Post by j0nnyg1984 »

MikeG62 wrote: Thu May 28, 2020 12:46 pm
j0nnyg1984 wrote: Thu May 28, 2020 12:27 pm Wow, I had no idea Cap1 had lowered the rate AGAIN. I just opened this stupid “performance saving” account in March, the rate was 1.7%, and it went to 1.5% not long after.

I guess I’ll be looking around for something better.
This issue (falling rates) is no different than for Ally or Marcus. For example, Ally was 1.60% at the end of Feb and now they are at 1.25%. Marcus was 1.70% at the end of Feb and is at 1.30% now. Barclay's (another bank I have accounts with) was at 1.65% at end of Feb and are at 1.15% now.

I'm not defending Capital One (as I don't yet have an account with them, although I will probably jump on the SCORE500 Promo before it expires), but I'm not sure you are going to do a lot better for an online savings account. They are all subject to change and we are (have been) in a decreasing rate environment. Could lock in yield in a no penalty CD and at least know your rate won't decline but those are hovering around 1.30% now too.

What bothers me about Capital One is the fact that they don't let customers know about the decline in yields. The three banks I mentioned are all proactive about communicating rate changes. This won't hold me back from the SCORE500 promo though.
Right, it’s about the lack of notification, which they used to provide. I’ve been with them for a long, long time. They’ve been pulling some shady stuff lately, like dropping the rate on the money market and opening the “performance savings” account.

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tashnewbie
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Re: Is Capital One 360 bank account OK?

Post by tashnewbie »

MikeG62 wrote: Thu May 28, 2020 12:46 pm What bothers me about Capital One is the fact that they don't let customers know about the decline in yields. The three banks I mentioned are all proactive about communicating rate changes. This won't hold me back from the SCORE500 promo though.
Did you get notification from Barclays about rate changes? I have savings accounts with them and didn't get any (to my knowledge, but I may have missed something).
protagonist
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Re: Is Capital One 360 bank account OK?

Post by protagonist »

02nz wrote: Thu May 28, 2020 10:57 am Make sure you get a bonus if you haven't had a Capital One account since 2016: https://www.capitalone.com/score500/

Use the search box - there are threads here that discuss the pros and cons of Capital One. On balance, it's ok.
Is it not possible to get another Cap One bonus if you have received one since 2016?
Chris K Jones
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Re: Is Capital One 360 bank account OK?

Post by Chris K Jones »

I have had both Ally And Cap One 360. Both were fine. My cash balance dropped so I picked Ally over Cap One and consolidated there. It was truly a coin toss though. I'd use them again. Best wishes.
02nz
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Re: Is Capital One 360 bank account OK?

Post by 02nz »

protagonist wrote: Thu May 28, 2020 1:26 pm
02nz wrote: Thu May 28, 2020 10:57 am Make sure you get a bonus if you haven't had a Capital One account since 2016: https://www.capitalone.com/score500/

Use the search box - there are threads here that discuss the pros and cons of Capital One. On balance, it's ok.
Is it not possible to get another Cap One bonus if you have received one since 2016?
I could answer that question (I already did up above), but you need to read the terms if you're going to go for these offers, so do that. :happy
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Re: Is Capital One 360 bank account OK?

Post by JLJL »

life in slices wrote: Thu May 28, 2020 12:03 pm I've had accounts there since they were ING direct - no issues, easy to use interface/ap
tashnewbie wrote: Thu May 28, 2020 12:04 pm I have savings accounts at Capital One and Barclays. No problems with either. As another user mentioned, there are threads about Cap. One if you want to check those out. It seems they're not as transparent as other banks with notifications about rate decreases. But I think their decreases/increases in rates are consistent with other banks. Rates are going down pretty much everywhere right now.
Be careful though. If you have older savings accounts with them make sure you go look at them. Legacy CapOne savings accounts are at (or maybe below) 0.5% right now as they've been dropping it over time. As an existing customer you literally have to go in and sign up for a new "Performance Savings" account and transfer your funds or you won't be getting the 1.3%.

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
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Re: Is Capital One 360 bank account OK?

Post by tashnewbie »

JLJL wrote: Thu May 28, 2020 1:37 pm
life in slices wrote: Thu May 28, 2020 12:03 pm I've had accounts there since they were ING direct - no issues, easy to use interface/ap
tashnewbie wrote: Thu May 28, 2020 12:04 pm I have savings accounts at Capital One and Barclays. No problems with either. As another user mentioned, there are threads about Cap. One if you want to check those out. It seems they're not as transparent as other banks with notifications about rate decreases. But I think their decreases/increases in rates are consistent with other banks. Rates are going down pretty much everywhere right now.
Be careful though. If you have older savings accounts with them make sure you go look at them. Legacy CapOne savings accounts are at (or maybe below) 0.5% right now as they've been dropping it over time. As an existing customer you literally have to go in and sign up for a new "Performance Savings" account and transfer your funds or you won't be getting the 1.3%.

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
I just signed up for a new Capital One savings account recently to get the bonus; I wasn't a pre-existing savings account customer.
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Re: Is Capital One 360 bank account OK?

Post by MikeG62 »

tashnewbie wrote: Thu May 28, 2020 1:25 pm
MikeG62 wrote: Thu May 28, 2020 12:46 pm What bothers me about Capital One is the fact that they don't let customers know about the decline in yields. The three banks I mentioned are all proactive about communicating rate changes. This won't hold me back from the SCORE500 promo though.
Did you get notification from Barclays about rate changes? I have savings accounts with them and didn't get any (to my knowledge, but I may have missed something).
I believe I did, but can't prove it as the e-mail would have been deleted after receipt.

Barclay's is not a main bank for me. I was primarily with Barclay's as I had opened two 5 year CD's 5 years ago. Now that the CD's have matured recently (and proceeds reinvested elsewhere) I only have a small balance in their online savings account. I believe they were a bit slower to drop the rate on their online savings account (slower than Ally and Marcus), but once started they've now cut deeper than the others. I will probably drop the balance in my Barclay's account to a nominal amount and eventually close it unless there is a compelling reason to do otherwise.
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Re: Is Capital One 360 bank account OK?

Post by indexfundfan »

tc101 wrote: Thu May 28, 2020 10:56 am I have maxed out my Ally account up to the FDIC limit. Capital One 360 has a 1.3% savings account, much better than Vanguard MMF and I am thinking of opening a Capital One 360 account. Has anyone used them? Are they OK? Is this 1.3% likely to be a teaser rate that changes in a few months, or is it likely to stay at a good rate?

The thing I like about Ally is that their rates tend to stay consistently high. They don't tease you with a high rate and then lower it.
Unless you can get the bonus from Cap1, I would go for the Marcus account instead. Its' rates are generally higher than Ally, and it also offers No-Penalty CDs that are frequently better than Ally's.
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Re: Is Capital One 360 bank account OK?

Post by Afty »

JLJL wrote: Thu May 28, 2020 1:37 pm
life in slices wrote: Thu May 28, 2020 12:03 pm I've had accounts there since they were ING direct - no issues, easy to use interface/ap
tashnewbie wrote: Thu May 28, 2020 12:04 pm I have savings accounts at Capital One and Barclays. No problems with either. As another user mentioned, there are threads about Cap. One if you want to check those out. It seems they're not as transparent as other banks with notifications about rate decreases. But I think their decreases/increases in rates are consistent with other banks. Rates are going down pretty much everywhere right now.
Be careful though. If you have older savings accounts with them make sure you go look at them. Legacy CapOne savings accounts are at (or maybe below) 0.5% right now as they've been dropping it over time. As an existing customer you literally have to go in and sign up for a new "Performance Savings" account and transfer your funds or you won't be getting the 1.3%.

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
I've been a Capital One 360 customer since the ING days. Mostly I have been happy with their rates and service. However, you do have to watch out for these account type shell games. They do not notify you about the new account types or about rate reductions, and they do not automatically migrate accounts. If you are not paying attention it is easy to miss out on significant amounts of interest.
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Re: Is Capital One 360 bank account OK?

Post by GlennK »

JLJL wrote: Thu May 28, 2020 1:37 pm

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
Not true. I was emailed a few weeks ago. The offer was to add $50,000 to my performance savings by 5/31, keep for 2 months, and earn $450. Not quite as good as the new customer offer, but not bad either. You could also only add $20,000 and earn $150 or something similar.
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Re: Is Capital One 360 bank account OK?

Post by tc101 »

I already had a small account at Cap One, so I am not eligible for the current promo. How can I find out about future promos at Cap One?
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Re: Is Capital One 360 bank account OK?

Post by JLJL »

GlennK wrote: Thu May 28, 2020 1:53 pm
JLJL wrote: Thu May 28, 2020 1:37 pm

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
Not true. I was emailed a few weeks ago. The offer was to add $50,000 to my performance savings by 5/31, keep for 2 months, and earn $450. Not quite as good as the new customer offer, but not bad either. You could also only add $20,000 and earn $150 or something similar.
Wow, I did not receive this offer. Were you already a "Performance Savings" customer? I didn't have that, just a legacy savings account. I opened the Perf Savings account on May 11. When did you receive this offer?
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Re: Is Capital One 360 bank account OK?

Post by tc101 »

I am going to start a new topic about bank promotions in general. Obviously from this thread there are a lot of people who would be willing to move money around if they knew about the promotions.
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Re: Is Capital One 360 bank account OK?

Post by GlennK »

JLJL wrote: Thu May 28, 2020 2:25 pm
GlennK wrote: Thu May 28, 2020 1:53 pm
JLJL wrote: Thu May 28, 2020 1:37 pm

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
Not true. I was emailed a few weeks ago. The offer was to add $50,000 to my performance savings by 5/31, keep for 2 months, and earn $450. Not quite as good as the new customer offer, but not bad either. You could also only add $20,000 and earn $150 or something similar.
Wow, I did not receive this offer. Were you already a "Performance Savings" customer? I didn't have that, just a legacy savings account. I opened the Perf Savings account on May 11. When did you receive this offer?
Yes, I was already a performance savings customer. Like others, I was ticked to see they created that without telling us our other savings accounts were earning less interest. Anyhow, about 6 months ago I signed up for the Performance savings account and transferred all my funds over from the regular savings account.

My email was received on 4/27/2020. Here are some of the details from them. I was wrong on the length of time above. 3 months.
Earn a $450 bonus when you deposit $50,000 or more, or earn $150 when you deposit $20,000–$49,999.99, of new money into your 360 Performance Savings account ending in XXXX by May 31, 2020.

Keep your deposit in your account until August 29, 2020.
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Re: Is Capital One 360 bank account OK?

Post by JLJL »

GlennK wrote: Fri May 29, 2020 10:27 am
JLJL wrote: Thu May 28, 2020 2:25 pm
GlennK wrote: Thu May 28, 2020 1:53 pm
JLJL wrote: Thu May 28, 2020 1:37 pm

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
Not true. I was emailed a few weeks ago. The offer was to add $50,000 to my performance savings by 5/31, keep for 2 months, and earn $450. Not quite as good as the new customer offer, but not bad either. You could also only add $20,000 and earn $150 or something similar.
Wow, I did not receive this offer. Were you already a "Performance Savings" customer? I didn't have that, just a legacy savings account. I opened the Perf Savings account on May 11. When did you receive this offer?
Yes, I was already a performance savings customer. Like others, I was ticked to see they created that without telling us our other savings accounts were earning less interest. Anyhow, about 6 months ago I signed up for the Performance savings account and transferred all my funds over from the regular savings account.

My email was received on 4/27/2020. Here are some of the details from them. I was wrong on the length of time above. 3 months.
Earn a $450 bonus when you deposit $50,000 or more, or earn $150 when you deposit $20,000–$49,999.99, of new money into your 360 Performance Savings account ending in XXXX by May 31, 2020.

Keep your deposit in your account until August 29, 2020.
Thank you. I did not receive such offer. I will try to get them to give me this promo or something similar. I don't get it, I had to be a non-customer altogether, or a customer who already had that type of account but unused. Not a customer of a different lower-paying savings account that I was assuming was their highest. Honestly...
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Re: Is Capital One 360 bank account OK?

Post by GlennK »

I would give them a call. But soon.

And if you read my offer, it was for a specific performance savings account (I X'd out my account but it listed my account number in the email). So yeah, sounds like they only offered new customers or those with a performance savings account.
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Re: Is Capital One 360 bank account OK?

Post by sycamore »

I believe the $450 bonus for existing customers was discussed here: viewtopic.php?f=2&t=313277
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Re: Is Capital One 360 bank account OK?

Post by jibantik »

Ally is S-tier, Cap360 is A-tier, Wells Fargo is F-tier
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Re: Is Capital One 360 bank account OK?

Post by rgs92 »

CIT bank is another alternative. That's CIT, not Citi.
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Re: Is Capital One 360 bank account OK?

Post by JLJL »

sycamore wrote: Fri May 29, 2020 11:41 am I believe the $450 bonus for existing customers was discussed here: viewtopic.php?f=2&t=313277
Thanks for sharing. This answered my question... my specific circumstances exclude me. What a needle to have threaded.
Jack FFR1846 wrote: Mon Apr 27, 2020 10:34 am Not for HYSA existing customers if this is the offer:

https://www.capitalone.com/score500/?ex ... lsrc=aw.ds
Open a 360 Performance Savings account between 12:00 a.m. ET on April 16, 2020, and 11:59 p.m. ET on May 31, 2020. When you open your account, enter your promotional code—SCORE500. If you have or had an open savings and/or money market account (excluding CDs, IRA savings accounts and Kids Savings accounts) as a primary or secondary account holder with Capital One on or after January 1, 2016, you're ineligible for the bonus. This account is subject to approval.
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Re: Is Capital One 360 bank account OK?

Post by billthecat »

JLJL wrote: Fri May 29, 2020 1:00 pm
sycamore wrote: Fri May 29, 2020 11:41 am I believe the $450 bonus for existing customers was discussed here: viewtopic.php?f=2&t=313277
Thanks for sharing. This answered my question... my specific circumstances exclude me. What a needle to have threaded.
Jack FFR1846 wrote: Mon Apr 27, 2020 10:34 am Not for HYSA existing customers if this is the offer:

https://www.capitalone.com/score500/?ex ... lsrc=aw.ds
Open a 360 Performance Savings account between 12:00 a.m. ET on April 16, 2020, and 11:59 p.m. ET on May 31, 2020. When you open your account, enter your promotional code—SCORE500. If you have or had an open savings and/or money market account (excluding CDs, IRA savings accounts and Kids Savings accounts) as a primary or secondary account holder with Capital One on or after January 1, 2016, you're ineligible for the bonus. This account is subject to approval.
Argh, I just went through the process to open a 360 Performance Savings account, used the SCORE500 code, and funded it. But I had a 360 Money Market account in 2017. So what happens now? They let me go through that whole process and use the code but in the end they will not give me the bonus?
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Re: Is Capital One 360 bank account OK?

Post by AnonJohn »

nisiprius wrote: Thu May 28, 2020 12:45 pm I've had an account at Capital One starting back when they were ING Direct. They're OK. I won't swear that they have the very absolute best rates of anyone on the Internet. Their interest rates have started to come down in the last few months and I expect that to continue. In my experience they haven't done short-term "teasers," and haven't done anything to get me seriously ticked off at them. Their behavior is consistent with legitimately wanting to have long-term customers.

The worst thing they've ever done to me was discontinuing the ability to do image deposits from a desktop computer. (It has to be a smartphone now, and I am dragging my feet on putting "real money" apps on my smartphone.)

I've wanted to talk to humans about three or four times in a decade or so and I've always been able to get through with no problems.

I hate their ads. Hate them hate them hate them. I want to wipe that smug smile off the guy's face. And I don't understand how paying half price for Peet's Coffee is better than getting it for free from the Keurig in my small-town bank. Hate the ads.
+1.15! (they cut the rate again). Love this post, agree with everything especially the remote capture deposit (and the ads). I argued a lot with customer service on remote capture. Their answer boiled down to "but apps are more fun" ....

Thanks for helping me vent.
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Re: Is Capital One 360 bank account OK?

Post by JackoC »

GlennK wrote: Thu May 28, 2020 1:53 pm
JLJL wrote: Thu May 28, 2020 1:37 pm

No bonuses for existing customers either obviously. Those were paid for by existing customers' slippery sliding savings rates over time.
Not true. I was emailed a few weeks ago. The offer was to add $50,000 to my performance savings by 5/31, keep for 2 months, and earn $450. Not quite as good as the new customer offer, but not bad either. You could also only add $20,000 and earn $150 or something similar.
I also re-deposited $50k in my Cap1 to get the $450. A 3 month CD with really high rate, limited size, but worth doing, is how I view it. In general Cap1's business model right now seems to be to offer so-so rates, and so-so cash back on their cards, but sprinkle in attractive 'existing customer' bonuses. For example on the card side Quicksilver's 1.5% CB is not competitive, but early this year they threw in a $300 bonus for $10k spending on existing cards (easily manufactured in one shot by paying estimated tax, at small loss of convenience fee in excess of CB, for us).

On the Performance Savings, the rate was just lowered to 1.15% as mentioned. The general pattern of last few months is to be somewhat below the leaders on eg. depositaccounts.com. And even without seeking out *the* best rate, a couple of rates on accounts I already have are in the 1.30's, did 11mo no penalty CD with Ally at 1.5% (though that's gone down since). Cap1 balance is going back to ~$0 when I earn the $450.

PS I realize some people read stuff like that and react 'why would I bother?', and I felt the same back when I was really busy otherwise. But as far as it being a tiny increment to total portfolio return, I don't care. The $450 bonus after tax and accounting for getting 1.15% rather than 1.36% where I'd otherwise have the money is ~$285 in my pocket after tax, for doing pretty close to nothing. I don't see the logic of looking at it as a %. What's the % of your portfolio of buying gas a few cents cheaper/gal, even without going out of your way?
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