Capital One 360 vs Capital One Money Market

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JD2775
Posts: 208
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
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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
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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
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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
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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
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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
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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.

rarnold2000
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Re: Capital One 360 vs Capital One Money Market

Post by rarnold2000 » Sat May 05, 2018 12:18 am

I like Capital 1 360 and have had trouble free and decent paying accounts with them for years. But, there are two very important distinctions for me between Cap 1 and Cap 1 360.

First, Cap 1 has very low yields on all their accounts as do most brick and mortar banks. Cap 1 360 has much better rates as do many online banks. Second, and I think this distinction would be important to many others if they were aware of it, Cap 1 360 accounts do not have an option for your to name beneficiaries who will receive your money directly and without cost after your death. The simplest, fastest and cheapest solution for transferring the account funds after your death would be to have your account in your name (or joint names, e.g., your spouse) and adding one or more named beneficiaries (e.g., grown children) who will share the funds equally after your death. These are often called POD (pay on death accounts.) The account funds are no longer governed by your will and so do not go through probate, a costly and time consuming process. Your heirs simply provide your death certificate to the bank and proof of their identity and the money automatically goes to them.

But Capital 1 360 does not permit these types of accounts. The vast majority of banks allow beneficiary/Pay on Death Accounts. I know there have been lots of complaints about this for years (to ING and now Cap 1 360) but the bank has made no change in its policy. Sadly, I am planning to close my 360 money market account and open one elsewhere for this very reason. It could save my heirs a lot of hassle and a bundle.

KYDoc
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Re: Capital One 360 vs Capital One Money Market

Post by KYDoc » Sun May 06, 2018 9:45 pm

Consider Vanguard tax-exempt municipal money market account (VMSXX). It yields about 1.5% annually which is the equivalent of 1.92% APY with a 22% marginal rate in a taxable account. Hard to beat.
KYDoc (now residing in Alaska)

JD2775
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Re: Capital One 360 vs Capital One Money Market

Post by JD2775 » Mon May 07, 2018 10:05 am

Just an FYI (since someone revived my old thread here)

When I wrote the OP in Sept 2017 the APR for Capital One Money Market was 1.2%. It is now 1.6%. Kinda nice. In case anyone is interested in switching over. I switched over last September, and besides the longer waits/holds for deposits compared to the regular Capital One 360 Savings, i'ts been easy and trouble free.

JD2775
Posts: 208
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Re: Capital One 360 vs Capital One Money Market

Post by JD2775 » Mon May 07, 2018 10:06 am

JD2775 wrote:
Mon May 07, 2018 10:05 am
Just an FYI (since someone revived my old thread here)

When I wrote the OP in Sept 2017 the APR for Capital One Money Market was 1.2%. It is now 1.6%. Kinda nice. In case anyone is interested in switching over. I switched over last September, and besides the longer waits/holds for deposits compared to the regular Capital One 360 Savings it seems, i'ts been easy and trouble free.

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CABob
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Re: Capital One 360 vs Capital One Money Market

Post by CABob » Mon May 07, 2018 10:18 am

Sometime last year, perhaps when reading this conversation, I talked with Cap 1 since I was possibly interested in converting my 360 account to the MM account. I was told at the time that I couldn't convert the account but could open a new MM account and then would be able to mover $ from one account to the other. My 360 account is in the name of a trust and IIRC I was told that they no longer are able to name a trust as an account holder. With this information I decided to not pursue the MM account issue although the difference in interest rate was attractive.
I provide this information asking whether anyone has opened an account recently in the name of a trust?
Bob

Miguelito
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Re: Capital One 360 vs Capital One Money Market

Post by Miguelito » Tue May 08, 2018 6:42 am

I've had ING/CapitalOne for maybe 15 years. I made the switch to MM about two years ago. No problem.

Once a year I get close to the 6 transaction per month limit, but other than that it has been great.

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