Capital One 360 Launches New Money Market Account


Availability: Nationwide

Capital One 360 just launched the 360 Money Market. Its features are very similar to the 360 Savings Account except that it’s a two-tier account. Balances of $10,000 and above earn a higher interest rate (currently 1.00% APY). The lower rate for balances under $10,000 is currently 0.60% APY.

Every other feature of the 360 Money Market account appears to be the same as the 360 Savings Account:

  • No monthly maintenance fees
  • No minimum balance requirements
  • Same ACH transfer capability as the 360 savings and checking accounts

More details about the account are available in the 360 Money Market page and in the 360 Money Market disclosure.

1.00*%$10k-Capital One 360360 Money Market
Accounts mentioned in this post. Rates as of October 21, 2016.

I spoke with a Capital One 360 CSR about this new account, and I was told it’s a soft launch. They are not advertising it to the general public. Also, they may suspend new applications in the future. So if you try to apply, and you’re not accepted, that may be the reason. Currently, you can apply at the 360 Money Market page. Both new and existing customers of Capital One 360 must apply here. If you’re a Capital One 360 customer and you’re logged in, there is currently no application button for the money market account.

I also asked the CSR about checks and debit cards. According to the CSR, checks and debit cards are not available for the 360 Money Market account. Typically, money market accounts have limited check writing. As with any money market or savings account, federal regulations limit the number of withdrawals (ATM withdrawals are not included in this limit) to no more than 6 per statement cycle.

Thanks to DA reader, thowellIII, for his Forum post about this new money market account.

My Take

If you’re already a Capital One 360 customer who actively uses the savings account or checking account, it’s an easy way to earn more interest if your balance is typically above $10K. The 360 Savings account currently has a rate of 0.75% for all balances, and the 360 Checking currently has a top rate of 0.90% for balances of at least $100K.

If you’re not already a Capital One 360 customer, the 360 Money Market does make Capital One 360 more competitive to the other internet banks. However, there are currently several internet banks offering savings and money market accounts with rate of 1.00% APY and slightly above.

Savings Account Bonus

If you’re not already a Capital One 360 customer, don’t forget the savings account bonus that’s available (currently scheduled to expire on 3/31/2016). First time 360 Savings Account customers can earn between $50 and $500 for opening a 360 Savings Account depending on the size of the deposit. Please refer to this blog post for the details.


Headquartered in McLean, Virginia, Capital One 360 is an internet bank with no brick and mortar branches. Any U.S. citizen or permanent resident with a valid Social Security number can open an account at Capital One 360.

The 360 Money Market account may be opened from the 360 Money Market page. Select the "Get Started" button near the bottom of the page. The next page will give existing Capital One 360 customers a link to log in. After you log in, a one-page application will allow you to quickly open the money market account with funds from your Capital One 360 liquid accounts or from your linked checking accounts. For those who are not existing Capital One 360 customers, you’ll start the online application with your email being the first personal information requested. Just like other Capital One 360 accounts, new customers need to fund the account from a personal checking account.

Bank Overview

Capital One 360’s parent, Capital One, N.A. has an overall health rating of "A+" at, with a Texas Ratio of 5.45% (excellent), based on December 31, 2015 data. In the past year, Capital One has increased its total deposits by $11.54 Billion, an excellent annual growth rate of 5.99%. Please refer to our financial overview of Capital One 360 for more details.

Capital One 360 (FDIC Certificate # 4297) is an online banking subsidiary of the Capital One Financial Corporation. The web-only bank officially took over ING Direct in 2012, with the Capital One 360 branding first introduced at the end of 2012. With assets in excess of $273 Billion, Capital One is one of the largest banks in the country.

How the 360 Money Market Compares

When compared to 123 nationwide money market accounts tracked by, six money market accounts have APYs higher than the 360 Money Market APY. When compared to 147 nationwide savings accounts tracked by, nine savings accounts have APYs higher than the 360 Money Market APY. A sampling of these that have no monthly fees and a top rate tier no higher than $10,000 is shown below:

The above rates are accurate as of 3/18/2016.

To search for the best money market rates and savings account rates nationwide and in your local area, please refer to the money market rates and savings account rates sections of

Anonymous   |     |   Comment #1
I am an exisiting customer. just opened the money market account. very easy.
Anonymous   |     |   Comment #9
Same for me.  I just transferred most of my "360 Savings" into it.  The whole process only took about two minutes.
Anonymous   |     |   Comment #3
There are plenty of Capital One branches near where I live and am presently getting 1.25% on their Essential Savings (although I know they reduced it for new customers to 1.10%). When my six month offer expires I will simply close that account and park the funds where I am getting at least 1.0% or more and then take advantage of another 6 month offer either at Capital One or another financial institution,, hopefully at a rate above 1%.
barry_NY   |     |   Comment #11
I got hassled by CO on their promotional rates.  The branch told me that I can get the promotional rate on new money.  I added the new money, then they bait and switched my other account to a near zero rate, giving me a net reduction in interest.

After I luckily caught the switch, the CSR talked with the manager.  They refused to give me the real promotional rate.  I pulled my money out.
Anonymous   |     |   Comment #4
Just remember, Capital One 360 does not allow assigning POD beneficiaries.
Anonymous   |     |   Comment #19
Correct---however, they make it very easy to initiate a trust account-----Trust account certification can be done online
buckeye61   |     |   Comment #5
Knowing ING/Capital One 360 rate history it is hard to believe that this competitive rate will last long. Yes, if you are an existing customer with more then 10K on deposit it will be an easy way to get a small bump in interest, but I'm not sure how attractive this account is to potential new customers, especially without a debit card and check writing.
Anonymous   |     |   Comment #6
New customers should NOT care.   See my post above: $500 bonus plus .75% interest for keeping your account for 90 days is the best thing out there.   Even if there is no POD benefit.... ;-)
buckeye61   |     |   Comment #7
The Bonus is for their 360 Savings mention of the new Money Market account being available for the bonus offer. However, it would give a customer an option to move the money from the Savings account after the promo period. Perhaps they will update the Bonus Promotion soon to include the new account?
Anonymous   |     |   Comment #8
An easy additional quarter point for however long it lasts.  Thanks for the tip.
Anonymous   |     |   Comment #10
Careful with any bonuses from these people.....They make a big splash about a bonus and don't bother to print(even in the tiny print) the conditions that apply.....I recall they said nothing about any rules concerning former customers getting it.....and then.......SURPRISE!!!!!!  You don't qualify!!!!!
Anonymous   |     |   Comment #12
Capital1 clearly stated in the terms ad disclosures for the upto $500 bonus for the Capital One 360 Savings that "...if you've had a Savings product with Capital Obe 369 or ING Direct before, you won't be eligible for the bonus."
For this new Money Market Account, it may be worth to wait and NOT try to open an account yet. It could be that in the future they'll offer a bonus to new applicants, and if you have/had the MMA, you would not get a bonus.
Anonymous   |     |   Comment #16
Actually, no,moron......They DID NOT STATE THE TERMS AND CONDITIONS when I responded to a promotion in the past. Don't call me a liar you loser.
Anonymous   |     |   Comment #17
Technically, comment #12 is correct. Ken from depositaccounts posted a thread last year with the details of the offer from Capital One 360. It's quite easy to miss it. But,last year this bonus offer was offered and stated that if you've had a Savings product with Capital One 360 or ING Direct before, you won't be eligible for the bonus.
Cracker   |     |   Comment #13
Thanks for the info.  I just opened one and transferred my savings balance to it.  I'm not sure if I should close the savings account or not.
Cracker   |     |   Comment #14
I decided to close the savings account.  It's simple to do and I was able to transfer the accumulated interest to the new money market account.
RJM   |     |   Comment #15
No reason to open a money market without an incentive. The rate just matches what I get at several other places.
Anonymous   |     |   Comment #18
Any chance of this bonus returning? I have been looking at new savings accounts and this bonus would have sold me on Capital One in a heartbeat!
Anonymous   |     |   Comment #20
Try Discover Card bank for a better deal.
RJM   |     |   Comment #21
How is it better ?
Unless you are dealing in small amounts, its not.  .95% is less than 1%.
Ken (anonymous)   |     |   Comment #22
Beware, there is one serious problem with these accounts is that they don't allow you to put Beneficiaries on the account.  That means that if you die, you family will need to Probate this account in order to transfer the funds and close the account.  This means Attorney's Fees, Court costs and Probate fees.  In addition, you can't open the account in the name of a Revocable trust.  There goes the 1% interest plus a lot more!
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