Capital One Ups 360 Money Market To 1.40% APY ($10k+)

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Deal Summary: 360 Money Market, 1.40% APY ($10k+), 0.85% APY (less than $10k)

Availability: Nationwide

Between June and August, Capital One’s 360 Money Market experienced three rate increases, adding a total of 30 bps. Since the summer, the 360 Money Market’s rate has remained static, even though nationally available liquid account rates were actively rising. Capital One took a step in the right direction today by raising the rate to 1.40% APY on balances of $10k+. The APY for balances below $10k has been raised to 0.85% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.40*%$10k-Capital One360 Money Market
OTHER TIERS: 0.85% Up to $10k
Accounts mentioned in this post. Rates as of January 22, 2018.

Since I last wrote about the 360 Money Market in August, there has been a significant change to the account: the addition of a 360 Money Market debit card, although there still is no check writing ability. According to the 360 Money Market Account Disclosures page,

You may make an unlimited number of transfers or withdrawals via ATM or teller. Additionally, you may make unlimited payments towards Capital One loans.

Withdrawals from an ATM made using a 360 Money Market Card are limited
to $1,000 per day. You can lower this limit by calling us at 1-888-464-0727.

The 360 Money Market has no monthly service charge, no minimum opening deposit, or minimum balance requirement. It can be opened in your name alone, or with one other individual, but with no named beneficiaries. While there is no recurring monthly fee, there are some potential fees.

  • $30 per each outgoing domestic wire transfer
  • $25 for shipping an expedited 360 Money Market card
  • $5 per statement re-prints (limited to within the past two years)

Thanks to DA reader, Carpline, for his Forum post about Capital One’s latest rate increase.

Availability

Headquartered in McLean, Virginia, Capital One describes itself as “a diversified bank that offers a broad array of financial products and services to consumers, small businesses and commercial clients.” Any U.S. citizen or lawful permanent resident, 18 years or older, with a U.S. physical address or a military address (APO or FPO) and a valid Social Security number, can open an account at Capital One.

Opening a 360 Money Market account can only be done online, and must be funded from a personal checking account.

According to the 360 Money Market Agreement,

To get started, you’ll need to "link" your Money Market account to your personal (non-business) checking account at another U.S. chartered bank (this is known as your Linked Account).

If you already have an account with us at the time you open your 360 Money Market account, your existing Linked Account(s) will also be linked to your 360 Money Market account.

Bank Overview

Capital One has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.44% (excellent), based on September 30, 2017 data. In the past year, Capital One has increased its total non-brokered deposits by $6.4 billion, an excellent annual growth rate of 3.1%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.

Nearly two years ago, a new Money Market account, earning 1.00% APY, was unveiled by Capital One 360, the now defunct online banking subsidiary of Capital One Financial Corporation. Earlier this year, Capital One 360 was quietly absorbed into Capital One, although the “360” brand appears on the majority of Capital One products. With assets in excess of $291 billion, Capital One is currently the seventh largest bank in the country.

How the 360 Money Market Compares

When compared to the 173 Money Market Accounts tracked by DepositAccounts.com that are available nationwide and require a minimum balance of $10k or less, Capital One’s 360 Money Market APY currently ranks fifth.

Interest RateCD Length of TermCredit Union/Bank
1.51% APYMoney Market Account (no min/$250k max)Northern Bank Direct
1.50% APYSuper Saver Money Market (no min/no max)My eBanc
1.40% APY360 Money Market ($10k min/no max)Capital One

The above rates are accurate as of 1/11/2018.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.

Related Pages: money market accounts, nationwide deals, Internet banks

Comments
DCGuy
DCGuy   |     |   Comment #1
FYI. Capital One CSR told me that the 360 Money Market account cannot be used for IRAs.
RJM
RJM   |     |   Comment #3
I still have a cap one account from when it was ING. 2 accts, a checking and a savings.

But not a money market. And I'm not about to open the acct for a measly .15% difference between Allys savings rate.

Plus, I don't have $10k+ lying around anymore because I have it all in Ally no penalty 1.75% CDs.

And finally, I absolutely HATE capital one for an incident 15-20 years ago when they said my payment was a day late and they wouldst remove the fee. I paid it, closed the account and have been bad mouthing them ever since.

Back then, I wasn't yet using online bill pay and I REALLY don't think my payment was late. I found others on the internet that said they did the same thing to them. So, **** capital one. Its not like I had ever been late before. Only reason I haven't closed the accounts was I was hoping they would have a promo deal for a new money market acct. They have, but not for existing customers.

I should probably close those accounts.
RJM
RJM   |     |   Comment #4
One neat feature left over from ING is the ability to send a bill pay that they will send by check and their overdraft protection will kick in if you don't have the money there. Then they send you an email when the check clears and you can transfer the money in and not incur any interest. So that's a neat feature. And I send 3 bill pays a year where they are sent in physical checks. For property taxes, fire dues and a safe deposit box rental. But I quit worrying about the float on $400 and $240 and $50 so I should probably close the old Cap One accts just out off principle.

(Property taxes are low where I live, we make up for it with high sales tax)
#5 - This comment has been removed for violating our comment policy.
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