Capital One Ups 360 Money Market Rate To 1.60% APY


Deal Summary: 360 Money Market, 1.60% APY ($10k+), 0.85% APY (less than $10k)

Availability: Nationwide

Capital One has raised the rate on its 360 Money Market to 1.60% APY on balances of $10k+. The APY for balances below $10k remains at 0.85%. In the past ten months, a total of 60 bps has been added in six rate increases.

1.60*%$10k-Capital One360 Money Market
OTHER TIERS: 0.85% Up to $10k
Rates as of April 24, 2018.

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 beneficiaries cannot be named. While there is no recurring monthly fee, there are some potential fees.

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

Yes, there is a 360 Money Market card

DA readers may recall that in earlier blog posts about the 360 Money Market account there was some confusion about the 360 Money Market card. I thought the matter was settled when I read this statement on the Disclosure Page in February:

360 Money Market accounts don’t come with debit cards or the option to write checks.

While the above statement is still at the bottom of the Disclosure Page, I saw three references (expedited shipping, transaction limits, and withdrawal limits) concerning the elusive 360 Money Market card. I spoke with CSR and received what I hope is the definitive answer: the card does exist, but it is only an ATM card, not a debit card that can be used for purchases. This ATM card is not automatically issued. After the account is established, you have to contact Capital One and specifically ask for it to be issued if you want the ATM card.

Many thanks to DA reader, Maecl, for his Forum post about Capital One's rate hike.

360 Savings Account/360 CDs

Although the rates on other Capital One products have continued rise, the 360 Savings Account isn’t keeping pace. With an unimpressive 1.00% APY, the 360 Savings Account lags far behind other no-minimum savings accounts. On the other hand, the 360 CD rates have risen between 30-40 bps in the past four months.


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 Disclosure,

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, with a Texas Ratio of 4.31% (excellent), based on December 31, 2017 data. In the past year, Capital One has increased its total non-brokered deposits by $5.57 billion, an above average annual growth rate of 2.65%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.

Two years ago, a new 1.00% APY Money Market account was unveiled by Capital One 360, the now-defunct online banking subsidiary of Capital One Financial Corporation. Capital One 360 was absorbed into Capital One last year, although the “360” brand appears on the majority of Capital One products, like the 360 Money Market. With assets in excess of $290 billion, Capital One is currently the eighth largest bank in the country.

How the 360 Money Market Compares

When compared to the 178 Money Market Accounts tracked by, which 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
1.80% APYHigh Rate Online Money Market ($5k min/$1m max)Bank 7
1.75% APYMoney Market Account ($100 min/no max)CIT Bank
1.60% APY360 Money Market ($10k min/no max)Capital One

The above rates are accurate as of 4/19/2018.

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

anonymous   |     |   Comment #1
Thank you, Capital One, for being among the rate leaders of the larger banks!
DCGuy   |     |   Comment #2
But so far, no POD accounts for this division of Capital One.
Cracker   |     |   Comment #3
They're OK, but have a few quirks that I don't like. You're limited to 3 external accounts and they say they must be checking accounts, not savings or money market accounts. I haven't tried to link a non-checking account to see if it will work or not.

Deposits and ACH transactions to the savings and money market accounts take about 4 days before the funds are available, whereas deposits to checking are usually available the next day. I have no idea why there is a difference because the ACH process is identical for both. The way around it is to send money to the checking then do an immediate transfer to savings when the money comes in. It seems kind of stupid, but it will work.
anonymous   |     |   Comment #4
Cracker, thanks for your detailed description. The three links is something they kept from ING Direct, I think!

I have some workarounds. A joint account holder can have 3 different external links. Also, if you have a brick and mortar account with Capital One it can have its own links. Ironically, the B&M links don't seem to be limited to three, and they can also be savings accounts. So between my wife and I, with joint Capital One 360 accounts and a Capital One B&M checking account, we maintain about 10 links.

For the ACH funds availability, did you notice any difference if the transfer is initiated from Capital One or from the sending bank?

I just noticed that they completely changed their online user interface since my last login ....
Cracker   |     |   Comment #6
When you push money, it's available as soon as the receiving bank deposits it in your account. Ally is really good about having fast ACH transfer times. If I pushed money from them to Cap One, it would be available the next business day.
anonymous   |     |   Comment #5
Alright, maybe someone else can help me to confirm this, but with the new (ugly?) user interface it appears to me that the 3 external account limitation for Capital One 360 is gone, and you can select checking, savings, money market accounts!
Cracker   |     |   Comment #7
Boy you're right about the new interface being ugly. All this "mobile friendly" nonsense is getting out of hand.

Here's a little trick to get the old UI back. Go to the main page and bring up an account. Then click on "Account Services and Settings". Under "Documents and Forms" click on "Documents" and VOILA, you have the old look back.
RJM   |     |   Comment #8
I was with ING way back when and I tried a savings account and it worked just fine. So they may SAY it has to be a checking, I do not believe that is true. Further, Im not sure they have any way of knowing what kind of an account it is.

I maintain 2 accounts since Cap One took over. 1 cent in each. Should close them because I HATE Cap One over a late fee they refused to reverse 25+ years ago. I closed the account & have not done business with them since. I was not late, they pretended I was for extra fee income.And they did it to lots of others too. Back then, it was before bill pay was very common.
DCGuy   |     |   Comment #9
I have two legacy Capital One Direct accounts opened back in early 2000s. I did not have much money in either account since the rates plunged to lows of 0.1% and 0.3% since the subprime implosion in 2009. I made an error a few months ago when I erroneously selected one of these accounts for a ACH debit transaction to pay off a credit card payment. The ACH debit transaction was rejected due to insufficient funds. The credit card company submitted the ACH debit transactions three times to Capital One Direct and each were rejected. Capital One Direct did not charge me a NSF fee for any of these rejections. The credit card company did charge me for a returned payment fee (once). I don't think the Capital One B & M nor Capital One 360 account would have waived the NSF fee. Kudos to not penalizing me for the mistake.
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