In March 2016, a new Money Market account 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” moniker is now attached to the majority of Capital One products.
The 360 Money Market maintained its 1.00% APY on balances of $10k+ throughout the past 15 months, and today the rate was raised to 1.10% APY ($10k+). Balances below $10k still earn 0.60% APY.
|1.10*%||$10k||-||Capital One||360 Money Market|
|OTHER TIERS: 0.60% → Up to $10k|
The 360 Money Market has no monthly service charge, no minimum opening deposit, or minimum balance requirement. The 360 Money Market Account Disclosures details almost all features of the account.
I say “almost” because the process of making a withdrawal is described as,
You can request a withdrawal from your account by calling us or
by using our website. You may not write any checks on this account.
CSR confirmed that the 360 Money Market account does not have a debit card or checks associated with it. He suggested the easiest way to access funds would be to transfer funds into an existing Capital One checking account. As the 360 Checking account has no minimum balance requirement or monthly service fee, the lack of checks/debit card for the 360 Money Market shouldn’t be considered a deterrent.
|0.90*%||$100k||-||Capital One||360 Checking|
|OTHER TIERS: 0.20% → Up to $50k | 0.75% → $50k - $100k|
While there is no formal definition of a Money Market account that is carved in stone somewhere, having no checks/debit card makes the 360 Money Market more like a savings account. The only difference between the 360 Money Market and the 360 Savings account seems to be the balance tiers and the APYs.
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 with a U.S. physical address and a valid Social Security number can open an account at Capital One. Individual Taxpayer Identification Numbers (ITINs) will not accepted.
The 360 Money Market account can be opened as an individual account, as a joint account, or as a living trust account.
Opening 360 Money Market account can be done online, and must be funded from a personal checking account.
Account opening deposit must be from a personal checking account only. Please note:
We don't accept brokerage, money market or savings accounts (institutions put restrictions on these types of accounts that prevent electronic transfers).
If your check has the words "Payable Through" with another bank name listed near the memo field, it can't be linked.
If you are already a Capital One customer, you can open and fund the 360 Money Market account from your Capital One liquid accounts or from your linked checking account.
Capital One has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.54% (excellent), based on March 31, 2017 data. In the past year, Capital One has increased its total non-brokered deposits by $13.68 billion, an excellent annual growth rate of 6.7%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.
Earlier this year, Capital One 360, which had operated as a stand-alone internet division following Capital’s One 2012 acquisition of ING Direct (another internet bank), was absorbed into Capital One, and no longer exists as a separate entity. Many of Capital One’s products now contain “360” in their names, i.e., 360 Money Market. With assets in excess of $282 billion, Capital One is currently the seventh largest bank in the country.
How the 360 Money Market Compares
When compared to the 176 Money Market Accounts tracked by DepositAccounts.com that require a similar minimum balance and are available nationwide, Capital One’s 360 Money Market APY currently ranks seventh.
The above rates are accurate as of 6/27/2017.