Capital One Increases 360 Money Market Rate

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Deal Summary: 360 Money Market, 1.20% APY ($10k+), 0.60% APY (less than $10k)

Availability: Nationwide

In March 2016, 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 majority of Capital One products carry the “360” brand.

Two months ago, the rate on the 360 Money Market was raised to 1.10% APY ($10k+). Capital One has just ended the week by adding another ten bps to the 360 Money Market, with balances of 10k+ now earning 1.20% APY. Balances below $10k continue to earn 0.60% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20*%$10k-Capital One360 Money Market
OTHER TIERS: 0.60% Up to $10k
Accounts mentioned in this post. Rates as of September 25, 2017.

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. 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.90*%$100k-Capital One360 Checking
OTHER TIERS: 0.20% Up to $50k | 0.75% $50k - $100k
Accounts mentioned in this post. Rates as of September 25, 2017.

While there is no definition of a Money Market 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.75%--Capital One360 Savings Account
Accounts mentioned in this post. Rates as of September 25, 2017.

If you’re thinking of opening a 360 Money Market, there are two bonuses you might be interested in, but be aware these are targeted offers. The fine print in the first $200 bonus reads,

These cash bonuses are only available to you if you received our offer in the mail and if
you do not have an existing 360 Money Market, 360 Checking or 360 Savings account.

The second $200 bonus promotion page states,

Offer strictly non-transferable and only available to you.

Some DA readers have reported in the past that they were successful in receiving a bonus, even though they were not targeted. It's possible to live in a targeted area and not have received a flyer in the mail. When I asked CSR about these targeted bonuses, he stated that if my Zip Code was included in a targeted area, I would be eligible to apply for a bonus, even though I did not have a hard copy of the offer. If you plan on opening a 360 Money Market, there’s no reason not to try to score a bonus.

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 and a valid Social Security number can open an account at Capital One. Individual Taxpayer Identification Numbers (ITINs) will not be accepted.

Opening 360 Money Market account can 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 5.54% (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 174 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 sixth.

The above rates are accurate as of 8/25/2017.

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

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

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Capital One Raises 360 Money Market Rate
Deal Summary: 360 Money Market, 1.10% APY ($10k+), 0.60% APY (up to $9,999.99)

Availability: Nationally available

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...

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Capital One Offers $200 Bonus For New 360 Money Market Account
Deal Summary: 360 Money Market, 1.00% APY on balances of $10k+, $200 bonus offered through June 30, 2017.

Availability: Nationally available

Now through June 30, 2017, Capital One is offering a publicly available $200 bonus when opening a new 360 Money Market account online and depositing at least $10k. In this instance, “new” really means new:

In February, DA reader, stevel, wrote a Forum post about a targeted $200 bonus on Capital One’s 360 Money Market, which currently earns 1.00% APY on balances of $10k+. According to CSR,...

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Big CD Rate Hikes at Capital One, Including 5-Year CD

Deal Summary: 5yr CD, 2.30% APY; 2yr CD, 1.60% APY; 18mo CD, 1.45% APY; no minimum deposit

Availability: Nationally available

Capital One increased the rates on four of its 360 CDs this morning. The 5-year CD rate had the largest increase. The APY is now 2.30%, up by 30 basis points. The 2-year CD rate also had a sizeable increase, up 15 basis points to 1.60% APY. The 18-month CD rate increased 10 basis points to 1.45% APY, and the 9-month CD rate increased 20 basis points to 0.60% APY.

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Capital One Raises 1-Year 360 CD Rate to Competitive Level

Deal Summary: 12-month CD, 1.30% APY, no minimum deposit

Availability: Nationally available

Capital One made a large increase to its 1-year 360 CD rate. The APY increased 40 basis points to 1.30%. This rate increase brings the 1-year CD to a competitive level. Capital One now has competitive online CD rates with terms from one to five years.

One thing to note is that this is a 360 CD from Capital One. Capital One 360 no longer exists as a separate entity. It’s now under Capital One. All of...

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Capital One 360 Offers $100 Money Market Bonus
Availability: Nationally available

In March, I wrote about Capital One 360’s new 360 Money Market, which currently earns 1.00% APY on balances of $10k+.

For the next ten days, Capital One 360 is offering a $100 bonus when opening a new 360 Money Market account by December 15, 2016, and depositing at least $10k by December 31, 2016.

The requirements to earn the $100 bonus are straightforward:

  • Open your “very first” 360 Money Market account online by December 15, 2016.
  • Use the promo code “Merry100.”
  • Deposit at least $10k (from an external account)...
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