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
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.
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.
Capital One 360’s parent, Capital One, N.A. has an overall health rating of "A+" at DepositAccounts.com, 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 DepositAccounts.com, six money market accounts have APYs higher than the 360 Money Market APY. When compared to 147 nationwide savings accounts tracked by DepositAccounts.com, 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 DepositAccounts.com.