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.
|1.20*%||$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. 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.
|0.90*%||$100k||-||Capital One||360 Checking|
|OTHER TIERS: 0.20% → Up to $50k | 0.75% → $50k - $100k|
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.
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.
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.
Capital One has an overall health grade of "A" at EpBooks.us, 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 EpBooks.us that are available nationwide and require a minimum balance of $10k or less, Capital One’s 360 Money Market APY currently ranks sixth.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.50% APY||Mega Money Market (no min/$35k max)||All America Bank|
|1.30% APY||Personal Money Market ($250 min/no max)||ableBanking|
|1.20% APY||360 Money Market ($10k min/no max)||Capital One|
The above rates are accurate as of 8/25/2017.