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2023 Capital One 360-Debit Review

People who are looking for an all-in-one personal banking solution should consider Capital One 360 Banking. It offers versatile accounts to fit most needs, including children’s accounts, individual retirement accounts and CDs to pair with its savings and checking offerings. Custodial account options make Capital One a top choice for family banking, too, creating long-term connections with customers.

While it does have branches in some states, access is mostly online and through the mobile app at this time. Capital One Cafés are a unique customer experience available in some cities. They are basically Peet’s Coffee shops combined with a relaxing banking environment, where people can do everyday banking and get “money coaching.” But it’s hard to imagine these cafés becoming a regular sight in smaller towns.

If you live or work near a Capital One branch or Café and like the option of banking in person or online, Capital One is a solid banking choice. If you like the personal touch of a local bank branch, most people will need to turn to other banks instead.

When choosing a bank, it’s important to take note of what’s important to you and find a solution that fits those needs.

Capital One vs. Chase

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Capital One offers fewer checking account options than Chase Bank. But with no minimum balance requirements, overdraft fees or monthly service fees, Capital One is far more customer-friendly. Both banks offer comparable checking features, but Capital One’s 360 Checking pays a higher interest rate on checking balances.

Capital One 360 Savings also outperforms Chase’s savings accounts. Capital One pays a much higher interest rate and requires no minimum balance or monthly fees. You could actually lose money with a Chase savings account due to its negligible interest and potential fees.

You’ll also earn significantly more interest on Capital One’s CDs. Plus, Capital One lets you open a conventional CD for any amount, as opposed to the minimum opening balance required for Chase Bank Certificates of Deposit.. You’ll find fewer CD terms available with Capital One, but given the better interest rates, this may not be an issue for you.

For parents considering a Capital One bank account for their children, checking and savings accounts are available to children 8 and over. Both types of accounts earn interest, and Capital One offers parental controls you can use to monitor your kid’s activity.

Chase offers a wider variety of youth checking accounts, including joint accounts for kids as young as 6 and individual accounts for individuals as young as 17. However, Chase doesn’t offer youth savings accounts and doesn’t pay interest on youth checking accounts.

Capital One vs. Bank of America

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Capital One also finishes above Bank of America for checking options. While both banks’ accounts have similar features, you’ll likely pay fewer fees with Capital One, and you’ll earn significantly more interest. And with Capital One 360 online banking, you won’t miss out on digital features.

Bank of America can’t compete with Capital One 360 in terms of savings accounts either. Both banks offer automated savings options, but Capital One’s interest rates are significantly higher, and there’s nearly no chance of fees.

If you’re shopping for CDs, Capital One is again the winner with competitive interest rates and no opening balance requirement. However, Capital One doesn’t offer IRA CDs, so if this is a product you want, Bank of America could meet your needs.

Bank of America doesn’t offer a designated youth savings account, but its student checking account is a decent option for anyone under 25. On the other hand, anyone age 8 or older is eligible for a joint Capital One 360 bank account. And it may be a wiser option to choose Capital One youth checking and savings because those accounts earn attractive interest rates.

Capital One vs. Discover

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Discover and Capital One are pretty evenly matched in terms of banking options. Neither charges overdraft or monthly fees, and both allow early access to your direct deposits. Discover’s debit card or Discover Cashback Debit Checking may give Discover banking a slight edge, it currently offers 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

However, Discover doesn’t let you deposit cash, which may be a challenge for many account holders. Capital One makes it easy to deposit cash at local branches and select ATMs.

Both Capital One and Discover pay competitive interest rates on savings accounts and charge minimal fees for regular account usage. Discover also offers a money market account, but the interest rate is lower than on its savings option.

Capital One doesn’t offer IRA CDs or IRA savings accounts, but Discover offers IRA CDs with competitive rates that outperform even Discover’s IRA savings.

Discover doesn’t offer a youth account option, so for anyone under 18, Capital One is the clear choice.


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