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Contents

Personal Capital Review 2020: A Legit Alternative to Mint

posted on October 15, 2020

Personal Capital is a tool that I use nearly every single day. Is it legit? Let’s dive into our Personal Capital review to find out.

Table of Contents

Personal Capital Review 2020: A Legit Alternative to Mint

If you’re a high-net-worth investor looking for ways to manage your assets, Personal Capital comes with an assemblage of features that sets it apart from other wealth management platforms.

Whether you’re looking to put a finger on your financial accounts and save money, or if you’re seeking tailored recommendations to enhance your returns, this mobile and desktop-friendly platform aims to help you take control of your financial life.

Is Personal Capital legit? This Personal Capital review takes a deep dive into the platform’s pros, cons, capacities, and interface to help you in your quest for the best financial management tool.

I made the switch from Mint to Personal Capital and have been loving every minute of it. It’s no secret that it’s one of my favorite financial resources and personal recommendations. Personal Capital can help you with your personal financial planning.

It’s not for everyone though, so I wanted to provide a helpful guide to explain the differences and provide a full review of the Personal Capital platform.

If you’re considering Mint, we’ve also pitted the two against one another so you can make an informed choice. Here’s everything you need to know to get started.

What is Personal Capital?

Used by around two million people around the world, Personal Capital is a wealth management service founded in 2009 by Louis Gasparini, Rob Foregger, and Bill Harris in San Carlos, California. Bill Harris, who was formerly the CEO of Paypal and Intuit, serves as the platform’s CEO.

The platform has over 165 million registered users, 18,000 of which use its paid version and contribute nearly $8 billion in assets under the company’s management.

How Does Personal Capital Work?

Personal Capital comes in two versions: a free planning tool called the Financial Dashboard and a paid version called Personal Capital Wealth Management. These are two related features, but each provides unique functions. The free planning tool compiles data from all your financial accounts and provides recommendations to enhance your returns. No matter where you invest or bank, this free feature is definitely worth checking out.

Personal Capital Wealth Management, on the other hand, uses powerful automated investment tools with assistance from human management, offering a balance between automated suggestions and traditional human investment.

This service requires a minimum account size of $100,000 to use. With such steep requirements, this service is not for the saving and investment beginners.

Let’s dissect each feature and talk about its features and requirements.

Personal Capital Free Dashboard

The free Financial Dashboard offers an extensive list of tools to help you budget your wealth and investments. Primarily, this feature serves as a financial aggregator – you can use it to aggregate your checking, credit cards, loan accounts, savings, checking, and investments.

It’s built to put together your entire financial life in one platform. If you have any retirement plans sponsored by your employer, you can include it in the platform as well.

Let’s dissect each feature and outline the potential of each one:

Budgeting

The free version may be used to manage your spending and cash flow by showing monthly summaries that track where your money is going. Your spending is divided into trackable categories that you can analyze, along with your individual transactions. If you’re aiming for budgeting software, Personal Capital underperforms in this respect.

While it does notify you of upcoming bills, the service does not include a bill payment function. This means that you have to pay your bills manually through your bank accounts.

401(k) Analyzer

If you’re one of the millions of people who have signed up for employer-sponsored retirement plans, Personal Capital comes with a built-in feature that shows you how every fund in your plan costs you.

After it shows you the hidden investment fees associated with your plan, it then suggests alternative allocations into lower-cost funds.

Cash Flow Analyzer

This tool helps you manage your income and expenses from various financial accounts you’ve incorporated into the platform. After creating a budget, you can set financial goals such as paying off debt or preparing your retirement.

The analyzer will then suggest strategies for you to attain these goals.

Personal Capital Retirement Planner

By showing you several “what if” scenarios, Personal Capital helps you know if your retirement goals are still on the right track. Use this feature to make adjustments to your situation, including the birth of a child, if you’re saving up for college, or if you’re making a career change.

The retirement planner then takes these outside factors into account to show you how it impacts your retirement.

Net Worth Calculator

Personal Capital’s net worth tracking tool helps track your liabilities and assets to show you your total net worth. This is integral to your financial status, as your net worth determines your financial strength.

This has been a complete gamechanger for me.

Investment Checkup

This is Personal Capital’s very powerful investment tool that helps you optimize your investments after you aggregate all your investment accounts into the platform.

It assists by making adjustments to your portfolio mix to enhance your investment performance.

Personal Advisor

Personal Capital’s free version comes with a personal advisor who can assist you with the platform’s service, as well as offer you additional insights on any recommendations made by the platform.

Know, however, that this advisor won’t be able to help you with investment advice.

Personal Capital Wealth Management

Personal Capital’s Wealth Management tool offers a mix of computer and human advice. While most of the services are automated investment tools, Personal Capital refuses to be classified as a robo-advisory service. Personalized advice from real financial planners offers a human touch.

Just like other automated investment tools, Personal Capital begins by analyzing your investment goals, risk tolerance, and time horizon, but the platform also takes into account your personal preferences in putting together your portfolio, which is managed according to Modern Portfolio Theory (MPT).

By applying MPT, your portfolio is invested across different asset classes for diversification.

Your portfolio is also rebalanced periodically to maintain target asset allocations.

There are six asset classes where your portfolio is invested. This includes international bonds, international stocks, U.S. bonds, U.S. stocks, cash, and alternative investments, which includes gold, energy, and real estate investment trusts.

Depending on your investor profile, the percentage of your investment is divided into each asset class, as determined by your personal preferences, investment goals, time horizon, and risk tolerance.

Here is Personal Capital’s Wealth Management Investment performance as of September 30, 2020.

Here are Wealth Management’s features:

Various accounts available: Wealth management offers the following accounts:

  • Taxable and joint investment accounts
  • SEP, traditional, rollover IRAs, and Roth
  • Trusts
  • 529 and 401(k) plans (advice only)

A designated accounts custodian: Pershing Advisor Solutions, one of the biggest clearing agencies and investment custodians in the world, is designated to hold your account. This company serves as a custodian for around $1 trillion in assets around the world.

Generous account protection: Signing up for Wealth Management guarantees protection from SIPC, with securities and cash up to $500,000, plus up to $250,000 in cash. The coverage provided only protects from broker failure, but not from monetary losses from market fluctuations.

Active financial advisors: Wealth Management’s main draw is its active financial advisors who you can keep in touch with 24/7, on email, phone, web conference, or live chat. Two financial advisors will be at your disposal as a member of Wealth Management. You may consult with them regarding retirement planning, financial planning, college savings, and decision-making on topics such as home financing, compensation, insurance, and stock options.

Plans and fees: Personal Capital’s fees depend on the dollar value of the assets you have with them. There are three levels of asset management: Investment Service, Wealth Management, and Private Client. Investment Service is the lower tier for users with $100,000 to $200,000 in assets. Wealth Management is the middle tier for users with investments between $200,000 to $1,000,000. The highest tier is Private Client, for clients with $1,000,000 or more in assets.

Check out Personal Capital’s plan comparison for more information about plans and their accompanying features and services.

Personal Capital Review: Personal Capital vs. Mint

Mint and Personal Capital both offer investment management and budgeting tools without fees (although the latter has a paid service called Wealth Management). While the two are very similar, there are striking differences between both.

Budgeting

Mint rises to the occasion with its budgeting capabilities, as it is, first and foremost, a budgeting platform. Mint gives you a snapshot of all your finances so you can see the bigger picture, categorizes your spending, allows you to create a specific budget that analyzes your spending vs. your target, and offers alerts when your bills are coming in.

Personal Capital, which allows you to track your cash flow, offers budgeting capabilities but a more limited one.

The verdict: Mint wins on this round.

Investments

Personal Capital shines when it comes to its investment capacities. Mint allows you to track your investment accounts but does not offer investment advice.

Personal Capital’s paid Wealth Management service offers a bigger picture of your investment situation by working as an investment management service and a financial account aggregator.

The verdict: Personal Capital is the better choice for investment services.

Fees

Both Mint and Personal Capital are free services you can use to manage your finances. Personal Capital, on the other hand, has the bonus paid feature of Wealth Management that assists in managing your investments.

Personal Capital’s investment fees are all-inclusive, which means that it does not charge extra for account administration, commissions, or other associated investment fees. All fees under Wealth Management depends on the number of assets under management.

The verdict: Both have free services, so this is a tie. If you’re looking for an investment manager and you’re not afraid to shell out money, you might be better off with Personal Capital.

In summary, what is the better choice? The answer depends on what your goals are.

If you’re looking for a budgeting application without any additional features for investments, Mint is the better option.

If your needs lean towards investment management, Personal Capital’s wealth of features will better help you.

Personal Capital Pros and Cons Analysis

Before signing up for Personal Capital, you might want to know more about its upsides and downsides. Here’s everything you need to know before diving:

Personal Capital Pros

A free financial dashboard

Right off the bat, Personal Capital offers users a free financial dashboard that holds a wide array of budgeting features and investment tools. The platform also offers investment advice even for accounts that are beyond your Personal Capital Wealth Management account.

Investment management and budgeting in one powerful platform

For users looking for a versatile platform, Personal Capital offers both investment management and financial management.

Beyond some of the already mentioned investment options, as a real estate investor, I love the ability to tack on my real estate assets. You can link this as your primary home too. It’s a great way to mark the valuation of your real estate over time.

Investments that are socially responsible

There are a growing number of investors who would like to make investments that are socially responsible and aligned with their values. Personal Capital does this by suggesting socially responsible investment opportunities.

Capacity to optimize your taxes

To help minimize the income taxes on all your investments, Personal Capital’s Wealth Management program uses several tax optimization strategies

Help from financial advisors

Two financial advisors are assigned to each user in the Wealth Management platform. These virtual helpers can assist you in managing your financial life.

Personal Capital Cons

Some solicitation

Users signing up for Personal Capital’s free version might find the constant solicitation to upgrade to its Wealth Management service quite annoying.

Steep minimums

For the Wealth Management service, the initial investment requires is $100,000. This can make it difficult for entry-level and medium-sized investors to use.

Few budgeting features

As compared to apps like YNAB, Mint, and Quicken, which are purely dedicated to budgeting, Personal Capital offers limited budgeting capabilities.

Expensive fees

As opposed to robo-advisors like Wealthfront and Betterment that charge 0.25% to .40%, Personal Capital requires a fee of 0.89% for most investors. This might be considered steep for users who often compare it to a mere robo-advisor.

However, Personal Capital offers investment management serves with a strong human touch, making it more akin to traditional human investment managers.

How to Sign Up for Personal Capital

Signing up for Personal Capital is a straightforward process. If you’re also wondering how to link accounts to Personal Capital, here’s how to do it:

  1. Sign up through the website and provide your phone number and email. You will need to create a password.
  2. Provide your general information (age, name, your preferred retirement age, and how much money you have saved for retirement)
  3. Begin by linking your accounts. Personal Capital can link with more than 12,000 financial institutions, or you can also just enter the name and web address of your institution. The platform will then analyze your financial accounts from the past one to three months. Depending on this analysis, you will be given access to a variety of tools on the Free Dashboard, as well as offered recommendations for all of your investment accounts.

If you’re signing up for the Wealth Management service, here’s what you need to do:

  1. Get in touch with the platform’s financial advisor to begin. Additional information will be requested, as well as supporting documentation to officially verify your identity.
  2. You will also be asked to link your financial accounts into the platform so you can transfer funds to your Pershing account which will hold all your investments.
  3. You will need to answer a questionnaire and enter a web conference with a financial advisor to determine your investment goals, time horizon, and risk tolerance. Your portfolio will then be arranged depending on the findings.

Is Personal Capital Right for You?

If you’re looking for holistic help: Personal Capital is an attractive option for high-net-worth investors looking for a platform that operates as both an investment management service and a financial management service.

If you’re looking for holistic assistance for your financial management, a mix of robo-advice and traditional consultants guarantees that you look at every element, and not just the sum of its parts.

If you’re only looking for a budgeting service: If you’re only on the lookout for a budgeting service, this platform may fall short. You might be better off signing up for Quicken, YNAB, or Mint.

If you don’t have enough money to invest: You need at least $100,000 to invest in Personal Capital’s Wealth Management Service. Users who do have the aforementioned amount to invest but are only looking for automated investment management might find better options with a robo-advisor platform.

If you’re looking for the help of real investment advisors: If you’re an investor who needs human help from trusted advisors, Personal Capital is a cost-effective solution. Traditional human investment advisors may charge anywhere between 1% to 1.5% just to manage your portfolio.

Personal Capital offers you human advice without having to pay those fees.

Conclusion on Personal Capital Review: Is It Legit?

Personal Capital is a tool that can help you get on the path to independent wealth. It’s a great free resource for busy professionals. You can use it to simply become a better investor and saver while you go out and join the fine things in life.

I simply can’t imagine a world without Personal Capital. I’d be lost. Be thankful for financial software like this that makes our day-to-day livelihoods better.

TR19/4: Understanding the money laundering risks in the capital markets

We carried out this thematic review to look at the money-laundering risks and vulnerabilities in the capital markets and, where possible, to develop case studies to help inform the industry.

We sought information to enhance our view of these risks and vulnerabilities. We did not assess the systems and controls of those we visited.

Who this applies to

Our findings are likely to be of interest to all firms carrying out business related to the capital markets. In this report, we have defined ‘capital markets’ as financial markets where shares, derivatives, bonds and other instruments are bought and sold. Trade bodies and industry groups relating to capital markets may also be interested.

Our scope

Our visits covered a broad range of market segments, including investment banks, recognised investment exchanges, trade bodies, a custodian bank, clearing and settlement houses, inter-dealer brokers and trading firms. Our focus was primarily on money-laundering risks in the secondary markets, however we have also included a section on primary-market services in our report.

What we found

  • The money-laundering risks we identified are mitigated to an extent by the nature of the firms in the market, however there remain some risks particular to the capital markets.
  • We found that some we visited needed to be more aware of the money-laundering risks in the capital markets and many were in the early stages of their thinking in relation to these risks and needed to do more to fully understand their exposure.
  • We found that effective customer risk assessment and customer due diligence are key to reducing opportunities for money laundering, particularly in the capital markets due to the nature of the transactions.
  • We identified a wide range of approaches to anti-money laundering transaction monitoring and our report highlights some specific challenges and risks relating to this.
  • We found some participants were not clear on their obligations to report Suspicious Activity Reports and that accountability and ownership of money-laundering risk in the first line of defence needs to increase, rather than being viewed as a compliance or back-office responsibility.
  • The Annex to our report contains a non-exhaustive set of typologies which may help inform risk assessments, transaction monitoring and training.

Next steps

We expect firms to consider their approaches to identifying and assessing the money-laundering risks they are exposed to in light of our report, and we are also considering our supervisory approach in response to this work.

Capital One 360 Review: Pros and Cons

Capital One 360 checking and savings accounts are free to open and offer higher-than-average APY rates. Does this popular web bank live up to its claims? Find out if it’s right for you.

Overall Score

Savings

Checking

Money Market

Customer Service

Mobile App

4.5

5-point scale

Pros and Cons

  • Overdraft protection options
  • No account minimums
  • 27 Capital One cafes for in-person support
  • Lower savings APY compared to other online banks

Bottom Line

Good online bank with access to in-person support

Capital One 360 provides multiple banking products, allowing you to satisfy all your banking needs in one place if you so choose.

They offer savings, checking, CDs, and money market accounts. Your deposits have the protection of the FDIC and your information is encrypted for your safety.

Capital One 360 is an online-only bank, though. They claim this means less overhead, which they pass on to the customer with higher interest rates, no monthly fees, and better service.

If you’re considering opening a personal checking or savings account, you must check out these promotions.

Keep reading to see our take on Capital One 360 and their offerings.

Deposit Rates

Capital One 360 offers a nice range of banking services that satisfy basic checking and savings needs:

Current Promotion

Capital One Credit Cards: Capital One also offers a wide array of credit cards. From cashback to travel rewards to cards for bad/limited credit. Here are some of our top picks:

Read about the top Capital One credit card offers. You can find out if you’re pre-qualified on Capital One’s website, with no impact to your credit score.

360 Checking

Capital One 360 Checking account has no minimum deposit, no minimum ongoing balance, and no service fees. It offers a better interest rate compared to other online banks.

Other features include:

  • Access your money fee-free at more than 39,000 Capital One or Allpoint ATMs.
  • No foreign transaction fee when you use your debit card abroad.
  • Online bill pay, with option for automatic payments.
  • Deposit checks from anywhere by snapping a photo on your phone.
  • Free first set of checks.

The biggest perk of this checking account are the overdraft options. Instead of automatically charging you for overdrafts, the 360 Checking gives you options. You can choose one of the following choices:

  • Auto decline charges you don’t have the funds to cover
  • Link a Capital One 360 Savings account to cover the charges
  • Use their one business day grace period to add funds before being charged $35
  • Use their Overdraft Line of Credit, where Capital One will cover the overdrawn amount for you. You’ll be charged interest until you pay back the funds.

Capital One 360 Checking – $25 Refer a Friend Offer

Get $25 when you open an account with an initial deposit of at least $250 AND do one of the following: make 3 debit card purchases or Zelle payments within 45 days of account opening. The $25 bonus will be deposited into your account on Day 50. Only available for new Capital One 360 customers using the unique link sent from their friend. Terms apply.

Compare Checking Accounts

Chase Premier Plus Checking℠

  • Enjoy $300 as a new Chase checking customer, when you open a Chase Premier Plus Checking℠ account and set up direct deposit.
  • Enjoy $300, more benefits, and earn interest on your new Chase checking account.
  • The $25 Monthly Service Fee is waived when you keep an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances.
  • No Chase fee on first four non-Chase ATM transactions per statement period.
  • Earn interest on your checking account balance.
  • Access to 16,000 Chase ATMs and nearly 4,900 branches
  • Open your account online now.
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

Chase Total Business Checking®

  • Get $300 as a new Chase business checking customer, when you open a Chase Total Business Checking® account with qualifying activities
  • Access to 16,000 ATMs and nearly 4,900 Chase branches
  • Chase has business specialists at your local branch to help with your business needs
  • Account Alerts are a great way to stay on top of your account’s activity and enhance security
  • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

HSBC Advance Checking – Up to $270 Cash Bonus

    Get up to $270 with a 3% Cash Bonus Checking Offer when you open a new HSBC Advance checking account and complete the following qualifying activities.
  • Open your new HSBC Advance checking account online by June 29, 2020; and
  • Set up Qualifying Direct Deposits into your new HSBC Advance checking account; and then
  • Enjoy 3% Cash Bonus, up to $270, on Qualifying Direct Deposits up to $50 per month, during the first 6 calendar months after account opening
  • You will automatically receive the 3% Cash Bonus in your new HSBC Advance checking account approximately eight weeks after completing that month’s qualifying activities.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

MONEY Teen Checking

The MONEY checking account is specifically for teenagers to help them learn money management. You and your teen will be joint account holders. Teens can make their own money decisions. You’ll have your own username and log-in and can see what they’re up to.

With this checking account, teens can:

  • Get a debit card in their own name
  • Earn a little bit of interest
  • Make mobile check deposits
  • Transfer money
  • Set up direct deposits
  • Get text alerts and emails

There is no minimum deposit requirement, no account opening fee, and no service fees. When your teen turns 18, he/she can roll over this account into a 360 Checking account.

360 Savings

© CreditDonkey

Capital One 360’s Saving account doesn’t offer as high of an interest rate as competitor online banks. But if you want the convenience of checking and savings under one bank, it’s not a shabby choice. There are no service fees and no minimum deposit.

Tech-savvy savers will enjoy Capital One 360’s mobile app. It’s easy to transfer money between Capital One and other bank accounts. They even offer mobile check deposit options.

Capital One 360 Savings – $25 Refer a Friend Offer

Get $25 when you open an account with an initial deposit of at least $250-9,999.99. The $25 bonus will be automatically deposited into your account. The bonus will start earning interest right away, but you cannot withdraw for 30 days. Only available for new Capital One 360 customers using the unique link sent from their friend. Terms apply.

Capital One 360 Savings – $100 Refer a Friend Offer

Get $100 when you open an account with an initial deposit of at least $10,000. The $100 bonus will be automatically deposited into your account. The bonus will start earning interest right away, but you cannot withdraw for 30 days. Only available for new Capital One 360 customers using the unique link sent from their friend. Terms apply.

360 Performance Savings Account – $100 Bonus

Open a new 360 Performance Savings account using promo code NEW500. Deposit at least $10,000 of new money within 10 days of account opening (Initial Funding Period). Maintain a daily balance of $10,000-$19,999 for 90 days following the Initial Funding Period. $100 bonus will be deposited within 60 days after all requirements are completed.

360 Performance Savings Account – $200 Bonus

Open a new 360 Performance Savings account using promo code NEW500. Deposit at least $20,000 of new money within 10 days of account opening (Initial Funding Period). Maintain a daily balance of $20,000-$29,999 for 90 days following the Initial Funding Period. $200 bonus will be deposited within 60 days after all requirements are completed.

360 Performance Savings Account – $300 Bonus

Open a new 360 Performance Savings account using promo code NEW500. Deposit at least $30,000 of new money within 10 days of account opening (Initial Funding Period). Maintain a daily balance of $30,000-$39,999 for 90 days following the Initial Funding Period. $300 bonus will be deposited within 60 days after all requirements are completed.

360 Performance Savings Account – $400 Bonus

Open a new 360 Performance Savings account using promo code NEW500. Deposit at least $40,000 of new money within 10 days of account opening (Initial Funding Period). Maintain a daily balance of $40,000-$49,999 for 90 days following the Initial Funding Period. $400 bonus will be deposited within 60 days after all requirements are completed.

360 Performance Savings Account – $500 Bonus

Open a new 360 Performance Savings account using promo code NEW500. Deposit at least $50,000 of new money within 10 days of account opening (Initial Funding Period). Maintain a daily balance of $50,000 or more for 90 days following the Initial Funding Period. $500 bonus will be deposited within 60 days after all requirements are completed.

Compare Savings Accounts

CIT Bank Bonus Offer: $300 for New and Existing Customers

CIT Bank now offers up to $300 cash bonus for new and existing CIT Savings Builder customers. This limited time promotion expires May 30, 2020. Conditions apply.

Discover Online Savings – $200 Cash Bonus

To get your $150 or $200 Bonus offer: What to do: Apply for your first Discover Online Savings Account by 4/6/20, 11:59 PM ET, online or by phone. Enter Offer Code CY320 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 4/20/20, 11:59 PM ET. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 5/4/20. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice. See advertiser website for full details.

Betterment Everyday – Earn up to 0.30% APY

  • FDIC insurance covering up to $1,000,000 at program banks
  • Access cash in 1-2 business days
  • No minimum balance
  • No fees on balance
  • Unlimited withdrawals

Kids Savings

Capital One’s Kids Savings Account help children get into the habit of savings. This is a joint account between you and your child. Kids can sign in and view their balance, but you’re the only one with the authority to move money in and out of the account.

The Kids Savings Account offers a very decent APY rate, so children can watch their money grow. There is no monthly service fee and no minimum balance.

360 Money Market

The Capital One 360 Money Market has no minimum deposit and no fees. You can set up automatic savings plans or deposit your money manually.

There are two interest tiers depending on your balance. If you have $10,000 or more, you’ll receive a better rate with the Money Market than with the Savings account.

Note that the 360 Money Market doesn’t offer check writing. You can only transfer funds online between Capital One accounts or to external accounts.

360 CDs

Capital One 360 offers CD terms from 6 months to 5 years. If you don’t need to access your money for at least a year, the 12-month CD offers a much higher rate than the Savings account.

There is no minimum deposit. Make sure you choose your term wisely. Withdrawing your money before maturity would result in penalties. While you can’t add funds to the account once you open it, Capital One does allow you to open up to 50 CDs at any given time.

Online CDs

  • Up to 1.50% APY
  • Up to 5 years
  • $0 minimum opening deposit
  • Daily Compounding Interest
  • FDIC Insured

360 IRA Savings

The 360 IRA Savings account offers the same APY as the Savings. You can choose between Traditional and Roth IRAs. IRA accounts have tax benefits.

This type of account is meant for retirement savings. The returns are lower than what you could get with brokerage IRA account. So this is best for those who want stability (for example, older people who don’t want to risk their investments).

360 IRA CDs

You can also choose an IRA CD, which also has tax benefits. If you open a 360 IRA CD, you’ll also automatically get a 360 Savings account. You can use it to make contributions, receive interest disbursements, or rollover funds. When your IRA CD matures, you can transfer it to your IRA Savings.

Reasons We Like Capital One 360

© CreditDonkey

    There are no monthly fees on deposit accounts. Maintenance fees can quickly eat at your profits, which is why the no-fee standards at Capital One 360 are so favorable. This allows you to meet your savings goals faster without worrying about paying service fees.

You can have as many as 25 savings accounts . If you have multiple savings goals, you can open as many as 25 savings accounts with Capital One 360. This makes it easier to stay organized and reach your goals faster.

There is no minimum required balance on deposit products. You can open accounts with as little as $1 if you wish. While you do benefit from larger balances with a Money Market account, all other accounts offer the same interest and no fees, no matter the balance.

You have around-the-clock access to your account. You can access your account on your computer or even your mobile device any time of day or night.

You don’t pay overdraft fees on your checking account. This is worth mentioning again. Many checking accounts charge $35 per overdraft. Capital One 360 gives you options and even second chances.

You can make mobile deposits. As long as you have a smartphone, you can make mobile deposits in a matter of minutes. All you need is the Capital One app and access to a camera.

You can transfer money to friends and family. Using Zelle within your Capital One mobile app, you can send money to anyone, even if they don’t bank with Capital One.

You can get in-person help in select cities. Many online only banks don’t offer in-person support. Capital One 360 currently has 27 Capital One “Cafes” throughout the country to support you.

  • You can get phone support 7 days a week. Capital One 360 offers customer support from 8 AM to 11 PM, 7 days a week, to help you when you need it.
  • Reasons You May Want to Look Elsewhere

      Less money flexibility. Capital One’s Money Market account doesn’t come with check writing privileges or an ATM card. Some other competitor banks offer these features with their money market accounts so you have more flexibility in how you access your money. Only the 360 Checking gives you the freedom to access your money whenever you want.

    You may experience long hold times on deposited checks. Online banking does provide its challenges, which includes held funds. Capital One 360 often holds your funds for up to five business days if the deposit exceeds $5,000.

    You cannot assign beneficiaries. Capital One 360 does not allow you to designate a beneficiary on their bank accounts. So if you died, your account will go to probate court. This will be more of a hassle for your loved ones to settle your account. Capital One 360 also does not allow payable-on-death (POD) or transfer-on-death (TOD). These disadvantages could be a major turn-off point.

    You may wait a while talk to a customer service representative. The hold times when you call Capital One have been known to be rather lengthy, which can be frustrating, especially when dealing with your money.

    You can’t open an account at their branch. Because they are an online only bank, you can only open their 360 accounts online. If you are local to one of their cafes, you can get support, but account openings are strictly an online process.

  • You want a business savings account. Capital One 360 is an online only bank for consumers. If you want an account for your business, you should visit a Capital One branch to open a Business Savings account. This can be helpful whether you need a rainy day fund or have plans to grow your business.
  • If you already have a Capital One 360 account, you can also utilize their live chat option after logging into your account.

    How It Compares

    Ally: Ally is another full-service online bank with a range of products. Ally’s Savings rate is higher, but Capital One 360’s Money Market rate is the best if you have $10,000 to save. If you want more flexibility for your CDs, Ally may be the better choice. It offers higher rates for short-term CDs. And it has several CD options to choose from, including a No Penalty and Raise Your Rate CD.

    Capital One

    Ally Bank

    SPECIAL OFFER
    Current Promotion –

    SPECIAL OFFER
    Online Savings Account – 1.50% APY –

    Benefits and Features

    Savings 1.50% APY 1.50% APY CD 0.60% to 1.50% APY. Terms of 6 months to 5 years. 12-month CD APY of 1.50% 0.50% to 1.75% APY. Terms of 3 months to 5 years. 12-month CD APY of 1.50% Checking 0.20% APY 0.10% APY under $15,000; 0.50% APY $15,000 or more Customer Service Mon-Sun: 8am – 11pm (ET) 24/7 ATMs Over 39,000 no-fee Capital One & Allpoint ATMs Over 43,000 no-fee Allpoint ATMs Locations Online Only Online Only
    • Current Promotion
    • Capital One 360 Checking – $25 Refer a Friend Offer
    • Capital One 360 Savings – $25 Refer a Friend Offer
    • Online Savings Account – 1.50% APY
    • Interest Checking
    • Money Market

    Capital One: Pricing information from published website as of 04/03/2020.

    Ally Bank: Pricing information from published website as of 04/03/2020.

    Synchrony Bank: Synchrony Bank offers one of the best rates for their Savings account. And it also comes with an ATM card for easy withdrawals, so you may prefer that if you want more flexibility. But it has no checking option.

    Capital One

    Synchrony Bank

    SPECIAL OFFER
    Current Promotion –

    SPECIAL OFFER
    High Yield Savings – 1.50% APY –

    Benefits and Features

    Savings 1.50% APY 1.50% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle CD 0.60% to 1.50% APY. Terms of 6 months to 5 years. 12-month CD APY of 1.50% 0.25% to 1.65% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. Customer Service Mon-Sun: 8am – 11pm (ET) Mon-Fri 8:00 am – 8:00 pm (ET); Sat-Sun 8:00 am – 5:00 pm (ET) ATMs Over 39,000 no-fee Capital One & Allpoint ATMs Any ATMs with Plus or Accel logos IRA CD 0.60% to 1.50% APY. Terms of 6 months to 5 years. 12-month CD APY of 1.50%. 0.25% to 1.65% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. Locations Online Only Online Only
    • Current Promotion
    • Capital One 360 Checking – $25 Refer a Friend Offer
    • Capital One 360 Savings – $25 Refer a Friend Offer
    • High Yield Savings – 1.50% APY
    • Money Market
    • Certificate of Deposit

    Capital One: Pricing information from published website as of 04/03/2020.

    Synchrony Bank: Pricing information from published website as of 04/03/2020.

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    Marcus by Goldman Sachs: If you are in the market strictly for CDs, Marcus by Goldman Sachs offers high-yield products with many options. They do not, however, offer checking account programs. They are more of an investment/savings vehicle.

    Bottom Line: Is Capital One 360 Good?

    Capital One 360 is a viable option for those who want the higher interest rates of an online bank without all of the fees. You’ll have to have some patience when waiting to access your funds or when you need phone support, though.

    If you can independently manage your finances and are tech-savvy, however, this could be a bank that will help you avoid the pesky fees that brick-and-mortar banks tend to charge.

    Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

    Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser’s affiliate programs.

    Disclaimer: The information for the Capital One® Venture® Rewards Credit Card, Capital One® Quicksilver® Cash Rewards Credit Card, and Capital One® Secured Mastercard® has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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