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Capital One 360 money market accounts are increasingly popular. They let you earn a higher interest rate compared to typical savings accounts, helping you achieve your financial goal. If you want to grow your savings faster, it can be a better choice than a conventional bank.
However, Capital One is not the only player in the money market. There are several online banks that offer money market accounts with competitive rates. Learn more about the Capital One 360 money market account before you make a financial decision.
Capital One 360 Money Market in a Brief
The Capital One 360 offers money market accounts with above-average rates. It has a number of useful features such as mobile check deposit that ensures convenient access to your deposit and different options of ATMs in the United States.
Delivering higher rates than regular savings accounts, the Capital One 360 is suitable for customers who need to maintain a larger balance. The higher your daily balance, the more interest you earn in your savings accounts.
In addition, the Capital One 360 money market offers a promising annual percentage yield (APY) of 0.80 percent. This rate is significantly higher than the national average percentage yield on savings accounts of.42 percent according to the FDIC.
While the money market is a type of savings account, it is different from a certificate of deposit (CD). The biggest difference between a money market account and a CD is the withdrawal agreement. With a money market account, you have withdrawal transaction flexibility without paying a penalty.
Capital One 360 Money Market Account Requirements
Learning the Capital One 360 money market requirements allows you to understand what it takes to open an account. Here are several basic things to keep in mind if you plan to open a 360 money market account.
1. US Citizen or Permanent Resident
The Capital One money market is not for everyone. You must be a US citizen or a lawful permanent resident in the United States. You must be at least 18 years old of age with a Social Security Number. Having a US mobile phone number is also a must.
2. Credit Reports
The institution may require a credit report to connect to your account. Not all customers are required to provide their credit report but it will be better if you prepare it before opening a Capital One 360 money market account. Anytime they request you to inform the report, you already have it at hand.
3. Paperless Customer
Being a paperless customer is a must if you want to open a Capital One 360 money market account. The advent of technology has promoted paperless communications, so you can receive disclosures and all information via email. This is why you must provide a valid email address upon your request.
4. Minimum Deposit
When it comes to initial deposit, there is no minimum deposit required to open an account. That means you are allowed to create an account with any amount and gain the disclosed APY, but the interest rate will depend on your daily balance.
Once you open a money market account, the interest will be compounded and credited to your account on a monthly basis. You will also obtain the accrued interest when your account is closed prior to credited interest.
Capital One 360 Money Market Fees
Monthly or maintenance fees are deducted from your balance in typical savings accounts on conventional banks. Interestingly, Capital One 360 money market does not charge your account for monthly fees, which means you keep what you earn.
However, your account may be charged for the following:
- Cashier Check
When you purchase a cashier’s check at the Capital One location, your account may be charged $10.00.
- Outgoing Domestic Wire Transfer
Capital One applies a charge for an outgoing domestic wire transfer. If you request this transaction, you will need to pay $30 for each processed transfer.
- Foreign Check
When you use a foreign check at the Capital One location, they will not charge you a fee. Instead, the paying bank will deduct a fee for the process.
Benefits of Capital One Money Market
Having a money market account on Capital One 360 provides you with a lot of benefits from higher interest rates to easy access and withdrawal supports. These are things you are going to get with this account.
1. High Interest Rate
Money market accounts obtain high interest rates and the Capital One 360 is no exception. The annual percentage yield is also higher than the national average, helping you grow your savings much faster than typical savings accounts.
2. Easy Access with Mobile App
Capital One 360 money market offers convenient access to mobile applications. Once downloaded, you can check your deposit and track your savings on the go. Featuring a user-friendly interface, accessing your 360 money market account is not a daunting task.
3. Support 6 Withdrawal Transactions
The money market is not like a certificate of deposit that keeps your money for a specific term and requires you to pay a penalty if you access the money before the term is over. With Capital One money market account, you can access your money up to 6 transactions per month without penalty.
4. No Maintenance Fee
Keep the money you earn and make it grow. Capital One money market has no monthly maintenance fee, so you don’t have to worry about unwanted deductions on a monthly basis.
Capital One 360 Monet Market Plus and Minus
Thinking of opening an account on Capital One 360 but you are not sure about it? Getting to know the positive and negative sides of this money market account helps you make a firm decision. Take a look at the following pros and cons.
Pros:
- Mobile app accessible
- No monthly fee
- No minimum deposit
- High interest rate
- No ATM fees
- Support up to 6 withdrawal transactions
Cons:
- Lack of physical branches
Capital One 360 money market could be a perfect way to keep and grow your money faster than regular savings accounts. It promises a higher interest rate with no monthly maintenance fees so you can maintain a large balance without unwanted deductions.
