Hey I have something interesting to say!
You’d better sit before you hear it Capital One 360 Performance Checking and savings accounts is the topic of today’s video Hi I’m Slava welcome to my channel about money here I help you to organize your
personal finances. Subscribe to my channel if you want more money. I mean more videos about money First let’s start this review with Capital One 360 Performance checking account. That’s awesome! You can earn interest on this checking account. As of today the APY is 0.2%. Not bad for a checking
account. Right? Interest on checking accounts is not something unique.
Ally bank and Credit Unions usually pay some interest on checking accounts. Ally
Bank pays 0.1%, Alliant Credit Union pay 0.45%, but it is good that big
banks are joining this trend too Here are the benefits of Capital One 360
Performance Checking Account. There are no unreasonable fees and they offer
first checking book for free. Free… There is no minimum balance for checking account. It is useful for those who have no too much money. You can access your
Capital One Account through network of ATMs. Capital One has 39k ATMs with no fees. They also have an excellent mobile app. No surprises most of the big
banks these days have a good mobile application. Capital One mobile
application has also a nice feature mobile check deposit. Very useful feature.
You can deposit check without going to a branch or ATM. Just take a picture of the
check you received. Use a dark background so that mobile application will easily
recognize it. Will recognize the check. Capital One integrated Zelle. So you can
transfer money to people you know personally. All you need is a phone
number. Zelle will send SMS to your friend where he can accept the transfer.
Easy! Capital One 360 checking account allows you to pay bills online. Capital
One offers a few overdraft options. First transaction that exceed your balance
will be decline it automatically. I think it is a useful feature that should be
enabled by default. You can choose another option. Money can be transferred
from your savings account this is probably the best option for responsible
people. People! The third option is an overdraft line of credit. In this case
you will have to pay interest Line of credit will require a credit score check
to determine the interest. Usually it is somewhere close to 12.75%. I hope
you are smart enough to not use this option without very very important
reason. Even with important reasons don’t use it. Getting into depth with 13% is
just stupid. It is less stupid than 20% but dumb anyway. If you have no money
probably you cannot afford this depth. You don’t need it. Another option is next
day grace period. You will have to pay the over drown amount to avoid $35 fee.
Have I said that there is no fees before? Remember, there is no such a thing as no
fees. I will be very disappointed if you will choose this option for overdraft.
Just don’t do it. After you open the Capital One 360 checking account you can choose to bank online only or to receive a MasterCard debit card. You can use the
MasterCard debit card within a large network of ATMs. There are 39k ATMs. Have I mentioned 0.2% APY on this checking account? This checking account may sound like a savings account. But Capital One has also 360 Performance Savings account. High interest savings account. As of today the interest rate is
1.7%. But it can go up and down anytime. The interest on Capital One 360
Performance Savings Account is somewhere in the middle of other high-yield savings
accounts. Ally Bank has 1.6% Alliant credit union has 1.65% Amex
has 1.7% Marcus by Goldman Sachs has 1.7%
CIT bank pays 1.85%. HSBC pays 2.05% Capital One accounts are FDIC insured up to $250,000. The interest on this checking and savings
accounts will be reported to the IRS. At the end of the year you will receive form 1099 and you will have to pay taxes. The savings account has limit of 6
withdrawals per month. That’s all for today! Did you like my review? Please drop a comment below, click like button. Subscribe to my channel. Watch my other videos! If money doesn’t grow on the trees –
then why banks have branches? Hmm…