Recently I set up a new bank account with Capital One 360. Capital One 360 is an online bank with both checking and saving account options. I chose a savings account to help me reach my goal of $5,000 for big purchases. I decided to go with this bank account through the request of Mint.com.
I have been using Mint.com to keep track of my finances and restrict myself to different budgets. When I set my goal of saving $5,000 on Mint.com it suggested I try a bank with higher APY (Annual Percentage Yield). There were several options so I did my research and talked to others who used Capital One. It seemed like the best choice for me and I can honestly say that I’ve been a satisfied customer.
The initial account set up was simple and hassle free. There was an identification process that didn’t allow me to set up the account in one day, but this did not bother me. The reason why the Capital One 360 Savings Account does not allow you to set up in one day is because it wants to make sure all the information is authentic and safe. Someone from Capital One called to speak with me in person to make sure all my information was correct. There is also a process to ensure the right bank account has been linked with the Capital One 360 Savings Account. Even though I had to wait I was glad to see their dedication to the customer and high quality service.
After this process was over there was a minimum deposit which I could make by linking one of my current accounts (doesn’t have to be with Capital One) online. All I needed was my account information and to plug it in. It was as simple as that.
I also like this account because not only does it give me more money back, but it helps to prevent me from spending the money deposited there. When a deposit is made there is a pending period where the money will not be transferred into the account right away. There is also a holding process where the money has been transferred but cannot be withdrew. I imagine these two periods are in place because the transaction takes a little longer with it only being online and so that they can assure that the money transferred is real.
I like this feature be sued its almost as if there is a mom setting. As if my mom was saying, “I’ll save this money for you but I’ll only let you have access to this much. When you’re ready I’ll let you have more. I only want what’s best for you, hunny, and what’s best for you is to save your money, not spend it.”
Another great feature is the automatic scheduled transfer. I’ve used this feature to automatically transfer 10% of my paycheck (direct deposit from my linked account) on the 15th and end end of the month. I get paid biweekly so I chose to do it this way, but there are other options as well. I chose to only transfer 10% automatically because I can control how much additionally I want to save at that time depending on my current financial situation.
Lastly, the account is not connected to my debit card or credit card in any way so there’s no way I will touch this money unless its absolutely necessary. It can just sit there and accumulate.
I’ve made the $5,000 a long term goal but I’m already a month ahead!
Do you use Capital One 360? Or do you have another bank account with great offers?