Online Banks are Where the Money’s at

Online Banking

My favorite Bank is now Capital One 360 (formerly ING Direct). This is not a brick and mortar bank – it’s online only. Don’t get me wrong, we need a brick and mortar bank (or credit union) for some things, but not all things.

Why is Capital One 360 my favorite bank?

Capital One 360 provides a checking, savings and investing accounts (plus lots more, but those are what I use it for).

They have one of the highest savings account interest rates (current APY 0.75%) I’ve been able to find. What are you earning in your savings account?

They don’t charge any ridiculous fees and no minimums required.

My brick and mortar credit union account is linked to my Capital One 360 account so I can transfer funds easily back and forth. It takes about 2 business days to complete the transfer.

They will mail checks free of charge for you. Just fill out their ‘check’ form online and voilà, you’re not paying any postage or licking any envelopes!

Pay someone else directly into their checking account. I’m on a family phone plan with a friend and I set up my Capital One 360 account to be able to deposit into my friend’s checking account at another bank. No need to mail a check or give cash, I just submit the transfer online without any fees, simple enough.

Also, if you’re looking to do some investing (buying stocks, etc) Capital One 360 has what they call a ShareBuilder (now called Capital One Investing) account. You can link your two accounts together to make it easy to transfer funds. They currently charge $6.95 per trade (which is one of the lowest). They make it easy to purchase stocks and have an option so you can keep an eye on your favorite stocks. They keep track of what price you paid, the current market price and all that info you need to know; very user-friendly.

Capital One 360 just updated their app, which is a lot better now, so you can have access to your accounts right on your phone. They also have a ShareBuilder app so you can keep track of your stocks on your phone as well.

I didn’t even touch on half of the stuff they offer (kids savings accounts, access to Allpoint ATMs), but what I’ve used them for so far, I like.

I’ve been a member with Capital One online bank for over 6 years now and haven’t had any problems. I’ll admit, I was a bit leery at first, going to an online only bank, but it’s been worth it ever since.

If you want a free $25 and your high interest savings account, you can use my referral link here.

Have you tried Capital One 360? Which are your favorite online banks?


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