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Banking

Benefit from no monthly fees and an above average APY with the Capital One 360 Checking Account

The Capital One 360 Checking Account is CNBC Select's highest-rated no-fee checking account. Here's what you need to know about opening this account.

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If your current checking account is charging you monthly maintenance fees, consider switching to a new account that has no monthly fee. The Capital One 360 Checking® Account is CNBC Select’s top-rated no-fee checking account that can save you an average of $15 a month on the monthly fees that many other bank accounts charge.

The 360 Checking Account also has a large ATM network, an above-average APY and an easy-to-use mobile app that makes managing your money a breeze.

Here’s a detailed look at the Capital One 360 Checking Account’s APY, access to your cash, perks and fees, so you can decide if this checking account is a good choice for you.

Capital One 360 Checking Account review

Capital One 360 Checking®

Information about the Capital One 360 Checking® Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Capital One is a Member FDIC.
  • Monthly maintenance fee

    $0

  • Minimum deposit to open

    $0

  • Minimum balance

    None

  • Annual Percentage Yield (APY)

    0.10%

  • Free ATM network

    40,000+ Capital One® and Allpoint® ATMs

  • ATM fee reimbursement

    None

  • Overdraft fee

    $35 if you opt-in to Next Day Grace

  • Mobile check deposit

    Yes

Terms apply.

APY

The Capital One 360 Checking Account currently offers a 0.10% APY on all balances. This is higher than the national average of 0.04%, according to the FDIC.

Access to your cash

Checking accounts provide easy access to your cash compared to high-yield savings accounts and CDs that limit monthly transactions or require a certain amount of time to pass before you can access your money.

With the Capital One 360 Checking Account, you can withdraw money daily — whether that’s at an ATM or by visiting a teller at the bank. Plus you can conveniently send money to people in minutes through services like Zelle.

Card purchases and withdrawals, including ATM withdrawals, cash advances and signature and PIN-based purchases, are limited to $5,000 per day. Debit card withdrawals from an ATM are limited to $1,000 per day.

Perks

  • No deposit required to open an account, but you’ll need to make a deposit within 60 days or your account will be closed.
  • Top-rated mobile app, ranking number four on J.D. Power’s 2019 U.S. National Banking Satisfaction Study, which ranks bank customer experience across various factors, including deposit accounts and convenience. Capital One receives strong satisfaction scores for mobile banking and checking accounts.
  • Free savings transfer for overdrafts, after you opt in and link a savings account.
  • Zelle is integrated directly into the Capital One mobile app, so you can send and receive money within minutes.
  • Over 40,000 fee-free Capital One® and Allpoint® ATMs, so you won’t have to incur a fee for getting cash or depositing money.
  • Mobile check deposit, allowing you to conveniently take a photo of a check and deposit it from within the Capital One mobile app.
  • First checkbook is free, letting you write 50 checks before having to pay for a checkbook.
  • Lock and unlock your card, preventing most new transactions when your card is stolen, lost or misplaced. Autopay, returns, credits and some other transactions may continue while your card is locked.
  • Monitor your credit with CreditWise®, which is seamlessly built into the Capital One mobile app. Check out our review of CreditWise.

Fees

While the Capital One 360 Checking Account is our number one no-monthly-maintenance-fee checking account, that doesn’t mean it has zero fees. But overall, there are minimal fees. You won’t incur foreign transaction fees, so you can use your debit card outside the U.S. without any extra costs.

Capital One also won’t charge you for using an out-of-network ATM, but the ATM operator might. It’s best to stick to the over 40,000 Capital One and Allpoint ATMs, which are in-network and fee-free.

Some typical fees that you can expect to incur include a $9 bounced paper check fee, $7 or $11 checkbook fee (per 50 or 100 quantity, respectively) and $10 or $20 fee per cashier’s check.

When it comes to overdraft fees, which are a key pain point of most checking accounts, you have three options:

  1. Opt-in to Next Day Grace overdraft protection: Capital One will authorize transactions that exceed the balance in your account. You'll have until the end of the next business day to make your balance positive, or you'll incur a $35 fee.
  2. Don't opt-in to Next Day Grace: Capital One will auto-decline transactions that exceed your checking account balance and won't charge you a fee.
  3. Don't opt-in to Next Day Grace and link a savings account: When you link a savings account and overdraw your checking account, Capital One will transfer available funds from your linked savings account. This option is free from fees.

Bottom line

The Capital One 360 Checking Account is a simple deposit account that can help you manage your money at no monthly cost. You can receive your paycheck, withdraw money from over 40,000 Capital One and Allpoint ATMs and deposit checks from the convenience of your mobile phone — all at no fee. Plus you can benefit from an above average interest rate, allowing you to earn interest on balances in your account.

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Information about the Capital One 360 Checking® Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Capital One is a Member FDIC.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.