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Capital One 360 CD Review

Capital One CD
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Patrick Sather
Aug. 23, 2023
3 min read
Patrick Sather
Capital One CD Summary
Founded in 1994, Capital One offers banking, credit card, auto loan, and investing services. Capital One 360 CD accounts are available in terms ranging from six months to five years. You can open an account online in less than five minutes, and there’s no minimum deposit requirement. With Capital One 360, you can choose how and when you get your interest, and you can track your account on the go with the Capital One mobile app.

Pros

  • No minimum deposit required
  • Wide range of terms offered
  • Quick and easy to open an account

Cons

  • Relatively short 10-day grace period
  • Below average APYs on some terms

Capital One CD at a glance

9.6
Editorial score

Fees?

Most products are fee-free
8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor authentication
10.0

Customer service

24/7 service with multiple communication options, dedicated fraud team
10.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

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Advantages Over Traditional Banks 

Unlike some banks, Capital One 360 CD accounts do not require you to make a minimum deposit. This means that anyone can open up a Capital One 360 CD and start earning interest on their savings. 

Capital One 360 offers a wide array of CD terms, ranging from six months to five years. Capital One 360 also allows you to have up to 50 active CD accounts at one time, so it’s easy to create a CD ladder.  This is a savings strategy that involves dividing your money into smaller CD accounts with staggered maturity dates. 

This flexibility lets you set up your accounts so that you’ll always have money earning interest. At the same time, you’ll have access to the portion of your money that isn’t subject to early withdrawal penalties. 

Cutting-Edge Banking Services

 

As a technology-focused bank, Capital One prioritizes solutions that make it convenient to manage your accounts no matter where you are. You can open a Capital One 360 CD account in less than five minutes on your computer or mobile phone. Moreover, with the Capital One mobile app, you can easily scan your CD accounts and adjust your settings for how you receive interest payments from your deposits. 

Traditional Banking Services 

In addition to CDs, Capital One 360 provides other financial services such as checking and savings accounts, auto loans, and credit cards. While you can open an individual retirement account (IRA) or IRA CD account with Capital One 360, it no longer originates or services residential mortgages as of 2017.

With Capital One, you can access more than 70,000 fee-free Capital One, MoneyPass®, and Allpoint® ATMs across the United States. If you enjoy banking in person, you can visit one of 34 Capital One Cafes nationwide. These cafes function not only as coffee shops but also as full-service bank branches where you can do everything from opening an account to making a withdrawal. 

Interest Rates and Fees

Although Capital One 360 CD accounts offer competitive rates when compared to major banks, you can likely find higher APYs at smaller banks or credit unions. Rates and fees do not differ by region, and CD accounts are available in all 50 states. Terms start at six months and go all the way up to five years.

 Capital One 360 charges a penalty if you withdraw funds from your CD prior to your grace period. This is the time when you can withdraw funds from your account penalty free, lasting for 10 days starting from the end of your term. The early withdrawal penalty varies depending on the length of your CD. For terms of 12 months or less, the fee is three months’ interest, while terms longer than 12 months have a penalty of six months’ interest. 

Customer Service and Online Experience

If you need assistance, you can contact Capital One 360’s customer service team from 8am to 11pm (ET), Monday-Friday. Support is available over the phone or via live chat through the Capital One mobile app. Outside of normal business hours, you can use Capital One’s automated support system 24/7 to answer basic questions about your account, such as your balance.

 Capital One has a score of 1.3 out of five stars on Trustpilot. While some reviews state that its customer service is slow and unresponsive, most complaints focus on the high interest rates charged on Capital One credit cards.

 Whether you want to view current CD rates or check out some FAQs, it’s easy to navigate Capital One’s website. You can sign up for a CD account in less than five minutes online or at a Capital One Cafe branch near you. 

Mobile App  


The Capital One 360 mobile app is available for download on iOS and Android devices from the Apple and Google Play stores, respectively. You can use it to check on your CD account balance and adjust how, when, and where your CD pays interest. It also offers a full suite of mobile banking services, including mobile check deposit, automatic saving features, and credit score tracking. 

Security

Capital One 360 uses a variety of data privacy features to protect your personal and financial information. It employs SSL encryption to deter hackers, and its dedicated fraud team monitors accounts 24/7 to detect signs of suspicious activity. 

In addition, Capital One’s login process utilizes two-factor authentication to secure your account details, and you can also opt to use biometric eye or fingerprint security when you log into the mobile app.   

Summary

If you have a little money that you want to invest risk-free, but you don’t qualify for an account at a major bank, a Capital One 360 CD account may be right for you. It offers a great selection of CD terms and doesn’t require a minimum deposit. You can open an account online in minutes and manage your interest payments on the move with the Capital One mobile app.

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Methodology

This review was based upon information gathered from Capital One 360’s website and customer reviews. 

Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.
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