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The Basics

What is 360 Savings?

360 Savings has no fees, no minimums and no catches. Your money will earn much more than what it would in an average savings or money market account and all deposits are FDIC insured up to $250,000 per depositor.

What's the catch? There is none!

View a short demo to learn how 360 Savings works. Opens a new window

360 Savings Terms & Conditions Opens a new window

How do I access my money?

When you open your 360 Savings, we use the checking account information you provide for your initial deposit to automatically establish a link, which allows you to easily transfer funds between the two accounts. View Opens a new window a brief demo to learn more about links.

You can initiate a deposit or withdrawal between your accounts online or by phone one of the following ways:

 

  • Sign in to your account 24/7 at capitalone360.com Opens a new window.
  • Call our Interactive Phone Service with 24/7 access at 1-888-464-7868.
  • Speak to an Associate at 1-888-464-0727 from 8 AM to 8 PM, 7 days a week.

 

Keep in mind, transactions generally take 2 business days to be completed.

If you have 360 Checking, you can transfer funds from your 360 Savings to your 360 Checking, which will be instantly available to make purchases with your debit card, to access cash at over 38,000 free Allpoint® ATMs or to pay bills online.

How do you calculate the interest on my account?

Interest on your savings account is accrued daily, compounded monthly and credited to your available balance at the end of each month.

When do deposits start accruing interest and how long are they on hold?

Interest starts accruing on your deposit starting the next business day after being processed.

All deposits into a 360 Savings and Kids Savings Account are subject to a 5 business day hold before they can be withdrawn. For security reasons, your initial deposit used to fund the account is on hold and unavailable for withdrawal for 10 business days.

Note: Your initial deposit must clear the initial 10 business day hold time before any additional deposits become available. For example, if you make your initial deposit on December 8th and make an additional deposit December 11th, both deposits will be on hold until the first deposit clears the initial 10 business day hold.

Electronic deposits that are automatically initiated outside the bank – like Direct Deposit or Social Security benefits – are available immediately. Transfers between Capital One 360 accounts are also available immediately. Both begin earning interest right away.

Deposits into 360 Checking are slightly different. Learn more.

How can I close my account?

Follow these directions to close one of your 360 Savings accounts – you’ll need to repeat the steps to close multiple accounts:

  1. Sign in to capitalone360.com with your Customer Number/Saver ID (Username) and PIN
  2. Click on the account you want to close
  3. Check to make sure you have no scheduled transactions or deposits on hold (including an Automatic Savings Plan)
  4. Click the 'Transfers & Deposits' tab
  5. Enter the entire balance of the account as the amount you’d like to transfer
  6. Select your savings account as the "from" account and the account you’d like the money transferred to
  7. Click the 'Transfer' button and finally the 'Close Account' button

Once you do this, your account will be closed. If you're consolidating funds into another Capital One 360 account, the transfer is immediate. If you're transferring the funds to your external linked checking, the funds will arrive in 2 business days. 

Can my 360 Savings be a living trust?

Yes, you can register your account(s) in the name of a Revocable Living Trust. Before you do this, make sure the ownership on your Capital One 360 account(s) matches your trust. For example, the Grantor of your trust must be the primary account holder and at least 18 years old. If you list a Trustee, he/she must also be the joint account holder.

To make ownership changes, sign in to capitalone360.com with your Customer Number/Saver ID (Username) and PIN, click on your account(s) and then click on the ‘Account Details' tab.

To register your account(s) in the name of a Revocable Living Trust, click on the 'Forms' tab and complete the online registration Opens a new window process or complete the 'Certification of Trust' form. Keep in mind:

  1. The Grantor and Trustee must be 18 or older.
  2. If the Grantor’s name isn’t included in the title of the trust, you’ll also need to send a copy of the first page of the trust document.
  3. The Grantor and Trustee names and addresses on the ‘Certification of Trust’ form must match the account information we have on file.

If you choose to fill out the ‘Certification of Trust Opens a new window’ form instead of registering online Opens a new window, you can return it along with any supporting documentation one of three ways:

Email: livingtrust@capitalone360.com Opens a new window
Fax: 1-877-464-3714
Mail: Capital One 360
P.O. Box 60
St. Cloud, MN 56302

Please note, we are unable to register your account(s) as an Irrevocable Living Trust.

Is there a limit to the number of withdrawals I can make from my 360 Savings?

Yes. Due to federal regulations, the 360 Savings has a limit of 6 withdrawals per calendar month. Withdrawals include transfers to your linked checking account or between other Capital One 360 accounts and external withdrawals. So, for example, if you transfer money from one 360 Savings to another 360 Savings, 360 Checking, etc., it still counts as 1 withdrawal. Keep in mind, the 6 withdrawal limit is per each 360 Savings account. If you exceed the limit multiple times, your account may be closed.

Is there a limit to the number of accounts I can have with Capital One 360?

Yes. There is a limit to how many accounts each Customer can have (don’t worry, we doubt you’ll even get close to it) with Capital One 360. You could be either a primary or joint account holder on a specific account and it would still count as one account. Here’s how it breaks down:

  • 360 Savings and Business Savings Accounts: 25 accounts max
  • CDs and Business CDs: 50 accounts max
  • 360 Checking: 1 account

Please note: IRA Savings and IRA CD accounts are not included in the total number of 360 Savings and/or CDs you can have.

How do I view specific types of transactions in my account?

If you’re looking to view specific type of transactions in your account, here’s how:

  1. Sign in to capitalone360.com
  2. Click on the account you want to view
  3. Go to the ‘History’ section
  4. Use the drop down boxes to filter your transaction results and click on the ‘Search’ button

What is backup withholding?

Backup withholding is when someone makes certain payments to you and you must withhold and pay 28% of those payments to the IRS. Payments that may be subject to backup withholding include, but are not limited to, interest, dividends and broker and barter exchange transactions.

If you provide your correct Social Security Number, make proper certifications and report all your taxable interest and dividends on your tax return, payments you receive should not be subject to backup withholding.

How do I update my backup withholding status?

Updating your backup withholding status is easy. Just follow these steps:

  1. Visit www.irs.gov Opens a new window or call the IRS at 1-800-829-1040 to obtain a W-9 Form
  2. Fill out and send in the W-9 Form to advise us of your updated withholding status
    • Fax: 1-877-464-4963, ATTN: Operations Research
    • Mail: Capital One 360, ATTN: Operations Research, P.O. Box 60, St. Cloud, MN 56302.

Your backup withholding status will be updated the day we receive the W-9 Form and funds will/won't be withheld beginning that month.

Please Note:

  • If your account(s) is jointly held and the joint holder needs to update their withholding status, they also need to follow the steps listed above.
  • To update backup withholding for a minor, a parent or guardian may sign their own name on the W-9 Form in place of the minor.
  • To update backup withholding for a Business Account, an Authorized Signer can complete and return the W-9 Form.

How do I request a Verification of Deposit (VOD)?

Requesting a Verification of Deposit (or VOD) is easy. Here’s how:

  1. Sign in to capitalone360.com
  2. Click on one of your accounts
  3. Go to the ‘Forms’ tab
  4. Under the "Verification of Deposit" section, click the ‘Verification of Deposit’ link to generate and print a form

You can select which accounts you want included. Keep in mind, your account must be open for at least 30 days to be included.

Can I use a Capital One Bank branch to service my Capital One 360 account(s)?

No, you can’t drop into a Capital One branch for help (the nice bankers won’t be able to pull up your account), but call us at 1-888-464-0727 from 8 AM to 8 PM and we can help you out.

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