CapitalOne360 Review: ING Direct is Now Capital One 360

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Capital One 360Last year, one of the big stories was that Capital One bought ING Direct. Since the announcement, Capital One has been gradually changing up the branding. Now, though, the transition is complete, and ING Direct is now Capital One 360.

So, is anything different? And what does Capital One 360 have to offer?

For Now, It’s Mostly Business as Usual

There have been some small changes with the switch to Capital One 360. First of all, after Capital One bought ING Direct, but before the rebranding was complete, a mobile check deposit was added, making it easier to deposit checks with the help of a digital image and an upload.

On top of that, you can access your money at 40,000 more locations, thanks to the Capital One connection. That brings free access to your account up to more 78,000 from ING Direct’s previous 38,000 locations. Using your debit card overseas will also mean no foreign transaction fee, which is one of the benefits Capital One brings to its credit cards.

Other than that, for the most part it’s business as usual. Capital One 360 offers the same accounts as ING Direct, but they have been rebranded to get rid of the “Orange” designation that marked so many of the accounts.

My experience with Capital One 360 has been largely the same as with ING Direct. Nothing changed about the login process. My customer number, PIN, and security image are all still the same. All of my information is accurate. As far as I can tell, the transition has been mostly seamless, with the checking, savings, kids savings, and investment accounts all easy to manage from the dashboard.

One of the nice things about the new web site look, though, is that it’s easy to see how much interest you have, and you can even easily change the account information. A new fun option is to register the account in the name of your Revocable Living Trust (if you have one).

What about Interest Rates?

Many ING Direct customers noticed that interest rates started dropping after the Capital One acquisition. Right now, the rate on the 360 Savings and the Kids Savings accounts is at 0.75%. This isn’t horrible, but there are other banks offering better rates on high yield savings. CD rates are also a little bit underwhelming, ranging from 0.40% for a six-month CD to 0.90% for a 60-month CD. The checking account starts at 0.20% for less than $50,000, and then goes up to 0.80% and 0.85% if you have large balances.

However, Capital One 360 still maintains the no fee, no minimum that many customers know and love from Ing Direct. And, the customer service doesn’t seem to have faltered. As a result, there are hopes that things will remain pretty good going forward — even though some are jumping ship and concerned that Capital One’s reputation will turn out to be accurate, and lead to negative changes down the road.

Bottom Line

For now, not a lot has changed. Do I wish the savings account paid a higher yield? Sure. And I might switch down the road. But for now I’m not so devastated by the change to Capital One 360 that I’m ready to move.

What do you think of Capital One 360?

{ 18 comments, please add your thoughts now! }

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18 Responses to “CapitalOne360 Review: ING Direct is Now Capital One 360”

  1. mannymacho says:

    I didn’t realize that about the no foreign fee on debit cards. That’s an awesome benefit!

  2. admiral58 says:

    Rates will certainly drop further, as any Capital One account does.

  3. govenar says:

    I think ING’s rates dropped before they got involved with Capital One.

  4. Shirley says:

    Savings dropped from 80 to 75 in October of 2012.

  5. Master Allan says:

    I have been wondering myself how many tens or hundreds of millions were lost from closed accounts? Personally I and many others did not care for the Capital One name and closed my account which was in the top tier level for interest payments.

    Currently I’m using Barley’s Bank paying 1.0APY. Possibly going against my own rule of banking with juggernaut banks but for the time being…

  6. BARRY says:

    I would sooner deal with the MAFIA than thieves like CAPITAL ONE

    • Magy says:

      I agree, they try to keep your money any way they can they lock you out of your account then they tell you they are going to give your money to the goverment. What a headache to deal with these people and every time you call you get a run around

  7. jimmy james says:

    so jim, what broker are you going to, I found out I’m now getting .5% instead of the .75%, I didn’t realize it until I read your article. I’m moving out of capital one and would like to get .75% at least

  8. CWatson says:

    I’m new to Bargaineering so u may have already covered this. Capital One bought Household Bank, and as cards are reissued after expiring, they say neither Capital One nor Household Bank on the front. Just Platinum on the front and HSBC Card Services on the back. Well I have only had one HSBC card renewed so far.

  9. bee says:

    Like many others, I have experienced the downside of CapOne’s creativity.

    Have had ING for years and took it for granted.

    Confident it’s only a matter of time before CapOne’s predatory, deceptive nature reveals itself.

    Rather than wait for that to occur, I just opened an account with Ally, which seems to offer all of the benefits I had with ING Direct (bill pay, interest, no hidden fees). We’ll see how it goes.

    I am simply not going to do business with companies like Capital One, that tend to treat customers poorly.

  10. SLS says:

    I’m not particularly happy with the change-over, but it hasn’t affected my banking at all as of now, so I’ll stay with them for the moment. If they do anything problematic, I will quickly be out of there, probably to Ally.

  11. BrianC says:

    So far the transition has been surprisingly seamless. I’ve been with ING for over 10 years, and I’ll likely stay–unless interest drops considerably compared to other online banks, or fees start creeping in.

  12. Nathan says:

    Another mega-bank has ruined a good thing. Here’s what ING Direct customers can expect from Capital One 360:

    – No more 24/7 customer service. Instead they offer 8a-8p service and are closed for every holiday you can imagine.
    – No more near-0 hold times. I never had to hold for more than 30 seconds to talk to an ING rep. When I called them this morning I had to hold.

    I called them this morning because I had ordered a bank card and checks over 2 weeks ago and they have not arrived. The rep told me he would send out another card and it would arrive in 3-5 business days.

    I told him that is what they said about the last card and I need it ASAP because I have no way to access the funds in my account. He said he could expedite it, but they would charge me $25. He refused to waive the fee. By contrast, when I had my wallet stolen from my car last year, ING happily expedited me a new card in 2 days and didn’t charge me a dime.

    Although I hadn’t planned on it, I finally said “I think I’m just going to close my account. I don’t really think this transition to Capital One is–”

    The guy literally cuts me off mid-sentence and says “Okay would you like me to close your account now?”


    Its really too bad about ING Direct.

  13. Terry says:

    Capital One has been a black name in my book for years. Their deceptive, unethical practices deserve closer scrutiny. I jumped ship as soon as I heard the bad news, and am now very happy at, earning .80% on my money, and getting fabulous customer service on top of that.

    • Magy says:

      Agree, jump ship is the best thing you can do if you do not want to loose your money. They try to keep it. They try to get your funds like if it is not your money to do as you wish with it. Leave now close out before it is too late and whatever money you have with them is gone.

  14. dstep says:

    Capital One 360 is a great savings account. Their interest rate is higher than all Brick and Mortar Banks and higher than most online banks. They also offer a $25 bonus if you open with a $250 deposit!

    Their customer service is top notch and very easy to understand. Their accounts are also very very easy to sit up and they offer a very secure interface to register an account.

    You can also transfer money between your savings account and your capital one 360 checking account very easily as well..

    My one complaint is that they hold your transfer longer than Ally or my regular brink and mortar bank. If you are using this for savings this is not a bad thing. They usually release the transfer in about 5 days.

    Overall I would highly recommend this bank to anyone interested! They also have a checking account promotion currently running.

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