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CapitalOne360 Review: ING Direct is Now Capital One 360

Last year, one of the big stories was that Capital One bought ING Direct [3]. 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 [4]. 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?