How to Close a Capital One 360 Account
Chime vs Capital One 360: Which is better for online banking?
- Pros and cons of Chime
- Pros and cons of Capital One 360
- Savings
- Checking
- CD
- Which is more trustworthy?
- Chime and Capital One 360 both have strong high-yield savings and checking accounts.
- Capital One's savings tools and multiple overdraft protection options give it a leg up over Chime.
- Capital One also has CDs, credit cards, and auto loans, while Chime only has a savings and checking account.
- Read Insider's full reviews of Chime and Capital One.
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Chime and Capital One 360 are two online banking platforms with excellent checking and high-yield savings accounts . But depending on what you're looking for, one may be a better fit than the other.
Pros and cons of Chime
Pros and cons of Capital One 360
Annual Percentage Yield (APY) 0.13% APY
Annual Percentage Yield (APY) 0.40% APY as of 11/30/21
Annual Percentage Yield (APY) 0.29% to 0.40% APY
Annual Percentage Yield (APY) 0.01%
Savings
Annual Percentage Yield (APY)
0.40% APY
Editor's Rating
Pros
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
Cons
- Limited access to customer service by phone
- Over 470 branches in CT, DC, DE, LA, MD, NJ, NY, TX, and VA
- Interest compounded daily, paid monthly
- FDIC insured
Checking
Annual Percentage Yield (APY)
0.10% APY
Editor's Rating
Pros
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
Cons
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
- New Capital One 360 Checking customers who open a new account from 6/16/2021 to 8/17/2021 using promo code BONUS150 and complete two direct deposits each worth $250 or more within 75 days of account opening, will receive $150
- Over 70,000 free ATMs nationwide
- Over 470 branches in 8 states and DC
- Interest compounded daily, paid monthly
- FDIC insured
CD
Chime doesn't offer CDs, while Capital One 360 has CD terms up to five years.
Annual Percentage Yield (APY)
0.10% to 1.00% APY
Editor's Rating
Pros
- Competitive APY
- No minimum deposit
- Low-to-standard early withdrawal penalties
Cons
- No jumbo or no-penalty CDs
- Terms ranging from 6 months to 5 years
- No minimum deposit
- Early withdrawal penalties ranging from 3 to 6 months interest
- Compounding interest to maximize your earnings
Which is more trustworthy?
Capital One and Chime each have a recent controversy.
Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One's security was inefficient at the time.
Chime reached a settlement with the California Department of Financial Protection and Innovation for using the URL "Chimebank.com" and the words "bank" and "banking," even though Chime isn't licensed to work as a bank. Although Chime is insured through a bank, it's technically a banking platform, not a bank.
The Better Business Bureau measures companies' trustworthiness by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. The BBB gives Capital One an A and Chime a B in trustworthiness. Chime has a B mainly because it hasn't responded to all of the customer complaints on the BBB website.
Chime and Capital One 360 are both strong options for online banking. If you're just looking for a checking and savings account, your decision could come down to which specific features you're looking for.
Laura Grace Tarpley, CEPF
Editor, Banking & Mortgages
Laura Grace Tarpley is an editor at Insider, responsible for banking and mortgage coverage on Personal Finance Insider. She covers mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips. She is also a Certified Educator in Personal Finance (CEPF). Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.
Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.
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How to Close a Capital One 360 Account
Source: https://www.businessinsider.com/personal-finance/chime-vs-capital-one-360-online-banking