www.capitalone.com – Everything you need to know about 360 Money Market Account
Finance
Savings must be done judiciously. Before opting for savings, it is imperative to know about the tauter of your investment and most importantly the returns and risks involved. One such common savings method is the Money Market Account. A totally different from the stock market, Money Market Account or MMA is a type of savings account providing you with a greater savings rate than the usual savings account.
It also imperatively offers to check writing options. However, MMA requires a higher minimum balance than other savings account. With so many returns and no risk of the stock market involved, Money Market Account is another opportunity for the customers to invest safely.
Capital One is a prominent FDIC member and Equal Housing Lender giving its customers the option to open their 360 Money Market Account. One of the reasons for opening your first MMA from Capital One is that you do not need minimum savings to account to open the account. Balance maintenance is only required to facilitate a higher interest rate. 360 Money Market Account neither comes with the checks nor with a debit card.
To open the 360 Money Market Account, you must meet the following criteria:
- Must be 18 years or older. (except for the joint account)
- Must be a legal resident of the United States of America.
- Must have a steady flow of income.
- Must have a general savings bank account either in Capital One or third party bank. In case, the customer has savings account on Capital One as wells third party bank, the Capital One account will be regarded as the linked account.
- Must have at least a $10,000 account balance to get the highest rate. However, account opening and maintenance does not require a minimum balance.
- Must have an online account in the Capital One banking portal.
Higher the savings rate, more the money. And Capital One is offering an excellent rate in terms of your return. The best thing is that the money you deposited will remain intact without any impact. On the contrary, your money will increase as per the market rate.
| Savings account | Money market account | Certificate of deposit | |
| Initial deposit | $10,000 | $10,000 | $10,000 |
| Annual percentage yields (average) | 0.09% | 0.29% on balances of $10,000+ |
0.64% |
| Balance after one year | $10,009 | $10,029 | $10,064 |
To enrol for the Money Market Account, you need to login to your Capital One online banking account
- Open your browser and visit www.capitalone.com/bank.
- Click on Sign In at the extreme top right.
- Enter your username.
- Type the Capital One online banking account password.
- Click on Sign In.
From the products and services, you need to go to the 360 Money Market Account feature. Here you can start enrolling by providing the minimum balance for earning the highest rate, i.e. $10,000. The account can be opened by an individual on his/her name or with a joint co- account holder.
Get started by linking your personal savings account with the 360 Money Market Account. In case, you already have personal savings account with Capital One, then it will be automatically linked as the ‘link’ savings account at the time of account opening. A verification process will be initiated to determine your account ownership for security reasons.
Unless funded, MMA cannot be regarded as active. It is suggested to deposit at least a penny to keep the status active. Also, the registered email address must be valid and all the active communication including the account statement and balance alerts will be sent to that ID itself.
Deposits commenced with the check of the authorized bank, ACH deposits that Capital One initiates on your behalf will be executed within 4 business days. That is deposits can be withdrawn only after completing four business days. ACH direct deposits, incoming wire transfer, and Cash Deposit would be available within the same business day while the checks are drawn on N.A. and Capital One account will be available within the next business days.
There is no facility for over-drafting. You can only withdraw the money that is there in your account.
Types of Money Market Account
- Individual Account: This type of account is owned by any one person.
- Joint Account: This type of account is owned by two adults jointly.
- Joint Account with Minor: This type of account is held jointly by an adult (parent or legal guardian) and a minor (below 18 years).
- Revocable Living Trust Account: This type of account is held by a living trust or one or more trustees.
- Payable on Death: Here the owner names a beneficiary who will receive the entire amount and account ownership after the death of the former.
For detailed terms, conditions and legal implications of 360 Capital One account, visit www.capitalone.com/disclosures.
Also Read: Chilli’s Regulars Rewards – the Best way to pamper regular guests
Contacting 360 Money Market Account Department-Capital One
Via Call:
Dial the number 1-888-464-0727.
Via Mail:
Write to Capital One at
Capital One,
PO Box 60,
St Cloud MN,
56302-0060
References: