What you need to open a Capital One 360 savings account

Capital One 360 (formerly ING Direct) is an online-only bank, so you open an account entirely through their website or mobile app—there are no branches to visit. You'll need a Social Security number, a valid government ID, a current email address, and a funding source to make your first deposit. The whole process takes about 10 to 15 minutes.

Capital One will run a soft credit check and verify your identity through the Early Warning Services system, which checks your banking history. This is not a hard inquiry and won't affect your credit score. If you've had a previous account closed for cause at Capital One or another bank, or if you appear in ChexSystems (a banking history database), you may be declined.

You don't need a minimum deposit to open the account, but Capital One does require you to fund it within 30 days of opening it. Most people link a checking account from another bank and transfer money electronically.

Key Takeaways

  • You open a Capital One 360 savings account online through their website or app in about 10 to 15 minutes using your Social Security number and a government ID.
  • Capital One runs a soft credit check and verifies your identity through Early Warning Services, which does not affect your credit score.
  • You must fund the account within 30 days of opening it, though there is no minimum deposit amount required.
  • You can link an external checking account from another bank to transfer money in, or receive a wire transfer or ACH deposit from your employer.
  • Once open, your account comes with a debit card that arrives by mail within 7 to 10 business days.

Step-by-step: opening your account online

Go to capitalone.com and click "Open an Account" or use the Capital One 360 mobile app. You'll be asked to choose between a savings account, money market account, or checking account—select savings. Enter your email address and create a password, then provide your full name, date of birth, Social Security number, and current address.

Capital One will ask you to verify your identity by uploading a photo of your government ID (driver's license, passport, or state ID card). Take a clear photo of both the front and back, and make sure your face is visible and the document is not expired. The system usually verifies this within a few minutes, though it can take up to 24 hours if done manually.

Next, you'll link a bank account to fund your new savings account. Provide the routing number and account number from your existing checking account at another bank. Capital One will make two small test deposits (usually under $1 each) to that account within 1 to 2 business days. You'll then log back in and confirm the exact amounts of those deposits to prove you own the account. Once confirmed, you can transfer money between the accounts.

Review the account terms and sign the deposit agreement electronically. Your account is now open. You should receive a debit card by mail within 7 to 10 business days, though you can use your account online when ready to transfer money or set up automatic deposits.

Funding your account and what happens next

You have 30 days from the date you open the account to make your first deposit. The easiest way is to transfer money from the linked bank account you verified during signup. You can also request an ACH transfer from your employer's payroll system, or receive a wire transfer from another bank (though wire transfers usually cost $15 to $25 at the sending bank).

Once you've made your first deposit, your account is fully active. You can set up automatic transfers, receive direct deposits, and move money between Capital One accounts if you open more than one. The debit card that arrives in the mail can be used at any ATM in the Allpoint network (over 55,000 ATMs worldwide) with no fee, or at Capital One's own ATMs.

Capital One 360 savings accounts currently earn interest on your balance. The rate changes based on Federal Reserve decisions and market conditions, so check their website for the current rate before you open the account. Interest is compounded daily and deposited monthly.

What to do if your account is declined

If Capital One declines your process, they will send you a letter explaining the reason. The most common reasons are a ChexSystems record (a history of unpaid overdrafts, fraud, or account closure for cause), a previous Capital One account closed for cause, or an address that doesn't match government records.

If you were declined because of ChexSystems, you can request a free copy of your report at www.chexsystems.com/consumer. If there's an error, you can dispute it directly with ChexSystems. If the information is accurate, you may need to wait 5 years for negative items to fall off, or you can look for a second-chance bank account at another institution.

If you were declined for another reason, you can call Capital One at 1-800-869-3557 and ask what specifically caused the decline. Some decisions can be appealed, though Capital One does not may provide reconsideration. If you're declined, you have the right to know why under the Fair Credit Reporting Act.

Linking external accounts and transferring money

After you've verified your external bank account during signup, you can transfer money between that account and your Capital One 360 savings account at any time. Transfers initiated before 11:59 p.m. ET on a business day usually post the next business day. Transfers on weekends or holidays may take longer.

You can also set up recurring automatic transfers—for example, moving $100 from your checking account to savings every payday. This is useful if you want to build savings without thinking about it. You can change or cancel automatic transfers anytime through your online account settings.

If you want to add a second external account (for example, a checking account at a different bank), you can do that in your account settings under "Linked Accounts." You'll go through the same verification process with the two small test deposits.

Your debit card and ATM access

Capital One 360 savings accounts come with a debit card that you can use to withdraw cash at ATMs. The card is mailed to the address you provided during signup and typically arrives within 7 to 10 business days. You'll receive a PIN in a separate mailing for security.

You can use your debit card at any Allpoint ATM with no fee. Allpoint has over 55,000 ATMs in the United States and internationally. If you use an ATM outside the Allpoint network, Capital One charges a $2.50 out-of-network fee, and the ATM operator may charge an additional fee.

You cannot use your Capital One 360 debit card to make purchases at stores or online—it's for ATM withdrawals only. If you need a checking account with a debit card for everyday spending, you can open a Capital One 360 checking account in addition to your savings account.

Account features and limitations

Capital One 360 savings accounts have no monthly maintenance fees, no minimum balance requirement, and no limit on how much you can deposit. You can withdraw money anytime without penalty. Interest rates are competitive with other online banks, though they fluctuate with market conditions.

Federal law limits you to six withdrawals or transfers per month from a savings account (this includes ATM withdrawals, transfers to other accounts, and checks written against the account). If you exceed six in a month, Capital One may charge a fee or convert your account to a checking account. This rule applies to all savings accounts at all banks.

Capital One 360 accounts are FDIC-insured up to $250,000 per account holder per bank. If you have both a savings and checking account at Capital One, each is insured separately up to $250,000. If you have a joint account, the coverage is $250,000 per owner.

Frequently Asked Questions

Can I open a Capital One 360 account if I'm under 18?

No, you must be at least 18 years old to open an account in your own name. If you're under 18, you can ask a parent or guardian to open a joint account with you, though Capital One does not currently offer dedicated youth or teen accounts.

What if I don't have a government ID?

You need a valid government-issued photo ID to open the account. Acceptable forms include a driver's license, passport, state ID card, or military ID. If you don't have one, you'll need to obtain one before you can open the account.

How long does it take to transfer money from another bank?

Transfers initiated before 11:59 p.m. ET on a business day usually post the next business day. Transfers on weekends or holidays may take an additional day. Wire transfers from another bank can take 1 to 3 business days depending on the sending bank.

Can I open multiple Capital One 360 savings accounts?

Yes, you can open more than one savings account at Capital One 360. Some people do this to separate savings goals—for example, one account for an emergency fund and another for a vacation fund. Each account earns interest at the same rate and is insured separately up to $250,000.

What happens if I don't fund my account within 30 days?

If you don't make a deposit within 30 days of opening the account, Capital One will close it. You'll need to open a new account if you want to use their services. There's no penalty for this—it's just Capital One's policy to close unfunded accounts.