Multiple Savings Accounts w/ Capital One 360

Review of: Capital One 360

Reviewed by:
Rating:
5
On May 27, 2015
Last modified:February 3, 2017

Summary:

Previously, I had written an article about saving for multiple goals using Ally Bank. It was quite well received, so I wanted to expand that topic and show you another way to set up multiple accounts with a different company.

The bank I primarily use for my checking account is Capital One 360. What I had left out was the functionality of their savings accounts, mainly because I had been using Ally Bank for my savings.

If you sign up for Capital One 360 here, or through one of the links on the page, you’ll get a $25 bonus for opening a checking account, and a $25 for opening a savings account. I’ll get a small thank you as well. 

capital one 360 savings goals

Getting Started with 360 Savings 

If you already have a checking account with Capital One 360, you’re in luck. They make this process extremely easy for existing customers.

If you’re new, not to worry – the process is also pretty simple!

360 savings account setup

 

Setting Goals with Capital One 360

Now that you have your savings account open. It’s time to get rolling on making those savings goals!

Capital One 360 will help you calculate the amount of money you need to save to reach your goal by a certain date, or will tell you the date you will reach your goal based on how much you can save. 

Here is an example of them telling me my end date:

setting up savings goal with capital one

While I typically don’t appreciate the ways banks try to “help” you, I may have to eat my words with this goal functionality. They actually seem interested in helping you reach your savings goals. Every step of the way it seems to stay top of mind, making it harder for you to forget.

 

The Almighty Progress Bar

The first screen you see once you log into your Capital One 360 account is the Accounts Summary Page. Sounds kind of normal and boring, right? Wrong.

At first glance, it may seem pretty average, but wait….is that a progress bar?!

capital one progress bar 360 savings

Once you setup your goals, they actually show you how far along you are with your goal each time you login. Best of all – they do it in a very suddle, almost sneaky way – but it shows right on the dashboard so you can’t really forget about your goals. Well done, Capital One 360. You can also roll over the progress bar to see the percentage you’ve saved so far.

But wait, it gets better – click on the “almighty progress bar” and you get a page breaking down exactly what’s going on, in even more visual goodness. They include the date you are expected to reach your goal, when you started saving, how much you have left to save, and easily give you the option to start saving more with an automatic transfer.

 

savings goals progress from capital one 360

The progress bars CO360 gives you to help you see your progress.

If having a bank help you reach your goals this much doesn’t excite you, I don’t know what will.

 

Automatic Savings

If you do decide to set up an automatic savings transfer from your Capital One 360 checking, they will even have it sit in your “pending” transactions as a reminder. This means you will be less likely to forget about such transfers and end up spending the money you were supposed to be saving.

automatic transfers

 

Want to set up another goal?

You saw how easy it was to get started initially – now that you have a savings open, it’s literally just a few steps to get another up and running for your other goals.

The Downsides

  • I wish there was a way to set up multiple goals for each account. Currently, each account can only have one goal assigned to it. Which is fine, I guess, but it would be nice to see this added in the future.
  • You can get a higher interest rate elsewhere. Ally Bank is a good example of this (currently at 0.99%). Of course, that is a really minimal amount of interest you would be losing. It’s up to you to decide the pro’s and con’s of the features vs. the 0.24% decrease in interest 🙂 Also, Capital One 360’s 0.75% is much better than the 0.10% you get at the mega-banks.
  • Because they are associated with Capital One, some people might have negative feelings towards them. I have yet to be proven otherwise, so I’m not switching until they give me a reason to.

 

I’m still in awe of the progress bar. I thought this was something only Mint.com and Personal Capital had, well done to a bank for including this feature. There are a ton of other ways to incorporate multiple savings accounts with your goals.

If you sign up here, or through one of the links on the page, you’ll get a $25 bonus for opening a checking account, and a $25 for opening a savings account. I’ll get a small thank you as well at no cost to you.

So, which do you think is more robust so far – Ally Bank or Capital One 360?

 

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Chenell

I am Chenell Tull and so far, I've had a pretty rough time with my student loan debt. Recently, I've figured out a more productive "get out of debt" plan and the goal is to pay off over $60k in just 36 months. If you want to learn more, subscribe to the mailing list and get FREE updates on my successes and failures on this journey out of debt. 

  • Amy

    My daughter has a Capital One savings account. I didn’t even realize it came with all these cool features!

    • Awesome! I had a Capital One 360 checking account for years and just never ventured into the savings accounts until a few weeks ago. Loving it so far! 🙂

  • The progress bar is awesome. I wish all banks had this feature!

    • Me too! It’s so simple, but so freaking great at the same time! haha

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