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Thank you for the reviews above. I was wondering why I was only getting 0.3% when interest rates have gone up. Why CapitalOne360 is putting loyal and long time customers at a disadvantage is beyond me. I'm moving my money out immediately.
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I am also an existing customer and ran into the same issue. I'm getting 0.3% interest on savings whereas new customers can get 3%. The 3% if for a new product called Performance Savings, which the customer service rep told me is the same as the old 360 savings, just with higher interest. Existing customers can transfer money from your old 360 Savings to Performance Savings and close the old account(s), which I'm happy about, but Capital One did not notify old customers about this, which is why I'm docking them one and a half stars. I figure I lost out on about $125 in interest by not signing up when they started offering Performance Savings, which I think was in October.
Here is more information: https://www.businessinsider.com/personal-finance/switched-to-high-yield-savings-glad-i-did-2020-5 -
So, after nearly 20 years with Capital One (going back to ING Direct), I'm now moving everything away from them. I first went with them due to their high-interest savings accounts, but my savings account is currently at 0.3% and stuck there because Capital One is apparently screwing over their long-term customers and their "legacy" accounts. Looking at the reviews, I'm not the only one running into this.
Last straw for me, I'll never use Capital One again. -
So, after nearly 20 years with Capital One (going back to ING Direct), I'm now moving everything away from them. I first went with them due to their high-interest savings accounts, but my savings account is currently at 0.3% and stuck there because Capital One is apparently screwing over their long-term customers and their "legacy" accounts. Looking at the reviews, I'm not the only one running into this.
Last straw for me, I'll never use Capital One again.Christopher C. | Feb 24, 2023
Ok, this site screwed up the rating. I had it listed as 1 star, and I would have listed as lower if possible. Highly recommend AGAINST using Capital One.
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As another person said, I just noticed that hundreds of thousands of our savings is stuck at .3% even though it has gone up to 3% and now 3.3% advertised everywhere. I assumed that since we had a variable rate account it would have gone up too. But nope, stuck at .3% so we just lost a couple thousand in potential interest in the last 2 months. Moving it all to PNC Bank high-yield immediately because we're in a state that PNC gives the highest rate to. CAPITALONE360 treating longest standing members worst! We were an ING account that was bought by CapOne. Shame on them.
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Terrible bank, got their high interest IRA savings with no annual fee, then Capital One decides to get out of iRA business and transfers the IRA savings account to another bank who charges an annual fee that wipes out the interest Capital One paid me.
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After being a customer for over 15 years beginning with ING I learned my "Capital One 360 Savings" account is a "legacy" account and different than what is being marketed currently as "Capital One 360 Performance Savings." As a result, my legacy account has accrued 0.3% APY versus current marketed rate of 3.3%. Escalating the issue resulted in a response which "usually comes within 30 days." To my knowledge this was never communicated to me nor is there any mention of it on Capital One's site. The only resolution would have been to transfer my savings from my 360 Savings account to a 360 Performance Savings account.
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Capital One is the easiest bank to deal with. They have the best cd and savings bank. My local bank and credit unions pay next to zero and they are a hassle with fees and in person banking. Online Capital One is much better.
Pres Clinton | Nov 1, 2022
Also. These guys give a great kick back if you’re a Walmart shopper and you get the credit card for Walmart. I only recommend this if you can afford to pay it off every month because interest on balances is pretty high.
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ING was better. They were bought by CapitalOne and ever since, my rates have steadily dropped. Now that rates in general have been rising for months, mine has been flat at 0.30%. No sign of them going up, but they sure were happy to drop them. A new account yeilds 0.90%. So, I need to open a new account then?
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Years ago, got a no % rate from Capitol Bank. After about 2 months or less of problems from their charges (which were wrong), I cut up the free card and returned it and didn't forget that. (Early 2000s.) When we got an autoloan in 2018, they were the first lender the local car dealer went to. We were turned down. 2nd bank we applied to was Chase and got the loan. Had it paid off within two years. I loathe this bank and saw nothing changed for the better.
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Tried to open a new account of a different type from my years ago closed card. The application stopped working at page telling me I was already a customer. The customer page did not recognize my login credentials and referred me back to application page.. Around and around, its server did and then did not know me. Almost an hour with representative could not resolve and was never referred to the techs. Never again losing valuable time on this place.
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Strongly recommend! Been a customer since before it was acquired by ING Direct. I've used some other the others. Rates are sometimes better elsewhere, but I've never had a problem here. And in these times when customer service is often a nuisance, getting great service counts for something.
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I live in Philly. I opened this one because I value the recognized name and I like the Capital One Cafe in Rittenhouse Square. Was a little surprised that I couldn't use branches for anything (deposits, notaries). Could be clearer that 360 is completely separate from the branch bank. Overall I am very pleased so far.
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A recent update to CapitalOne 360 no longer has options in its personal web banking site to create virtual savings accounts for the purposes of tracking goals. Or at least, *I* no longer can see a way to create new goals on the site. Without that feature, I'm considering moving away from that bank since there others listed here with higher interest rates.
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NS123
Mar 15, 2023