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CD Feature: Capital One 360

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In terms of certificates of deposit, or CDs, hardly any bank is offering anything respectable in terms of a rate of return in 2013. However, some banks online are at least paying more than what is being earned in big name, brick-and-mortar banks with street addresses. When the best interest rate possible on the street is barely 0.01 percent of deposits, a bank paying closer to 1 percent is far more favorable, especially if large sums of money need to be saved but kept safe with federal depositor insurance under the FDIC, or Federal Deposit Insurance Corporation.

Currently, a number of online banks exist, keeping their costs down with primarily Internet-based activities, and Capital One 360 is one of the most popular. Formerly known as ING Direct, Capital One 360 was a result of a sale of the U.S. subsidiary if ING Group Bank based in the Netherlands. CD Savings: Capital One 360 As the 2008 Recession spread globally, ING had to make a deal with the European Central Bank to give up its U.S. division to get financial aid from the EC. As a result, ING sold off its ING Direct presence in the U.S. to Capital One, which is now redubbed Capital One 360.

For CDs, Capital One 360 continues ING Direct’s tradition of paying far more than what is available in traditional banks. Further, customers are primarily in control, able to electronically create their own CDs for their own amounts. This flexibility is generally appreciation by customers as most traditional banks won’t open a CD for less than $1,000. However, with 360 a customer can create a CD for amounts as little as $25 or as much as $10,000.

Because Capital One decided to essentially continue the same format as originally designed by ING Direct, customers can see and manage all their assets in one website platform, including all the CDs they have created. Further, the CD creation option is available both in terms of regular savings as well as in a Roth IRA format as well.

For those who don't want to deal with the fuss of a traditional bank, Capital One 360 offers a competitive option for personal banking and CD savings that isn't readily available in traditional banks. And as long as Capital One doesn't try to start charging fees with the platform, it will likely remain popular as one of the leading online banking models on the Internet.

About John Krystof

John Krystof writes about personal finance and money matters for He was born and educated in Central Europe, but presently resides in New York City.

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