Capital One is a familiar name in finance. The company was founded in 1988 and incorporated in 1995.
Since then, it has become one of the most recognizable businesses in the country, largely as a result of its prominent credit card advertising campaigns. But the company has also branched out into online banking.
In 2012, Capital One bought ING Direct -- one of the originators of direct banking -- which had been put up for sale by its Dutch owner. The transition meant a changeover from ING's iconic orange ball to a red-and-blue color scheme for the newly minted Capital One 360. However, while the color may have changed, the company says ING customers will continue to enjoy the competitive savings account rates they have come to expect, as well as minimal fees on its checking accounts.
Checking and savings accounts for all ages
The company currently offers checking and savings account options geared toward adults, teens and kids. The accounts include its 360 Checking (the company's standard online checking account), MONEY (a checking account intended for teens and their parents), 360 Savings (its online savings account), Kids Savings Accounts (its online savings account for children) and CDs (its certificates of deposit).
Other personal products include fixed- and adjustable-rate mortgages, home equity loans, stock investments and retirement accounts. Capital One 360 also offers business products such as savings accounts, CDs and 401(k) plans.
The company says 7.5 million people save money with Capital One 360 savings accounts. In addition, its checking accounts allow customers to use some of the latest technology to deposit checks via a smartphone photo or an image upload from their computer.
Online banking with a cup of coffee
As a direct bank, Capital One 360 operates without traditional brick-and-mortar branches. Instead, customers can access their money through online bank transfers, ATMs and mobile banking apps.
While it does not have branches, Capital One 360 does have something other online banks do not: a collection of cafes. There are eight cafes in locations as far flung as Honolulu, Hawaii and St. Cloud, Minn. Others can be found in major metropolitan areas, including Chicago, Los Angeles, New York, Philadelphia, San Francisco and Wilmington, Delaware
At each cafe, customers can enjoy some coffee while they tap into free wireless Internet. Capital One 360 also occasionally offers special savings events at its cafe locations.
ING Direct long enjoyed a reputation of offering some of the best deposit interest rates, as well as minimal fees on its checking accounts. Capital One 360 appears ready to build on that reputation by offering a similar consumer-friendly formula.