Capital One 360 Review

For many people, the term "online bank" is synonymous with ING Direct.

However, those looking for the company and its distinctive orange logo won't find it anywhere online today. After being acquired by Capital One, the pioneering online bank is now known as Capital One 360.

Debuting in the year 2000 without any branches, ING Direct was able to offer some of the best savings account rates available and quickly became a popular option among those looking to maximize their interest. Over time, the bank expanded its product line so that it eventually offered checking accounts, CDs, mortgages and investment products. Then in 2012, its parent company -- a Dutch firm -- sold the online bank to credit card giant Capital One. Capital One 360 Logo

New name, same bank

Despite a new logo and color scheme, Capital One 360 customers will find the direct bank differs little from its predecessor. Like ING, Capital One 360 is noted for offering some of the best CD rates and saving accounts online. In addition, its free checking account is interest bearing and comes with a list of benefits from free online bill pay to the ability to make deposits via a smartphone.

Like a brick- and-mortar bank, Capital One 360 offers a variety of deposit account options:

Customers can also obtain mortgages -- both fixed and adjustable rate -- through Capital One 360 as well as home equity loans. Other products offered by the bank include retirement accounts, stock investments and business accounts.

Convenient banking options

Capital One 360 may not have any branches but offers many of the same amenities as traditional banks. Its checking accounts come with a debit card, free online bill pay and free ATM transactions. Customers can also order paper checks if desired. In addition, both checking and savings accounts can be linked to an external bank account to allow for the easy transfer of money between institutions. Capital One 360 deposit accounts are also insured by the FDIC.

Although there may not be any Capital One 360 branches, there are Capital One 360 cafes. At eight locations across the country, these cafes sell coffee and provide free wireless Internet access. Special events are also occasionally scheduled at the shops. Since the company's founding in 2000, other direct banks have entered the market, but Capital One 360 remains the online savings account of choice for approximately 7.5 million people. If you are looking for original online bank -- ING Direct -- you'll find it here under the new name and banner of Capital One 360.

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