By Justin Boyle
Most people can't tell you where they were when they first heard about online banking. After all, U.S. consumers got the news back in 2000 during the dot-com bonanza, when so many services were migrating online that people couldn't really be expected to remember every little innovation.
The bubble did eventually burst, and only a few of those new virtual institutions were strong enough to stick around. Thanks in part to a robust customer-care policy, ING Direct was one of the companies that weathered the storm.
Things don't stay the same forever though, and the acquisition of ING Direct USA by Capital One was approved by the Federal Reserve on Valentine's Day 2012. The service emerged as Capital One 360 about a year later, and Capital One firmly announced its intentions to do right by ING's customers.
The new bosses have likely had time to get most of the kinks worked out by now, so it seems fair to ask: Does Capital One 360 measure up to the venerable online bank it replaced?
Capital One 360 accounts
The basic personal banking products available through Capital One 360 appear to have experienced little more than nominal change under the new guard. The basic online savings account still charges no fees, requires no minimum balance and features a variable annual percentage yield (APY) among the highest online savings account rates available, as of this writing (see the current Capital One 360 rates in the table below).Read the full article »