If any of your statements say “360 Savings” below the name of the account, then you are getting an abasyml interest rate. There are 2 ways to see if you have what I call a “Legacy Account” (aka, the account with low interest.) First, you can determine your type of account by looking at a recent statement. ![]() Determine the Specific Type of Capital One Account You Hold.You may also be an affected customer if you opened a “high interest” account with Capital One before 2019. (Note: Capital One continued to operate their accounts in the same way ING had – offering competitive rates for the online environment.) Long and short of it, if you used to hold an INGDirect account and never closed your account, you are a Capital One customer. Then, around 2012, Capital One acquired these accounts from INGDirect and we all became Capital One customers. I remember earning as much as 5% (!) interest around 2008 with my ING accounts. Determine If You are a Capital One (Formerly Known as INGDirect) Bank Account Holderįor years, INGDirect was one of the best high-interest savings accounts available.Here are the step by step instructions for how to see if you have one of the low performing “360 Savings Accounts.” How to See If Capital One is Cheating You by Keeping Your High-Interest Account at a Low Rate Here’s how to check to see if you’re getting the correct interest rate with Capital One. So, now fellow consumers, when a company won’t do what is right, you must do what is in your own self-interest. ![]() My first step was to try to make it right by reaching out to Capital One and getting them to correct it for all of us – but they refused and even claimed 0.30% is high interest (more on that later). ![]() They just left us to sit out there believing we still held high-interest accounts. Further, when Capital One stopped keeping our accounts at high-interest, and instead created a competing product that paid much higher rates, they didn’t email us or automatically opt us in to the new accounts. ![]() Why was I angry? Because Capital One told us we had high-interest accounts. (These new accounts are called a deceptively similar name – the “360 Performance Savings Account” and currently earn 2.15% interest.)Īt first upon learning I had only been earning 0.30% interest instead of a competitive rate, I was embarrassed – how could I as a personal finance writer miss this? Then I was angry, not just for myself, but for the millions of consumers who are similarly situated to me. Why was it so low? Because apparently several years ago Capital One essentially archived certain legacy accounts – the “360 Savings Accounts”– and instead created a competing product that actually earns high interest. I thought I had a high-interest bank account with Capital One, but it turns out, my interest rate was only 0.30%. Here’s how to find out if you’re impacted and what to do about it.Īs diligent as I am with my money, I recently discovered I was losing thousands of dollars a year in interest. Are you a Capital One savings account customer? If so, you could be losing thousands of dollars a year and should check your accounts immediately.
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