Our Capital One 360 Savings Plan

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Are you sick of the way banks treat you?  I was too… until I found Capital One 360!

I was recently introduced to the benefits of online banking with Capital One 360.  After reading a few other helpful reviews I was confident that switching to Capital One 360 was the right banking decision for me.  It may also be the best thing for you too.

Capital One 360 for Saving

Provebs 21:5 makes mention to the thoughts of the diligent tending only toward plenty.  This is a bible call to manage what we have, portion it accordingly, and save the excess.

After we give our tithes & offerings we make it a point to pay ourselves firstCapital One 360 makes it VERY easy to do this.  Here are some of the features of their online banking accounts:

  • Simple creation of  multiple savings accounts encouraging goal-oriented & structured saving
  • Automatic savings plans (set amounts deposited automatically in designated accounts on an ongoing basis)
  • Free ShareBuilder account to manage your investments (preferably in index funds)
  • A joint account allowing integration of savings for you & your spouse
  • Linked external accounts allowing you to fund your savings from your other financial institutions

Just today the wife & I sat down to review our savings goals and tweak the structure of our Capital One 360 savings accounts.  The picture above represents the division of savings we are currently laying up in store for the future.

Why Capital One 360?

The Jabs family savings plan is  a “living” plan because we will update, change, & tweak it as the Lord leads and as our circumstances dictate.

Here are the main reasons I switched all our banking over to Capital One 360:

  1. Interest paid not only on savings accounts but also on checking accounts – though rates are currently low earning any positive rate is better than earning no rate.  At the present time I am earning 1.5% on my savings accounts and 0.5% on my checking accounts.
  2. Up to $1,000 of overdraft protection on checking accounts at no charge – with no fees for overdrafts.  You simply have to pay the going interest rate on any money they loan you to cover your overdraft.  The rate we currently pay is around 7% and is minimal because if we do mistakenly overdraw our account, we are usually able to correct the error the very same day costing just pennies.  This philosophy of customer service destroys that of other banks who charge around $36 every time this happens, which adds up all too quickly!  Her old bank was charging her $3/month for the overdraft protection.
  3. Free online bill pay – My old bank was charging $7/month for what Capital One 360 offers for free.
  4. Free paper checks mailed – to individuals or to companies who do not fit into the electronic payment system.  Before Capital One 360 I had never heard of a bank offering such a service at no cost (and you don’t have to pay postage)!

Let me close by stressing that my faith does NOT lie in Capital One 360 (or the FDIC for that matter), but firmly in the Lord.   I am simply using the available tools to better manage what I am entrusted with.

My Faith and Capital One 360

Thanks be to the Lord, who over the course of the last few months has wrought many positive changes in the Jabs home.  One of those changes is this awesome push toward biblical debt free living!  Not many things excite me more than the notion of having no debt & being able to go wherever the Lord calls.  I long to be like so many other great men in the bible whom when God called they were able to answer simply, “Here am I“.  I believe the first lesson the Lord is teaching me is to live the disciplined life of a faithful steward.

Proverbs 21:5 provides depth of wisdom regarding a proper relationship with our finances.

The thoughts of the diligent tend only to plenteousness; but of every one that is hasty only to want.”

I encourage you to meditate on these words with a focus on your finances.  The bible says that if we will simply ask for wisdom… God will give it to us liberally!

To me this verse is a call to a faithful and diligent approach to the structure & handling of all that God has entrusted you with.

Remember, we do not own our stuff, we are simply stewards of what God owns. Armed with this knowledge, how can we better manage what we have?  We have found that banking with Capital One 360 has greatly increased our ability to handle our finances efficiently and effectively.

If you have been searching for a new bank Capital One 360 is a excellent choice.

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1 Anne Smith

I want to start an investment club Do you have someone who can talk to a group about investments and starting an investment club?

Anne from Dover, De

2 Rick Cadden

Matt, from your suggestion i opened a ING checking and savings and love it. Q. The multiple savings, are those all separate accounts or just divisions within one savings account? I like that and want to do the same.

3 Matt Jabs

They are officially separate accounts, but essentially are just separate “folders” for putting money in (kind of like the folders and files on your computer.) Opening additional savings accounts is incredibly easy and only takes a few minutes.

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