Capital One High Yield Savings Review
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Want to grow your funds passively? Capital One offers a high-yield savings account with a solid APY and easy accessibility. Read on to find out more.
Overall Score | 4.3 | ||
Savings | 3.5 | ||
Customer Service | 4.5 | ||
Mobile App | 4.5 | ||
Fees | 4.5 | ||
Pros and Cons
- Good APY
- $0 monthly fees
- No initial deposit
- Other banks have higher APY
- No ATM card
Bottom Line
Legit savings account with a good APY rate
Capital One boasts a 360 Performance Savings account with a good APY.
While they have physical locations in the US, they are best known for their simple and handy digital banking system.
In fact, you can make your money work harder with just a few clicks.
Read on to learn more about this accessible high-yield savings account from Capital One.
What Is Capital One 360 Performance Savings?
Capital One's 360 Performance Savings account features a competitive 4.30% APY on any balance.
Unlike some banks with high-yield savings, they do not require a minimum deposit or balance to keep in your account. You won't have to worry about being charged any monthly maintenance fees either.
Additionally, Capital One is FDIC-insured up to $250,000 per depositor, per ownership category.
360 Performance Savings - 4.30% APY
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 4.30% APY
Capital One Hybrid Banking Features
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One of the reasons why Capital One stands out is because they offer both offline and online banking options.
They have several locations scattered in the US, with ambassadors ready to cater to all your banking needs. They also have Capital One Cafes in some cities where you can do banking errands with the added bonus of food and drinks.
When it comes to online banking, they have an easy-to-navigate website that you can use to open an account in a few minutes.
They also offer an amazing app where you can easily transfer money and deposit checks with just your smartphone.
You can even enable their automatic savings plan or set up accounts for your different financial goals if you want to save money more efficiently.
Fees To Look Out For
Capital One's 360 Performance Savings account boasts $0 maintenance fees, no initial deposit, and no minimum balance requirement.
However, they do have charges for some transactions such as $30 for outgoing domestic wire transfers and $10 for each Cashier's check purchased at a Capital One location.[1]
Pros and Cons
Pros
- Large bank with competitive APY
- $0 monthly maintenance fees
- No initial deposit
- No minimum balance
- Simple online savings tools
- User-friendly website and app
- Access to physical branches
Cons
- Other banks have higher APY rates
- No complimentary ATM card
- Fees for outgoing wire transfers and cashier's checks
No, you cannot withdraw money from your 360 Performance Savings account through an ATM. Withdrawals can only be done via your online account or by calling or visiting one of the Capital One branches.
Who Can Open An Account?
Capital One's 360 Performance Savings account is available for people who meet the following:
- Must be an American citizen or permanent resident with a physical address in the US
- Must be at least 18 years old with a valid Social Security number (or an ITIN)
- Must have a US-based mobile number
Who Is It Best For?
Capital One's 360 Performance Savings account is best for those who want to enjoy both online and offline banking services.
Aside from their competitive APY, Capital One's accessibility is what makes them even more appealing to consumers.
You can do all your financial errands through their website or app, which is incredibly convenient. But, you also have the option to visit one of their locations should you need to do so.
Yes. If you want to categorize your various financial goals, you can open multiple Performance Savings account for easier tracking.
How Capital One Savings Compares
Capital One versus CIT Bank Platinum
CIT Bank's Platinum Savings account offers a competitive APY. However, unlike Capital One, they do have a specific balance requirement to earn the highest rate offered.
CIT Bank Platinum Savings - 5.05% APY
- Minimum Deposit to Open: $100
- Balance Requirement: $0; $5,000 to earn the highest APY
- Monthly Fee: $0
- APY: 5.05% APY with a balance of $5,000 or more
Capital One versus Discover
Discover boasts a good APY rate. They also have useful budgeting tools that will satisfy your banking needs. But, unlike Capital One, Discover has no physical branches, which can be a deal-breaker for some.
Online Savings Account - Earn 4.35% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 4.35%
Capital One versus Ally Bank
Ally Bank offers a decent APY on your entire balance. They also boast a more advanced digital banking system featuring handy automated savings tools. But, Ally has no physical locations, making them less accessible than Capital One.
Online Savings Account - 4.25% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 4.25%
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Is Capital One Safe?
Yes, it is. All Capital One deposits are FDIC-insured (Certificate #4297) up to $250,000 for individual accounts and $500,000 for joint accounts.
Bottom Line
Capital One's 360 Performance Savings account is a good place to put your money. They offer a competitive APY rate and digital budgeting tools, allowing you to earn money without doing much work.
You can also enjoy the best of both worlds with their online and offline banking services!
References
- ^ Capital One. Account disclosures, Retrieved 9/26/2023
- ^ Capital One. 360 Performance Savings, Retrieved 10/3/23
- ^ Capital One. Can you have more than one savings account?, Retrieved 10/3/23
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Citi Priority - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
TD Beyond Checking - $300 Cash Bonus
- New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- Three ways to go monthly maintenance fee-free: Monthly Maintenance fee waived when you set up direct deposits of $5,000 or more within a statement cycle, maintain a $2,500 minimum daily balance, or have a $25,000 combined balance across eligible TD accounts.
- ATM perks: TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
- Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
- Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
- Get reimbursed for fees including two overdraft fees per year, all Rush Bill Payments, and one outgoing wire per statement cycle (domestic or international).
- Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send
- Money with Zelle®, Mobile Deposit and Online Statements.
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
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