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 | ||
Fees | 4.5 | ||
Mobile App | 4.5 | ||
Customer Service | 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 4.25% 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 - 4.25% APY
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 4.25% 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 4.25% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 4.25%
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 - 4.20% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 4.20%
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
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® - $300 Bonus
- New Chase checking customers enjoy a $300 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*
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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