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Capital One 360 CD rates review
No minimum deposit and a strong APY from this online account.
finder.com’s rating: 5.0 / 5.0
★★★★★
When you’re ready to take your savings to the next level, the Capital One 360 CD offers high rates over 4.00% for its highest term lengths. However, its shortest terms may not be worth it compared to its high-yield savings account.
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5.00%
1-year APY
4.30%
3-year APY
4.10%
5-year APY
Details
| Star rate | 5 |
|---|---|
| 6-month APY | 4.30% |
| 9-month APY | 4.30% |
| 1-year APY | 5.00% |
| 18-month APY | 5.25% |
| 2-year APY | 4.40% |
| 30-month APY | 4.30% |
| 3-year APY | 4.30% |
| 4-year APY | 4.20% |
| 5-year APY | 4.10% |
| Early withdrawal penalty | 90 days interest for terms of 1 to 12 months 180 days interest for terms of 13 + months |
| Minimum deposit to open | $0 |
| Interest compounding | Monthly |
Review by
Sarah George
sarah.george@finder.comSarah George is a personal finance writer at Finder who’s spent the last four years wielding her digital pen on all things banking and insurance. Her know-how has been featured in such publications as CBS, CNET and Reviews.com, and she was a panelist in Finder’s 2020 money-saving webinar. Sarah earned an English education degree and is a Certified Educator in Personal Finance.
Expert review
Capital One offers strong rates on CDs with terms of 12 months or longer. While banks often require a minimum deposit, this one doesn’t, making it convenient for you to park any amount in savings.
Consider how long you can be without your funds before committing to a 360 CD. Shorter terms don’t have as great of returns — its six-month CD offers a similar APY as its 360 Performance Savings account. So if you can’t commit for a longer term, you could open up a Capital One savings account.
Otherwise, look for CDs with the most competitive APYs and compare your options before opening the account.
How to open a Capital One 360 CD account
With a focus on online banking, Capital One 360 makes it easy to open your term CD without entering a branch:
- Go to the provider’s site and follow the steps to apply.
- From the Capital One‘s 360 CDs site, choose Open Account.
- Unless you already bank with Capital One, choose your account type and term and fill in your personal, financial and employment details, then select Now, let’s add money.
- Submit the banking details that you’ll use to fund your CD to complete your application.
Eligibility
To be eligible for a Capital One 360 CD account, you’ll need to:
- Be a US citizen or lawful permanent resident.
- Have a US, APO or FPO mailing address.
- Have a valid Social Security number.
Required information
Be prepared to provide the following details:
- Full name and contact information.
- Employment status and income.
- Social Security number and date of birth.
- Country of citizenship.
Funding options
Fund your account by:
- Electronic money transfer from an outside account.
- Linked Capital One 360 account.
3 benefits of a Capital One 360 CD
In addition to having no minimum opening deposit, no maintenance fees and FDIC insurance up to $250,000, this CD offers:
- Competitive APYs. Interest rates start at 4.10% and go up to 5.25% for terms of 18 months.
- Wide term lengths. Meet your goals with terms from six months to five years.
- Rate lock guarantee. Lock in the highest rate available during the funding period for up to 10 days, even if that rate changes during funding.
How much interest you can earn
Compare how much money you can earn with how long you’ll keep your money parked in the CD.
| Term length | APY | Amount in savings | Interest earned at maturity |
|---|---|---|---|
| 6 months | 4.3% | $2,000 | $42.55 |
| 1 year | 5% | $2,000 | $100 |
| 2 years | 4.4% | $2,000 | $179.87 |
| 3 years | 4.3% | $2,000 | $269.25 |
| 5 years | 4.1% | $2,000 | $445.03 |
2 drawbacks to watch out for
Guaranteed rates on your term CD come with potential drawbacks that include:
- Statement fees. You’ll pay $5 for each statement you receive by mail.
- Few in-person locations. You’ll need to be comfortable opening the account online, unless you live near one of its 755 brank branches. However, its lower overhead costs may be why Capital One can offer competitive APYs in the first place.
However, if you’re hoping to earn a high yield without tying up your savings, check out the Capital One 360 Savings with 4.3% APY. The best part is that it requires $0 to open and keep your account.
Depending on your needs, you may find a high-yield savings account or a short-term CD to be more suited to your savings goals.
Compare Capital One 360 CD with other CDs
See other banks and their CD rates and term lengths to find the option that suits you.
Capital One 360 CD reviews and complaints
Capital One is accredited by the Better Business Bureau (BBB) and has nearly 30 years of experience in the financial industry. It holds an A- BBB rating for dealing with customer complaints in a timely manner.
However, Capital One sees low review on average from customer ratings. Customers score it with 1 out of 5 stars out of nearly 1,000 reviewers on the BBB site. It also receives 1.3 out of 5 stars out of nearly 1,500 reviews on Trustpilot. However, these ratings reflect the company as a whole and not its CD accounts directly. Note that it’s common for customers to give reviews online when their experience is negative, which may lead to lower ratings.
In the reviews, customers complain about unhelpful service and unexpected charges or account holds. Other customers have positive experiences with Capital One, including reps that walk through problems step by step or have flexibility during customer hardships.
How to cash in my CD
With Capital One 360, you have 10 days from the end of your term to transfer the money in your CD. Simply sign in to your online account and indicate where you’d like to transfer it.
If you don’t cash in your CD, Capital One automatically renews it for another term at the current interest rate.
However, you’ll pay a penalty to withdraw your money before the CD matures. The fee ranges from the equivalent of three to six months of interest.
How to get in touch with customer service
Contact customer service in the following ways:
- Live chat. Talk in real time with a representative online.
- Phone. Call 888-464-0727 from 8 a.m. to 11 p.m. ET to reach a customer rep.
- Support center. Search for answers to common questions online.
- Mail. Write to: Capital One 360, PO Box 60, St. Cloud, MN 56302-0060
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
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4 Comments
October 15, 2019
Hi, right now I have a 360 Money Market with Capital One is that the same as a CD
October 15, 2019
Karen,
No, the money market account is different than a CD. Here’s our review for the money market account: https://www.finder.com/capital-one-360-money-market-account
August 30, 2019
What is your APY for a 12 cd —Is it 2.40% ,or 2.7% or 2.30 %
I’ve gotten numerous quotes
August 30, 2019
Capital One, as with other banks, periodically changes its APY. Currently, the rate for a 12-month CD is 2.40%.