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finder.com’s rating: 4.6 / 5.0
★★★★★
The Capital One 360 Performance Savings account is all about simplicity. It’s easy to sign up and start earning interest thanks to no fees, no minimum balances and a competitive 0.4% APY. But support isn’t 24/7 as it is with some online banks.
0.40%
APY
$0
Fee
$0
Minimum deposit to open
Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Capital One 360 Performance Savings account is best for those looking for a high-yield account that will help them grow their savings without nickle and diming them for fees. This account offers a competitive interest rate of 0.4% and no fees or minimum balance requirements. There are also plenty of tools to help you automate your savings and build your nest egg.
That said, there aren’t too many negatives about this Capital One savings account. Customer support isn’t ’round the clock as it is with most major banks, but they’re still available daily from 8 a.m. to 11 p.m. ET. You’ll also pay $30 for outgoing domestic wires, which is slightly more expensive than average.
Opening an account is as simple as filling out an online form, and Capital One claims the process takes five minutes.
Follow these steps:
You must meet the following requirements to apply for a Capital One Savings account:
To speed up your application, keep these details handy:
You can open up to 25 Capital One 360 savings accounts.
The Capital One savings account shines when it comes to saving and goal setting. In addition to its friendly customer service and online accessibility options, its benefits include:
Capital One 360 savings has its perks, but there are a few factors that may sway your decision:
If you plan to make a lot of transactions, you’ll want to keep looking. As always, compare your options when choosing a savings account.
Adrienne Fuller
Publisher
I signed up for Capital One 360 years ago, when they were ING Direct. The interest rate was over 1.2% APY, so it seemed like a better place for my savings than my local bank. I also wanted an account that made it harder to for me to access my money, making it more likely for me to let it build up. With my Wells Fargo account, I can get at my savings almost instantly by transferring to my checking account or walking into a branch. But Capital One 360 Savings takes a few days to clear from that account to my Wells Fargo checking.
The interest rate is still great and doesn’t fluctuate often. I get notices roughly once a year that it’s changing, although I wish there was a place to see the change in rates over time, so that I could compare it with other accounts.
I use Capital One 360 for money I don’t want to touch that will build interest. I have both a rainy-day fund and an emergency fund in there, both with automatic payments I set up for multiple times a month. That way I know I’m going to continue saving, it’s easy to adjust if I have an issue and need to cut back, and I’m satisfied watching my monthly interest accruals go up. Overall, I’m satisfied. But I’m not taking advantage of all of the benefits, like ATM access, without using some of Capital One’s other products, like checking or CDs.
Use this interactive table to compare Capital One savings to other accounts. Want to see which account earns you the most interest? Type your deposit information into the table and click Calculate.
With the Capital One savings account, there are a few ways to move your money around:
In addition to the Capital One High Yield Savings account, this bank offers the following:
When you need support, you can contact customer service by:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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