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Capital One 360 Performance Savings review

Earn competitive interest from your first dollar and with no fees. But in-person support is limited.

finder.com’s rating: 4.6 / 5.0

★★★★★

The Capital One 360 Performance Savings account is all about simplicity. It’s straightforward to sign up and start earning interest thanks to no fees, no minimum balances and a competitive 3.3% APY. But support isn’t 24/7 as it is with some online banks.

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3.30%

APY

$0

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)3.30%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingMonthly
Monthly transaction limit6
Fee per transaction over the limit$0
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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).

Expert review

Capital One 360 Performance Savings account is best for those looking for a high-yield account that will grow their savings without nickel-and-diming them with fees. It’s also helpful if you like having multiple savings accounts to keep your savings goals separate.

This account offers a competitive interest rate of 3.3%, which is 10 times the national average. You also get tools to help you automate your savings for set-and-forget growth.

However, you need to be okay with banking primarily online and through ATMs because this account is online-focused. Since it’s a high-yield account, not having in-person convenience might help you grow your nest egg. Customer support also isn’t ’round the clock as with most major banks, but they’re available daily from 8 a.m. to 11 p.m. ET.

How can I open a Capital One 360 Performance Savings account?

Opening an account is as simple as filling out an online form, and Capital One claims that the process takes five minutes. Follow these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Hover over the Checking & Savings tab on Capital One’s website and select 360 Performance Savings, then Open Account.
  3. Log in if you have an existing Capital One account, credit card or loan. Otherwise, press No to start the signup process.
  4. Review the application process and select Continue.
  5. Fill out your Personal, Contact, Citizenship and Employment details. Review and consent to the Terms & Conditions.
  6. Select Now, let’s add money. Follow the prompts to fund your initial deposit.

Once you’ve confirmed your information, you’ll receive an account number. The bank also uses the account info used for your initial deposit to link your checking and savings accounts.

Eligibility

You must meet the following requirements to apply for a Capital One Savings account:

  • US citizen or permanent resident with a physical address
  • Valid Social Security number or Individual Taxpayer Identification number
  • At least 18 years old

Required information

To speed up your application, keep these details handy:

  • Social Security number or Individual Taxpayer Identification number
  • A valid driver’s license or state ID

What are the benefits of Capital One 360 savings account?

This Capital One savings account makes it straightforward to open multiple accounts, automate savings and grow your money at a competitive interest rate. More about these benefits:

  • No minimum balance. It costs nothing to open or maintain an account or use its 39,000 ATMs around the US.
  • Competitve interest rate. The account’s interest rate is 3.3% APY — while the national average is at a low 0.06%.
  • Convenient deposits. Deposit money online, by mail and via the app by uploading photos of checks. You can also put in checks or cash using one of its 70,000+ free ATMs.
  • Supports up to 25 accounts. Capital One lets you open multiple 360 savings accounts so you can manage different savings goals. But keep in mind that if you plan to keep all your money with Capital One that FDIC insurance only covers up to $250,000 total per consumer.
  • Automated savings. Speed up your savings with automatic fixed transfers from your other Capital One bank accounts.

How much interest you can earn

This Capital One account compounds your interest monthly at a high interest rate for a savings account. Depending on how much you keep in the account, you can expect to earn:

APYAmount in savingsInterest earned in 12 months
2.15%$1,000$21.50
2.15%$5,000$107.50
2.15%$10,000$215.00

What should I look out for?

Capital One 360 savings has much to offer. Like other savings accounts, Capital One limits you to six monthly withdrawals , but keep an eye out for these other downsides when opening an account.

  • Limited branch locations. Capital One doesn’t focus on in-person banking, so only a few hundred branches and Capital One cafés exist. You can find one near you using the branch locator on its website.
  • Expensive outbound wire fees. The bank charges $30 to process outbound domestic wires. You’ll also need to fill out a Wire Request Form.

    If you want in-person customer service or plan to make a lot of transactions, keep looking. As always, compare your options when choosing a savings account.

    In terms of high-yield accounts, you can save at an even higher APY with Quontic Bank’s High Yield Savings, which also offers no minimum balance requirements or fees. However, Aspiration’s Spend and Save account gives one of the highest APYs we’ve seen if you meet its spending requirements.

    Compare Capital One 360 with other savings accounts

    Use this interactive table to compare savings accounts by checking the Compare box, or select Go to site if you’re ready to sign up.

    $
    Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
    U.S. Bank Elite Money Market
    Finder Rating: 3.9 / 5: ★★★★★
    Exclusive
    Bonus
    U.S. Bank Elite Money Market

    0.01%

    1.07%

    3.50%

    $0
    $100
    Earn extra savings when you open a U.S. Bank Elite Money Market account of 1.07% Annual Percentage Yield (APY) with a bonus interest rate of 3.5% for 3 months on balances between $25,000 and $499,999.
    $880.10
    With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $10,000. Earn up to 1.07% APY for balances $500,000+. Get overdraft protection. Monthly fee is waived for a $10,000+ balance.
    Western Alliance Bank High Yield Savings Account through SaveBetter
    Finder Rating: 4.9 / 5: ★★★★★
    Western Alliance Bank High Yield Savings Account through SaveBetter

    4.35%

    $0
    $1
    $1,044.46
    Get an impressive 4.35% APY, which is 13.2x higher than the national average. All with $0 fees and only a $1 minimum deposit required.
    Barclays Online Savings
    Finder Rating: 4.6 / 5: ★★★★★
    Barclays Online Savings

    3.40%

    $0
    $0
    $1,034.58
    Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.
    CIT Savings Connect
    Finder Rating: 5 / 5: ★★★★★
    CIT Savings Connect

    4.05%

    $0
    $100
    $1,041.33
    Secure a 4.05% APY, 12x the national average. Pay $0 in monthly fees and no account opening fee.
    American Express® High Yield Savings Account
    Finder Rating: 4.6 / 5: ★★★★★
    American Express® High Yield Savings Account

    3.30%

    $1
    $0
    $1,033.55
    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    UFB Best Savings
    Finder Rating: 5 / 5: ★★★★★
    UFB Best Savings

    4.21%

    $0
    $0
    $1,043
    Score an impressive 4.21% APY, and pay $0 in monthly fees. No minimum deposit requirement.
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    Compare up to 4 providers

    How do I deposit and withdraw money from Capital One 360?

    Capital One gives you a variety of ways to move your money around. For reference, this account’s routing number is 031176110.

    Deposits

    Cash deposits, ACH direct deposits and incoming wire transfers are typically available on the same business day, while Capital One checks appear the next business day. Checks from other banks tend to take around four business days.

    • Direct deposit. To enroll in direct deposit with your employer, fill out the direct deposit form on the Capital One site. Provide your account number, routing number and the amount you’d like deposited into your account with each paycheck.
    • Online transfers. Log in to the app or your online account to send person-to-person payments using Zelle. You can transfer money from other Capital One or external bank accounts.
    • ATMs. To withdraw money, dip your card into one of the 70,000+ network ATMs across the US for free. To find compatible ATMs, use the ATM locator on Capital One’s website.
    • Checks. Upload a photo of your check on the Capital One app to make deposits, or go old-school and mail it in.
    • Wires. Transfer funds via domestic wires — but be aware that each outgoing domestic wire costs $30.
    • Branches. Head to a Capital One Café or branch to access ATMs and send wires.

    Withdrawals

    Capital One limits how you can take money out of your account, including no withdrawals from an ATM. However, that limitation is probably a positive to help your savings grow. Ways to withdraw your money:

    • Online transfers. You can move money into a Capital One or external checking account online.
    • Branches. Visit a branch or Capital One Café to retrieve your money in person.

    How can I get in touch with customer service?

    When you need support, you can contact customer service by:

    • Live chat. Sign in to your account for real-time help during business hours.
    • Phone. Call 888-464-0727 from 8 a.m. to 11 p.m. ET, seven days a week.
    • Branches. Use the site’s search function to find one close to you.
    • Capital One Cafés. The bank has cafés dotted all over the country. You can pop in to withdraw or deposit cash in the ATMs, learn about online or mobile banking and ask for expert financial advice.
    • Online account. Log in to manage your accounts or dispute transactions that you don’t recognize.

    What other savings accounts does Capital One offer?

    In addition to the Capital One High Yield Savings account, this bank offers the following:

    • Kids Savings account. This no-fee savings account comes with online and mobile banking access as well as parental controls. It has a high interest rate of 1% on all balances.
    • Capital One CDs. You can lock in a set-it-and-forget-it interest rate with these personal CDs. The competitive APYs start at 0.60% for six months and go up to 3% for 60 months.
    • IRA CDs. These CDs are designed to help customers prepare for retirement. The interest rates are locked in and start at 0.60% for six months and go up to 1.60% for 60 months.

    Savings account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

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    2 Comments

      Default Gravatar
      Stacey
      February 25, 2019

      Can I withdraw money from my capital one 360 savings account in an ATM?

        Avatarfinder Customer Care
        Joshua
        February 26, 2019

        Hi Stacey,

        Thanks for getting in touch with Finder. I hope all is well with you. :)

        Yes, you can use withdraw money from your Capital One 360 Savings account using your card in an ATM. You can withdraw money by dipping your card into one of the 39,000 Capital One and AllPoint ATMs across the US for free.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

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