Capital One 360 Performance Savings review
Start earning interest on your first dollar with this no-fee Capital One savings account.
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.
Minimum deposit to open
|Annual percentage yield (APY)||0.40%|
|Minimum deposit to open||$0|
|Minimum balance to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$0|
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.
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 the process takes five minutes.
Follow these steps:
- Go to the provider’s site and follow the steps to apply.
- From Capital One’s website, hover over the Checking & Savings tab and select 360 Performance Savings.
- On the landing page, click Open Account.
- Log in if you have an existing Capital One account, credit card or loan. Otherwise, press No to start the sign-up process.
- Review the application process and click Continue.
- Fill out your Personal, Contact, Citizenship and Employment details.
- Review and consent to the Terms & Conditions.
- Click 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.
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
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
How many Capital One savings accounts can I open?
You can open up to 25 Capital One 360 savings accounts.
What are the benefits of Capital One 360 savings account?
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:
- No fees. It costs nothing to open or maintain an account, or use any of the 39,000 ATMs around the US.
- No minimum balance. Deposit as much or as little as you want into this savings account.
- Convenient deposit methods. Deposit money online, by mail and via the app by uploading photos of checks. You can also receive wire transfers and deposit checks or cash in compatible Capital One ATMs.
- Competitve interest rate. The account’s interest rate is 0.4% APY — the national average is at a low 0.05%.
- Automatic Savings Plan. Speed up your savings with automatic fixed transfers from your other Capital One bank accounts.
What should I look out for?
Capital One 360 savings has its perks, but there are a few factors that may sway your decision:
- Expensive outbound wires. The bank charges $30 to process outbound domestic wires. You’ll also need to fill out a Wire Request Form.
- Cap on transactions. If you make more than six transactions in a month, including transfers between accounts, Capital One may close your account.
- Short support window. For account support, access live chat during business hours or call from 8 a.m. to 11 p.m. ET, seven days a week. Outside of those hours, you’ll have to make do with the FAQs.
- Deposit holds. 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.
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.
Case study: Adrienne’s experience – April 2019
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.
Compare Capital One 360 with other savings accounts
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.
How do I deposit and withdraw money from Capital One 360?
With the Capital One savings account, there are a few ways to move your money around:
- 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.
- Electronic Funds Transfers. Log into 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 39,000 Capital One and AllPoint ATMs across the US for free. To find compatible Capital One ATMs to make cash deposits, use the search function and check the Make a Deposit box.
- 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.
Does Capital One offer other savings accounts?
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.
How can I get in touch with customer service?
When you need support, you can contact customer service by:
- Live chat. Sign into 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.
Frequently asked questions
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