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 3.10% 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.
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 - 3.75% APY
- Minimum Deposit to Open: $100
- Balance Requirement: $0; $5,000 to earn the highest APY
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 - 3.10% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
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
Capital One Venture X Rewards Credit Card
- Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
- Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights and vacation rentals booked through Capital One Travel, plus unlimited 2X miles on all other purchases
- $395 annual fee
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
Write to Darlene Santos at [email protected]. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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