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Capital One 360 Performance Savings
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFees
no monthly service fee
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Deposit Amount
$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to save for various goals
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 live chat
- con icon Two crossed lines that form an 'X'. Limited access to customer service by phone
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Product Details- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Capital One 360 is an excellent option overall if you'd like to bank with a popular online financial institution with great savings rates.
It's also listed as one of our best online banks because it has strong customer service and manageable bank accounts.
Capital One Savings Rates
The Capital One 360 Performance Savings account pays 4.35% (as of 12/6/23) APY (Annual Percentage Yield) on all account balances. This is significantly higher than the national average of 0.46% APY.
Capital One pays much higher rates than you'll earn with brick-and-mortar banks. You may find better rates at other online banks, but because rates fluctuate, the bank with the highest rate will depend on when you look.
Capital One Savings Pros and Cons
Compare Today's Savings Rates
How Capital One Savings Rates Compare
Capital One Savings vs. Ally Savings
Ally savings rates work similarly to the rates at Capital One. Both pay above the national average on all balances, compound interest daily, and pay interest monthly. Currently, the Ally Savings Account pays 4.35% APY, which is similar to the Capital One 360 Performance Savings.
Both banks also have savings features that allow you to set multiple savings goals in one account. For example, you could create a goal to set aside money for "Emergency Savings" and "Travel Fund," and track your progress over time.
Your choice between the two banks may ultimately depend on what you prioritize in your banking experience.
Capital One is considered an online bank, but it also has over 280 branches in eight US states and DC. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face.
If you'd like to open other types of savings accounts, also note that Ally has a money market account while Capital One doesn't.
Capital One Savings vs. CIT Bank Savings
CIT Bank high-yield savings accounts are competitive. You can choose between two savings accounts: CIT Bank Savings Connect and CIT Platinum Savings. CIT Bank Savings Connect pays 4.65% APY regardless of your account balance. Meanwhile, the CIT Bank Platinum Savings may be better for higher account balances since it pays 5.05% APY on balances of $5,000 or more.
Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn't mean that will always be the case.
If you'd like to open a savings account with a $0 minimum opening deposit, Capital One will likely stand out to you more.
The bottom line: Capital One 360 Performance Savings may be a great option if you're looking for an account with a $0 minimum opening deposit and no monthly service fees. It also offers a solid rate, but bear in mind the best high-yield savings accounts may offer even higher interest rates right now.
Why You Should Trust Us: How We Reviewed Capital One 360 Performance Savings
We rate bank accounts on a scale from zero to five stars. For our savings account review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to determine savings account ratings.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Sophia Acevedo, CEPF
Banking Reporter
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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