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Key Takeaway: Capital One’s 360 Performance Savings accountpays a competitive APY and has no monthly fees or account minimums. It combines the convenience of online banking with a nationwide network of physical banking branches.
Pros
- No minimum balance to get started
- High APY
- Highly rated mobile app
- Your account takes only a few minutes to set up
- Zero monthly and maintenance fees
Cons
- Does not come with an ATM card
- Buying a cashier’s check using your account balance will cost $10, and outgoing wire transfers cost $30
- You must transfer your money to a checking account to withdraw funds
- No welcome bonus
Capital One 360 Performance Savings Overview
Capital Oneis a popular credit card company that also offers checking and savings accounts. One of its top options is called Capital One 360 Performance Savings. This could be a good option for you if you want a convenient way to earn a solid interest rate on your cash savings.
The account’s annual percentage yield is currently *, which is solid, but not the highest rate on the market. However, the Capital One mobile app is highly rated, and your account won’t have any monthly maintenance fees to worry about.You can also set up a new account online in minutes or go into one of Capital One’s physical banking branches to get started.
Just note that withdrawing cash from your account isn’t always easy. With no ATM card,youneed totransfer your money to another account or go into a bank in order to do so.
Key Features
Here’s a closer look at some of the features of the Capital One 360 Performance Savings account.
APY
The Capital One 360 Performance Savings account has a APY on all balances. It’s a competitive rate, but it’s not thehighest APY on the market.
The good news is that you don’t have to worry about depositing a hefty amount to get the best rate. Instead, you can save as much or as little as you want and still enjoy the same relatively high APY.
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Minimal Fees
With the Capital One 360 Performance Savings account, there are no monthly fees. However, youwillpay a fee for wire transfers and for purchasing acashier’s check.
Perks
Besides thecompetitive APY, another bonus is the easy-to-use mobile app that lets you view and access your funds anytime. Additionally, you can open an account in minutes, benefiting from check deposits and automatic saving tools immediately.
If you like the account, the bank makes it easy to open several different savings accounts. You can dedicate each account to a specific savings goal without having to meet minimum balance requirements to enjoy a top APY.
Customer Service
If you need help or run into issues, you have multiple ways to contact customer service. You can call the live support number at 877-383-4802. There is also a collect call service if you are outside of the U.S. Alternatively, you can send mail to Capital One, depending on your specific issue. For general queries, you also have the option to use Capital One’s digital assistant service, Eno.
Advantages and Disadvantages of theCapital One 360 Performance Savings Account
The Capital One 360 Performance Savings account has several advantages that may appeal to you. One is that your account won’t have any monthly maintenance fees, so you can use it as much or as little as you want without having to worry about incurring administrative costs in the process.
Capital One’s mobile app also stands out as a key advantage. It’s highly rated on both the Google Play Store and the iOS App Storeand includes a number of features that can help you stay on top of your savings while making progress toward your goals.
You may also feel better about keeping your money with a large institution like Capital One instead of storing it at a smaller bank that may face more economic uncertainty. If these things are important to you, then Capital One could be a good fit.
However, there are also a few key disadvantages to Capital One high-yield savings accounts that you should know about.
First, the account currently pays a APY. That’s good, but not the highest. Many other banks pay more as of February 2024. So you probably won’t be maximizing your interest income if you choose Capital One.
There are also a few things about the account that can be an inconvenience. For example, you won’t be able to get an ATM card, which will make withdrawing cash more challenging. You also have to spend $10 to buy a cashier’s check and will have to pay $30 for outgoing wire transfers. These fees will add up if you need to perform either action often.
Comparable Options
Before deciding on a new savings account, it’s always a good idea to see how it compares against similar options.
American Express® High Yield Savings Account
TheAmerican Express, Member FDIC,High Yield Savings Account is a strong competitor to the Capital One 360 Performance Savings account. It has an annual percentage yield of , no minimums and no monthly fees, and it’s FDIC insured and comes with 24/7 customer service.
UFB Premier Savings Account
Another strong contender is theUFB Premier Savings account. The account offers up to a APY, with no maintenance or service fees, no minimum deposits, a free ATM card and free transfers between direct deposit accounts. However, it does have balance tiers that may impact how high your APY will be.
How To Apply
Opening a Capital One 360 Performance Savings account is simple:
- Visit the Capital One 360 Performance Savings page and click “Open account.”
- Enter your basic information, such as your name, address and Social Security number.
- Input your financial, employment and income information.
- Read and accept the terms and conditions.
- Submit your application.
- Once approved, you can create a username and password and add an initial deposit.
- Verify your account by following the prompts from Capital One.
- After verification, you canstart using your account.
Capital One 360 Performance Savings Account: Who’s It Best For?
A Capital One 360 Performance Savings account is a fantastic option for someone who has never had a savings account before and wants to start one now. Since it has no minimums, you can start saving as soon as you have funds. It’s also user-friendly for someone who’s just starting out with banking.
But it’s also a good option for established savers who are tired of letting their hard-earned dollars collect dust at a different financial institution. If you aren’t earning a great APY on your savings, it might be worth making the switch to Capital One.
Final Take
The Capital One 360 Performance Savings account is a solid option if you seek to establish a secure and convenient savings account. With no monthly fees, no minimum deposit and FDIC insurance, this account suits anyone delving into savings accounts. Its high APY applies to all balances, unlike other banks that offer tiered savings rates.
Finally, with Capital One Cafés, ATMs andbranch locations, you can easily access online banking or visit a physical branch, depending on your preference. All these factors make the 360 Performance Savings account from Capital One an excellent option for you to consider.
FAQ
Here are the answers to some commonly asked questions about the Capital One 360 Performance Savings account.
- Is Capital One 360 Performance Savings good?
- Yes, Capital One 360 Performance Savings offers a competitive APY, a highly rated mobile app and a convenient combination of online and physical banking options.
- What is the return on Capital One 360 Performance Savings?
- Capital One 360 Performance Savings currently has a 4.25% APY. So if you keep $1,000 in your account for a year and don't touch it, you'll have $1,043.50 at the end of the year.
- What is the difference between a Capital One 360 CD and a 360 Performance Savings account?
- Capital One 360 certificates of deposit require you to lock your money in the account for a certain period of time, but they also lock in your interest rate for the same amount of time. You can withdraw your money from a 360 Performance Savings account at any time, but your interest rate will be variable.
Hiba Boutary and Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 20, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Savings vary depending on account usage and payment behavior.
*Capital One interest rates accurate as of April 11, 2024. See website for all current rates.
