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Capital One 360 Performance Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Deposit Amount
$0
Pros
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
Cons
- Limited access to customer service by phone
Insider’s Take
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
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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 only a bit lower than 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.
Ally Bank Review
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.
CIT Bank Review
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.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected].Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email [email protected].Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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