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Capital One 360 Performance Savings account might be for you if: You're looking for an easy-to-use online savings account with a high APY. Capital One offers an account that can work for anyone, with no monthly fees or minimum balance requirements.
Check out our full Capital One 360 Performance Savings review to learn more about it.
Capital One 360 Performance Savings
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Minimum Deposit |
---|---|---|
Capital One 360 Performance Savings | 4.25% | $0 |
This Capital One 360 Performance Savings account offers a generous 4.25% APY, which matches it to some of our other favorite high-yield savings accounts. Plus, unlike with a purely online bank, you get access to branch locations as a Capital One customer.
Here at The Ascent, we pride ourselves as real users of most of the products across our site. One of the members of our Product Coverage Team, Matt Koppenheffer, uses the Capital One 360 Performance Savings account himself.
My family and I have enjoyed the convenience of banking with Capital One overall. The accounts are easy to use, the interface is simple, money moves quickly, and while savings rates aren't top of the market, they're much higher than mainline banks.
There are no monthly fees for the Capital One 360 Performance Savings account. There are only a couple of situations where fees apply with this account:
If you don't send any wires or buy any cashier's checks, you won't be paying any fees with this account.
There's no minimum balance to have this account or to earn the APY. Lots of online bank accounts don't have any minimum balance requirements, but this is still a great benefit.
This savings account doesn't have any withdrawal limits. Capital One previously allowed up to six withdrawals/transfers out of savings accounts per statement cycle, but it's not enforcing that limit anymore.
Capital One Mobile has excellent ratings in both Google Play and the App Store. It's user-friendly and very similar to Capital One's web platform. I have Capital One checking and savings accounts, and I've found it easy to manage them in the mobile app.
With any bank account, being able to access your money when you need to is crucial. Luckily, Capital One 360 Performance Savings makes it easy to deposit and withdraw funds.
You can fund your Capital One 360 Performance Savings account through the following methods:
The bank also makes building your savings easy by allowing you to set up automatic recurring deposits from a linked checking account. If you have a Capital One 360 Checking account, transfers will process instantly. If you're transferring from an external bank, it may take a few business days.
When you're ready to withdraw money from your Capital One 360 Performance Savings account, you can do so using one of these methods:
If you transfer your funds to a Capital One 360 Checking account, they should become available immediately. You can then withdraw them from your checking account using your debit card or by writing a check.
This savings account doesn't come with an ATM card or check-writing privileges. A funds transfer to an external checking account will take a couple of business days to process, so make sure to arrange transfers in advance of when you'll need the money.
The Capital One 360 Performance Savings account gets high marks online. On Reddit, comments are largely positive, with users praising the web platform, mobile app, and lack of fees.
4.25% APY: If you're opening a high-yield savings account, it's likely because you're looking to get better returns on your savings. The Capital One 360 Performance Savings is up there in the ranks of the best online savings accounts due to its higher-than-average APY on all balances.
No minimum balance requirement: While it is possible to find online savings accounts with slightly higher interest rates, some of them require minimum balances to earn those rates. The Capital One 360 Performance Savings account has no minimum balance requirements to open or maintain the account.
No monthly fee: Paying monthly maintenance fees can defeat the purpose of opening a high-yield savings account. This account has no maintenance fees, so you don't have to worry about fees eating into your earnings.
Online and in-branch hybrid: Unlike most online banks, Capital One does offer a small number of branch locations for people who prefer in-person banking. Full-service branches are available in a handful of states, mostly on the East Coast. The bank also offers its unique Capital One Cafes, which combine banking services and money coaching with coffee, snacks, and wifi, throughout the country.
FDIC insured: Capital One's 360 Performance accounts are covered by FDIC insurance, so in the event of a bank failure, you're protected up to $250,000 per depositor, per institution.
ATM cards: The Capital One 360 Performance Savings account makes it tricky to access your funds immediately unless you live near a branch location. The account doesn't offer ATM cards or check-writing privileges. However, if you have a Capital One 360 Checking account, you can transfer your money instantly and use your debit card to withdraw cash from an ATM. With an external bank account, you'll have to wait a couple of business days for transfers to process.
Yes, the Capital One 360 Performance Savings account is covered by FDIC insurance. In the event of a bank failure, you're protected up to $250,000 per depositor, per institution.
If you want high rates and no monthly maintenance fees, this is an easy, basic savings account that's a solid option. As long as you don't need an ATM card with your savings account, the Capital One 360 Performance Savings account gets the job done. You can even pair it with the Capital One 360 Checking account to improve your banking with faster access to your funds.
This account comes with one of the best mobile banking apps and the option of in-branch services. But it's possible to find other accounts that offer some of the features the Capital One 360 Performance Savings account lacks, such as ATM cards or even higher rates for larger balances. Many top online bank accounts come with high returns and no fees, so be sure to do some comparison shopping.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
The Capital One 360 Performance Savings account is worth it if you want to earn high interest without needing to maintain a minimum balance or pay monthly fees. It's an especially good choice if you already have a checking account with Capital One, as you can easily move money out of your savings into an account that's ready to use.
Normally, you can make up to six transfers out of your Capital One 360 Performance Savings account and into an external account. That said, Capital One is choosing not to impose these limits right now, but may do so at some point in the future.
Yes, Capital One's 360 Performance accounts are FDIC insured, so in the event of a bank failure, you're protected up to $250,000 per depositor, per institution.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.