Interest accrues daily and compounds monthly. You can open a Capital One high-yield CD for any amount and choose a term as short as six months or as long as 60 months. CD APYs are tiered and based on the account term. If you'd prefer to put your money into a high-yield fixed-rate account, the APYs on Capital One 360 CDs are very competitive and generally higher than that of the 360 Performance Savings account. 360 CDsĪs with other savings accounts, the APY for Capital One’s 360 Performance Savings is variable and changes from time to time. You can make deposits and withdrawals at a physical Capital One branch too. The mobile app also allows you to make mobile check deposits. You can set up one-time or automatic transfers online or with the app. However, you can easily transfer funds into and out of the account as necessary with the Capital One Mobile app or by logging in to the Capital One website. The Capital One 360 Performance Savings account doesn't come with an ATM card or check-writing privileges. Still, some financial institutions only apply that high APY to part of your account balance or have specific account requirements to earn it. You can undoubtedly find higher APYs offered by some online banks and credit unions. Interest is compounded daily and credited to your account monthly. With the Capital One 360 Performance Savings account, you earn a competitive, high-yield APY regardless of your account balance. Here are more things to know about these savings options. The Federal Deposit Insurance Corporation (FDIC) also insures each account type up to allowable limits. None of these accounts have fees, minimum balance or opening minimum deposit requirements, and you can open all of them online. Capital One 360 high-yield savings account offeringsĬapital One offers three types of savings accounts: Capital One doesn't have new customer welcome bonuses on its savings offerings. To attract new savings account holders, some banks offer new customers a bonus for meeting specific deposit requirements. (Take note that APYs for Capital One kids accounts are significantly lower than their 360 Performance Savings counterparts.) No welcome bonus Capital One limits its savings options to the Capital One 360 Performance Savings account, Capital One 360 CDs and Kids Savings account. Many banks have a high-yield money market account offering. Then, you must transfer funds from savings back to the other account when you need to withdraw. You will need another deposit account at Capital One or another bank to make cash deposits that you can transfer into your savings account. Cons explained No ATM account accessĬapital One Performance Savings accounts don't come with an ATM card, which means there is no way to deposit cash directly into the account or withdraw it unless you visit a physical branch. There are a few exceptions, but unless you make frequent outgoing domestic wire transfers or purchase a cashier's check, you can save money entirely fee-free with Capital One. No feesĬapital One 360 savings accounts have no monthly maintenance fees, regardless of your account balance. You can also open a Capital One high-yield savings account with any amount, even if you start with just $1. Whether you have $10, $100 or several thousand dollars in your account, Capital One applies the same competitive high-yield APY to your balance. You don't have to carry a hefty account balance to earn Capital One's best APY. No minimum opening or balance requirements Even if the variable APY on your Capital One account drops, you can feel confident it will remain competitive with other high-yield savings accounts. Capital One's absence of fees and balance requirements can help beginners and seasoned savers build savings faster.Ĭapital One uses national percentile data from Informa Research Services to ensure its APY remains competitive with other high-yield offerings. However, some of these high APY accounts may have fees or strict account requirements that can be tough for new savers to meet. Best high-yield savings account for beginnersĪ Capital One 360 savings account is ideal for the beginner saver because you earn the same high-yield annual percentage yield (APY) regardless of your account balance, and you don't have to worry about fees offsetting your savings.īut first, what is a high-yield savings account, and how does it differ from a traditional one? High-yield accounts allow you to earn a significantly higher APY on your investment than traditional savings accounts.
This Capital One 360 high-yield savings account review can help you determine if it’s the right option for stashing your savings. Capital One’s 360 Performance Savings account may fit the bill.
Whether you're just beginning to build savings or already have a healthy account balance, a no-fee high-yield savings account can help you reach your savings goals faster.
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