Capital One is a full-service online bank that offers savings accounts for a variety of customers. You can find higher yields elsewhere, but the bank offers a highly competitive rate and the account is very accessible.
There is no minimum deposit requirement and Capital One doesn’t charge monthly fees. You can open the savings account online in as few as five minutes and access your money 24/7 through online banking or the mobile banking app. The bank brand is known as a technology leader.
Capital One earned 4.7 out of 5 stars in Bankrate’s review across its deposit products.
Capital One savings accounts rates
Let’s take a closer look at the savings accounts available at Capital One.
|Account name||APY||Minimum deposit|
|360 Performance Savings||1.00%||No minimum|
|Kids Savings Account||0.50%||No minimum|
|360 IRA Savings Roth||0.80%||No minimum|
|360 IRA Savings Traditional||0.80%||No minimum|
Note: The APYs (Annual Percentage Yield) shown are as of July 2, 2020. The APYs for some products may vary by region.
How Capital One’s savings account compare to top-yielding banks
The yield on Capital One’s 360 Performance Savings account is competitive. However, you can find better rates elsewhere. Citibank’s Citi Accelerate Savings, for example, currently offers a higher APY. While Citi doesn’t require a minimum monthly deposit, it does charge a $4.50 fee every month unless savers maintain a certain balance.
Vio Bank also offers a high-yield savings account that is currently paying more in interest than Capital One’s savings account. As long as you deposit at least $100 to open the account, you can enjoy this rate at Vio Bank with no fees.
Before settling on where to stash your savings, compare best rates on savings accounts here. With a higher rate, you can set yourself up to achieve your financial goals a bit faster.
Other savings options at Capital One
In addition to the 360 Performance Savings, you can open the Kids Savings Account for your child and help him or her get into the habit of saving money.
If you don’t want to grow your money with a savings account, rest assured that Capital One offers savers other options. You can choose one of the bank’s CDs to help you meet your financial goals, like saving for a home or a car.
Other savings account options offered by Capital One include a 360 IRA Savings Roth or 360 IRA Savings Traditional, which savers can use to help meet your retirement goals.
Featured image by ballero of Shutterstock.