Capital One 360 Performance Savings
- Best for: Savers who want a branch or Café nearby, or who already have Capital One checking
- What Sets It Apart: An online savings account you can also manage at a branch or Café
- APY: 3.20% on every balance, variable
- Features: FDIC insured; withdrawals online, by phone, or at a branch, not at an ATM; Automatic Savings rules; separate accounts for separate goals; up to 10 payable-on-death beneficiaries
- Monthly Fee: $0, with no minimum balance
- Minimum Deposit: $0
- Cost: $30 per outgoing domestic wire; $10 per cashier’s check
- Pros: One rate for every balance; branch and Café help; phone help 8 a.m. to 11 p.m. ET daily
- Cons: Trails the highest-yield online accounts; no ATM access; checks and transfers in from other banks held until the fourth business day
Open Capital One 360 Performance Savings if you want a no-fee savings account with a branch or Café nearby, or you already have Capital One checking. If you won’t use a branch, keep your savings at a higher-paying online bank instead.
Capital One 360 Performance Savings pays 3.20% APY, the annual percentage yield, with no fees or minimums, but app-based Pibank pays 4.40%, so you give up some interest for a bank with branches. Discover’s savings and money market accounts are moving into it with the same rate and account number, but wires need a new Capital One routing number, and direct deposits no longer arrive up to two days early.
Key Features
- 3.20% APY on every balance, compounded and credited monthly
- No monthly fee or minimum balance; $30 per outgoing domestic wire
- Automatic Savings rules, from recurring transfers to a share of each direct deposit
- Withdrawals online, by phone, or at a branch, but not at an ATM
- Up to 10 payable-on-death beneficiaries, who receive the balance at your death
Pros
- One rate for every balance, with no tier to reach
- In-person help at branches and 60-plus Capital One Cafés
- Phone help from 8 a.m. to 11 p.m. ET, seven days a week
- Separate savings accounts for separate goals, each earning the same rate
Cons
- Pays less than the highest-yield online savings accounts
- No ATM card, so ATM cash means moving money to checking first
- Checks and transfers in from your other banks are held until the fourth business day
- Branches and Cafés mostly in New York, New Jersey, Maryland, Virginia, Texas, Louisiana, and D.C.
Keep your savings here if you live near a Capital One branch or Café or already have Capital One checking, which two of the three Automatic Savings tools require. Savers who’ll never visit a branch do better at an online bank that pays more, since each extra percentage point of yield is $100 a year on a $10,000 balance.
Learn more about Capital One 360 Performance Savings or see how it compares to the best high-yield savings accounts.
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