The Capital One 360 Performance Savings account checks all the boxes we look for in an online savings account, and throws in a few bonus perks. Its unique Capital One Cafés and branch locations make it an ideal option for those who want the high APYs of high-yield savings accounts, but aren't quite ready to part ways with brick-and-mortar banks.
Read our full Capital One 360 Performance Savings account review to learn about everything it has to offer.
Open Account for Capital One 360 Performance Savings
Member FDIC.
Ratings Methodology
Rates asof May 20, 2024
Capital One 360 Performance Savings
Open Account for Capital One 360 Performance Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for Capital One 360 Performance Savings
APY
4.25%Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
- Competitive APY
- Branch access (if you live near one)
- No account fees
- Comfort of a well-known brand and reputation
- 24/7 customer support
- FDIC insured
- No ATM access
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. But it also offers branch locations and Capital One Cafés where customers can seek in-person support (if you live near one). This makes it a great fit for those who want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Compare savings rates
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 | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings |
Open Account for CIT Platinum Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.00% APY for balances of $5,000 or more Rate info5.00% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings |
Open Account for UFB Secure Savings Account Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.25% Rate infoTo ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.Min. to earn: $0 | N/A | Open Account for UFB Secure Savings Account |
Capital One 360 Performance Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Capital One 360 Performance Savings | 4.25% | $0 |
Data source: Capital One.
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.
Full Capital One 360 Performance Savings review
Top perks
4.25% APY: If you're opening a high-yield savings account, it's 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, many of them require minimum balances to earn those rates. The Capital One High-Yield Savings account has no minimum balance requirements to open or maintain the account.
No monthly fee: 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 Cafés, 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.
What could be improved
ATM cards: The Capital One High-Yield 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 abilities. 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.
How to access your money
With any bank account, being able to access your money when you need to is crucial. Luckily, Capital One 360 makes it easy to deposit and withdraw funds.
Deposit options
You can fund your Capital One 360 Performance Savings account through the following methods:
- Electronic transfer from a linked account
- Mailed check
- Mobile-deposited check
- Wire transfer
- Visit a branch location
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.
Withdrawal options
When you're ready to withdraw money from your Capital One 360 Performance Savings account, you can do so using one of these methods:
- Electronic transfer to a linked account
- Wire transfer
- Visit a branch location
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 capabilities. 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.
We tried it: Our team's firsthand experience
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. Here's Matt's firsthand experience:
"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."–Matt Koppenheffer, Product Coverage Team here at The Motley Fool
What the Capital One 360 Performance Savings platform looks like:
Capital One Performance Savings Platform. Image source: Matt Koppenheffer
The Capital One 360 Performance Savings is right for you if:
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 for easier access to your funds.
This account comes with one of the best mobile 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.
Keep reading about Capital One:
- Capital One Bank Review
- Capital One 360 Checking Account Review
- Capital One MONEY Teen Checking Account Review
- Capital One CD Rates
Our savings account methodology
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:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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.
Our Banking Experts
By:Kailey Hagen
Writer
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
By:Steven Porrello
Writer
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact CheckedAshley Maready
Writer and Editor
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
