How much interest does Capital One savings account pay?
As of April 2024, the Capital One 360 Performance Savings Account has a variable APY of 4.35%. How much you earn in interest depends on your initial deposit, how much money you deposit each month and how many withdrawals you make each year.
As of April 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
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.
Interest is compounded and credited to your account each month.
Compounding and crediting - Interest on your account will be compounded and credited on a monthly basis.
| Account Name | APY (Annual Percentage Yield) Accurate as of 4/17/2024 | Minimum Account Opening Balance |
|---|---|---|
| UFB Secure Savings | 5.25% | $0 |
| EverBank Performance℠ Savings | 5.15% | $0 |
| CIT Bank Platinum Savings | 5.05% (with $5,000 minimum balance) | $100 |
| Wealthfront Cash Account | 5.00% | $1 |
- BrioDirect High Yield Savings Account: 5.35% APY.
- Ivy Bank High-Yield Savings Account: 5.30% APY.
- TAB Bank High Yield Savings: 5.27% APY.
- UFB Secure Savings: Up to 5.25% APY.
- EverBank Performance℠ Savings: 5.15% APY.
- Bask Interest Savings Account: 5.10% APY.
| Provider | Rate (AER) | How to open |
|---|---|---|
| Saffron BS (must have been a member for at least a year) | 5.25% variable for one year | Online/ post/ branch |
| HSBC | 5% fixed for one year | Online/ branch/ phone |
| Santander | 5% fixed for a year | Online/ branch |
| Capital One Account | APY* | Minimum Deposit |
|---|---|---|
| 360 Performance savings | 4.25% | None |
| Kids' savings | 2.50% | None |
Ally, Capital One, and Discover are all federally insured and pay high interest rates. All three of these online national banks are good options if you're considering switching institutions.
What are the cons of Capital One?
- The 360 Performance Savings account doesn't include a debit card or an ATM card.
- Higher rates can be found at other online-only banks.
Capital 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.
Capital One Bank Account Features
The company offers some of the best APYs connected to each savings account. Plus, you can avoid account maintenance fees when you open one of these savings accounts. Capital One provides FDIC (Federal Deposit Insurance Corporation) protection on your deposits up to the legal amount.
The Capital One 360 Performance Savings account pays 4.25% (as of 4/11/24) APY (Annual Percentage Yield) on all account balances. This is significantly higher than the national average of 0.46% APY. Capital One pays much higher rates than you'll earn with brick-and-mortar banks.
It's also simple to make withdrawals: You can request a withdrawal from your account by using our website, calling us, or visiting one of our branches. Overdrafts: You're not allowed to overdraw your Savings and you agree not to withdraw more money than what is available at the time.
Capital One's 360 Performance Savings account has no monthly fees. You read that right. This is an online savings account with no fees and no minimum to open or keep the account. That means every dollar you earn is yours to save.
Capital One 360 Performance Savings pays 4.30% APY, making it one of the best high-yield savings accounts out there right now. However, Capital One savings rates for the 360 Savings Account are just 0.30% APY as of last month.
Depending on your card, things like missing payments, making late credit card payments, going over your credit limit or failing to make the minimum payment might trigger an APR increase.
The rate environment is favorable
In fact, rates on high-yield savings accounts are currently hovering around 5%, and you may be able to find something even higher if you shop around for an online bank. On a $10,000 deposit, that would equate to $500 after one year.
Example of APY
If you deposited $100 for one year at 5% interest and your deposit was compounded quarterly, at the end of the year you would have $105.09. If you had been paid simple interest, you would have had $105. It pays 5% a year interest compounded quarterly, and that adds up to 5.095%.
What is the best place to put your money?
Savings, money market, CD and rewards checking accounts are among the safest places for your money, as long as your bank or credit union is insured by the Federal Deposit Insurance Corp. or the National Credit Union Administration.
The 10 largest banks in the U.S. are Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank, PNC Bank, Goldman Sachs Bank, Truist Bank, Capital One and TD Bank.
Capital One 360 Performance Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
- Marcus by Goldman Sachs — 6 months - 5 years, 4.00% – 5.00% APY, $500 minimum deposit.
- Citizens Access — 1 year - 5 years, 3.35% – 5.00% APY, $5,000 minimum deposit.
- Sallie Mae Bank — 6 months - 5 years, 4.00% – 4.95% APY, $2,500 minimum deposit.
Upon receiving a lump sum, the immediate question is where to store it. A savings account is a common choice, offering a secure place to keep your money while earning some interest. There are several types of savings accounts designed to cater to different needs and goals.
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