Personal Finance Banking Savings
Written by Laura Grace Tarpley, CEPF and Sophia Acevedo; reviewed by Evelyn He
Updated
- Capital One 360 Savings Rates
- Pros and Cons
- How Capital One Savings Rates Compare
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Capital One 360 Performance Savings
Capital One, Member FDIC
Insider’s Rating
4.5/5
Perks Rate as of 4/11/24
Earn 4.25% Annual Percentage Yield (APY) on any balance. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Opening Deposit
$0
Bonus
N/A
Pros
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
Cons
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Capital One 360 is an excellent option overall if you'd like to bank with a popular online financial institution with great savings rates.
It's also listed as one of our best online banks because it has strong customer service and manageable bank accounts.
The Capital One 360 Performance Savings account pays 4.25% APY (Annual Percentage Yield) on all account balances. This is significantly higher than the national average of 0.45% APY.
Capital One pays much higher rates than you'll earn with brick-and-mortar banks. You may find better rates at other online banks, but because rates fluctuate, the bank with the highest rate will depend on when you look.
Capital One Savings Pros and Cons
| Pros | Cons |
|
|
Compare Today's Rates
How Capital One Savings Rates Compare
Capital One Savings vs. Ally Savings
Ally savings rates work similarly to the rates at Capital One. Both pay above the national average on all balances, compound interest daily, and pay interest monthly. Currently, the Ally Savings Account pays 4.20% APY, which is the same as the Capital One 360 Performance Savings.
Both banks also have savings features that allow you to set multiple savings goals in one account. For example, you could create a goal to set aside money for "Emergency Savings" and "Travel Fund," and track your progress over time.
Your choice between the two banks may ultimately depend on what you prioritize in your banking experience.
Capital One is considered an online bank, but it also has over 280 branches in eight US states and DC. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face.
If you'd like to open other types of savings accounts, also note that Ally has a money market account while Capital One doesn't.
Ally Bank Review
Capital One Savings vs. CIT Bank Savings
CIT Bank high-yield savings accounts are competitive. You can choose between two savings accounts: CIT Bank Savings Connect and CIT Platinum Savings. CIT Bank Savings Connect pays 4.65% APY regardless of your account balance. Meanwhile, the CIT Bank Platinum Savings may be better for higher account balances since it pays 5.00% APY on balances of $5,000 or more.
Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn't mean that will always be the case.
If you'd like to open a savings account with a $0 minimum opening deposit, Capital One will likely stand out to you more.
CIT Bank Review
Why You Should Trust Us: How We Reviewed Capital One 360 Performance Savings
We rate bank accounts on a scale from zero to five stars. For our savings account review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to determine savings account ratings.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2024
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.
