Capital One, the 10th the largest bank in the United States with consolidated assets of over $390 billion, and one of CNET’s top five best big banks of 2022, offers a range of financial products and services for individuals and businesses. The McLean, Va.-based financial institution offers savings accounts (especially at high yield certificates of depositor CD), check accounts, credit cardauto financing and business and corporate banking.
Although considered a leader in banking technology for its user-friendly 24/7 online and mobile banking options (you can open a savings account online in minutes), Capital One also operates retail banking branches and Capital One cafes across the United States. , primarily in New York, Louisiana, Maryland, Virginia, New Jersey, Texas, and the District of Columbia.
Capital One Savings Account Rates
Besides his line of 360 CDs, Capital One offers two savings accounts: 360 Performance Savings and, for young savers, its Kids Savings Account. No account requires a minimum deposit and has no monthly fees.
Capital One: In Brief
Savings account |
APY |
Minimum deposit |
Costs |
---|---|---|---|
360° performance savings |
3.00% |
$0 |
$0 |
Children’s savings account |
0.30% |
$0 |
$0 |
Capital One’s 360 Performance Savings Account offers more than its competitive Annual Percentage Return, or APY, of 3.00%. The ease and use of Capital One’s online and mobile banking services makes it possible to open a 360 Performance Savings Account in as little as five minutes. Plus, your online account balances are insured by the Federal Deposit Insurance Corporation up to $250,000.
At 0.3% APY, the Kids Savings Account may not offer a competitive rate compared to other savings accounts, but that’s beside the point. Instead, Capital One provides a savings account for kids – under the supervision of their parents – to help them understand the fundamentals of personal finance with a “kid-friendly savings account with adult benefits.” “.
In addition to no fees and no minimum balance requirements, the Kids Savings Account offers an automatic savings option so kids can send in their allowance on time and make regular deposits. Parents can link their bank account (whether it’s a Capital One account or an account from another bank) to their child’s account. Parents can also create more than one children’s savings account for each of their child’s financial goals, according to Capital One.
How do Capital One savings account rates compare to those of other banks?
Although you can find higher yielding savings accounts, Capital One’s 360 Performance Savings Rate is competitive with other major banks, including online-only banks. The 3.00% APY, for example, matches rates offered by Marcus by Goldman Sachs and Discover, and is higher than Ally Bank and American Express, each offering a rate of 2.75% APY. Among traditional banks, Capital One ranks among the highest, well above Bank of America and Chase, both of which offer a rate of just 0.01% APY. Additionally, Capital One has a simple application process and a mobile app to track balances and transfer money between accounts.
Additional savings option at Capital One
In addition to its 360 Performance Savings and Kids Savings account, Capital One offers its 360 CD account – nine terms ranging from six months to five years. Its one-year CD, for example, has an APY of 4.00% and its five-year CD has an APY of 4.25%. And, like its other savings accounts, its CD accounts have no minimum balance requirements to open an account.