Capital One Savings Account Rates for November 2022

Capital One, the 10th biggest bank in the US with consolidated assets of more than $390 billion, and one of CNET’s top five best big banks of 2022, offers a suite of financial products and services for both personal and commercial customers. The McLean, Virginia-based financial institution offers savings accounts (specifically high-yielding certificates of depositor CDs), checking accounts, credit cardsautomobile financing, and business and commercial banking.

Capital One

Although it’s regarded as a financial technology banking leader for its user-friendly, 24/7 online and mobile banking options (you can open a savings account online in mere minutes), Capital One also operates retail bank branches and Capital One Cafés throughout the US , primarily in New York, Louisiana, Maryland, Virginia, New Jersey, Texas and the District of Columbia.

Capital One savings account rates

Aside from its line of 360 CDs, Capital One offers two savings accounts: 360 Performance Savings and, for young savers, its Kids Savings Account. Neither account requires a minimum deposit nor has monthly fees.

Capital One: At a glance

Savings account

APY

Minimum deposit

Fees

360 Performance Savings

3.00%

$0

$0

Kids Savings Account

0.30%

$0

$0

Capital One’s 360 Performance Savings account offers more than just its competitive annual percentage yield, 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. In addition, balances in your online account are insured by the Federal Deposit Insurance Corporation for 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 not the point. Rather, Capital One provides a savings account for children — with the supervision of their parents — to help them understand the fundamentals of personal finance with a savings account that’s “kid-friendly with grown-up benefits.”

In addition to no fees and no minimum balance requirements, the Kids Savings Account offers an automatic savings option so that kids can send their allowance on schedule and make regular deposits. Parents can link their bank account (be it a Capital One account or an account from another bank) to their kid’s account. Parents can also create more than one Kids Savings Account for each of their child’s financial goals, according to Capital One.

How does Capital One’s savings account rates compare with other banks?

Although you can find higher-yielding savings accounts, Capital One’s 360 Performance Savings rate is competitive compared with other major banks, including online-only banks. The 3.00% APY, for example, matches the 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, far above Bank of America and Chase, both of which offer a rate of only 0.01% APY. In addition, Capital One has an easy application process and 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.

Leave a Comment

Your email address will not be published.