Interest Rates for Savings Accounts at Capital One
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Capital One 360 Performance Savings has a rating of 4.5 out of 5 stars with an Annual Percentage Yield (APY) of 4.5%. This account includes various benefits such as a competitive APY, no opening deposit or minimum balance, no monthly service fee, simple savings for all objectives, and constant 24/7 online chat support. However, access to customer service through phone consultations is limited.
Additional highlights of Capital One 360 Performance Savings comprise of over 470 branches located in New York, Los Angeles, Texas, Maryland, Virginia, New Jersey, and Washington D.C., interest blended daily, paid every month, and FDIC insurance.
In conclusion, Capital One 360 Performance Savings is an excellent choice if you desire a zero minimum opening deposit and zero monthly service fees with a satisfactory interest rate.
Advantages and Disadvantages
Capital One 360 Performance Savings Interest Rates
The Capital One 360 Performance Savings account offers a high Annual Percentage Yield (APY) of 4.15% (as of 6/23/23) on all balances. This is significantly better than the national average of 0.42% APY.
Capital One outperforms traditional brick-and-mortar banks regarding interest rates. While you may find better rates with the high-yield savings accounts offered by online banks, rates fluctuate over time.
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Comparison of Capital One Savings Rates
We have compared the savings rates of Capital One with Ally and CIT Bank, two other online banks with high-yield savings accounts.
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Capital One savings rates versus Ally savings rates
Capital One and Ally offer comparable savings rates. Both pay the same rate on all balances, accumulate interest daily, and pay monthly.
While Capital One is an online bank, it also has more than 470 branches in eight US states and DC. If you live close to a branch and want to speak to a banker face-to-face, Capital One might be a preferable choice.
However, if the savings buckets feature of Ally appeals to you, you may prefer it. Set various savings goals in one account, such as "Emergency Savings" and "Travel Fund," so you can keep track of all your goals in one place.
If you're on the lookout for a high-interest savings account, CIT Bank may be a more attractive option than Capital One. The CIT Bank Savings Connect Account pays a flat 4.60% APY, regardless of the balance in your account. However, keep in mind that savings rates fluctuate, so the higher rates offered by one bank now may not be the case in the future.
That being said, if you want to open a savings account with no minimum deposit, Capital One is still a great option to consider. For more insights and recommendations on the best savings accounts, check out Insider's comprehensive list.
Meet our Personal Finance Reviews Editor, Laura Grace Tarpley. She is a Certified Educator in Personal Finance (CEPF) and has over seven years of experience writing about personal finance. You can get in touch with her at [email protected]. You can also learn more about our editorial standards and how we choose, rate, and cover financial products and services on our website.
Note that the offers mentioned in this article are accurate at the time of publication but are subject to change at any time and may no longer be available. Enrollment may be required for some offers.
Disclaimer: The opinions, analyses, reviews, or recommendations expressed in this article are solely those of the author and have not been reviewed, approved, or endorsed by any card issuer.
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