Last Updated: Sep 6, 2024
Capital One’s high-yield 360 Performance savings account offers a 4.25% APY, and doesn’t require a minimum opening deposit
Written by Adam Frankel Adam B. Frankel is a personal finance writer and financial adviser with over 30 years of experience. When he’s not managing money in the stock market, he teaches financial topics and other core concepts at local schools from elementary through high school.Learn more about Adam Frankel
Edited by RaShawn Mitchner RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.Learn more about RaShawn Mitchner
Edited by RaShawn Mitchner RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.Learn more about RaShawn Mitchner
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154 Institutions Monitored Our team reviewed 154 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
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The 4.25% annual percentage yield (APY) offered with Capital One’s 360 Performance Savings account is competitive with those offered by several other major banks and is well above the national average of 0.50%. The account also has no maintenance fees and no minimum opening deposit or balance requirements.
In our recent banking survey, the MarketWatch Guides team asked 1,000 people if they’d consider switching banks. Nearly 40% said they would, and the top reasons were to get higher interest and lower fees. Capital One’s 360 Performance Savings account, with its fee-free structure and competitive rates, could be a solid choice.
Key Takeaways
- The 4.25%annual percentage yield (APY) offered with Capital One’s 360 Performance savings account is competitive with the savings rates at several major banks.
- The 360 Performance savings account and the kids’ savings account don’t have minimum opening deposits, minimum balance requirements or maintenance fees.
- With both options, you can open multiple accounts.
- Capital One also offers checking accounts and debit cards, certificates of deposit, auto loans and business and commercial banking services.
Featured Savings Accounts
Capital One Savings Interest Rates
A savings account is like a piggy bank with benefits. When you open a savings account with an FDIC-insured financial institution, you’ll earn interest on your deposits and have the security of knowing your money is in a safe place.
Capital One’s 360 Performance savings account offers a competitive rate that outpaces the national average for savings account rates. Because it’s an online-only account, the bank is able to offer better annual percentage yields than many competitors that have more brick-and-mortar locations and more overhead costs. Capital One, like most banks, sets and adjusts its savings account rates based on a combination of the financial market and its own expenses and discretion.
Another option from Capital One is its kids’ savings account. It’s a joint bank account linking an adult’s deposit account to one set up for their young saver. Like the fee-free 360 Performance account, it doesn’t have a minimum deposit, a minimum balance or a monthly maintenance fee. Another perk they share is that you can open multiple accounts.
| Capital One Account | APY* | Minimum Deposit |
|---|---|---|
| 360 Performance savings | 4.25% | None |
| Kids’ savings | 2.50% | None |
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Capital One Savings Rates vs. Other Top Banks
Capital One’s 360 Performance savings rate is competitive, offering an APY as good as or better than other major banks.
| Bank | APY* | Minimum Deposit |
|---|---|---|
| Ally | 4.20% | None |
| American Express | 4.25% | None |
| Capital One | 4.25% | None |
| Discover | 4.20% | None |
| Marcus | 4.40% | None |
| Synchrony | 4.50% | None |
| TD Bank | 0.02% | None |
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If you want to know how much you’d earn based on your APY, minimum deposit, and term length, use our savings account calculator.
>> Related: Learn more about the best savings accounts
Capital One vs. Banks with Highest Rates
Below, we compare Capital One to the banks with the highest APYs.
| Bank | APY* |
|---|---|
| Capital One | 4.25% |
| First Community Bank | 6.00% |
| Sovereign Bank | 5.40% |
| EagleBank | 5.35% |
| Western Alliance Bank | 5.31% |
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Additional Ways To Save With Capital One
Capital One doesn’t offer money market accounts, but its 360 CD accounts are an additional savings option. With a Capital One CD, you deposit the money for a set term and can’t withdraw it without penalty until the term is up. Terms for the bank’s online CDs range from six months to five years. There’s no minimum deposit requirement, and as with 360 Performance savings accounts, you can open more than one CD account.
Capital One CD Rates
The table below gives an overview of Capital One’s CD rates:
| Capital One CD | APY* | Minimum Deposit | Early Withdrawal Penalty? |
|---|---|---|---|
| Six-month CD | 4.25% | None | Yes |
| Nine-month CD | 4.25% | None | Yes |
| One-year CD | 4.25% | None | Yes |
| 18-month CD | 4.00% | None | Yes |
| Two-year CD | 3.80% | None | Yes |
| 30-month CD | 3.80% | None | Yes |
| Three-year CD | 3.70% | None | Yes |
| Four-year CD | 3.65% | None | Yes |
| Five-year CD | 3.60% | None | Yes |
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>> Related: Learn more about the best CD rates
How To Open A Capital One Savings Account
To open an online savings account with Capital One, visit the bank’s website.
Select “Checking & Savings” from the menu, and the three types of Capital One savings accounts (360 Performance savings, 360 CDs and kids’ savings account) will appear below. Select the account you’re interested in, and then click “Open Account” on that product’s page.
The next screen will ask if you already have a Capital One account, such as a checking or savings account, a credit card or an active home or car loan. If you do have an account, log in and the savings account application will be partially pre-filled for you.
If not, be ready to provide the bank with basic information, including these details:
- Name
- Email address
- Home address
- Birthday
- Social Security number
- Phone number
The bank will do a quick online security check to verify your identity. If you’re approved, you’ll have the option to fund your account when you open it. The interest earned on your account will be compounded and credited monthly.
>> Related: Learn more about how to open a savings account
The Bottom Line: Is a Capital One Savings Account Right for You?
A Capital One high-yield savings account offers secure and competitive growth for your savings. The 360 Performance savings account has an easy online application, no minimum account deposit requirements and no monthly fees. And if you prefer to do most of your banking in just one place, you can consider Capital One’s wide array of other financial products.
>> Related: Read our Capital One review
FAQ: Capital One Savings Account Rates
The rate for the Capital One 360 Performance savings account is 4.25% APY.
Out of the three Capital One deposit accounts, the highest interest rate is 4.25% APY for the 360 Performance savings account.
There’s no minimum deposit requirement to open the Capital One 360 Performance savings account.
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
Meet the Team
Learn more about Adam Frankel
Adam Frankel Contributor
Adam B. Frankel is a personal finance writer and financial adviser with over 30 years of experience. When he’s not managing money in the stock market, he teaches financial topics and other core concepts at local schools from elementary through high school.
Learn more about Adam Frankel
Learn more about RaShawn Mitchner
RaShawn Mitchner Senior Editor
RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.
Learn more about RaShawn Mitchner
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