Best Bank Account at Capital One: High APY Savings Account With $0 Minimum Requirements
With online banking and the convenience of user-friendly mobile apps, you can transfer or withdraw money and keep all your information safe. This Capital One account not only checks all of those boxes but also comes with a high APY to boot. No matter if you have a Capital One money market account or the 360 Checking account, when it comes to opening a savings option, the Capital One 360 Performance Savings account shouldn’t be overlooked.
Capital One 360 Performance Savings: Quick Take
Capital One’s checking accounts and savings accounts are some of the most highly-rated products on the market. Where the Capital One 360 Performance Savings really shines is its higher-than-average APY, no monthly fees or minimum balance requirements. Here are some key features:
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance to waive fee: $0
- Minimum to earn interest: $0.01
- APY:
- Overdraft fees: $0
Capital One: Convenient and Accessible
Capital One remains both convenient and accessible as one of the biggest banks in the U.S. It provides over 70,000 fee-free ATMs nationwide and 750 traditional branch locations. If you bank with Capital One, you also have access to approximately 30 Capital One Cafes where you can use an ATM or speak with a representative.
Capital One has a user-friendly and highly-rated mobile app. This makes all the banking transactions you have to do day-to-day easier to handle and more efficient. It is compatible with iOS or Android and available for download from either Google Play or the App Store.Â
Why Capital One 360 Performance Savings Is Right for You
This high-yield savings account is FDIC-insured and will help you as the account holder grow your savings* faster and stronger with its automated savings plan. The annual percentage yield is above average which means you can earn more when you save more. There are also no fees associated with the account and there is no minimum to open or keep your account.Â
How To Open an Account
Opening an account couldn’t be more straightforward. Simply follow these steps:
- Step 1: Decide where you want to open your account — online, in a branch or cafe. Current Capital One customers can open a new account through the mobile app.
- Step 2: Select the account type you want to open. Capital One has checking, savings and CD account options.
- Step 3: Prepare and provide the required information such as your name, address, Social Security number and other information to help verify your identity.Â
- Step 4: Fund the account by making a deposit into your new account within 60 days of opening it. You can either deposit a check through the mobile app, schedule a direct deposit or transfer from another account.Â
Final Take To GOÂ
There is no shortage of options when it comes to where you can store or grow your money. However, make sure you choose an account that covers all of the bases to fit your personal financial needs. If you are looking for a high-yield savings account, Capital One 360 Performance Savings is definitely worth considering.Â
FAQ
Here are the answers to some of the most frequently asked questions regarding Capital One.- Is the Capital One 360 Performance Savings account good?
- The Capital One 360 Performance Savings account is a good option for you as it is a high-yield savings account that is FDIC-insured. The APY is above average which means you can earn more when you save more. There are also no fees associated with the account and there is no minimum to open or keep your account.
- Did Capital One change the mobile app?
- Yes, Capital One did update and revamp its mobile app to offer more functionality, the ability to access bank account and credit card account information and conveniently help locate a branch or ATM location.
- What is the Capital One 360 Performance Savings account?
- The Capital One 360 Performance Savings account is a high-yield savings account with a competitive APY, no monthly fees or minimum balance requirements.
- How often does Capital One 360 Performance Savings pay interest?
- Capital One 360 Performance Savings pays interest monthly. This Capital One account has competitive interest rates and APYs higher than the national average.
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To determine rankings, GOBankingRates looked at the following factors across all accounts (checking and savings) from each bank (excluding relationship accounts): (1) minimum deposit to open an account; (2) monthly checking fee ratio (percent of the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn interest; (4) APY on the account; (5) overdraft fee amount; and (6) any associated perks advertised with the account. All factors were scored and combined, with the lowest score being best. In final calculations, factor (1) was weighted 0.5x, factor (2) was weighted 2x, and factor (6) was weighted 1.5x, with any cash bonus offer counting as a double perk. Search volume for each account was also taken into consideration. Rates, terms and bonus offers can change from the date of publication.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 16, 2023.Â
*Savings will vary depending on account usage and payment behavior.
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