Capital One 360 Performance Savings Review

GOBankingRates Score

4.7
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Capital One's 360 Performance Savings™ account is an excellent choice if you value the convenience of online banking yet still prefer visiting physical branches. With a Capital One 360 Performance Savings account, you enjoy a high APY with no minimums, maintenance or monthly fees. It is an ideal account option if you want to grow your savings without hassles or complicated terms.
  • APY
    4.8
  • Fees
    5.0
  • Perks
    4.6
  • Customer Service
    4.4
How did we calculate this?

Pros

  • No minimum balance to get started
  • High APY
  • User-friendly mobile app
  • Your account takes only a few minutes to set up
  • Zero monthly and maintenance fees

Cons

  • Does not come with a debit card and you cannot cash out through an ATM
  • Buying a cashier's check using your account balance will cost $10
  • You must transfer your money to a checking account to withdraw funds
  • No welcome bonus
  • Outgoing wire transfers cost $30
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Capital One 360 Performance Savings Overview

A Capital One 360 Performance Savings account is a good choice if you want to open a new savings account but don’t know where to start. Its APY is one of the highest nationwide, letting you increase your savings over time depending on account usage and payment behavior. And since the safety of your money is crucial to your financial security, especially during the present time and looming economic instability, this account is a secure and easy-to-use way to manage funds.

With no hidden fees, minimum deposit requirements and FDIC insurance, you can rest easy knowing that your money is safe. And if you are the type who prefers to bank onsite, you have the option to do so with brick-and-mortar locations. However, withdrawing your funds isn’t that simple. With no debit or ATM card, you need to transfer your money to another account to access your funds.

Key Features

Here is a closer look at some of the features of Capital One 360 Performance Savings accounts.

APY Rate

Your Capital One 360 Performance Savings account has a APY on all balances. You don’t have to worry about depositing a hefty balance to get the best rate. Instead, you can save as much or as little as you want and still enjoy the same relatively high APY.

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Minimal Fees

With a Capital One 360 Performance Savings account, there are no sign-up fees or monthly or annual payments. However, you pay a fee for wire transfers and for purchasing a cashier’s check.

Perks

Besides its competitive APY interest rate, another bonus is the easy-to-use mobile app that lets you view and access your funds anytime. Additionally, you can open an account in minutes, benefiting from check deposits and automatic saving tools immediately.

Customer Service

If you need help or run into issues, you have multiple ways to contact customer service. You can call the live support number at 877-383-4802. There is also a collect call service if you are outside of the U.S. Or, you can send mail to Capital One, depending on your specific issue. For general queries, you also have the option to use Capital One’s digital assistant service, Eno.

How Does the Capital One Savings Account Stand Out?

A Capital One 360 Performance Savings account stands out from other saving accounts by offering a competitive APY rate on your balances. This account provides an outstanding balance of online and in-person banking options and attractive terms for those looking to open a new account and save money. It comes with zero monthly fees, zero minimum deposit requirements, FDIC insurance and the unique feature of Capital One Cafes, ATMs and branch locations.

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Comparable Options

Before deciding on a new savings account, it’s always a good idea to see how it compares against similar options.

American Express® High Yield Savings Account

The American Express, Member FDIC, High Yield Savings Account is a strong competitor to the Capital One 360 Performance Savings account. It has the same Annual Percentage Yield, no minimums, no monthly fees, is FDIC insured and comes with 24/7 customer service.

UFB Best Savings Account

Another strong contender is the UFB Best Savings account. The account offers up to APY, with no maintenance or service fees, no minimum deposits, a free ATM card and free transfers between direct deposit accounts. However, it does have balance tiers that may impact how high of an APY you will get.

How To Apply

Opening a Capital One 360 Performance Savings account is simple:

  • Visit the Capital One 360 Performance Savings account page and click “Open Account.”
  • Enter your basic information, such as your name, address and Social Security number.
  • Input your financial, employment and income information.
  • Read and accept the terms and conditions.
  • Submit your application.
  • Once approved, you can create a username and password and add an initial deposit.
  • Verify your account by following the prompts by Capital One.
  • After verification, you can start using your account.
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Who Is It Best For?

A Capital One 360 Performance Savings account is a fantastic option for someone who has never had a savings account before and wants to start one now. Since it has no minimums, you can start saving as soon as you have funds. It’s also user-friendly and perfect for someone starting out with banking.

Final Take

The Capital One 360 Performance Savings account is a solid option if you seek to establish a secure and convenient savings account. With no monthly fees, no minimum deposit and FDIC insurance, this account suits anyone delving into savings accounts. Its high APY rate applies to all balances, unlike other banks that offer tiered savings rates.

Finally, with Capital One Cafes, ATMs and branch locations, you can easily access online banking or visit a physical branch, depending on your preference. All these factors make the 360 Performance Savings account from Capital One an excellent option for you to consider.

FAQ

Here are the answers to some commonly asked questions about the Capital One 360 Performance Savings account.
  • Is the Capital One 360 Performance Savings account worth it?
    • This account is worth considering due to its many perks, ease of use, high APY rate and accessibility options. Although it does not offer the highest APY rates, its lack of tiered rates helps you enjoy the high APY regardless of your balance.
  • What is the interest rate on the Capital One 360 Performance Savings account?
    • The Annual Percentage Yield for a Capital One 360 Performance Savings account is 3.40%.
  • How does a Capital One 360 Performance Savings account work?
    • A Capital One 360 Performance Savings account lets you deposit money and earn interest on your balance. Interest compounds daily and credits monthly. To open an account, you need to provide personal and financial information. Once approved, you can set up the account online or through the mobile app with no monthly fees or minimum deposits.
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Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 17, 2023. 

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Hiba Boutary is a freelance writer with a public relations degree from her native Beirut. She has been ghostwriting for over a decade, covering various topics such as finance, software, real estate, human resources, business and legal. Hiba is the co-founder of a digital agency and is based in Brooklyn, New York. She frequently travels to Beirut and New Delhi and is working on a debut collection of short stories.
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