Capital One Savings Account Interest Rates for May 2023
Though Capital One offers two savings accounts, as one is specifically designed for children, the main focus of its savings products and services is the 360 Performance Savings account. This high-yield savings account was the winner in GOBankingRates’ rankings of the Best Savings Accounts of 2023. It got this ranking based on its competitive interest rate, no monthly fees and no minimum deposit requirements.
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Capital One Savings Account Interest Rate
As a predominantly online savings account, the 360 Performance Savings account is FDIC-insured and has no fees or minimum balance requirements. In fact, all balances can earn the annual percentage yield, which is better than competitive with the national average.
| Account | APY |
|---|---|
| Capital One 360 Performance Savings |
Is a Capital One Savings Account Right for You?
The Capital One 360 Performance Savings account is best for you if you are wanting to grow your savings in a risk-free and simple manner. Though there are many brick-and-mortar locations as well as Capital One Cafés where you can start an account, it is known for its user-friendly online interfaces. You can manage all of your accounts from the highly rated Capital One mobile app.
Pros
- No monthly fees
- No excess withdrawal fees
Cons
- No linked ATM card option
- $30 wire transfer fees
Other Savings Options From Capital One
If you are looking for more of a long-term savings plan, Capital One also offers several CDs. Most of those CD options guarantee a higher interest rate than what you would get with the 360 Performance Savings account. Rates vary depending on the term you choose, and the nine term-length options range between six to 60 months.
The competitive APYs helped these accounts rank among the Best CD Accounts listed by GOBankingRates in 2023.
Final Take To GO
Capital One is definitely worth exploring for a great savings option, but one possible drawback with a 360 Performance Savings account is making withdrawals. The account does not come with an ATM card, which is problematic if you’re looking for a savings account that will allow you to make cash withdrawals from an ATM. However, it does offer the option to transfer funds to another Capital One account or an external bank account.
When you open a savings account, make sure it’s the best account to fit your financial needs. Your savings are unique, so make sure to consider what factors impact you the most, such as monthly maintenance fees or APYs.
FAQ
- Which bank gives 7% interest on a savings account?
- Capital One does offer both a high-yield savings account and high-yield CDs; however, it does not offer 7% interest on any account. Traditional and online banks located in the United States do not currently offer 7% interest. To get a 7% interest rate on a bank account, you would have to consider banking overseas.
- Is Capital One a good bank for savings?
- Yes, Capital One is a good banking option for your savings. The 360 Performance Savings account was the winner in GOBankingRates' rankings of the Best Savings Accounts of 2023. It got this ranking based on its competitive interest rate, no monthly fees and no minimum deposit requirements. Its APY is among the best savings rates available. Though you can bank at one of the physical branches or Capital One Cafés, this account performs as a high-yield online savings account.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 4, 2023.
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.
