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Capital One Savings Account Rates for December 2023

Most big banks with physical branches don’t offer competitive rates. This one does.

Capital One’s high-yield savings account outshines its major bank competitors with an annual percentage yield that’s well above the national average. It also offers the best benefits of physical and online banks: high savings rates with in-person, online and mobile banking options. Most banks with physical branches have savings lower than the national average. 

Even though Capital One is available nationwide and can offer a decent return on your savings, there are online-only banks with much higher savings rates. 

Capital One savings account rates

Capital One offers two savings accounts: 360 Performance Savings and, for young savers, its Kids Savings Account. Neither account requires a minimum deposit or charges monthly fees.

Capital One: At a glance

Savings accountAPYMinimum depositFees
360 Performance Savings4.30%$0$0
Kids Savings Account0.30%$0$0
APYs as of Nov. 6, 2023

Capital One’s 360 Performance Savings account offers more than just a competitive annual percentage yield of 4.30%. Capital One’s online and mobile banking services make it possible to open a 360 Performance Savings account in as little as five minutes. In addition, balances in your online account are insured by the Federal Deposit Insurance Corp. for up to $250,000 per person.

Capital One provides a savings account for children -- which requires an adult to open -- to help them understand the fundamentals of personal finance by watching their money grow.

In addition to no fees and no minimum balance requirements, the Kids Savings Account offers an option to set up automatic savings to make regular deposits. Parents can link any bank account to their kid’s account. Parents can also create more than one Kids Savings Account for each of their child’s financial goals, according to Capital One. 

How do Capital One’s savings account rates compare with those of other banks?

Capital One’s 360 Performance Savings rate, although competitive, is slightly lower than some online-only banks. Many of the best savings accounts offer over 5% right now. Capital One’s 4.30% APY is still robust, but not the highest you can get on your savings.

Compared to the biggest US banks, however, Capital One ranks among the highest, far above Bank of America and Chase, which both offer a rate of only 0.01% APY. In addition, Capital One has an easy application process and mobile app to track balances and transfer money between accounts.

Additional savings option at Capital One

Aside from its savings account, Capital One also offers 360 CD accounts -- which are high-yield certificates of deposit. Capital One’s CD terms range from six months to five years. And compared to other banks, the rates are pretty competitive but not the highest rates you’ll find.

Opening a 360 CD could be worthwhile if you already bank with Capital One and want to keep all of your money in one place, or you prefer in-person banking access. And, like its savings account, its CD account has no minimum balance requirement to open an account. 

Capital One does not offer money market accounts, so if this is your preferred savings option, it’s best to consider other banks, such as Ally or Synchrony

Is a Capital One savings account right for you?

Capital One’s 360 Performance savings account has a few perks, including the ability to link external bank accounts for easy transfers via Capital One’s mobile app. Its competitive APY for its high-yield savings account is the main draw. While you can earn higher interest at other online banks or credit unions, Capital One offers the convenience of physical branch access like traditional banks. We also like that this account doesn’t charge any monthly maintenance fees or require a minimum balance. But there are a few other factors to consider.

If you prefer in-person banking services, Capital One’s physical locations are concentrated in New York, Louisiana, Maryland, Virginia, New Jersey, Texas and the District of Columbia. If you don’t live near a Capital One branch or ATM, and you want in-person assistance, it’s best to consider another savings account with similar features and a competitive APY. 

Capital One also doesn’t reimburse you for out-of-network ATM fees, a feature some online banks offer, so if you’re not near an in-network ATM, another bank may suit you better. Lastly, Capital One does not offer an ATM or debit card for its savings account, so you’ll need to transfer funds from another account or open a Capital One checking account to get a card for ATM access to both accounts.

How to open a Capital One savings account

You can open a Capital One savings account online or at a physical branch. If you already have a Capital One account, you can sign in to your account to start an application online. When you’re ready, here’s what you’ll need to do: 

  1. Complete the application with your personal information. You may be asked to include a government-issued ID, your Social Security number (or Individual Tax Identification number) and some personal information -- including your phone number and physical address. If you’re opening a Kids Savings Account, you’ll need a guardian over the age of 18 to get started.
  2. Once your information is confirmed, you’ll receive your account and routing number. Although Capital One doesn’t require a minimum deposit to open a savings account, you can fund your account by electronic transfer, direct deposit or by depositing cash at a Capital One branch, ATM or cafe.


Capital One can be a good place to stash your savings if you live near a physical branch and prefer in-person assistance. Or, if you want to keep all of your money in one place, you can with Capital One’s savings and checking accounts. Plus, you’ll earn interest on your savings but it’s not the highest savings rate you’ll find. 

Interest to a Capital One savings account is compounded and credited to your account monthly.

According to Capital One, transfers can take one to three business days.

Currently, Capital One’s 10-, 12- and 18-month CD terms offer 5% APY or higher. While its 10-month CD has a slightly higher APY at 5.30%, the 12- and 18-month terms sit at 5%.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Dashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Ellen Chang is a freelance journalist based in Houston. She has covered personal finance, energy and cybersecurity topics for TheStreet, Forbes Advisor and U.S. News & World Report as well as CBS News, Yahoo Finance, MSN Money, USA Today and Fox Business.