Capital One is a well-recognized bank that’s known for simplifying the way you manage your savings. It has top-tier online banking features, competitive annual percentage yields, straightforward mobile banking and both physical branches and Capital One Cafés for in-person service. Capital One has a high-yield savings account with an APY well over the national average -- but not quite as high as other online banks.
You can open multiple Capital One savings accounts to help organize your savings goals. If you have kids, Capital One also offers a kids saving account that earns interest -- though the low rate is closer to the national average of 25% according to CNET’s sister site Bankrate.
Read on to learn more about Capital One’s savings accounts, APYs and other features, so you can decide if this bank is the right fit for you.
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 and neither has monthly fees.
Capital One: At a glance
|Savings account||APY||Minimum deposit||Fees|
|360 Performance Savings||3.75%||$0||$0|
|Kids Savings Account||0.30%||$0||$0|
Capital One’s 360 Performance Savings account offers more than just a competitive annual percentage yield of 3.75%. 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 Corporation for up to $250,000 per person.
Capital One provides a savings account for children -- which requires parental supervision -- to help them understand the fundamentals of personal finance with a savings account that’s “kid-friendly with grown-up benefits.”
In addition to no fees and no minimum balance requirements, the Kids Savings Account offers an automatic savings option so that kids can set up automatic savings on their allowance and make regular deposits. Parents can link their bank account (be it a Capital One account or an account from another bank) 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 is slightly lower than some competitors, including online-only banks. Its 3.75% APY is lower than rates offered by Ally and Marcus by Goldman Sachs, which both offer 4.15% APY.
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
In addition to its 360 Performance Savings and Kids Savings Account, Capital One offers its 360 CD account -- with nine terms ranging from six months to five years. Its one-year CD, for example, has an APY of 4.15%, and its five-year CD has an APY of 4.10%. And, like its other savings accounts, its CD accounts have no minimum balance requirements to open an account.
Is a Capital One savings account right for you?
Capital One’s 360 Performance savings account works for almost anyone and even lets you manage multiple bank accounts from Capital One’s mobile app. You also have the flexibility to manage your account, withdraw cash and make deposits via the mobile app or at one of its physical branches.
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 also balances the convenience and higher rewards rates of online banks with physical branch access like traditional banks. We also like that this account doesn’t charge any monthly maintenance fees or require a minimum balance.
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, consider another savings account with similar features and a competitive APY. Since most of the best high-yield savings accounts are from online-only banks, your local credit union may be a good option.
How to sign up for a Capital One savings account
You can sign up for a Capital One savings account online or at a nearby branch. If you already have a Capital One account, you can sign in to start your application online.
To get started, you’ll need your name, a government-issued ID, your Social Security number and some personal information -- including your birth date, physical address and contact information. If you’re opening a Kids Savings Account, you’ll need a guardian over the age of 18 to get started. When your information is confirmed, you’ll receive your account and routing numbers. Although Capital One doesn’t require a minimum deposit to open a savings account, you may choose to make a deposit to fund your account upon opening it.
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