Capital One Savings Account Interest Rates: November 2023

Capital One’s accounts feature higher-than-average APYs without monthly fees

Senior woman using online banking on her phone to look at her savings account

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Capital One Savings Account Rates

Capital One is one of the 10 largest banks in the U.S., and it offers a variety of banking products, including checking and savings accounts.?

Although there are banks and credit unions that advertise higher annual percentage yields (APYs), Capital One’s savings accounts stand out because the bank doesn’t charge monthly maintenance or account fees. Nor does Capital One require consumers to maintain a minimum balance, so it’s a useful option for new savers. And Capital One’s savings account interest rates are still better than the national average, so you could grow your money faster.??

Account Balance for Highest APY APY Monthly Fee
360 Performance Savings No minimum requirement 4.30% None
Kids Savings Account No minimum requirement 2.50% None

Capital One Savings Accounts: Key Features

Capital One 360 Performance Savings Key Features
APY Range 4.30%
Minimum Balance to Earn Highest APY No minimum requirement
Minimum Deposit $0
Withdrawal Limit 6 per statement cycle (currently not enforced)
Monthly Service Fee $0

For those looking for a simple savings account with a higher-than-average APY, the Capital One 360 Performance Savings account could be an excellent choice. It doesn’t have a monthly maintenance fee, nor does it have a minimum balance requirement. 

Interest is compounded and credited to the account monthly.

The account offers basic convenience features common among major banks, including:?

  • Mobile check deposits
  • Electronic transfers to other accounts
  • Automatic transfers into savings

One standout feature that Capital One offers is the ability to create multiple savings accounts. You can use separate accounts to save for specific goals, such as designating one for your emergency fund, one for future travel expenses, and one to save for a down payment for a house. Because there is no fee to open and maintain accounts, this feature can be a convenient way to track your progress toward several goals.?

Like most banks, Capital One permits no more than six transfers from a savings account to a third party or another Capital One account per statement cycle. However, Capital One stated that it’s currently not enforcing the transfer limit on any of its savings accounts. If that changes, the bank will notify customers.

Capital One Kids Savings Account Key Features
APY Range 2.50%
Minimum Balance to Earn Highest APY No minimum requirement
Minimum Deposit $0
Withdrawal Limit 6 per statement cycle (currently not enforced)
Monthly Service Fee $0

The Capital One Kids Savings Account is a parent-controlled savings option for young children. It has no minimum balance requirement or monthly fees, making it a useful starter account for kids.?

Children under the age of 18 are eligible for the Kids Savings Account; there is no minimum age requirement, so you can open an account for a new baby and start saving on their behalf.?

The account has several benefits:?

  • Electronic transfers: Parents can connect their bank accounts to the savings account to electronically pay their children’s allowances or make regular contributions.?
  • Multiple accounts: Like the 360 Performance Savings account, the Kids Savings Account allows users to create multiple accounts to save for several goals. For example, your child can have an account to save for college and another to save for a new tablet.?
  • Parental controls: Children can check their balance online at any time, but they’ll need to have their parents or guardians help them transfer money. Transfers can only be completed after the parent or guardian signs in with their information.?

However, the APY on the account is relatively low. You can find other savings accounts for children that have significantly higher APYs from other banks or credit unions, but they may require a higher minimum deposit. 

About Capital One: Other Savings Options

Capital One was founded in 1994, and it offers a variety of banking and credit products, including bank accounts, credit cards, and loans. It’s known for its fee-free account options, especially for checking and savings accounts. 

Capital One is primarily a digital bank, though it does operate some banking cafes and branches in select states. Those looking for a bank with convenient brick-and-mortar locations may find that Capital One isn’t a good match for them, but Capital One does have a network of partner ATMs where you can make withdrawals.?

Besides its savings accounts, Capital One also offers certificates of deposit (CDs). Its CD terms are quite flexible, and CDs have higher-than-average APYs with no account minimums. 

Although CDs often have higher APYs than savings accounts, be aware that there are penalties for withdrawing money from a CD before it reaches its maturity date. With Capital One, the penalty is three to six months of interest.

Compare Savings Account Rates

In the News

In the News: Today’s savings accounts are paying higher rates than we’ve seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation. Though the Fed held its benchmark rate steady for a second consecutive meeting on Nov. 1—after 11 hikes in the previous 12 meetings—it has indicated that an additional increase is still on the table. Savings rates closely follow the fed funds rate, so if the Fed implements a further increase, that could nudge savings rates higher still.

Pros and Cons of Capital One Savings Accounts

  • Capital One 360 interest rates are competitive across all balances?

  • No monthly fees or minimum deposit?

  • No limit on monthly withdrawals

  • Low APY on Kids Savings account

  • Few physical branch locations

  • Easy access to savings can be tempting

Pros Explained

  • Capital One 360 interest rates are competitive across all balances: The Capital One 360 Performance Savings account interest rate is typically much higher than the national average, with no minimum balance required. Interest is compounded and credited to your account each month. But Capital One’s rates usually aren’t as good as the best high-yield savings accounts available.
  • No monthly fees or minimum deposit: The 360 Performance Savings account doesn’t charge monthly fees or require a minimum deposit to open.    
  • No limit on monthly withdrawals: While Capital One previously limited savings account withdrawals to six per month, it’s not currently enforcing this restriction. The bank will notify you if it chooses to re-impose this rule.

Cons Explained

  • Low APY on Kids Savings account: Capital One offers a Kids Savings account for those who are under the age of 18. While this account doesn’t charge monthly service fees, it typically has a relatively low APY. See the best savings accounts for kids for some more profitable options.
  • Few physical branch locations: Capital One only has a few physical locations, so most customers will be limited to online and phone banking.
  • Easy access to savings can be tempting: You may see no monthly withdrawal limits as a good thing, but having such easy access to your savings can tempt you to spend that money. A bank with withdrawal limits may make it easier to stick to your savings goals.

Alternatives to Capital One Savings Accounts

High-Yield Savings Account

While Capital One offers a relatively high yield on its Performance 360 Savings account compared to many other banks, you can likely still find better rates elsewhere. Check out the best high-yield savings accounts from a variety of banks and credit unions to find the right account.

Checking Account

A savings account is a good spot to park your extra money, but a checking account is better for regular spending and paying your bills. These accounts come with a debit card so you can spend at stores and take out cash at the ATM, and some even offer some interest. See the best high-interest checking accounts to find a good companion to your savings account.

Money Market Account

A money market account (MMA) offers a hybrid of a checking and savings account. It may come with a higher-than-average APY, as well as check-writing abilities and an ATM card. Watch out for higher fees or minimum balance requirements, though. 

Certificate of Deposit

If you don’t need to access your cash for a while, you could invest it in a CD. Certificates of deposit offer a guaranteed return on your investment, but you’ll pay a penalty if you withdraw your cash before the CD matures. Browse the best CD rates available today to see if one might be right for your savings strategy.

I Bonds

To protect your savings against inflation, you could consider investing in I bonds from the U.S. government. I bonds may have better rates than CDs, but you can’t withdraw your cash until a year has passed.

Is Capital One 360 a High-Yield Savings Account?

Capital One’s 360 Performance Savings account is a high-yield savings account, offering a much higher-than-average APY with no minimum deposit and no monthly fees.

Is Capital One Good for Savings?

Unlike other banks that charge monthly fees and require minimum deposits of $500 or more, Capital One’s savings accounts have no minimum deposit or monthly fees. Capital One is a good choice for those looking for a basic savings account to save for their goals.?

How Often Does Capital One 360 Pay Interest?

With the Capital One 360 Performance Savings account, interest is compounded and credited to the account on a monthly basis.

Does Capital One Offer Other Savings Accounts?

Capital One has two savings accounts, the 360 Performance Savings Account and the Kids Savings Account. But Capital One also offers CDs for those who want to lock in a higher APY.

Can You Open Just a Capital One Savings Account?

Yes, you can open just a Capital One 360 Performance Savings account. To open your account you’ll need to provide some personal information, such as your contact information, driver’s license number, Social Security number, and date of birth.

Keep in mind that Capital One savings accounts don’t come with a debit or ATM card. You’ll need to open a checking account if you want the option of spending from the account or withdrawing cash at an ATM. 

How Do You Get Money Out of a Capital One Savings Account?

You can withdraw money from a Capital One savings account by transferring cash to another account, such as your checking account at Capital One or another bank. You can request a withdrawal from your account online, in person at one of Capital One’s branches, or by calling the bank’s customer service team.

How Long Does It Take to Transfer Money Out of a Capital One Savings Account?

If you transfer money out of your Capital One Savings account to another Capital One bank account before 5 p.m. ET, the transfer will take place that day; if the transfer is made after that time, it’ll be made the following day. If you’re transferring the money to another bank, the transaction may take one to three business days to clear.

If you transfer money to an external account right before the weekend or a federal holiday it may take longer to process, since these days are not considered business days.

Does Capital One 360 Savings Come With a Card?

No, the Capital One 360 Performance Savings account doesn’t come with a debit card. Capital One bank accounts that come with a debit card are the 360 Checking, MONEY Teen Checking, Total Control Checking, and Simply Checking accounts.

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