The Capital One 360 Performance Savings account offers high yield savings with no monthly maintenance fee, no minimum balance requirement and tons of other perks. The only real downside is that unlike a standard checking account, customers get no ATM debit card included with this account.
What is the Capital One 360 Performance Savings Account?
In short, the Capital One 360 Performance Savings Account is a high yield savings account that offers Americans above-average interest-earning potential without having to commit to maintaining a minimum balance requirement at all times or paying punitive monthly fees.
Much like a Capital One 360 Checking Account, customers get access to a mobile app where they can transfer money and enjoy using their account on the move. However, no debit card is provided, as this account is geared more toward longer-term savers than checking account customers – who might do better signing up for a standard Capital One 360 Checking Account instead.
Related: Purpose of Savings Account
Like most other savings accounts, Capital One 360 Performance Savings is FDIC insured up to allowable limits. Customers can open an account at any of Capital One’s physical branch locations across the US, too – or by following the straightforward application process online here.
Top Pros and Cons of Capital One 360 Performance Savings Accounts
Let’s take a closer look at the account details, to give you an idea of the top pros and cons of choosing Capital One 360 Performance to save money.
- Competitive 0.40% APY Rate
If you have savings goals, choosing this Capital One account will help you reach them – and fast. This high yield account offers an above-average 0.40% APY on all balances.
- No Monthly Maintenance Fee
Monthly maintenance fees tend to be a standard feature of many savings accounts – but not this one. Capital One 360 Performance is 100% fee-free, meaning your earnings won’t be adversely impacted by annoying monthly fee payments.
- No Minimum Balance Requirements
Another top benefit is that, unlike many other top US savings accounts, Capital One 360 imposes no minimum balance requirement on savers. You can open an online account with a direct deposit as low as $1 – or even $0 – and won’t have to maintain minimum balances to keep enjoying that 0.40% APY rate.
- FDIC Insured
The best banks in the US tend to offer FDIC insured accounts to their customers, and Capital One is no different. If the bank ever fails, you’re insured up to $250,000. That amount applies to both the primary and secondary holder or depositer of the account, too.
- Open an Account Anywhere
Whether you want an online savings account that can be quickly and easily set up online, or you’d rather visit one of Capital One’s physical branch locations for financial advice, Capital One has you covered. You can even set your account up at a Capital One Café or by using a mobile app.
- No ATM Debit Card
Capital One 360 Performance Savings is aimed squarely at savers and/or those who want to gain high yield interest on new money or new capital. As such, there is no ATM card provided. For that, you’d need to set up a Capital One 360 Checking Account as a linked account, transfer funds there and withdraw money from that.
- No Check Writing Capabilities
Similarly, this high yield savings account doesn’t offer check writing capabilities either. Unless you have a Capital One 360 Checking Account, you’ll need to make do with a mobile check deposit service only – which is a bit of a shame.
How to Access Your Money – Is it as Simple as Using a Checking Account?
Whether you need to put down a high deposit amount, withdraw money or simply check your minimum balances, the good news is that Capital One 360 Performance Savings is easy to manage and use. Here are the deposit and withdrawal options available to customers:
1. Deposit Options
Capital One 360 Performance Savings lets you make deposits online, using the Capital One app or over the telephone. You can also make in-person deposits at any branch or Capital One Café location. Your account can be funded via the following means:
- Wire Transfer
- Mailed Check
- Mobile Check Deposit
- Transfer Money from a Linked Account
Transfers typically take a few business days from most standard US checking accounts. If you have a Capital One 360 Checking Account, however, you can enjoy instantaneous transfers.
2. Withdrawal Options
Need to withdraw funds from your account? Before you can withdraw money, you’ll need to transfer any 360 savings funds to an external bank account first, due to the absence of a standard ATM card with this account. If sending to a Capital One 360 Checking Account, this process will be immediate. For any other external bank account, expect to wait 1-2 business days. Withdrawal options are limited to:
- Wire Transfer
- Transfer Money to a Linked Account
How Does the Capital One 360 Performance Savings Account compare with other Savings Accounts Options?
Let’s take a quick look at how the Capital One 360 Performance product shapes up against some of its top competitors in terms of earnable interest rates, monthly fees, balance requirements and bonuses:
|APY Interest Rate||Monthly Fees||Minimum Balance Requirements||Bonuses|
|Capital One 360 Performance Savings Account||0.40% APY||$0||$0 Minimum Opening Deposit|
$0 Minimum Balance
|Marcus by Goldman Sachs Online Savings Account||0.50% APY||$0||$0 Minimum Opening Deposit|
$0 Minimum Balance
|Varo Savings Account||0.20% APY||$0||$0.01 Minimum Balance||N/A|
|Comenity Direct High Yield Savings Account||0.55% APY||$0||$100 Minimum Opening Deposit|
$0 Minimum Balance
|Axos Bank High Yield Savings Account||0.61% APY||$0||$250 Minimum Opening Deposit|
$0 Minimum Balance
|American Express High Yield Savings Account||0.40% APY||$0||$0 Minimum Balance||N/A|
Related: Capital One Checking Account Bonuses
How to Apply for a Capital One Savings Account
Applying for a Capital One 360 Performance Savings account is easy. You can pick from any one of the following options:
- Visit a Capital One branch or Café
- Apply for an online account here
- Download the Capital One app
However, as with any personal finance decision, you should always compare the money market to see what other money market accounts are out there before committing.
It’s important to ensure any new savings account meets your unique needs and expectations in terms of required daily balance, monthly fees and more before you go ahead. Always make sure you are 100% happy with a financial product before signing up.
Common FAQs About Capital One 360 Performance Savings Accounts
Still have questions? We’ve outlined some common questions and answers about this particular account below to help you get the absolute most out of your Capital One savings experiences.
1. Is the Capital One 360 Performance Savings Account Safe?
Yes – Capital One is a member FDIC and, as such, your savings are protected up to a value of $250,000 per account holder, per institution, in the unlikely event of bank failure. This particular account also offers added protections of no monthly fee or minimum balance requirements to fall foul of.
2. How Much Interest Will I Get on $1,000 a Year with This Savings Account?
Regardless of your balance, a 360 Performance Savings account will always earn you 0.40% APY.
3. Where Can I Open an Account?
You can apply either online, via Capital One’s app, at any branch location or by visiting one of the US’s many Capital One Cafés.
4. What is the Best Capital One Savings Account Currently Available?
Capital One offers a number of great savings accounts that you can compare here. As a member FDIC, Capital One is a trustworthy institution to bank with, offering some superb digital saving tools, mobile applications and great features with all of its accounts. That said, we think the Capital One 360 Performance Savings account is the best option of the bunch, due to its excellent fee waivers and minimum balance rules, which offer unrivalled flexibility to savers. That said, you might want to consider the bank’s 360 CD account – which makes for a very viable alternative.
5. What is the Interest Rate for Capital One 360 Performance Savings Accounts?
All balances get to enjoy a 0.40% APY interest rate with Capital One 360 Performance Savings. You can also track your savings on the move using Capital One’s intuitive smartphone app and other online tools.
6. Can Beneficiaries Be Added to This Savings Account?
In a word, yes – you are free to add as many as 10 individuals as “Payable on Death” beneficiaries to a 360 Savings account if you wish to. This can also enable you to tap into increased FDIC insurance coverage from this member FDIC bank. Find out more about managing beneficiaries with Capital One here.
7. Is It Possible to Lose Money with a Capital One 360 Savings Account?
Put simply, no – Capital One’s accounts are not in any way linked to the stock market and come with a standardized APY interest rate on all balances, meaning guaranteed savings for all account holders.
8. Is the Account Free to Set Up?
Yes – the 360 Performance Savings Account requires no minimum balance or set up costs, meaning it’s 100% free to open and maintain an account. Just keep paying in money and accumulating interest as you see fit.
9. How Do I Make a Deposit into My 360 Performance Account?
Simply sign into your Capital One account online or using the app. Alternatively, you can pay a visit to Capital One Cafes or branches anywhere nationwide to make an in-person deposit into your account.
10. How Do I Transfer Money Between My Capital One Accounts?
If you have a Capital One checking account, it will automatically be linked to your new 360 savings account. You’ll be able to transfer funds either online, using the app or in-branch.
11. Is There Any Limit on Withdrawals or Transfers?
Yes – there is a federal monthly limit on withdrawals and transfers here in the US. In total, you are allowed to make 6 “convenient” withdrawals/transfers per month maximum.
Conclusion – Is the Capital One 360 Performance Savings Account Worth It?
Offering a straightforward sign-up and account opening process, attractive exemptions from monthly fees and minimum balance requirements and a whole lot more, we think Capital One’s flagship 360 Performance Savings product is a great choice for American savers.
It’s a shame that there’s no ATM card included, but we think that’s a small price to pay for a member FDIC savings account offering so many superb benefits. Just remember to:
- Compare the Market First
Find out whether any other external bank savings account might be a better match for someone with your unique circumstances – or might offer better high yield savings account rates.
- Consider Any Limitations and Possible Solutions
If you’re a regular debit card user or rely on writing a lot of checks, you might want to open up a Capital One 360 Checking Account alongside setting up your savings product.
Related: Checking vs Savings Account
- Calculate the Savings Potential
This account offers a pretty sweet 0.40% APY rate on all balances – which is great. That said, you should always calculate how much you will be able to save in the longer-term and assess whether you’re likely to meet your goals with this account.
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