Capital One Savings Account

Capital One got its start in 1994 in Richmond, VA, thanks to Richard Fairbank, who is still the acting CEO today. In the almost three decades of existence, the bank has grown tremendously, now managing over $390 billion in assets.

Savings APY
0.40%
Min. Deposit
$0
J.D. Power Rating
2/5
SimpleScore
4 / 5.0
close
SimpleScore Capital One 4
Savings APY 3
Tools 5
Customer Satisfaction 2
Support 5
Product Variety 5

The Capital One 360 savings account is an attractive option that checks many of the major boxes needed to earn the title of a great savings tool. The accounts are available with no minimum opening deposit, no monthly service fee and all from a bank that’s been in service for almost three decades. Cap that off with one of the highest APY rates in the entire industry for savings accounts, and you may have found a winner.

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In this article

    Capital One at a Glance

    BankMin. DepositAPYFeesKey Benefit
    Capital One$00.40%$0Industry-leading APY rate

    What we like about it

    There are four main reasons we love the Capital One savings account — no fees, no minimums, an incredible APY and a tech-savvy mobile app. Unlike most other banks, Capital One charges $0 for you to open and maintain a savings account. On top of that, there is no requirement for a minimum deposit to open an account or keep it open. This is welcomed news for new savers and people not interested in seeing all of their savings disappear to fees.

    The Capital One savings rates are also some of the highest in the industry at 0.40%. The best part? You get that rate regardless of how much money you have in your account. The bank’s mobile app is also a great perk made available to any Capital One customer free of charge. The app offers complete flexibility across the board with all accounts, including savings accounts.

    Things to consider

    Consumers looking for an in-person banking touch will not be able to get that through Capital One. The bank runs all operations completely online. You will find several helpful customer service options with real people to talk to. The only difference, though, is you won’t have the luxury of walking into a branch location.

    What you need to know

    The APY on a Capital One 360 savings account is 0.40% regardless of your balance, making it one of the best high-interest savings accounts. You’ll also find no account fees to worry about, which really sets this account apart from many of the competitors. If you do have other accounts at Capital One, you are able to link them to your savings account for things like overdraft protection.

    Opening a Capital One savings account is easy and must be done online.

    1. Gather the documentation you will need. You’re going to need your name, birthdate, SSN, physical address and employer information (if you currently have one). Having all this together will make the process go much quicker.

    2. Visit the Capital One website and fill out the application. Take the information from the documents you collected and input them into the Capital One savings account application. It’s an easy-to-follow and streamlined process. If you do have any trouble, there is a customer service phone number on every page that you can call for help.

    3. Fund your Capital One savings account. While you don’t need any money to open your account, you won’t be earning anything extra until you fund your account. Follow the prompts on the website or through the mobile app to make your first deposit.

    Fees and charges

    Capital one does not charge any fees on any of its savings account products. Additionally, there are no charges if your savings account is used for overdraft protection on another Capital One account. Some banks will use your savings account to pay the overdraft amount and then charge you a fee, but not Capital One. Once you set up the protection, it works free of charge to keep you from running into declined charges and extra fees.

    Mobile app platform

    The Capital One mobile app scored well in both the App Store and the Google Play store with a user review rating of 4.7/5.0 in both marketplaces. The app gives users full abilities to manage their online banking accounts from anywhere. Some of the different tasks you can complete include viewing and exporting statements, sending money with Zelle, tracking your savings growth in real-time and making payments on loan accounts if you have any through Capital One.

    Other products and tools

    Capital One offers a host of other banking and financial products through its 100% online interface. These services include things like credit cards, checking accounts, car loans, business services and commercial accounts.

    For savings, the bank offers three other types of savings accounts in addition to the standard Capital One high yield savings account. These accounts are the kid’s savings account, a Roth IRA savings account and a traditional IRA savings account.

    Additionally, credit monitoring is available completely free of charge from the bank through its Credit Wise program.

    How do I pick the best savings account?

    When selecting where to start saving, it’s critical you look at all of the important factors that affect the quality of a savings account to find the best option. These include the account’s APY, fees, the ability to link your savings to other accounts, customer service options and if the company has a quality mobile app. By looking at the whole picture and not just the APY rate, you can get a better account for now and the future.

    Compare top bank accounts

    We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best savings accounts of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. However, when we compare the checking account offered by Chase with the checking account SimpleScore metrics, it scores a 4.4 out of 5. We change and tweak the methodologies for different categories based on industry standards to paint a complete picture of products and brands.

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    APY

    Savings accounts are meant to earn at least a little interest, which is why we reward brands with higher APYs on savings accounts.

    Savings Tools

    Brands that make it easier to save score higher SimpleScores. We considered tools such as savings buckets, automatic transfers and goal-tracking when comparing this metric.

    Customer satisfaction

    We leveraged J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study and 2020 U.S. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. The higher the satisfaction score, the higher the SimpleScore.

    Customer support

    The savings account providers that have the most channels of customer support score higher than providers that don’t. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

    Additional products

    When it comes to banking, it’s nice to have options. If you want a checking and savings account in one place, that’s great, but we also considered other financial products like MMAs, CDs, IRAs and more. Providers that have more additional products score higher.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.