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.
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.
Capital One at a Glance
|Bank||Min. Deposit||APY||Fees||Key Benefit|
|Capital One||$0||1.00%||$0||Industry-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 1.00%. 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 1.00% 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. APYs on these accounts are 0.50%, 0.80% and 0.80%, respectively.
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.
The bottom line
Hands down, the Capital One savings account is one of the best high-yield savings accounts on the market. With no account fees, no minimum balances and an impressive APY regardless of your balance, it’s a great option for people from all walks of life. The only small drawback is there are no branch locations for Capital One. If you’re okay with online banking, though, you can cash in on some great savings perks.