Capital One Savings Account Interest Rates for October 2024
Written by
Nicole Valentine
Edited by
Elizabeth Constantineau
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Though Capital One offers two savings accounts, one is specifically designed for children, so the 360 Performance Savings account provides the most services. The financial institution offers certificates of deposits, but no longer offers money market accounts. The Capital One 360 Performance Savings account features a competitive interest rate, no monthly fees and no minimum deposit requirements.
If you are looking to reach some of your savings goals this summer, read on to learn about the 360 Performance Savings account and Capital One high-yield savings account interest rates for October 2024.
Capital One Savings Account Interest Rates
As a predominantly online savings account, the 360 Performance Savings account is FDIC insured and has no fees or minimum balance requirements. In fact, all balances can earn the annual percentage yield, which is better than competitive with the national average.
| Account | APY | Minimum Deposit |
|---|---|---|
| Capital One 360 Performance Savings | $0 | |
| Kids Savings | $0 |
How Capital One’s Savings Account Interest Rate Compares
The Capital One savings account interest rate is competitive and well above the national average savings rate of 0.46%. However, some online banks offer higher APYs on their savings accounts. Here’s a look at how 360 Performance Savings stacks up against other savings account options you might consider:
| Bank | APY |
|---|---|
| Capital One | |
| Marcus by Goldman Sachs | |
| Ally Bank | |
| Discover® Bank, Member FDIC | |
| Bread Savings |
Is a Capital One Savings Account Right for You?
The Capital One 360 Performance Savings account is best for you if you want to grow your savings in a risk-free and simple manner. Unlike stocks and many other types of investments, the money is backed by FDIC insurance, so you won’t lose money from a Capital One savings account.
And unlike CDs, there’s no minimum term limit. You can access your cash at any time. You’ll earn the same interest rate no matter how much money is in your account, and you never need to worry about your account closing or downgrading based on your balance because there is no required minimum.
Though there are many brick-and-mortar locations and Capital One Cafés where you can open an account, Capital One is known for its user-friendly online interfaces. You can manage all of your accounts 24/7 through the highly rated Capital One mobile app. You can also deposit checks to your account remotely anytime by taking a photo through the app.
Opening a Capital One savings account is quick and easy. You can open an account at your local Capital One location or online in as little as five minutes.
Thanks!
Pros
- No monthly fees
- No excess withdrawal fees
- No minimum account balance
Cons
- No linked ATM card option
- $30 outgoing domestic wire transfer fee
Other Savings Options From Capital One
If you are looking for more of a long-term savings plan, Capital One also offers several CDs. Some of those CD options guarantee a higher interest rate than what you would get with the 360 Performance Savings account. Rates vary depending on the term you choose, with nine term-length options ranging from six to 60 months. Their competitive APYs helped these accounts rank among the Best CD Accounts listed by GOBankingRates in 2024.
Capital One CD Rates
| Term Length | APY | Minimum Deposit | Early Withdrawal Penalty |
|---|---|---|---|
| 6-month CD | $0 | 3 months interest | |
| 9-month CD | $0 | 3 months interest | |
| 1-year CD | $0 | 3 months interest | |
| 18-month CD | $0 | 6 months interest | |
| 2-year CD | $0 | 6 months interest | |
| 30-month CD | $0 | 6 months interest | |
| 3-year CD | $0 | 6 months interest | |
| 4-year CD | $0 | 6 months interest | |
| 60-month CD | $0 | 6 months interest |
How To Open a Capital One Savings Account
Opening a Capital One Savings account is a pretty straightforward process. You can simply open a bank account online from your phone, tablet or computer and provide the following:
- Two forms of ID, such as a driver’s license, passport or birth certificate
- Social Security number
- Proof of address
Final Take To GO
With no monthly fees or account minimums, Capital One is definitely worth exploring as a great savings option. One drawback of a 360 Performance Savings account is that the account does not come with an ATM card. This is problematic if you’re looking for a savings account that allows you to make cash withdrawals from an ATM. However, the 360 Performance Savings account does let you transfer funds to other Capital One accounts or an external bank account, such as a checking account.
When you open a savings account, make sure it’s the best account to fit your financial needs. Consider what factors impact you the most, such as monthly maintenance fees or APYs.
FAQ
Here are answers to a few of the most frequently asked questions about Capital One savings account interest rates.- Is the Capital One 360 Performance Savings account a high-yield savings account?
- Due to its 4.10% interest rate, the Capital One 360 Performance Savings account is considered a high-yield savings account.
- Which bank gives 7% interest on a savings account?
- Capital One does offer both a high-yield savings account and high-yield CDs; however, it does not offer 7% interest on any account. Traditional and online banks located in the United States do not currently offer 7% interest.
- Which Capital One account has the highest interest rate?
- With an APY of 4.20%, Capital One's 12-month CDs have the highest interest rate of all Capital One bank accounts. Depending on the term length, CD interest rates vary between 3.50% and 4.20%. You'll earn 4.10% on the 360 Performance Savings account and 2.50% with the Kids Savings Account.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 25, 2024.
*Capital One interest rates accurate as of Sept. 25, 2024. See website for all current rates.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
