Why Capital One Is a Good Choice for Checking and Savings
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
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The right bank for you should help you make progress toward your financial goals, not act like a vampire slowly sucking the wind out of your financial sails. In general, this means an ideal bank strikes the right balance of low fees and high APYs to propel your finances forward. Capital One offers savers a worthwhile selection of products to support your financial goals, which is why GOBankingRates has ranked it among the Best National Banks of 2024.
Here’s a look at some of the products available through Capital One to help you determine whether or not this bank is the right fit for your needs.
Capital One: Convenient and Accessible
Capital One remains both convenient and accessible as one of the biggest banks in the U.S. It provides over 70,000 fee-free ATMs nationwide and hundreds of traditional branch locations. If you bank with Capital One, you also have access to Capital One Cafés, where you can use an ATM or speak with a representative. Physical locations of the bank are available in Louisiana, Maryland, New Jersey, New York and Washington, D.C.
Capital One has a user-friendly and highly rated mobile app. This makes all the banking transactions you have to do day to day easier to handle and more efficient. It is compatible with iOS or Android and available for download from either Google Play or the App Store.
Capital One Checking and Savings Options: Quick Take
Capital One’s checking accounts and savings accounts are some of the most highly rated products on the market. Here’s a look at some of the deposit products available through this bank.
Capital One 360 Performance Savings
Where the Capital One 360 Performance Savings account really shines is its higher-than-average APY, no monthly fees or minimum balance requirements. Here are some key features:
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance to waive fee: $0
- Minimum to earn interest: $0.01
- APY:
The competitive APY combined with limited fees create a powerful option for savers.
Capital One 360 Checking
The Capital One 360 Checking account offers an interest-bearing opportunity for those who store funds in their checking account.
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance to waive fee: $0
- Minimum to earn interest: $0.01
- APY: APY
- Overdraft fees: $0
The ability to earn interest through a checking account isn’t common at large banks. But the Capital One 360 Checking account will help you earn interest without dealing with any monthly fees.
Why Capital One Is a Good Choice for Checking and Savings
The deposit products offered by Capital One are FDIC insured. With the relatively high interest rate attached to the 360 Performance Savings account, you can watch as the account helps you grow your savings* faster and stronger with its automated savings plan. The annual percentage yield offered through most Capital One bank accounts is above average, which means you can earn more when you save more. There are also no monthly fees associated with the 360 Performance Savings and 360 Checking accounts, and there are no minimums to open or keep these accounts.
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How To Open an Account
Opening an account couldn’t be more straightforward. Simply follow these steps:
- Step 1: Decide where you want to open your account — online, in a branch or cafe. Current Capital One customers can open a new account through the mobile app.
- Step 2: Select the account type you want to open. Capital One has checking, savings and CD account options.
- Step 3: Prepare and provide the required information such as your name, address, Social Security number and other information to help verify your identity.
- Step 4: Fund the account by making a deposit into your new account within 60 days of opening it. You can either deposit a check through the mobile app, schedule a direct deposit or transfer from another account.
Final Take To GO
When it comes to choosing the right bank, there is no shortage of options. But if you are looking for a bank with accounts that offer low fees and high APYs, Capital One stands apart from the crowd. If you are looking for a high-yield savings account or an interest-bearing checking account, Capital One is worth considering.
FAQ
Here are the answers to some of the most frequently asked questions regarding Capital One.- What is the Capital One 360 Performance Savings account?
- The Capital One 360 Performance Savings account is a high-yield savings account with a competitive APY, no monthly fees and no minimum balance requirements.
- Is the Capital One 360 Performance Savings account good?
- The Capital One 360 Performance Savings account is a good option as it is a high-yield savings account that is FDIC insured. The APY is above average, which means you can earn more when you save more. There are also no fees associated with the account, and there is no minimum to open or keep your account.
- How often does Capital One 360 Performance Savings pay interest?
- Capital One 360 Performance Savings pays interest monthly. This Capital One account has a competitive APY that is higher than the national average.
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Sarah Sharkey 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 Feb. 29, 2024.
*Savings will vary depending on account usage and payment behavior.
*Capital one interest rates accurate as of April 11, 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.
