Capital One 360 Performance Savings™

4.5 out of 5

Powered by: Capitol One Bank

At A Glance

Capital One 360 Performance Savings offers a slew of financial products, including no-fuss, high-yield savings accounts loaded with unbeatable benefits. There is no required minimum balance or monthly fees, and the rate offered is higher than most banks.

Pros & Cons

Pros

  • High-interest rates and low fees
  • Excellent savings and short-term CD options
  • Tools are provided to help track savings goals
  • Physical branch locations

Cons

  • Expensive overdraft fees 
  • No ATM cards

Capital One 360 Performance Savings™ Highlights

Minimum balance

No minimum balance requirement

Minimum deposit

No initial deposit requirement

Ongoing APR

0.50% APR

Account fees

No account fees

Online and mobile banking

Online and mobile banking available

FDIC insurance
Member FDIC
Customer support

Phone, email, and 24/7 live chat

Promotion
No promotion available

Capital One 360 Performance Savings™ Review

Expert's Take
Brooke Hayes - Spade Business Team
Brooke Hayes
December 2, 2020

With over 500 convenient locations spread throughout the United States, Capital One is one of the largest financial institutions. They offer top-of-the-line financial products, with their 360 Performance Savings ranking as one of the best online savings accounts. The account also has features that help you manage and save your money, such as automated savings, a robust mobile app, and a goal-tracking tool.

But is Capital One 360 Performance Savings right for you and your financial goals? Let us do the heavy lifting for you. Here’s our in-depth review.

Where Capital One 360 Performance Savings Shines

High 0.50% APY: When searching for the best high-yield savings account, you’ll want to get the highest possible return on your savings. As a Capital One’s 360 Performance Savings user, you’ll earn 0.50% annual percentage yield (APY) on your balance. This is five times the national average rate.

No minimum balance requirement: Capital One doesn’t have a minimum balance requirement or minimum opening deposit requirement. You can open an account now and deposit money into it at a later date.

No monthly maintenance fee: When opening a high-yield savings account, the last thing you want to run into is monthly maintenance fees. Fortunately, the Capital One 360 Performance Savings account is free, so every dollar you earn is yours to save.

Online and in-branch hybrid: If you prefer to bank in-person, we have good news for you. Capital One offers a small number of branch locations across eight states. The bank also offers its unique banking experience at Capital One Cafés, an inviting place for customers to take care of their everyday banking needs while enjoying a wide selection of handcrafted Peet’s coffee and tea beverages. Talk about a win-win.

Robust mobile app: Capital One makes mobile banking more accessible than ever thanks to its robust app. Check your balance, transfer money, and manage multiple accounts straight from your phone and other devices.

Where Capital One 360 Performance Savings Falls Short

ATM cards: The biggest drawback of Capital One’s 360 Performance Savings account is the ability to quickly access your funds. The account doesn’t offer ATM cards or check-writing capabilities. Fortunately, Capital One has a solution for customers who also have a Capital One 360 Checking account. Transfer your funds to your checking account and use your debit card to withdraw cash from an ATM. Be prepared to wait a few business days if you transfer to an external bank account.

How To Access Your Money

Here’s how to deposit and withdraw your money as a Capital One 360 Performance Savings account user.

Deposit options

Capital One allows you to fund your 360 Performance Savings account through the following ways:

  • Mobile deposit
  • Online transfer
  • Wire transfer
  • Mailing a physical check
Withdrawal options

Account-holders can withdraw their funds from the 360 Performance Savings account online or at a branch. To withdraw online, you can either do a wire transfer or transfer to your external bank. According to federal law, you’re limited to 6 “convenient” withdrawals or transfers a month.

Is Capital One 360 Performance Savings Right For You?

Capital One 360 Performance Savings account is a trifecta of no fees, a higher-than-average yield, and a suite of bonus features. Plus, you get access to robust online tools, such as Automatic Savings Plan and a mobile app to manage your money from anywhere.

If you want to start saving and get the highest possible return on your savings, give Capital One’s 360 Performance Savings account a look. You won’t be disappointed.

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