This review was updated January 26th, 2018. Review The Motley Fool's advertiser disclosure.

Capital One 360 Savings® is straight out of the Capital One playbook, which focuses on simplicity, good perks, and low fees. Specifically, Capital One 360 Savings® offers a competitive annual percentage yield (APY), nixes routine account fees, and packs in the conveniences only available from a major national bank.

Let's dive in deeper so you can see if Capital One 360 Savings® can help you reach your savings goals.

Bank Name APY Min. Opening Deposit Key Features

Capital One 360 Savings®

1.00% $0

-$0 monthly maintenance fee

-Mobile app and deposit

RELATED >> Compare hundreds of savings rates to find a high yield

What we like about Capital One 360 Savings®

  • $0 minimum deposit -- There is no minimum deposit requirement to open an account or earn the account's variable APY.
  • $0 monthly maintenance fee -- The cost of maintaining an account can be brought down to $0 for routine savings account needs.
  • Mobile app -- A mobile app is a must-have for an online high-yield savings account. Capital One's highly rated mobile app may be most useful for savers taking advantage of free electronic transfers and mobile check deposits.

What could be improved for Capital One 360 Savings®

  • APY -- Many competing online savings accounts offer an APY above 1.00%, in addition to low fees. Bumping up the APY would give Capital One 360 Savings® more value. Check out our picks of the best savings accounts for other options to consider.
  • Cash bonus -- People looking for a new-member bonus may find this account lacking. If an up-front bonus is important, see the following comparison table for a few of our favorite offers.

WANT YOUR SAVINGS TO EARN MORE? >> Check out current CD rates

How to fund a Capital One 360 Savings® account

Account holders can fund their accounts with free electronic transfers from an external account, from an existing Capital One account, through free incoming wire, and with mobile check deposit.

How to withdraw funds

Funds are available for withdrawal through electronic transfer to an external account, transfer to an existing Capital One account, and outgoing wire (for a $30 fee).

Other high-yield savings accounts to consider

Capital One 360 Savings® has some clear advantages, but it may not be a perfect match for all savers. We'd suggest visiting our Banking Center to compare hundreds of high-yield savings accounts and also reviewing a few other options we picked as top-tier selections, especially if a higher yield and/or cash bonus are important to you.

Feature Capital One 360 Savings® American Express Personal Savings   CIT Bank Premier High Yield Savings
APY 1.00% 1.55% 1.55%
Min. opening deposit $0

$0

$100
Bonus $0 $0 $0
Monthly maintenance fee $0 $0 $0
Withdrawal limit fee $0 $0 $0
ATM card No No No
Free ATMs N/A N/A N/A
Mobile app Yes No Yes
Mobile deposit Yes No Yes
Next steps -- -- APPLY NOW
Bank review --  American Express Personal Savings Review  CIT Bank Premier Savings full review

Final take

We think Capital One 360 Savings® is a clear leader for existing Capital One members or people who want to establish their relationship with the bank to consolidate their finances in one place. Capital One 360 Saving®'s APY is higher than that of most brick-and-mortar banks, and its low fees ensure that account holders keep most of those interest earnings. But if a market-leading APY or a cash bonus are most important, you may want to look elsewhere.

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