This review was updated January 17th, 2018.
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. These are the main reasons we picked it as one of the top online savings accounts (check out our full list of the best high-yield savings accounts to uncover the rest).
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®
-$0 monthly maintenance fee
-Mobile app and deposit
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.
- 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®||Discover Savings||CIT Bank Premier High Yield Savings|
|Min. opening deposit||$0||
|Bonus||$0||Up to $200 using code FOOL1217 with qualifying deposit*||$0|
|Monthly maintenance fee||$0||No monthly maintenance fees||$0|
|Withdrawal limit fee||$0||$15||$0|
|Next steps||APPLY NOW||APPLY NOW||APPLY NOW|
|Bank review||--||Discover Savings full review||CIT Bank Premier Savings full review|
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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