Capital One 360 Performance Savings Review: A Flexible Pick That's Fee Free

The Capital One 360 Performance Savings account checks all the boxes we look for in an online savings account, and throws in a few bonus perks. Its unique Capital One Cafés and branch locations make it an ideal option for those who want the high APYs of high-yield savings accounts, but aren't quite ready to part ways with brick-and-mortar banks.

Read our full Capital One 360 Performance Savings account review to learn about everything it has to offer.

Capital One 360 Performance Savings interest rate

This Capital One 360 Performance Savings account offers a generous 4.25% APY, which matches it to some of our other favorite high-yield savings accounts. Plus, unlike with a purely online bank, you get access to branch locations as a Capital One customer.

Top perks

4.25% APY: If you're opening a high-yield savings account, it's because you're looking to get better returns on your savings. The Capital One 360 Performance Savings is up there in the ranks of the best online savings accounts due to its higher-than-average APY on all balances.

No minimum balance requirement: While it is possible to find online savings accounts with slightly higher interest rates, many of them require minimum balances to earn those rates. The Capital One High-Yield Savings account has no minimum balance requirements to open or maintain the account.

No monthly fee: Monthly maintenance fees can defeat the purpose of opening a high-yield savings account. This account has no maintenance fees, so you don't have to worry about fees eating into your earnings.

Online and in-branch hybrid: Unlike most online banks, Capital One does offer a small number of branch locations for people who prefer in-person banking. Full-service branches are available in a handful of states, mostly on the East Coast. The bank also offers its unique Capital One Cafés, which combine banking services and money coaching with coffee, snacks, and wifi, throughout the country.

FDIC insured: Capital One's 360 Performance accounts are covered by FDIC insurance, so in the event of a bank failure, you're protected up to $250,000 per depositor, per institution.

What could be improved

ATM cards: The Capital One High-Yield Savings account makes it tricky to access your funds immediately unless you live near a branch location. The account doesn't offer ATM cards or check-writing abilities. However, if you have a Capital One 360 Checking account, you can transfer your money instantly and use your debit card to withdraw cash from an ATM. With an external bank account, you'll have to wait a couple of business days for transfers to process.

With any bank account, being able to access your money when you need to is crucial. Luckily, Capital One 360 makes it easy to deposit and withdraw funds.

Deposit options

You can fund your Capital One 360 Performance Savings account through the following methods:

• Electronic transfer from a linked account
• Mailed check
• Mobile-deposited check
• Wire transfer
• Visit a branch location

The bank also makes building your savings easy by allowing you to set up automatic recurring deposits from a linked checking account. If you have a Capital One 360 Checking account, transfers will process instantly. If you're transferring from an external bank, it may take a few business days.

Withdrawal options

When you're ready to withdraw money from your Capital One 360 Performance Savings account, you can do so using one of these methods:

• Electronic transfer to a linked account
• Wire transfer
• Visit a branch location

If you transfer your funds to a Capital One 360 Checking account, they should become available immediately. You can then withdraw them from your checking account using your debit card or by writing a check.

This savings account doesn't come with an ATM card or check-writing capabilities. A funds transfer to an external checking account will take a couple of business days to process, so make sure to arrange transfers in advance of when you'll need the money.

We tried it: Our team's firsthand experience

Here at The Ascent, we pride ourselves as real users of most of the products across our site. One of the members of our Product Coverage Team, Matt Koppenheffer, uses the Capital One 360 Performance Savings account himself. Here's Matt's firsthand experience:

What the Capital One 360 Performance Savings platform looks like:

If you want high rates and no monthly maintenance fees, this is an easy, basic savings account that's a solid option. As long as you don't need an ATM card with your savings account, the Capital One 360 Performance Savings account gets the job done. You can even pair it with the Capital One 360 Checking account for easier access to your funds.

This account comes with one of the best mobile apps and the option of in-branch services. But it's possible to find other accounts that offer some of the features the Capital One 360 Performance Savings account lacks, such as ATM cards or even higher rates for larger balances. Many top online bank accounts come with high returns and no fees, so be sure to do some comparison shopping.

Keep reading about Capital One:

• Capital One Bank Review
• Capital One 360 Checking Account Review
• Capital One MONEY Teen Checking Account Review
• Capital One CD Rates

Our savings account methodology

At The Ascent, a Motley Fool Service, we rate high yield savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.