3 Reasons Why I Use Capital One for My Checking and Savings Accounts

For years, my banking setup was overly complicated. I had accounts with any bank that would pay me a decent bonus to open one. With the number of bank bonuses available, that meant I ended up with several checking and savings accounts.

Having lots of bank accounts can be a hassle. Over time, I found myself just using my Capital One bank accounts more and more. I had my paychecks deposited into my Capital One 360 Checking account. And I put my savings into a Capital One 360 Performance Savings account. There are a few reasons I started and plan to continue banking this way.

1. I like having my main accounts in one place

Capital One isn't just where I have my bank accounts. I also have the Capital One Venture X Rewards Credit Card. It's one of my favorite credit cards, and the one I use most often for my everyday spending.

So, I have my checking account, my savings account, and my main credit card all in one place. This makes it easy to manage my money.

When I want to transfer money between my checking and savings, it happens instantly. There's no waiting period, like there would be if I was transferring money between accounts at different banks. The same is true when I pay my credit card bill. My credit card and bank account balances update instantly.

2. My Capital One savings account has a competitive APY

The Capital One 360 Performance Savings is a high-yield savings account. At the time of this writing, it has a 4.25% APY. The national average for savings account rates is only 0.46%, according to the FDIC.

Capital One doesn't offer the highest APY you can get. Some of the top high-yield savings accounts are currently offering 5.00% or higher. If you're looking for the very best rates, you may want to check them out.

But it's still a competitive APY, and I'm not interested in constantly chasing the highest rates on the market. After all, the bank that's "in the lead" can change at any time, and it's time-consuming to open new accounts. This Capital One account has all the features I need, and I'm happy with it.

3. Both accounts have no fees or balance minimums

I never want to pay a fee for my bank accounts. And I've never liked accounts with fee waivers, where you need to maintain a minimum balance or receive a certain amount of direct deposits per month to avoid a monthly fee. It makes me feel as if I need to jump through hoops, and if I forget, I'm out $10 in fees for the month.

My Capital One checking and savings are both no-fee accounts, which is a big selling point for me. Neither one has any minimum balance requirements, either. They also don't charge overdraft fees, although I always make sure to keep enough in my accounts to avoid overdrafts in the first place.

Those are just a few of the reasons I like banking with Capital One. I also think it has a well-designed online interface, including when you access it on the web and through the mobile banking app. There are plenty of quality banking options available. If you're looking for a place to open a checking and savings account together, Capital One is worth a look.