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Capital One 360 Performance Savings Review: A Flexible Pick That's Fee Free
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When it comes to online savings accounts, the Capital One 360 Performance Savings account nearly has it all. The account is easy to open, requires no minimum balances, has no monthly fees, and offers competitive returns. While it doesn't provide users with an ATM card, it does offer some convenient features such as mobile check deposit and physical branch locations. Find out if it’s right for you in this Capital One 360 Performance Savings account review.
Rates as
of Dec. 29, 2020
| Offer | APY | Best For |
|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Capital One 360 Performance Savings Member, FDIC |
APY: 0.40% | Best For: No monthly maintenance fee |
Full Capital One 360 Performance Savings review
Top perks
0.50% APY: If you're opening a high-yield savings account, it's because you're looking to get better returns on your savings. Capital One's 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. Capital One's 360 Performance Savings account has no minimum balance requirements, and you can open an account with as little as $0.
No monthly fee: Monthly maintenance fees can defeat the purpose of opening a high-yield savings account. This account is completely free, so you never 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 eight states, mostly on the East Coast, and the District of Columbia. The bank also offers its unique Capital One Cafés, which combine banking services and money coaching with coffee, snacks, and Wi-Fi, throughout the country.
FDIC insured:Â 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: Capital One's 360 Performance Savings makes it tricky to access your funds immediately, if that's something you need. 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.
How to access your money
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
Deposits can be made over the phone, online, or through your mobile app. If you live near a Capital One branch location, you can also make deposits in person.
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, they 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 two methods:
- Electronic transfer to a linked account
- Wire transfer
If you transfer your funds to a Capital One 360 Checking account, they should become available immediately. You can withdraw them using your debit card or by writing a check.
This savings account doesn't come with an ATM card or check-writing capabilities. Transferring funds to an external bank 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.
Online savings account comparison
Although the Capital One 360 Performance Savings account is a great choice, it might not be the best fit for your money. We recommend comparing this online account with a few other top picks.
Rates as
of Dec. 29, 2020
The Capital One 360 Performance Savings account is right for you if:
If you want high rates and no fees, this is an easy, basic savings account that's a solid option for you. 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.
While this account comes with one of the best mobile apps and the option of in-branch services, it is 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.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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