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

Review Updated
Steven Porrello
Kailey Hagen
By: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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 and  Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Our quick take: While we can't cover the whole market, we've evaluated over 100 banks and Capital One 360 Performance Savings made our list of the best high-yield savings accounts. Our pick for best savings account for branch access, this account combines great rates and zero account fees with hundreds of physical locations.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Robin Hartill, CFP®, is The Ascent’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.

Capital One 360 Performance Savings
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Oct 08, 2024

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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. 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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. 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
4.10% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)
Rating image, 4.00 out of 5 stars.
4.00/5
Brand & Reputation (20%)
Brand (20%)
Rating image, 5.00 out of 5 stars.
5.00/5
Account Features (15%)
Features (15%)
Rating image, 4.00 out of 5 stars.
4.00/5
Fees (15%)
Rating image, 5.00 out of 5 stars.
5.00/5

  • At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 =poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

    Our scores are weighted as:

    • APY (50% of total star rating): Savings accounts with 5 stars have 10x the national average APY or greater, OR 6x to 9x the national average APY with $100+ welcome bonus.
    • Brand and reputation (20% of total star rating): Savings accounts with 5 stars come from institutions with long and stable histories with high levels of customer trust and satisfaction. These accounts are backed by significant industry awards and recognition. They also feature multiple customer support options, have a highly rated app with an average rating of 4.0 stars or higher between iOS and Google Play store ratings, and advanced safety features, like two-factor authentication.
    • Fees and minimums (15% of total star rating): Savings accounts with 5 stars have no account service fees, account closure fees, overdraft fees, or minimum balance fees. They also have no minimum requirements to earn the maximum APY.
    • Other perks (15% of total star rating): Our 5-star accounts offer most of the following features: ATM access through ATM or debit card, additional linked account integration, branch access, and relationship banking perks.

    Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.30%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.83%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A
4.10%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

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 review:

My family and I have enjoyed the convenience of banking with Capital One overall. The accounts are easy to use, the interface is simple, money moves quickly, and while savings rates aren't top of the market, they're much higher than mainline banks.

Full Capital One 360 Performance Savings review

The Capital One 360 Performance Savings account could be right for you if you're looking for an easy-to-use online savings account with a high APY, with no monthly fees or minimum balance requirements.

Capital One 360 Performance Savings interest rate

Account APY Minimum Deposit
Capital One 360 Performance Savings 4.10% $0
Data source: Capital One.

This Capital One 360 Performance Savings account offers a generous 4.10% 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.

Fees

There are no monthly fees for the Capital One 360 Performance Savings account. There are only a couple of situations where fees apply with this account:

  • If Capital One agrees to process an outgoing domestic wire for you, the fee per wire is $30.
  • A cashier's check purchased at a Capital One location costs $10.

If you don't send any wires or buy any cashier's checks, you won't be paying any fees with this account.

Minimum balance

There's no minimum balance to have this account or to earn the APY. Lots of online bank accounts don't have any minimum balance requirements, but this is still a great benefit.

Withdrawal limit

This savings account doesn't have any withdrawal limits. Capital One previously allowed up to six withdrawals/transfers out of savings accounts per statement cycle, but it's not enforcing that limit anymore.

Mobile app

Capital One Mobile has excellent ratings in both Google Play and the App Store. It's user-friendly and very similar to Capital One's web platform.

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 Performance Savings makes it easy to deposit and withdraw funds.

Deposit options

You can fund your Capital One 360 Performance Savings account using 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 money 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 be 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 privileges. 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.

Online user reviews

The Capital One 360 Performance Savings account gets high marks online. On Reddit, comments are largely positive, with users praising the web platform, mobile app, and lack of fees. It also has above-average ratings in J.D. Power's 2024 Direct Banking study.

Top perks

4.10% APY: If you're opening a high-yield savings account, it's likely 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, some of them require minimum balances to earn those rates. The Capital One 360 Performance Savings account has no minimum balance requirements to open or maintain the account.

No monthly fee: Paying 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 Cafes, 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 360 Performance 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 privileges.

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.

Is the Capital One 360 Performance Savings FDIC insured?

Yes, the Capital One 360 Performance Savings account is covered by FDIC insurance. In the event of bank failure, you're protected up to $250,000 per depositor, per account ownership category.

The Capital One 360 Performance Savings is right for you if:

The Capital One 360 Performance Savings account is a good choice for you if:

  • You want to earn high interest rates with no monthly maintenance fees.
  • You like the option of managing your money in person on occasion.
  • You don't plan to withdraw cash directly from the account.

Apply for Capital One 360 Performance Savings

Keep reading about Capital One

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • The Capital One 360 Performance Savings account is worth it if you want to earn high interest without needing to maintain a minimum balance or pay monthly fees. It's an especially good choice if you already have a checking account with Capital One, as you can easily move money out of your savings into an account where you can spend it.

  • Normally, you can make up to six transfers out of your Capital One 360 Performance Savings account and into an external account. That said, Capital One is choosing not to impose these limits right now, but may do so at some point in the future.

  • Yes, Capital One's 360 Performance accounts are FDIC insured, so in the event of bank failure, you're protected up to $250,000 per depositor, per account ownership category.