Capital One 360 Performance Savings Review 2024
Capital One is one of the largest banks in the U.S., serving customers across the country with FDIC-insured personal and business banking products, including credit cards and savings accounts.
How does Capital One stack up against other banks, and what are the pros and cons of this savings account? This review of the Capital One 360 Performance Savings account can help you understand what it has to offer if you’re looking for a new place to grow your savings.
Capital One 360 Savings Pros & Cons
Capital One 360 Performance Savings Top Features and Benefits
This account has a couple of additional features to know about, including:
- Automatic savings plans
- Free account transfers
- Top-rated mobile app
Automatic savings plans
Having a savings goal to work toward is a motivator to stick with your plan. Capital One makes that easier with automated savings.
You can establish a savings target with the online My Savings Goals tool. Then, you create an automatic transfer from another linked bank account to your savings account according to your preferred schedule.
It’s a simple way to grow your savings on autopilot. The My Savings Goal tool helps you keep track of your progress as you save.
Free account transfers
There are multiple ways to add money to your account, including free bank-to-bank transfers. You can link a checking or savings account at Capital One or another bank to your 360 Performance Savings account to move money quickly and conveniently.
Other ways to add money to your account include:
- Direct deposit from your paycheck
- Mobile check deposit through the Capital One app
- Wire transfer
You can make withdrawals using an online transfer or wire transfer. These accounts don’t offer a debit card or ATM card. For that, you’ll need to open a Capital One checking account.
Top-rated mobile app
Capital One’s mobile app allows you to stay connected to your savings account where you are. You can use the mobile app to:
- Check your balance
- Open a new savings account
- Set up or change your automatic savings plan
- View your savings goals
- Deposit money to your account using a mobile check deposit
Find the Best Savings Accounts for Your Goals
Compare rates and features of other savings accounts to see how Capital One’s 360 Performance Savings account stacks up:
Compare Capital One 360 Performance Savings With Other Savings Accounts
The 360 Performance Savings account has some notable features that help it stand out among other savings accounts, but it’s important to understand how it compares to other popular accounts.
You’ll want to do some comparison shopping, starting with the three banks below.
Citi Accelerate Savings Account
Citi has a strong physical banking presence, with over 700 branches in the U.S. and over 2,500 globally.
This could be a game changer for consumers who prefer to do their banking at a bank that has a brick-and-mortar presence.
Physical locations also mean free ATM access, which is one of the areas where Citi shines.
Citi offers competitive savings interest rates, but you may still be able to find higher interest rates at banks with less of a physical presence.
Marcus by Goldman Sachs Savings Account
The Marcus high-yield savings account features a competitive interest rate, no monthly maintenance fees, and it’s easy to open and manage your account.
There is no branch banking available, but Marcus offers a robust app and website where you can do your online banking, and the account also comes with electronic funds transfer and direct deposit capabilities.
Barclays Bank Savings Account
Barclays is keeping up in the savings account interest rate race by offering one of the highest saving rates out there.
As a completely online bank without a physical branch presence, Barclays is able to offer those higher rates, but this also means that you won’t have access to a branch or ATM if you choose a Barclays account.
Barclays offers direct deposit and several ways to transfer money, and it also offers CD accounts for consumers who want to earn a higher interest on money that they don’t need access to right away.
How to Compare Capital One With Other Savings Accounts
Every bank is a little bit different with how they structure savings accounts and how they appeal to consumers. When you go about comparing savings accounts, be sure to look at the following factors as you make your decision.
Some online and brick-and-mortar banks pay tiered rates on savings accounts or other interest-bearing accounts. The higher your balance, the higher the annual percentage yield (APY) you can earn.
Capital One takes a different approach. Savers who open a 360 Performance Savings account earn the same APY across all balances.
Compared to what you may find at a traditional bank, that rate is above the national average.
Comparing the APY is essential before you open an account if earning an above-average interest rate is your goal. However, remember that it’s just one thing to look for with a bank account. Low fees are another.
Monthly fees can work against you as you pursue your savings goals.
Say you’re earning a small amount of interest each month — $5 as an example. At the same time, you’re paying a $10 monthly service fee.
It doesn’t require a math degree to understand that your savings account would be costing you money instead of helping your money grow.
The 360 Performance Savings account from Capital One allows you to avoid high fees. This account charges no:
- Monthly service or maintenance fee
- Minimum-balance fee
- Hidden fees of any kind
That’s similar to what you’ll find with other high-yield savings accounts. Online banks tend to be better equipped to keep fees to a minimum, as they have lower operating costs than their brick-and-mortar competitors.
Monthly fees for savings accounts are more common at traditional banks. These fees often range from $5 to $10 per month.
The upside is that you may have ways to avoid the fee such as maintaining a minimum daily balance or scheduling a direct deposit into your account each month.
If you’d rather not deal with those kinds of hassles, then the Capital One 360 Performance Savings account or another online savings account can help meet that need.
Other fees that add up
While the 360 Performance Savings account is mostly fee-free, there are a couple of fees to know about.
Wire transfer fees
First, Capital One charges a $30 fee for outgoing domestic wire transfers from your account. Unless you’re frequently transferring money from savings to another bank, this fee is likely to be less common for you.
Statement copy fees
The next fee to know is a $5 statement copy fee if you require paper copies of any statements for the previous two years. You can easily avoid this fee by logging in to your account online and downloading statements to print.
Fees other banks may charge
Capital One doesn’t charge fees for depositing foreign checks into your account. But you should know that the paying bank may charge a fee to process the check payment.
You may be curious about excessive withdrawal fees. These fees can apply when you make more than six monthly withdrawals or transfers from your account. (This doesn’t include withdrawals made in person at a Capital One location via ATM, mail, or messenger.)
How Do I Set Up a Capital One 360 Savings Account?
You can open a savings account (or CD) with Capital One online. You can speed up the process a little if you already have a Capital One credit card, loan, or bank account.
If you’re brand new to Capital One, you’ll need to offer some key information to get started. That includes:
- Your name
- Social security number
- Bank account details for funding your account
- Preferred minimum-opening deposit
Remember, you can open a 360 Performance Savings account with $0 and fund it later if necessary. There’s no penalty for doing so.
You can open a joint account with someone else or an individual account. If you’re opening a joint account, they’ll need to enter their name, address, and social security number details as well.
The process takes just a few minutes to complete. Once your account is open, Capital One will give you your account and routing number to start making deposits or set up an automatic savings transfer.
Frequently Asked Questions
Learn more about Capital One 360 savings and other savings accounts by getting answers to some of the most frequently asked questions by our readers.
Which is better, a CD or a savings account?
Both accounts are good for saving money, but they do have some important differences.
Capital One offers several CD accounts for savers. High-yield CD accounts feature terms of 12, 24, and 60 months.
There is no minimum balance required to open one of these CDs, and they’re all FDIC-insured. Additional CD terms are available, ranging from six months to 48 months.
While you can withdraw money from your savings account without paying a penalty, usually about six times per month, once you put your money in a CD, you can’t touch it until it expires without paying a penalty.
Capital One charges a penalty for withdrawing money from a CD before its maturity date. For 12-month CD accounts or less, the penalty is three months’ worth of interest. For longer CD terms, the penalty is six months of interest.
The other side is that while some savings accounts have above-average rates these days, you’ll usually find that CD accounts are offering higher rates than savings accounts.
If you are saving for the long term, a CD could work for you, but if you need access to your savings, you may want to stick to a savings account.
Will savings account interest rates be raised even more?
While nobody can predict which way savings account rates will go or how long they will stay up, some indicators point to rates being raised even more than they are now.
The Fed may raise the prime rate even more this year, and online banks really want your business. Online banks are in a bit of competition right now to see who can offer the most eye-catching rates. This competition means you stand to earn more interest on your savings account, and it could go even higher.
Can I open more than one savings account?
Yes, and it can help you manage your finances to do so. While you may want to have one account for your emergency savings, you may want another account to save for a big-ticket item like a car or a trip to Europe. More than one account makes it easier to keep your money separate.
Bottom Line: Is a Capital One 360 Performance Savings Account Right for You?
The 360 Performance Savings account could be a good option if you want a fee-free way to save money with interest.
If you already have credit cards or a checking account at Capital One, opening an account can allow you to keep all your finances in one place.
On the other hand, if getting a specific savings matters to you, consider looking into Capital One’s CD accounts instead.
They also carry no fees and can yield a better APY. Just keep in mind and consider how long you’ll need to lock your money into a CD to earn the interest rate you want.
The other option is to look at online savings accounts elsewhere.
There are banks that can offer zero fees and different interest rates on savings, so it’s important to consider every option.