Capital One 360 savings account review

The Capital One 360 Performance Savings account, generally referred to as Capital One 360 Financial savings, is a high-yield financial savings account with no month-to-month charges and no minimal steadiness required. Capital One makes it simple to get began, permitting you to open a brand new account on-line in about 5 minutes. And with the well-reviewed Capital One cellular app, you may simply handle your account on the go.

On this put up, we’ll cowl the main points of getting a Capital One 360 Financial savings account, together with the professionals and cons — and the way it compares to comparable accounts. Plus, we’ll aid you determine if that is the suitable account for you.

Capital One 360 Financial savings Account Quick Info

• Annual payment: none
• Minimal steadiness: none
• Present APY: 1.50% (as of 30 April 2020)
• Execs
  • Comparatively excessive yields
  • No month-to-month payment
  • No minimums
  • Straightforward to get began
  • Cellular app entry
• Cons
  • No ATM playing cards
  • Comparatively few native branches

Capital One Financial savings Account Advantages

There are many advantages to having a Capital One financial savings account. Listed here are among the highlights:

Excessive Yields

A 1.50% APY is a good rate of interest for a financial savings account. This rate of interest is much more attractive if you usually carry a reasonably low steadiness. Not like many accounts that provide tiered charges relying on how a lot cash you retain in your account, Capital One provides the identical 1.750% APY on all balances. So even in case you solely have $90 in your account, you’ll nonetheless earn that 1.50% APY price.

No Minimal Steadiness Necessities or Month-to-month Charges

With the Capital One 360 Financial savings account, you don’t have to fret about carrying a minimal steadiness. And also you received’t be charged a month-to-month upkeep payment to maintain your account open. This no-minimum, no-fee construction has grow to be pretty normal within the aggressive world of on-line banking, however it’s nonetheless an enchancment over conventional financial institution accounts, a lot of which nonetheless cost month-to-month charges and/or require you to keep up a minimal steadiness.

Straightforward to Get Began

Capital One makes it simple to start out saving. You’ll be able to open your new account on-line in about 5 minutes. Should you occur to stay in one of many eight states with full-service branches, you too can go to certainly one of these branches in individual to open your account.

Cellular App

The highly-rated Capital One cellular app makes it simple to automate your financial savings plan, switch cash between accounts, make cellular deposits, and monitor your financial savings progress.

Capital One Financial savings Account Downsides

After all, no financial savings account is ideal. Listed here are a few potential draw back for the Capital One 360 financial savings account.

No ATM playing cards

Whereas some on-line financial savings accounts supply ATM playing cards so you may simply entry your cash from any ATM, Capital One doesn’t. To entry your cash, you want to switch your cash to a different account. In case you have a Capital One checking account, your transferred funds shall be obtainable instantly. However in case you’re transferring funds to a checking account with one other financial institution, it might probably take a pair enterprise days.

Whereas this semi-restricted entry generally is a adverse, it may be a optimistic. In any case, this can be a financial savings account, not a checking account. And the more durable it’s to entry your financial savings, the much less doubtless you might be to spend that cash!

Comparatively few native branches

Whereas I really like the progressive Capital One Cafes (with their free Wifi, full espresso and snack bars, and private help), there simply aren’t sufficient of them. Capital One at present has native branches in solely eight states, most of that are on the East Coast.

Having mentioned that, how typically would you go to the native financial institution department when Capital One makes it really easy to financial institution on-line?

How Does Capital One 360 Evaluate to Different Financial savings Accounts?

You’ve a number of good choices when selecting a high-yield savings account. Many accounts make the identical no-fee, no-minimum supply because the Capital One 360 Financial savings account. Right here’s a fast take a look at among the most comparable on-line financial savings accounts (as of 30 April 2020):

How Does the Capital One 360 financial savings price evaluate to different financial savings accounts?

By way of curiosity earned, the Capital One financial savings rate of interest compares favorably to different comparable financial savings accounts.

Different on-line financial savings accounts, like Ally and Uncover, are at present providing charges between 1.40% and 1.55%. These are near the Capital One 360 Financial savings price of 1.50%.

Whereas CIT Financial institution proudly provides as much as 1.55% APY, you must clear a hurdle to earn this price. You will need to both keep a steadiness of $25,000+ or make at the least one month-to-month deposit of $100 or extra. Should you fail to satisfy certainly one of these necessities, your financial savings price will fall to 1.09%.

After all, if you evaluate the Capital One saving rate of interest to conventional financial institution accounts, Capital One comes out nicely forward. Wells Fargo at present provides a most of 0.08%, and Bank of America rates max out at 0.06% (utilizing Los Angeles native charges for comparability).

Is the Capital One 360 Financial savings account best for you?

The Capital One 360 Financial savings account is a strong possibility for the typical individual. It’s simple to open and use, provides uncomplicated phrases, and comes with among the best rates of interest obtainable for a financial savings account with no month-to-month charges or minimal required balances.

Should you’re a classy investor, it would make extra sense so that you can maintain your financial savings account with the financial institution that handles your investments (Ally Invest, for instance) so you may simply transfer cash between your funding accounts. However for many of us, the Capital One 360 Financial savings account is a superbly appropriate high-yield financial savings account.