Competitive Rates, No Opening Deposit

Overall bank rating

Pros and cons

Savings


Annual Percentage Yield (APY)


0.40% APY


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


0.40% APY


Minimum Deposit Amount


None

More Information

  • Over 470 branches in CT, DC, DE, LA, MD, NJ, NY, TX, and VA
  • Interest compounded daily, paid monthly
  • FDIC insured

Capital One doesn’t require an initial deposit or minimum account balance, and it doesn’t charge a monthly service fee.

The Capital One 360 Performance Savings account pays one of the top rates in the industry. You can find a higher rate at a couple other big-name banks, but it’s definitely one of the best out there. Your child can earn 0.30% APY with a kids savings account, and the rate will jump up to the regular interest rate once they turn 18.

Capital One 360 Performance Savings makes it easy to save for various goals. Set a savings goal and your target amount, then schedule recurring transfers from your Capital One 360 Checking account until you’ve saved the full amount.

Checking


Annual Percentage Yield (APY)


0.10% APY


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


0.10% APY


Minimum Deposit Amount


None

Pros

  • 0.10% APY on all account balances
  • No opening deposit or minimum account balance
  • No monthly service fee
  • No foreign transaction fee
  • Range of overdraft protection options
  • Processes direct deposits up to 2 days early

Cons

  • $2 out-of-network ATM fee
  • Doesn’t reimburse out-of-network ATM fees
  • Limited access to customer service by phone

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More Information

  • Over 70,000 free ATMs nationwide
  • Over 470 branches in 8 states and DC
  • Interest compounded daily, paid monthly
  • FDIC insured

Capital One doesn’t charge foreign transaction fees, making it a great option for regular travelers. There are no monthly fees, and the bank provides several overdraft protection options. The account also has an early direct deposit feature so you can receive paychecks up to two days early.

CD


Annual Percentage Yield (APY)


0.25% to 1.20% APY


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


0.25% to 1.20% APY


Minimum Deposit Amount


None

More Information

  • Terms ranging from 6 months to 5 years
  • No minimum deposit
  • Early withdrawal penalties ranging from 3 to 6 months interest
  • Compounding interest to maximize your earnings
  • FDIC insured

Capital One 360 CD come with term lengths ranging from six months to five years. Capital One does set itself apart by not requiring an initial deposit to open a CD — most banks ask for at least $500.

Capital One doesn’t offer as many types of CDs as some banks do. For example, you can’t open a no-penalty CD or jumbo CD with Capital One. Your only option is a regular term CD.

How Capital One 360 works

Capital One has hundreds of branch locations across eight states (Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia), as well as Washington DC. It also has dozens of Capital One Cafés, where you can grab Peet’s Coffee®, speak with a money coach, and open a bank account.

Capital One 360 is Capital One’s online operation. You can have a hybrid in-person/online banking experience if you live near a branch or Café, or you can bank completely online with Capital One 360.

Capital One’s website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store.

Once you set up an online account, you can chat 24/7 with a live customer service representative. If you want to speak with an agent on the phone, you can call between 8:00 a.m. and 11:00 p.m. ET.

Between Capital One ATMs and partner ATMs, you have access to over 70,000 ATMs nationwide. The bank doesn’t charge a fee if you use an out-of-network ATM, but it doesn’t reimburse any out-of-network fees charged by an ATM provider.

Your Capital One bank account is FDIC insured for up to $250,000, or up to $500,000 for a joint account.

Is Capital One 360 trustworthy?

The Better Business Bureau gives Capital One 360 an A rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.

The company does have a recent controversy, though. Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.

How Capital One 360 compares 

We’ve compared Capital One to two other


online banks

that pay high rates: Ally and Discover.

Ally will be the strongest option if you’d like to open a money market account.  Discover Bank requires at least $2,500 to open a money market account and Capital One 360 doesn’t have one.

If you’re strictly looking at interest rates, Discover Bank and Ally offer slightly higher rates on savings accounts. Meanwhile, in regards to CDs, it’ll be a toss-up between Discover Bank and Capital One. 

You also might like Discover if you’re looking for a rewards checking account. With the Discover Cashback Debit Account
, you’ll earn 1% cash back on up to $3,000 of debit card purchases each month.

Frequently asked questions (FAQ)

Can I deposit cash into my Capital One 360 account?

You can deposit cash to a Capital One checking account by using the bank’s mobile app or going to a Capital One ATM. If you use the bank’s mobile app, you’ll need to visit a CVS location.

Does Capital One 360 charge ATM fees?

Capital One won’t charge you an ATM fee if you use a Capital One, MoneyPass, or Allpoint ATM. However, if you use a bank ATM that’s not in one of these networks, you might have to pay a $2 fee. 

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