Product Name: Capital One 360 Performance Savings
Product Description: The Capital One 360 Performance Savings has no monthly fees or minimum balance requirements and earns a competitive interest rate.
Summary
The Capital One 360 Performance Savings is a high-yield savings account that pays 4.00% APY with no monthly fees or minimum balance requirements. You can also earn a welcome bonus of up to up to $1,500 with qualifying activities.
Pros
- Attractive APY
- Attractive welcome offer
- No monthly fees
- No minimum balance requirement
Cons
- There are higher APYs available elsewhere
- No ATM access or check-writing privileges
When you open the Capital One 360 Performance Savings you’ll earn 4.00% APY and you’ll be eligible to earn a generous wecome bonus. The account has no fees or minimum balance requirements.
At a Glance
- High-yield savings account
- Attractive 4.00% APY
- Generous welcome bonus
- No monthly fees
- No minimum balance requirement
Who Should Open a Capital One 360 Performance Savings?
Capital One’s Performance Savings should be on your shortlist if you want a high-yield savings account with no fees or account minimums, especially if you have other Capital One accounts, like a checking or credit card account. Unlike some online banks, Capital One has a broad product offering and some physical locations where you can receive in-person service.
Capital One 360 Performance Savings Alternatives
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| Savings APY | 4.00% APY | 4.00% APY | 4.70% APY |
| Monthly Fees | $0 | $0 | $0 |
| Min. Balance Requirement | $0 | $0 | $100 |
| Learn More | Learn More | Learn More |
Table of Contents
- At a Glance
- Who Should Open a Capital One 360 Performance Savings?
- Capital One 360 Performance Savings Alternatives
- What Is Capital One 360 Performance Savings?
- Capital One 360 Performance Savings — up to up to $1,500
- Other Savings Options at Capital One
- Capital One 360 Performance Savings vs. Alternatives
- FAQs
- Summary
The 360 Performance Savings is Capital One’s high-yield, no-fee online savings account. It currently pays an attractive 4.00% APY with no minimum and no opening balance requirements. You can open your Capital One account online in just a few minutes. Your funds are FDIC insured up to $250,000, and you can manage your account using its top-rated mobile app.
Capital One 360 Performance Savings — up to up to $1,500
Capital One 360 up to $1,500 Performance Savings Account Summary
- What you get: up to $1,500 cash bonus
- Who qualifies: If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2021, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
- Where to open: Online
- Promotion code: BONUS1500
- How to get it:
- Open a Capital One 360 Performance Savings Account,
- Next, deposit at least $20,000 in new funds into the account during the 15-day initial funding period and keep it there for an additional 90 days
- When does it expire: not listed
There’s a bonus offer on this account – Capital One is offering up to when you open an account using the promo code BONUS1500. The bonus amount is tied to how much you transfer into the account within the first ten days – but this has to be new money to Capital One. You can’t transfer from another account (sorry!). Then, maintain the required daily balance for 90 days, and the bonus will be deposited in 60 days.
The bonus is based on the deposit amount:
- Earn a $300 bonus when you deposit $20,000 – $49,999,
- Earn a $750 bonus when you deposit $50,000 – $99,999,
- Earn a $1,500 bonus when you deposit $100,000 or more.
If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2021, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
Learn more about the offer
(Offer expires not listed)
Other Savings Options at Capital One
In addition to the 360 Performance Savings, you can save money in Capital One certificates of deposit, known as 360 CDs. Capital One 360 CDs offer a solid interest rate, no minimum balance requirement, and flexible interest crediting options: You can choose to have your CD interest paid out monthly, annually, or at the end of its term.
Current interest rates include options such as:
- 4.20% APY for a 6-month CD
- 3.90% APY for an 18-month CD
- 3.50% APY for a 60-month CD
All Capital One 360 CDs are FDIC-insured up to the maximum allowable limits.
Capital One 360 Performance Savings vs. Alternatives
If you don’t have the balance required to qualify for the welcome offer, other savings accounts may be more appealing than Capital One 360. Here are some alternatives to consider.
Ally’s High Yield Savings Account
Ally is an online bank with a high-yield savings account that earns 4.00% APY with no monthly fees or minimum balance requirements. The account also comes with savings buckets that allow you to put your savings into categories, making it easier to save for specific goals.
If you have an Ally checking account, you can also round up your purchases to the nearest dollar and transfer your change into savings.
Here’s our full Ally Bank review for more information.
For more details, read our full Ally Bank review.
Discover Online Savings Account
Discover’s Online Savings Account also comes with no monthly fees, no minimum opening deposit, and earns 4.00% APY. Opening an account with Discover online is easy — no in-person bank visit is necessary.
For all these reasons, Discover’s product is equal to Capital One’s, and choosing between the two comes down to personal preference or whether either is offering a sign-up promotion.
For more information, read our full Discover review.
CIT Bank Platinum Savings
CIT Bank’s Platinum Savings product earns 4.70% APY with no monthly maintenance fees. There is a $100 minimum deposit. However, you must keep at least $5,000 in this account to earn the highest rate.
For more details, read our full review of CIT Bank.
FAQs
Is the Capital One 360 Savings safe?
Yes, your deposits with Capital One are safe. Not only is the company one of the largest financial institutions in the U.S., but your savings account deposits are FDIC-insured up to $250,000.
Are there any downsides to the Capital One 360 Performance Savings?
While the account has several advantages, other high-yield savings accounts offer higher interest rates, and you can’t link the account to an ATM card. Also, you cannot write checks on the account.
What is the return on Capital One 360 Performance Savings?
This account earns 4.00% APY . There are no monthly fees or minimum deposit requirements.
Can I open more than one Capital One Savings account?
Yes. You can open up multiple savings accounts for different savings goals.
Summary
The Capital One 360 Performance Savings is a solid high-yield savings account. If you can take advantage of the current bonus offer, it becomes one of the most attractive savings options out there. When it comes to access, if you have a Capital One checking account, you can easily transfer funds from your savings and withdraw from an ATM if required.
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
Source: Capital One 360 Performance Savings – Is It Worth It?
