Capital One Savings Account Rates for November 2022

Capital One, the 10th largest bank in the US with more than $390 billion in consolidated assets and one of CNET’s top 5 The best big banks 2022, offers a range of financial products and services for individual and business customers. The financial institution based in McLean, Virginia offers savings accounts (especially profitable Certificates of Depositor CDs), verify accounts, credit cardsAuto Financing and Commercial and Commercial Banking.

Capital One logo with blue background

capital one

Although considered a leader in fintech banking for its easy-to-use, 24/7 online and mobile banking options (you can open a savings account online in minutes), Capital One also operates retail banking branches and Capital One -Cafes throughout the United States, primarily in New York, Louisiana, Maryland, Virginia, New Jersey, Texas and the District of Columbia.

Capital One Savings Account Interest

Aside from his line of 360 CDs, Capital One offers two savings accounts: 360 Performance Savings and the Kids Savings Account for young savers. None of the accounts require a minimum deposit and have no monthly fees.

Capital One: At a glance

saving account

APY

minimum deposit

fees

360 power savings

3.00%

$0

$0

child savings account

0.30%

$0

$0

Capital One’s 360 Performance Savings Account offers more than just its competitive 3.00% Annualized Return on Investment (APY). The ease of use and use of Capital One’s online and mobile banking services makes it possible to open a 360 performance savings account in just five minutes. In addition, funds in your online account are insured by the Federal Deposit Insurance Corporation for up to $250,000.

At 0.3% APR, the Kids Savings Account may not offer a competitive interest rate compared to other savings accounts, but that’s not the point. Rather, Capital One offers a savings account for kids — under the supervision of their parents — to help them understand the basics of personal finance with a savings account that’s “kid-friendly with adult benefits.”

In addition to fees and minimum balances, the children’s savings account offers an automatic savings option so that children can send their pocket money on time and deposit it regularly. Parents can link their bank account (be it a Capital One account or another bank account) to their child’s account. According to Capital One, parents can also create more than one child savings account for each of their child’s financial goals.

How does the Capital One savings account compare to other banks?

Although you can find savings accounts with higher returns, Capital One’s 360 Performance Savings rate is competitive when compared to other major banks, including online-only banks. For example, the 3.00% APY corresponds to the rates offered by Marcus from Goldman Sachs and Discover, and is higher than Allied Bank and American Express, each offering an interest rate of 2.75% APY. Among traditional banks, Capital One is among the highest, well ahead of Bank of America and Chase, both of which offer interest rates as low as 0.01% APY. Additionally, Capital One has a simple application process and mobile app to track balances and transfer funds between accounts.

Additional savings opportunity at Capital One

In addition to its 360 Performance Savings and Kids Savings Account, Capital One offers its 360 CD Account – nine terms ranging from six months to five years. For example, his one-year CD has an APY of 4.00% and his five-year CD has an APY of 4.25%. And like the other savings accounts, the CD accounts have no minimum balance requirements to open an account.

Leave a Reply

Your email address will not be published. Required fields are marked *