CNN Underscored rates financial products like credit cards and bank accounts based on their overall value. We may receive a commission through ConsumerTrack’s affiliate network if you apply for and are approved for a card, but our reporting is always independent and objective.
our quick: the Capital One 360 . Performance Savings Account offers a great, competitive rate with no maintenance or monthly fees and no minimum balance requirement, although it does not offer any kind of welcome bonus.
- Competitive interest rate 3% Annual Percent Yield (APY).
- There are no monthly fees or maintenance fees and no minimum balance requirements.
- Manage your account through the top-rated Capital One mobile app.
- Open an account in five minutes or less.
- Benefit from mobile check deposit and automated savings tools.
- There is no welcome bonus offer when opening an account.
- No debit cards and no access to an ATM unless you first transfer money to another account, such as a checking account.
- Some fees apply in certain use cases.
Best for: the Capital One 360 . Performance Savings Account is best for people who want a convenient way to earn competitive rates on their savings, as well as access their savings through a highly rated mobile app.
Having a safe place to keep your money is key to your peace of mind. With the experts warning about a economic depression and a wobbly stock market, now is a better time than ever to secure a reasonable, guaranteed return on the money you’ve worked hard to save. That said, finding savings accounts with no hidden fees is a must, and most people also don’t want to settle for minimum deposits or monthly transfer requirements.
Ultimately, that’s where digital accounts like Capital One 360 . Performance Savings Account join. In terms of security, this account is FDIC-insured, meaning individuals benefit from protection of up to $250,000 per depositor, per insured bank. This means that even if a bank or financial institution goes out of business, individual consumers can rest assured that their deposits (up to a predetermined limit) will not disappear anytime soon. afternoon. (Though in the case of Capital One, this in itself is unlikely.)
The Capital One 360 . Performance Savings Account stands out from other online savings accounts as it is offered by a large financial institution that is also a household name. After all, Capital One is famous in the banking industry and for credit card rewardsthat’s a number The best on the market today. Plus, the 360 Performance Savings account offers an amazing 3% annual percentage return (APY) on any balance, meaning the more you save, the more you earn. Finally, having a way to grow your savings at a good rate without the fees associated with keeping an account is an unparalleled privilege.
Given the digital nature of this account, you also have added flexibility. Consumers can open a Capital One 360 . Performance Savings Account online, through the Capital One mobile app or at a physical bank branch. Since many online savings accounts are offered through institutions that don’t have any physical locations, this is another area where the Capital One 360 Performance Savings account stands out.
While the current 3% APY offered by a Capital One 360 Performance Savings account won’t make you rich, it’s a competitive rate when you’re comparing savings rates over several years via. It’s also an extremely competitive rate when you compare it to other online savings accounts offered through online banks — including American Express High Yield Savings Account.
The Capital One 360 . Performance Savings Account There are also no monthly fees or maintenance fees, nor are there any minimum deposit requirements. This means that almost anyone can open this account and start earning interest without worrying if your balance is getting too low or if fees are eating away at your savings. yours or not.
The big rewards of the 360 Capital One Performance Savings account come in the form of power in the palm of your hand through the Capital One mobile app, which has excellent reviews from users across all main platform. We love that the Capital One app lets you easily manage your savings account right from the palm of your hand, including the ability to deposit checks. The Capital One mobile app also comes with built-in savings tools and allows users to seamlessly transfer funds between Capital One accounts and external accounts with other banks.
As mentioned earlier, the Capital One 360 . Performance Savings Account It is also extremely easy to open, whether you want to open in person at a Capital One bank branch, online or through the Capital One app. According to Capital One, the application to open an account takes five minutes or less, although you need to transfer funds and fund the account within 60 days.
Finally, having a way to monetize your savings without worrying about additional fees or minimum balances is a great prospect. Plus, knowing that your Capital One 360 Performance Savings account is FDIC-insured, you can rest easy knowing your hard-earned savings are protected. And earning at a much higher rate means you’ll get the most out of your savings.
While Capital One 360 . Performance Savings Account there’s a lot going to it, also some downsides. The biggest downside of this account is that it doesn’t offer a welcome bonus of any kind to new account holders. This puts it at a disadvantage when you compare it to savings accounts from other institutions that allow you to earn varying amounts of cash when you open the account and meet the minimum deposit requirements and /or direct deposit. While this is not a deal breaker for many, it will be a great addition to the account.
Also, it’s important to note that you cannot withdraw money from your Capital One 360 Performance Savings account at an ATM, as there is no ATM card. To withdraw money from an ATM, you must first transfer the money to another account — whether you have a checking account with Capital One or another bank. However, if you set up a transfer to your Capital One 360 Checking account, you can access funds at over 70,000 free ATMs nationwide.
While the Capital One 360 Performance Savings account doesn’t come with any monthly maintenance fees, which is a key perk of the account, there are some fees that may arise. For example, this account charges $30 for a bank transfer in the outgoing country, and the user pays a $10 fee if a foreign check bounces. However, if you don’t plan on making any transactions that could trigger these fees, you’ll be able to take advantage of a completely free savings account.
At last, Capital One 360 . Performance Savings Account is a really solid savings account option for storing your money. If you want an online savings account that you can manage through a highly rated mobile app, the Capital One 360 Performance Savings account is worth considering. While you won’t earn a welcome bonus when you open an account, you can earn a very competitive 3% APY on your savings. In addition, this account does not have any monthly fees to worry about and also has no minimum deposit requirements.
This combination of benefits makes Capital One 360 . Performance Savings Account A good option for nearly anyone trying to save—especially during these uncertain times. That said, you should take the time to compare the Capital One 360 Performance Savings account with other online savings accounts to make sure it fits into your savings and spending habits. friend.
Looking for a credit card? Check out CNN Underscored’s list of best credit card currently available.