CNN Underscored reviews financial products like credit cards and bank accounts based on overall value. We may receive a commission through the ConsumerTrack affiliate network if you apply for and are approved for a credit card, but our reporting is always independent and objective.
our quick action: The Capital One 360 Performance Savings account offers very competitive interest rates, no maintenance or monthly fees, and no minimum balance requirements, but no welcome bonus of any kind.
advantage:
- Competitive 3% Annual Yield (APY) interest rate.
- There are no monthly or maintenance fees, and no minimum balance requirements.
- Manage your account from the top rated Capital One mobile app.
- Open an account in five minutes or less.
- Benefit from mobile checking deposit and automatic savings facilities.
shortcoming:
- There is no welcome bonus for account opening.
- No debit card, and no ATM access unless you first transfer the money to another account, such as a checking account.
- Some fees in some use cases.
Most suitable: The Capital One 360 Performance Savings account is best for those who want a convenient way to earn competitive savings rates and access their savings through a highly rated mobile app.
Click here to open a Capital One 360 Performance Savings account in five minutes or less.
Having a safe place to store your money is key to your peace of mind. With experts warning of a looming recession and volatile stock markets, now is a great time to secure a reasonable, guaranteed return on your hard-earned cash. That said, finding a savings account with no hidden fees is an absolute must, and most people don’t want to deal with minimum deposit or monthly transfer requirements.
Ultimately, this is where digital accounts like the Capital One 360 Performance Savings account come into play. On the security side, the account is FDIC insured, which means individuals benefit from protection up to $250,000 per depositor per insured bank. This means that even if a bank or financial institution fails, individual consumers can rest assured that their deposits (up to a predetermined limit) will not disappear overnight. (Though in the case of Capital One, that’s unlikely in itself.)
The Capital One 360 Performance Savings account stands out from other online savings accounts because it is offered by a large financial institution that is a household name. After all, Capital One is well known in the banking industry and its rewards credit cards, which are some of the best on the market today. Plus, the 360 Performance Savings account offers an amazing 3% Annual Yield (APY) on any balance, which means the more you save, the more you get back. At the end of the day, having a way to grow your savings at a good interest rate and without the fees associated with holding an account is an unbeatable perk.
You also have added flexibility due to the digital nature of this account. 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 without any physical location, this is another area where the Capital One 360 Performance Savings account stands out.
While the 3% APY currently offered by Capital One 360 Performance Savings accounts won’t help you get rich, that rate is competitive when you compare savings rates over the past few years. It’s also a very competitive rate when you compare this account to other online savings accounts offered through Online Banking, including the American Express High Yield Savings Account.
The Capital One 360 Performance Savings account also has no monthly or maintenance fees, and no minimum deposit requirements. That means almost anyone can open this account and start earning interest without worrying about whether your balance has dropped too low or whether fees are eating into your savings gains.
A great benefit of a Capital One 360 Performance Savings account is putting the power in the palm of your hand through the Capital One mobile app, which is user-acclaimed across all major platforms. We like the Capital One app, which makes it easy to manage your savings account from the palm of your hand, including the ability to deposit checks. The Capital One mobile app also features built-in savings tools that allow users to seamlessly transfer funds between their Capital One account and external accounts at other banks.
As mentioned, a Capital One 360 Performance Savings account is also very easy to open, whether you want to open it in person at a Capital One bank branch, online or through the Capital One app. According to Capital One, applying to open an account takes five minutes or less, although you need to transfer and fund the account within 60 days.
Ultimately, having a way to make money from your savings without worrying about extra fees or minimum balances is an excellent prospect. Plus, knowing that a Capital One 360 Performance Savings account is FDIC insured, you can rest easy knowing your hard-earned savings are protected. Earning money at a rate higher than many means you’ll get the biggest return on your savings.
While there are many benefits to a Capital One 360 Performance Savings account, there are also some drawbacks. The biggest downside of this account is that it does not offer any kind of welcome bonus for new account holders. This puts it at a disadvantage when you compare it to savings accounts at other institutions, which allow you to earn varying amounts of cash to open an account and meet minimum deposit and/or direct deposit requirements. While this won’t be a deal breaker for many, it would be a nice addition to the account.
Also, it is important to note that without an ATM card, you will not be able to withdraw money from your Capital One 360 Performance Savings account at an ATM. In order to withdraw money from an ATM, you must first transfer the funds into another account — whether you have a checking account with Capital One or another bank. However, if you do set up a transfer to a Capital One 360 chequing account, you can withdraw money at any of the more than 70,000 free ATMs nationwide.
While the Capital One 360 Performance Savings account does not have any monthly maintenance fees, which is a key benefit of the account, some fees may apply. For example, this account charges a $30 fee for domestic wire transfers and a $10 fee for returning foreign checks. However, if you don’t plan on making any transactions that could trigger these fees, you’ll be able to take advantage of a savings account that’s completely free.
Ultimately, the 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 can be managed from a highly rated mobile app, the Capital One 360 Performance Savings account is worth considering. While you won’t get a welcome bonus for opening an account, you can earn a very competitive 3% APR on your savings. Plus, there are no monthly fees to worry about with this account, and there are no minimum deposit requirements.
The combination of these benefits makes the Capital One 360 Performance Savings account a good choice for almost 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’s the right fit for your saving and spending habits.
Click here to learn more about Capital One 360 Performance Savings accounts.
Looking for a credit card?View CNN Underscored’s list best credit card Currently available.
Get all the latest personal finance deals, news and advice on CNN Underscored Money.