Capital One does offer high-yield savings accounts, but only through one specific product

Capital One's high-yield savings account is called 360 Performance Savings. It is their only savings product that earns interest above the standard rate. The account is available online only — you cannot open it at a Capital One branch — and it has no monthly maintenance fee, no minimum balance requirement, and no limit on how many times you can withdraw money each month.

The interest rate on 360 Performance Savings changes regularly based on market conditions. Capital One publishes the current rate on their website, and the rate applies to all balances in the account. Money deposited into this account is insured by the FDIC up to $250,000, the same as any other bank account.

If you already have a Capital One checking account, you can link the savings account to it for transfers. If you do not have a Capital One checking account, you can open the savings account on its own and transfer money in from another bank using ACH transfer or wire transfer.

Key Takeaways

  • Capital One's 360 Performance Savings is their only high-yield savings product, and it has no monthly fee or minimum balance.
  • The interest rate changes with market conditions and is the same for all customers, regardless of how much money you have in the account.
  • You can only open and manage this account online, not at a physical Capital One branch.
  • Withdrawals are not limited to six per month — you can move money out as often as you need to.
  • Money in the account is FDIC-insured up to $250,000, the same protection as a standard savings account.

How the interest rate works and when it changes

Capital One sets the interest rate on 360 Performance Savings based on the federal funds rate and competitive pressure from other banks. When the Federal Reserve raises or lowers its benchmark rate, banks typically adjust their savings rates within days or weeks. Capital One publishes rate changes on their website, and the new rate applies when ready to all existing balances.

The rate you earn is not tiered — meaning you do not earn a higher percentage on larger balances. A customer with $500 in the account earns the same annual percentage yield (APY) as a customer with $50,000. Interest is calculated daily and deposited into your account monthly.

To see the current rate, you can visit Capital One's website or log into your account. The rate shown is the rate you will earn going forward, not a historical rate. If you want to know what the rate was last month or last year, Capital One does not publish that history on their main website, though you can sometimes find it through financial tracking sites.

Opening a 360 Performance Savings account and linking it to other accounts

To open a 360 Performance Savings account, you go to Capital One's website and start the online process. You will need to provide your Social Security number, date of birth, address, and employment information. Capital One will run a soft credit check, which does not affect your credit score. The process usually takes 10 to 15 minutes.

Once your account is open, you can fund it by transferring money from another bank account using ACH transfer. ACH transfers typically take one to three business days to complete. You can also transfer money from a Capital One checking account if you have one — those transfers are usually when ready or complete within hours.

If you want to move money out of the 360 Performance Savings account, you can transfer it back to the bank account you transferred it from, or to any other bank account you own. There is no limit on how many transfers you can make per month, and you do not need to keep a minimum balance to avoid fees.

How 360 Performance Savings compares to Capital One's other savings products

Capital One offers two main savings products: 360 Performance Savings and 360 Savings. The difference is the interest rate. 360 Performance Savings earns the higher rate, while 360 Savings earns a lower rate that Capital One sets independently. Both accounts have no monthly fee and no minimum balance.

If you have a Capital One 360 checking account, you can open a savings account to go with it. The checking account does not earn interest, but it has no monthly fee and no minimum balance either. Some customers use the checking account for everyday spending and the savings account to set money aside.

Capital One also offers money market accounts through their 360 brand, though these are less common and may not be available to all customers. A money market account typically offers a rate similar to or slightly higher than a savings account, but may require a higher minimum balance or limit the number of withdrawals per month.

FDIC insurance and account safety

Money in a 360 Performance Savings account is insured by the FDIC up to $250,000 per account holder per bank. This means if Capital One fails, the FDIC will return your money up to that limit. The insurance covers the principal balance plus any interest that has been earned and deposited into the account.

If you have multiple accounts at Capital One — for example, a checking account and a savings account — the FDIC insurance limit applies separately to each account type. A checking account and a savings account are insured separately, so you could have $250,000 in checking and $250,000 in savings, and both would be fully insured.

Capital One is a national bank regulated by the Office of the Comptroller of the Currency (OCC). This means the bank is subject to regular audits and capital requirements set by federal regulators. The bank has been operating since 1988 and is one of the largest credit card issuers in the United States.

Transferring money in and out of 360 Performance Savings

You can move money into a 360 Performance Savings account from any bank account you own using ACH transfer. You initiate the transfer through Capital One's website by providing the routing number and account number of the bank you are transferring from. The transfer usually takes one to three business days, depending on your bank.

You can also receive transfers into the account from other people. If someone wants to send you money, they can initiate an ACH transfer to your 360 Performance Savings account using your routing number and account number. You do not need to do anything on your end except provide those numbers.

To move money out, you can transfer it back to the bank account you transferred it from, or to any other bank account in your name. You can also withdraw cash by transferring to a checking account and then using an ATM or visiting a branch. There is no fee for transfers and no limit on how many you can make per month.

Frequently Asked Questions

Can I use a debit card to access my 360 Performance Savings account?

No. Capital One does not issue a debit card for the savings account. You can only access the money through transfers to another bank account or to a Capital One checking account. If you need to withdraw cash, you would transfer money to a checking account first and then use an ATM.

What happens to my interest if I withdraw money before the end of the month?

Interest is calculated daily and deposited monthly, so you earn interest on the money for the days it was in the account. If you withdraw money on the 15th of the month, you earn interest for those 15 days, and the rest of the month's interest is calculated on the remaining balance.

Is there a penalty for closing the account?

Capital One does not charge a fee to close a 360 Performance Savings account. You can close it anytime by transferring the balance out and then requesting closure through their website or by calling customer service.

Can I set up automatic transfers into the savings account?

Yes. If you have a Capital One checking account, you can set up automatic transfers from checking to savings on a schedule you choose — weekly, biweekly, monthly, or any other interval. You set this up through the Capital One website.

What if I need to dispute a transaction or report fraud?

Contact Capital One's customer service through their website or by phone. For unauthorized transfers, Capital One will investigate and typically refund the money while the investigation is underway. The process usually takes 10 business days, though it can be faster if the fraud is clear.