Capital One 360 ​​Savings interest rate and how it compares

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Advantages and disadvantages

Capital One 360 ​​Performance Savings Account pays 2.20% APY on all account balances. That’s significantly higher than the national average of 0.17% APY.

Capital One pays much higher rates than you’ll earn with brick-and-mortar banks and has branches in 8 US states and Washington DC. It also has dozens of Capital One cafes, where you can grab Peet’s Coffee®, speak with a financial coach, and open a bank account.

You can find better rates at other online banks, but since rates fluctuate, the bank with the highest rate will depend on when you search.

Compare savings accounts

Capital One 360 ​​Performance Savings™

Annual Percentage Yield (APY)

2.20% APY

Minimum deposit amount

$0

Capital One Capital One 360 ​​Performance Savings™

Capital One 360 ​​Performance Savings™

Annual Percentage Yield (APY)

2.20% APY

Minimum deposit amount

$0

Annual Percentage Yield (APY)

2.20% APY

Minimum deposit amount

$0

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Capital One Savings Rate Comparison

We compared Capital One to two other online banks with high-yield savings accounts: Ally and CIT Bank.

Capital One Savings Rates vs. Ally Savings Rates

Capital One and Ally pay quite similar savings rates. Both pay the same rate on all balances, interest compounded daily and interest monthly.

Your choice between Capital One and Ally may come down to whichever pays the highest rate at the moment, but keep in mind that rates fluctuate. Just because you pay a better balance today doesn’t mean it will be next week.

Capital One is considered an online bank, but it also has more than 470 branches in eight US states and DC. You may prefer Capital One if you live near a branch and want the ability to speak with a banker face-to-face.

But you might like Ally if you like its robust savings baskets feature. Set multiple savings goals in one account, like “Emergency Savings” and “Travel Fund” so you can track all your goals in one place.

Capital One Savings Rates vs. CIT Bank Savings Rates

CIT Bank may be a better option if you are looking for a high interest rate. CIT Bank Savings Connect account pays 2.70% APY regardless of your account balance.

Keep in mind that savings rates fluctuate, so just because a bank pays higher rates now doesn’t mean it always will.

If you want to open a savings account with a minimum opening deposit of $0, Capital One will likely set you apart more.

Stephen V. Lee