A Complete Guide to Capital One’s 360 Performance Savings Account

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our quick takeThe Capital One 360 ​​Performance Savings Account offers a great, competitive rate with no maintenance or monthly fees and no minimum balance requirement, though it doesn’t offer any type of welcome bonus.

Pros:

  • Competitive 3% Annual Percentage Return (APY) interest rate.
  • No monthly or maintenance fees and no minimum balance requirement.
  • 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 automatic savings tools.

Shortcoming:

  • No welcome bonus offer for account opening.
  • No debit cards and no ATM access unless you transfer money to another account, such as a checking account, first.
  • Certain fees in certain use cases.

best forThe Capital One 360 ​​Performance Savings Account is best for those who want a convenient way to earn a competitive rate on their savings, as well as 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 giving you peace of mind. With experts warning of an impending recession and a volatile stock market, now is a great time to secure a fair, guaranteed return on the money you’ve already worked hard to put together. That said, finding savings accounts with no hidden fees is an absolute must, and most people don’t want to deal with minimum deposit or monthly transfer requirements.

Ultimately, that’s where digital accounts like the Capital One 360 ​​Performance Savings Account come into play. When it comes to security, this account is FDIC-insured, meaning that 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 predetermined limits) will not disappear overnight. (Though in Capital One’s case, that isn’t possible by itself.)

Manage your savings from home and earn a competitive 3% APY.

The Capital One 360 ​​Performance Savings Account is different than other online savings accounts because it is offered by a leading financial institution that is also a household name. After all, Capital One is well known in the banking industry for its rewards credit cards, which are among the best on the market today. Plus, the 360 ​​Performance Savings Account offers an impressive 3% Annual Percentage Yield (APY) on any balance, which means the more you save, the more you earn in return. After all, a way to grow your savings at a good rate without any fees associated with keeping an account is a unique advantage.

With the digital nature of this account, you have added flexibility as well. Consumers can open the 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 have no brick-and-mortar locations, this is another area where the Capital One 360 ​​Performance Savings Account stands out.

While the current 3% APY offered by the Capital One 360 ​​Performance Savings Account won’t help you get rich, the rate is competitive when you compare savings rates from the past few years. This is an extremely competitive rate when you compare this account to other online savings accounts offered through online banks – including the American Express High Yield Savings Account.

The Capital One 360 ​​Performance Savings Account also comes with no monthly fee or maintenance fee, as well as minimum deposit requirements. This means that almost anyone can open this account and start earning interest without worrying about whether your balance is getting too low, or whether fees are eating up your savings gains.

A major bonus of the Capital One 360 ​​Performance Savings Account comes in the form of power put in the palm of your hand through the Capital One Mobile App, which has great reviews from users across all major platforms. We love that the Capital One app allows you to easily manage your savings account 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 lets users seamlessly transfer money between Capital One accounts and external accounts at other banks.

As mentioned earlier, it’s also incredibly easy to open a Capital One 360 ​​Performance Savings Account, whether you choose to do so in person at a Capital One Bank branch, online or through the Capital One app. According to Capital One, the application takes five minutes or less to open an account, although you need to transfer funds and deposit funds into the account within 60 days.

You can open a Capital One 360 ​​Performance Savings Account online or at a Capital One branch.

After all, a way to earn money on your savings without worrying about extra fees or minimum balance requirements is a great prospect. Plus, knowing that the Capital One 360 ​​Performance Savings Account is FDIC-insured allows you to rest easy knowing that your hard-earned savings are safe. And earning a rate that’s higher than many means you’ll get the most in return for your savings.

While the Capital One 360 ​​Performance Savings Account has a lot going for it, it also has some drawbacks. The biggest downside of this account is that it does not offer any kind of welcome bonus for new account holders. When you compare this to savings accounts from other institutions, which let you open an account and earn varying amounts of cash depending on whether you meet minimum deposit and/or direct deposit requirements, this puts it at a disadvantage. . While this isn’t a deal breaker for many, it would be a nice addition to the account.

Also, it’s important to know that you can’t withdraw money from your Capital One 360 ​​Performance Savings Account at an ATM, because there’s no ATM card. To withdraw money from an ATM, you must first transfer funds to another account – whether you have a checking account with Capital One or another bank. If you set up transfers to a Capital One 360 ​​checking account, however, you can access the funds at more than 70,000 fee-free ATMs nationwide.

While the Capital One 360 ​​Performance Savings Account has no monthly maintenance fee, which is a major advantage of the account, there are some fees that may come up. For example, this account charges $30 for outgoing domestic wire transfers, and users pay a $10 fee if a foreign check is returned. However, if you do not plan to make any transactions that may trigger these charges, you will be able to take advantage of a completely fee-free savings account.

In conclusion, the Capital One 360 ​​Performance Savings Account is actually a 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 just for opening an account, you can earn a very competitive 3% APY on your savings. Plus, there are no monthly fees to worry about with this account, and no minimum deposit requirements either.

This combination of benefits makes the Capital One 360 ​​Performance Savings Account a great option for nearly everyone who is trying to save – especially during these uncertain times. That said, you should take the time to compare the Capital One 360 ​​Performance Savings Account to other online savings accounts to make sure it’s the right fit for your savings and spending habits.

Click here to learn more about the Capital One 360 ​​Performance Savings Account.

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