Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.
Capital One 360 Performance Savings rates
The Capital One 360 Performance Savings account pays 2.20% APY on all account balances. This is 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 it has branches in 8 US states and Washington DC. You may find better rates at other online banks, but because rates fluctuate, the bank with the highest rate will depend on when you look.
Compare savings accounts
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Capital One 360 Performance Savings™ from Capital One
Deposit Details
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No opening deposit or minimum account balance
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Easy to save for various goals
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
24/7 live chat
Dash iconA dash. It often indicates an interaction to shrink a section.
Limited access to customer service by phone
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.How Capital One savings rates compare
We've compared Capital One two 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 pretty similar savings rates. Both pay the same rate on all balances, compound interest daily, and pay interest monthly.
Your choice between Capital One and Ally might come down to which is paying the higher rate at the moment, but keep in mind that rates fluctuate. Just because one pays a better balance today doesn't necessarily mean it will next week.
Capital One is considered an online bank, but it also has over 470 branches in eight US states and DC. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face.
But you may like Ally if its robust savings buckets feature appeals to you. 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
Unlike Capital One 360 Performance Savings, the CIT Bank Savings Builder High Yield Savings Account doesn't pay everyone the same rate.
You'll earn a higher APY if you either a) maintain a $25,000 balance, or b) receive at least $100 in direct deposits each month. Otherwise, your rate will be low compared to other online high-yield savings accounts. This can be good motivation to set up automatic savings, but if you can't meet either requirement, then you'll probably want to go with Capital One.
Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn't mean that will always be the case.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Read more Read less
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
LoadingSomething is loading.