Having savings in the bank can be a lifeguard when you wind up in a fiscal adhere .
When you ’ ve got savings to fall binding on, you ’ re less likely to have to take out a loan or turn to a high-interest credit poster to pay for an out-of-the-blue expense .
If you ’ ve got some money stashed away in savings, the big interview is where you should put it.
The Capital One 360 Performance Savings Account could be a beneficial match if you ’ ra looking for an on-line saving score with a competitive pastime pace .
capital One has over 800 branches in the U.S., including 10 cafe-style locations for the Capital One 360 brand, and 2,000 ATMs so you ’ ve got batch of options for accessing your savings .
The Capital One Savings Account comes with plenty of features .
here ’ s a promptly summation of the key details :
- Earn interest on your savings
- No monthly fee
- No minimum required to open an account
- No monthly minimum balance required
- Schedule automatic savings transfers
- Open up to 25 separate savings accounts
- Deposit checks from your mobile device
- Use mobile banking to manage your account
- Set up direct deposit to easily add to your savings
- Link your savings account to your Capital One checking account for optional overdraft protection
As you can see, there are a lot of perks that go along with opening a Capital One 360 Performance Savings Account .
In this savings account review, we ‘ll compare rates, fees, and services to other national and on-line banks .
Earning Interest With Your Capital One 360 Performance Savings Account
The 360 Performance Savings Account offers a competitive interest rate on savings. You always earn the same flat rate, regardless of how high gear or low your balance is .
That ’ s important to know if you ’ re looking for a savings option with tiered interest rates rather. Interest is compounded and credited to your account on a monthly footing .
Capital One 360 Performance Savings Account Pros & Cons
Tip: Check out MyBankTracker ’ s APY calculator to see how much concern your savings could earn .
This Account doesn ’ deoxythymidine monophosphate require a minimum situate to open an account. Ally besides steers clear of charging monthly maintenance fees on savings .
If you already have a check or accredit poster report with Capital One, however, you might be more incline to keep your savings there excessively, even if it means earning a slenderly lower interest rate .
Comparing the Monthly Fee
One of the big things about choosing an on-line spare report is that they typically come with minimal fees .
The Capital One 360 Performance Savings Account is no exception. There ’ s no monthly sustenance tip to worry about. That ’ s not always the case with standard savings accounts .
Capital One 360 Savings Account Fees
|Monthly Maintenance Fee||$0|
|Stop payment fee||$25|
|Outgoing domestic wire transfer||$30|
Take the Chase Savings Account, for case. This explanation charges a $ 5 monthly service fee unless you ’ re able to meet certain requirements. The tip increases to $ 20 for the Chase Plus Savings Account .
Bank of America ’ s regular Savings Account besides comes with a $ 5 fee .
There are ways to avoid the tip but they involve maintaining a minimum balance or making a certain number of transfers from your checking to savings each month .
The Capital One 360 Performance Savings Account doesn ’ thyroxine command you to do any of that. You can keep $ 50 or $ 50,000 in your explanation and you still won ’ triiodothyronine pay a fee .
You can set up a capital One see account and link it to your savings or keep your check at a completely different bank. Either way, your savings won ’ t be nickel-and-dimed by a monthly tip .
Does the Account Charge Any Other Fees?
While there ’ s no monthly service fee, there are a match of other fees that you need to know about. Generally, do n’t expect to encounter these fees on a even footing .
first, there ’ s the wire transfer fee. If you set up an outgoing domestic wire transfer from your account, Capital One will charge you $ 30 per cable. This tip is deducted directly from your savings .
The other fee to be mindful of is the statement imitate fee. If you need a copy of one of your statements from the previous two years, you ’ ll pay $ 5 per copy if Capital One generates the affirmation for you .
An easily direction to avoid the tip is to manage your explanation on-line and download statements yourself in PDF form .
One thing you won ’ t have to pay a fee for is an overdraft. If you ’ ve got a Capital One check report, you can link it to your savings for overdraft protection .
If you overdraft your match report, Capital One mechanically transfers money over from your savings to cover it without charging a tip.
Depositing Funds to Your Account
When you need to add money to your Capital One 360 Performance Savings Account you ’ ve got a few ways to do it .
For exemplar, you can make cash and check deposits at a Capital One ramify or a Capital One 360 cafe location. You can besides deposit cash and checks at a Capital One ATM .
If you ’ re not near a branch, cafe or ATM, you can deposit checks correct from your telephone. To use a mobile check deposit, you have to download the Capital One 360 fluid app .
You log in to your account, click on the ‘ Deposit ’ icon, snap a picture of the determine and you ’ re done. Just remember that if you ’ ra deposit checks through your call or tablet, it may take a small long for those deposits to clear your report .
As mentioned earlier, a calculate deposit is another choice for adding money to your savings .
To set up a direct sediment, you ’ ll want to share your capital One 360 Performance Savings Account number and Capital One ’ s routing numeral with your employer .
You can choose to have some or all of your paycheck deposited directly into your savings account .
last, you can make deposits by linking your savings account to an external account at a different savings bank .
To set up an external score, polarity in to your Capital One 360 account and click ‘ Add Link ’. You ’ ll have to answer some security questions and provide the details for the explanation you want to add .
capital One will then make two small deposits into this external account. To verify your report, you ’ ll have to log in to Capital One and snap on the ‘ External Accounts ’ tab and provide the amounts of those deposits .
once your external report is confirmed, you ’ re all determined to make transfers into or out of your Capital One 360 Performance Savings Account .
Build Your Savings Automatically
Getting ahead financially international relations and security network ’ triiodothyronine always easy. sometimes you need a little help to hit your aim .
The Automatic Savings Plan makes saving about stress-free .
To use this tool, you simply tell Capital One how a lot you ’ d like to save and how frequently you ’ d like money transferred into your Capital One 360 Performance Savings Account .
capital One handles the unvoiced depart of moving money between your accounts mechanically .
It takes less than a moment to set up an automatic Savings plan and you can stop or change your plan at any time .
That ’ s an appeal benefit if you ’ ve struggled with saving in the past and you ’ re cook to start building up your cash reserves .
Compared to Other Online Savings Accounts
There are many on-line banks that struggle with Capital One when it comes to high-yield savings rates. These other on-line savings accounts may besides have alike fee-friendly policies :
Ally Bank Online Savings Account
Ally Bank is one of the more democratic on-line banks with a savings rate that is higher than that offered by Capital One 360 .
It besides allows customers to create multiple accounts for free and they can be nicknamed for specific fiscal goals .
Synchrony Bank High-Yield Savings
Synchrony Bank offers a market-leading pastime pace on its on-line savings score .
additionally, you can get an optional ATM circuit board for easily cash withdrawals. however, the on-line bank does n’t yet have a dedicated mobile banking app .
Final Verdict: For High-Yield Savings With a Touch of Branch Banking
The Capital One 360 Performance Savings Account is a dear choice if you want to earn a better APY on your savings than what your local depository financial institution might be offering but you don ’ t want to get bogged down by a short ton of fees .
One thing you have to consider, however, is the appliance divisor .
If you don ’ t live near a Capital One branch, cafe or ATM, for model, would you be comfortable using mobile deposit or linking an outside account to add money to your savings ?
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If you need to tap the funds cursorily, are you okay with potentially paying a extraneous ATM fee to withdraw cash ?
If you ’ re considering a Capital One 360 Performance Savings Account, be certain to check out the rates other banks are offering .
While you ’ re at it, scope out the minimum balance requirements and monthly fees. other banks have higher savings rates .