Product Name: Capital One 360 Performance Savings
Product Description: The Capital One 360 Performance Savings has no monthly fees or minimum balance requirements and earns a competitive interest rate.
Summary
The Capital One 360 Performance Savings is a high-yield savings account that pays 4.00% APY with no monthly fees or minimum balance requirements. You can also earn a welcome bonus of up to up to $1,500 with qualifying activities.
Overall
Pros
- Attractive APY
- Attractive welcome offer
- No monthly fees
- No minimum balance requirement
Cons
- There are higher APYs available elsewhere
- No ATM access or check-writing privileges
When you open the Capital One 360 Performance Savings you’ll earn 4.00% APY and you’ll be eligible to earn a generous wecome bonus. The account has no fees or minimum balance requirements.
At a Glance
- High-yield savings account
- Attractive 4.00% APY
- Generous welcome bonus
- No monthly fees
- No minimum balance requirement
Who Should Open a Capital One 360 Performance Savings?
Capital One’s Performance Savings should be on your shortlist if you want a high-yield savings account with no fees or account minimums, especially if you have other Capital One accounts, like a checking or credit card account. Unlike some online banks, Capital One has a broad product offering and some physical locations where you can receive in-person service.
Capital One 360 Performance Savings Alternatives
 |  |  | |
| Savings APY | 4.00% APY | 4.00% APY | 4.70% APY |
| Monthly Fees | $0 | $0 | $0 |
| Min. Balance Requirement | $0 | $0 | $100 |
| Learn More | Learn More | Learn More |
Table of Contents
- At a Glance
- Who Should Open a Capital One 360 Performance Savings?
- Capital One 360 Performance Savings Alternatives
- What Is Capital One 360 Performance Savings?
- Capital One 360 Performance Savings — up to up to $1,500
- Other Savings Options at Capital One
- Capital One 360 Performance Savings vs. Alternatives
- FAQs
- Summary
What Is Capital One 360 Performance Savings?
The 360 Performance Savings is Capital One’s high-yield, no-fee online savings account. It currently pays an attractive 4.00% APY with no minimum and no opening balance requirements. You can open your Capital One account online in just a few minutes. Your funds are FDIC insured up to $250,000, and you can manage your account using its top-rated mobile app.
Capital One 360 Performance Savings — up to up to $1,500
Capital One 360 up to $1,500 Performance Savings Account Summary
- What you get: up to $1,500 cash bonus
- Who qualifies: If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2021, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
- Where to open: Online
- Promotion code: BONUS1500
- How to get it:
- Open a Capital One 360 Performance Savings Account,
- Next, deposit at least $20,000 in new funds into the account during the 15-day initial funding period and keep it there for an additional 90 days
- When does it expire: not listed
There’s a bonus offer on this account – Capital One is offering up to when you open an account using the promo code BONUS1500. The bonus amount is tied to how much you transfer into the account within the first ten days – but this has to be new money to Capital One. You can’t transfer from another account (sorry!). Then, maintain the required daily balance for 90 days, and the bonus will be deposited in 60 days.
The bonus is based on the deposit amount:
- Earn a $300 bonus when you deposit $20,000 – $49,999,
- Earn a $750 bonus when you deposit $50,000 – $99,999,
- Earn a $1,500 bonus when you deposit $100,000 or more.
Learn more about the offer
(Offer expires not listed)
Other Savings Options at Capital One
In addition to the 360 Performance Savings, you can save money in Capital One certificates of deposit, known as 360 CDs. Capital One 360 CDs offer a solid interest rate, no minimum balance requirement, and flexible interest crediting options: You can choose to have your CD interest paid out monthly, annually, or at the end of its term.
Current interest rates include options such as:
- 4.20% APY for a 6-month CD
- 3.90% APY for an 18-month CD
- 3.50% APY for a 60-month CD
All Capital One 360 CDs are FDIC-insured up to the maximum allowable limits.
Capital One 360 Performance Savings vs. Alternatives
If you don’t have the balance required to qualify for the welcome offer, other savings accounts may be more appealing than Capital One 360. Here are some alternatives to consider.
Ally’s High Yield Savings Account
Ally is an online bank with a high-yield savings account that earns 4.00% APY with no monthly fees or minimum balance requirements. The account also comes with savings buckets that allow you to put your savings into categories, making it easier to save for specific goals.
If you have an Ally checking account, you can also round up your purchases to the nearest dollar and transfer your change into savings.
Here’s our full Ally Bank review for more information.
For more details, read our full Ally Bank review.
Discover Online Savings Account
Discover’s Online Savings Account also comes with no monthly fees, no minimum opening deposit, and earns 4.00% APY. Opening an account with Discover online is easy — no in-person bank visit is necessary.
For all these reasons, Discover’s product is equal to Capital One’s, and choosing between the two comes down to personal preference or whether either is offering a sign-up promotion.
For more information, read our full Discover review.
CIT Bank Platinum Savings
CIT Bank’s Platinum Savings product earns 4.70% APY with no monthly maintenance fees. There is a $100 minimum deposit. However, you must keep at least $5,000 in this account to earn the highest rate.
For more details, read our full review of CIT Bank.
FAQs
Yes, your deposits with Capital One are safe. Not only is the company one of the largest financial institutions in the U.S., but your savings account deposits are FDIC-insured up to $250,000.
While the account has several advantages, other high-yield savings accounts offer higher interest rates, and you can’t link the account to an ATM card. Also, you cannot write checks on the account.
This account earns 4.00% APY . There are no monthly fees or minimum deposit requirements.
Yes. You can open up multiple savings accounts for different savings goals.
Summary
The Capital One 360 Performance Savings is a solid high-yield savings account. If you can take advantage of the current bonus offer, it becomes one of the most attractive savings options out there. When it comes to access, if you have a Capital One checking account, you can easily transfer funds from your savings and withdraw from an ATM if required.
How will interest be calculated if I move my two savings accounts over from the old Capital One savings account to this Performance Savings account today? I’m thinking it’s probably safer to move the money over on Friday, Nov 1st, so that I’m not giving up 28 days of interest.
You wouldn’t give up interest, it would still be credited to the other (older) account. Any interest after the fact would still make it to you.
Is there any chance of ´losing ´money in the process of going through the hassle of closing old 360 savings accounts and opening the 360 performance savings? I mean I have several 360 savings and hate the hassle, I only want to open one performance savings and do not know if I am required to close all the others?
Joanne
You don’t have to close anything but if you close them you are still paid the interest you were due. There are no minimum balance requirements so you can keep them open and close them after the interest is paid.
Thank you for the information on Capital one 360 savings account I will definitely take advantage of that opportunity.
Regina Channelle
Can’t add a joint holder to the Performance Savings, have to call on the phone, wait, and then it is still a PITA. Not sure why can’t do online like other places. CapitalOne had turned a good ING product into crap. Plus very incompetent customer service. I’m looking for a new bank after 15 years there starting with ING.
Thanks for the heads up on this. I had 3 CapitalOne 360 savings accounts that weren’t converted to Performance Savings. Just opened the Performance Savings after reading your post, transferred all the funds over and then closed the 3 old ING/Capital One accounts. To close the accounts I found an old workaround via YouTube where you can login to your account in the previous 360 interface, go to account details and click “close account” to close your old accounts. Piece of cake. 5-10 minutes total to open the new account, transfer funds and close the old ones. Gave me a… Read more »
How do you access the previous 360 interface?
You just login to your CapitalOne360 account, then go to the old URL:
https://secure.capitalone360.com/myaccount/banking/account_summary.vm
Once you’re in the old interface just click on the account you want to close, click on “account details” tab, and then click the “close your account” link at the bottom of the page.
YOU JUST BLEW MY MIND!
Thank you so much for this information. The ability to access the old interface and close accounts was awesome. I’m another of those who loved ING and just deal with capital one. This has been so helpful for my yearly financial tidy.
You’re welcome, thank Pete because he saved us all a lot of time!
I wouldn’t close old accounts until a month goes by, to make sure you get your last monthly interest posted?
You could do that to be absolutely sure but on the 360 Performance Savings Disclosure, there is a section governing what happens if you close your account:
Effect of Closing an Account – You will receive the accrued interest if you close your account before interest is credited.
It’s unclear how they will credit you though, but I suspect if you had an open account with them then they’d use that. Otherwise, they send it to your state’s abandoned property division.
You wrote: “Capital One prepopulates most of your information and you just have to enter in employment title, salary, and check off a few disclosure statements.” I have an existing Capital One MM account and was thinking of transferring my funds over to the new Performance account. This is a savings account, what business is it of Capital One what my employment status is and what my income is? I am not asking for credit or a loan here, I’m the one giving them funds. What if a person is disabled, retired, or unemployed? Is that really any business of… Read more »
I don’t know why they need it, it could be regulations require them to ask but I doubt an answer would change the outcome.
Is the 1.8% fixed or variable (where it will/could change every few months)? I have a 360 Money Market, opened 6 months ago, $100K. I repeatedly asked when opening the account of the 2% was variable. I was told that 2% was the rate that would be paid on this account, by the woman opening the account for me. In the last month the rate went to 1.8% and is now 1.7%. Probably my fault for not reading the fine print before establishing the account and relying on the bank employee, the fine details say the rate is variable and… Read more »
It’s variable, all savings accounts are variable. To get fixed, you need to put it in a CD.
They have nice incentive to open a 360 Performance Savings Account. $200 plus a better than average 1.8% rate is really nice. Closing my Discover Savings and moving the money over to Capital One.
Where is that $200 incentive to open a 360 Performance Savings account?
Use the code SAVE1000 to earn the $200 bonus.
Restrictions on $200 bonus. Existing customers do not qualify. To earn a bonus, open a 360 Performance Savings account between 12:00 a.m. ET on October, 15, 2019, and 11:59 p.m. ET on December 31, 2019. If you have, or had, an opened savings account with Capital One on or after January 1, 2016, then you’re ineligible for the bonus. Your account must be funded with at least $10,000 in new money for the $200 bonus or $150,000 or more in new money for the $1,000 bonus from an external bank within the first 10 days of account opening (Initial Funding… Read more »
We just noticed this today when checking our account with them. Called and spoke to a rep who said they allegedly tried to notify existing customers of these changes. Their email never made it to us as well as many others that have not made it the last year or so. Promptly transferred the funds to our local bank who, after reading their latest offerings, has almost as good a rate and NONE of the hassle. And, we get their emails every week! Goodbye Capital One
As of 1/16/2020 the money market rate is down to 1.50%, the performance savings rate is 1.70%. Is there any reason to keep the money market open with with a smaller amount while transferring the bulk to to performance savings? Would there be any reason to think that in the future the money market rate would be greater than the performance savings rate?
I think this type of “optimization” may not be the best use of one’s time – we’re talking fractions of pennies on the dollar. I’d take the highest interest rate available now and focus on other areas.
What happens to legacy CO 360 checking accounts and their CO 360 debit cards if you transfer everything from your INGDirect account to the new CO 360 Performance Savings account and then close the legacy INGDirect\CO 30 Savings account?
Do you also have to close the CO 360 checking account and debit card and open a new checking account and get a new debit card?
Thanks!
If you close the old accounts, they’re likely to be disabled and unusable since the account will be closed.