Capital One 360 Performance Savings review

Who is Capital One 360 Performance Savings best for?

This account is best suited for anyone who is comfortable managing their savings primarily online. If you’re not the type of person that needs to visit a branch often, this account’s high rate and lack of fees make up for the lack of in-person support.

But if you do prefer in-person support, there are many other top savings accounts to consider.

What we like about Capital One 360 Performance Savings

This Capital One savings account is straightforward to open and manage. And the cherry on top: It costs nothing to open or maintain this account.

The account’s interest rate is impressive, offering a high 3.8% APY, which is much higher than the dismal 0.43%⁽¹⁾ average rate for savings accounts. Many other big banks require high opening deposits or require a balance for rates this good — you’ll find no such requirements with 360 Performance Savings.

Many ways to fund the account

Capital One supports cash deposits at select Walgreens and CVS locations. Other options include transferring money online, by mail or through mobile check deposit.

If you have a Capital One checking account, you can use Capital One’s large 70,000 ATM network to view balances, deposit cash and checks, and make transfers into your Performance Savings account.

Open multiple accounts to separate goals

Capital One lets you open multiple 360 Savings Accounts so you can manage different savings goals — up to 25 per customer. However, there are some banks that don’t limit the amount you can open, and there are fintechs that let you split your savings into virtual buckets.

But keep in mind that if you plan to keep all your money with Capital One, FDIC insurance only covers up to $250,000 total per account holder.

Where it falls short

One of this account’s only shortcomings is the lack of in-person customer service that comes with being a Capital One customer. The bank operates mostly online but has a handful of branches and cafés — around 780 — but you’ll do most of your banking online or through the app.

You can search for a branch near you on Capital One’s site, but many of the branches are in the Midwest. Customer care is available via phone from 8 a.m. to 11 p.m. ET, and you can visit its Support Center on Capital One’s site for FAQs.

Compare Capital One 360 Performance Savings to other accounts

Narrow down top savings accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.

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Product USFSA	Finder Score	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn interest	Minimum deposit to open	Offer	Estimated total balance
Uphold	Finder score 8.8 Great	Savings app	Up to 4.65%	Up to $2.5 million	$1	$0		$1,046.50	Go to siteView details Compare	loading Fetching your data...
SoFi Checking and Savings	Finder score 9.2 Excellent	Traditional savings,Checking	Up to 4.00%	Up to $250,000	$0	$0	Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.	$1,040	Go to siteView details Compare	loading Fetching your data...
Axos ONE	Finder score 8.4 Great	Savings app	Up to 4.86%	Up to $250 million	$0	$0		$1,048.60	Go to siteView details Compare	loading Fetching your data...
American Express® High Yield Savings Account	Finder score 9.8 Excellent	Traditional savings	3.80%	Up to $250,000	$0	$0		$1,038	Go to siteView details Compare	loading Fetching your data...
Western Alliance HYSA through Raisin	Finder score 9.4 Excellent	Traditional savings	4.50%	Up to $250,000	$0	$1		$1,045	Go to siteView details Compare	loading Fetching your data...
Barclays Tiered Savings	Finder score 8.4 Great	Traditional savings	Up to 4.65%	Up to $250,000	$0	$0	Get a $200 Bonus when you deposit $25,000 or more within 30 days and maintain that balance for 120 days. Available to new bank customers.	$1,046.50	Go to siteView details Compare	loading Fetching your data...

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Customer experience

Capital One is a large, well-known bank and is accredited by the Better Business Bureaus (BBB) with a high rating, but it has over 13,000 customer complaints — much more than we normally see with competitors.

Most of Capital One’s negative reviews are typical issues we see with big banks, such as frozen funds and issues involving fraudulent charges. And one of the most common complaints we see with the bank is poor customer service, centered around difficulties contacting a representative.

The bank hasn’t claimed its Trustpilot profile with thousands of reviews, and most are in the red. The most common criticisms are around poor customer service, issues with the updated bill payment system and troubles with credit cards.

The few positive reviews are from loyal customers, with many of them saying they’ve banked with Capital One for years with no issues, cite fast service and many claim the bank was flexible and helpful during the Covid-19 pandemic.

Frequently asked questions

What is the difference between the Capital One 360 CD and 360 Performance Savings account?

Both are deposit accounts, but CD funds are locked for a predetermined term at a fixed rate. For example, Capital One offers 360 CD accounts with APYs as high as 5% APY for a one-year term. Once the term is over, you can withdraw your funds and the earned interest. If you withdraw funds early, you’ll face a withdrawal penalty.

In comparison, Capital One’s 360 Performance Savings account offers a 4.3% APY, which is variable and can change at any time. But withdrawing your money won’t incur a fee, unless you make more than six monthly withdrawals.

How often does 360 Performance Savings pay interest?

Capital One savings accounts have compound interest that is paid on a monthly basis.

Can I open a 360 Performance Savings account for my kid?

Yes, adults can open a 360 Performance Savings account and add their child as a joint owner.

Capital One also offers 360 Kids Savings Account, which is their kids version of the regular 360 Performance Savings, but with a lower 2.50% APY.

Is Capital One savings safe?

Capital One is an FDIC-insured bank, and savings accounts are deposit accounts which are covered under FDIC insurance up to $250,000. In the unlikely event of a bank failure, your Capital One funds are protected up to $250,000.

Capital One 360 Performance Savings is not currently available on Finder

Have you considered Uphold?

• $0 monthly fee
• Earn 4.65% APY on balances of $1,000+
• Earn 2% APY on balances lower than $1,000
• Available in 47 states
• Up to $2.5 million FDIC insurance

Learn more

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