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Capital One Overview
Capital One’s 360 Performance savings account charges no monthly fees, requires no minimum balance requirements and features user-friendly digital tools. You can open an account in about five minutes and transfer money easily between internal or external bank accounts via web or the mobile app. Balances are FDIC-insured and customer support is available 24/7.
Pros:
- High-interest rates on savings accounts
- No minimum deposit or balance requirements
- Top-rated mobile app with all banking features
- 24/7 customer support availability
Cons:
American First with Raisin at a Glance
Fees | No monthly fees and no minimum balance requirements. |
Security | FDIC-insured, SSL encryption, supports both 2-factor authentication and biometric authentication. |
Online experience | User-friendly website with all banking functions. Rates and services are transparent before applying. |
Mobile app | Available on iOS and Android. Includes features like mobile check deposits, ATM finder and add cash at select retailers. |
Customer support | 24/7 customer support via phone and virtual-assistant chat. Dedicated fraud protection team. |
Suitable For?
Capital One is suitable for individuals looking for a hassle-free high-yield Annual Percentage Yield (APY) savings account option with no fees and no minimum balance requirements. If you enjoy a digital-first, mobile banking experience, Capital One may be a good fit for you.
If you prefer in-person banking, Capital One also has a limited network of cafes and physical branches across the country.
Features/Highlights
Advantages over traditional banks
Capital One offers several advantages over traditional banks. Its 360 Performance Savings account charges no fees, requires no minimum balances and offers a high-yield APY. Usually other banks charge fees for these features or require a minimum daily balance on your account in order to earn a high interest rate.
While an essentially digital-only experience, Capital One also has a limited network of cafes and bank branches across the country.
Cutting-edge banking services
Opening a savings account is easy and only takes about five minutes. Capital One’s digital platform allows you to create multiple savings accounts and set personalized savings goals on each one, automate transfers and monitor account activity. A virtual assistant can help you manage your account, set up alerts and notifications and answer your questions.
Traditional banking services
Capital One provides access to over 70,000 fee-free ATMs, alongside options for mortgages, credit cards and other banking products.
Interest rates and fees
Capital One's savings account features a high-yield APY that is consistently above the national average. There are no account opening or maintenance fees.
Monthly fee | Insufficient funds fee | Minimum opening deposit | Minimum balance requirement | Outgoing wire transfer fee | APY |
$0 | $0 | $0 | $0 | $30 | 3.60% |
Customer service and online experience
Capital One offers 24/7 customer support through multiple channels, including phone and virtual assistant. It has a comprehensive FAQ section and knowledge library to answer many of your banking questions.
Capital One has a 1.2-star rating on Trustpilot. Some reviews report poor customer service and banking experiences.
Mobile app
Capital One’s mobile app offers a seamless experience that lets you manage all your accounts in one place. You can deposit mobile checks, transfer money between internal and external accounts and add cash to your account at select retailers using a barcode. You can also access Eno, Capital One’s virtual assistant, to manage your account, set up alerts and ask questions.
The app is available for both iOS and Android. It has more than 8.8 million ratings on the Apple store with a 4.9 average rating. On the Google Play store, it has more 1.6 million reviews with a 4.5 average rating.
Security
Capital One uses SSL encryption on its website and supports 2-factor and biometric authentication. Accounts are FDIC-insured on balances up to $250,000.
Capital One has a dedicated fraud protection department you can contact by phone anytime.
Application Process
Applying for a Capital One savings account is easy and only takes about five minutes:
- Visit the website or download the mobile app.
- Fill out a simple application form with personal and financial information.
- Verify your identity via a government-issued ID.
- Fund your account via an initial deposit if you’d like – or you can do that later.
- Fund your account via an initial deposit if you’d like – or you can do that later.
Capital One Summary
Capital One offers a hassle-free savings account that comes with no fees, high-yield APY and a seamless digital banking experience. You can create multiple savings accounts for different financial goals and easily transfer money between accounts. While Capital One offers a limited network of cafes and physical branches, it features a vast online and ATM network.
Physical Address
Capital One Headquarters
1680 Capital One Drive
McLean, VA 22102
Disclaimer
AI was used in the generation of this content, along with human validation and proofreading.
