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 The Capital One 360 Performance Savings account pays 0.65% APY on all account balances. This is significantly higher than the national average of 0.05%.

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.

Featured Reward

$100-$500 when you open a new Capital One 360 Performance Savings Account; earn $100 per $10,000 you put toward an opening deposit, up to $500

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  • Details
  • Pros & Cons

    • Over 470 branches in CT, DC, DE, LA, MD, NJ, NY, TX, and VA
    • Interest compounded daily, paid monthly
    • FDIC insured
    Pros
    • Competitive APY
    • No opening deposit or minimum account balance
    • No monthly service fee
    • Easy to save for various goals
    • 24/7 live chat
    Cons
    • Limited physical branch locations
    • Limited customer service phone hours

    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 logo



    Capital One 360


    ally bank logo



    Ally High Yield Savings


    cit bank logo



    CIT Savings Builder


    Savings APY

    0.65% APY

    Savings APY

    0.80% APY

    Savings APY

    0.30% to 0.55% APY

    Stand-out feature

    Online and physical branches

    Stand-out feature

    Savings buckets

    Stand-out feature

    Higher APY for automatic savings

    Open an account Open an account Open an account

    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.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.



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