Capital One Savings Account Interest Rates

Capital One’s accounts feature higher-than-average APYs without monthly fees

Senior woman using online banking on her phone to look at her savings account

Marko Geber / Getty Images

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

Capital One Savings Account Rates

Capital One is one of the 10 largest banks in the U.S., and it offers a variety of banking products, including checking and savings accounts. 

Although there are banks and credit unions that advertise higher annual percentage yields (APYs), Capital One’s savings accounts stand out because the bank doesn’t charge monthly maintenance or account fees. Nor does Capital One require consumers to maintain a minimum balance, so it’s a useful option for new savers. And Capital One’s savings account interest rates are still better than the national average, so you could grow your money faster.  

Account Balance for Highest APY APY Interest Rate Monthly Fee
360 Performance Savings No minimum requirement 3.90% 3.6871% None
Kids Savings Account No minimum requirement 0.30% 0.2996%  None

Capital One Savings Accounts: Key Features

Capital One 360 Performance Savings Key Features
APY Range 3.75%
Minimum Balance to Earn Highest APY No minimum requirement
Minimum Deposit $0
Withdrawal Limit 6 per statement cycle (currently not enforced)
Monthly Service Fee $0

For those looking for a simple savings account with a higher-than-average APY, the Capital One 360 Performance Savings account could be an excellent choice. It doesn’t have a monthly maintenance fee, nor does it have a minimum balance requirement. 

Interest is compounded and credited to the account monthly.

The account offers basic convenience features common among major banks, including: 

  • Mobile check deposits
  • Electronic transfers to other accounts
  • Automatic transfers into savings

One standout feature that Capital One offers is the ability to create multiple savings accounts. You can use multiple accounts to save for specific goals, such as designating one for your emergency fund, one for future travel expenses, and one to save for a down payment for a house. Because there is no fee to open and maintain accounts, this feature can be a convenient way to track your progress toward several goals. 

Like most banks, Capital One permits no more than six transfers from a savings account to a third party or another Capital One account per statement cycle. However, Capital One stated that it’s currently not enforcing the transfer limit on any of its savings accounts. If that changes, the bank will notify customers.

Capital One Kids Savings Account Key Features
APY Range 0.30%
Minimum Balance to Earn Highest APY No minimum requirement
Minimum Deposit $0
Withdrawal Limit 6 per statement cycle (currently not enforced)
Monthly Service Fee $0

The Capital One Kids Savings Account is a parent-controlled savings option for young children. It has no minimum balance requirement or monthly fees, making it a useful starter account for kids. 

Children under the age of 18 are eligible for the Kids Savings Account; there is no minimum age requirement, so you can open an account for a new baby and start saving on their behalf. 

The account has several benefits: 

  • Electronic transfers: Parents can connect their bank accounts to the savings account to electronically pay their children’s allowances or make regular contributions. 
  • Multiple accounts: Like the 360 Performance Savings account, the Kids Savings Account allows users to create multiple accounts to save for several goals. For example, your child can have an account to save for college and another to save for a new tablet. 
  • Parental controls: Children can check their balance online at any time, but they’ll need to have their parents or guardians help them transfer money. Transfers can only be completed after the parent or guardian signs in with their information. 

However, the APY on the account is relatively low. In fact, its rate is lower than the national average for savings accounts (0.39%, as of publication). You can find other savings accounts for children that have significantly higher APYs from other banks or credit unions like Alliant Credit Union or BECU, but they may require a higher minimum deposit. 

About Capital One: Other Savings Options

Capital One was founded in 1994, and it offers a variety of banking and credit products, including bank accounts, credit cards, and loans. It’s known for its fee-free account options, especially for checking and savings accounts. 

Capital One is primarily a digital bank, though it does operate some banking cafes and branches in select states. Those looking for a bank with convenient brick-and-mortar locations may find that Capital One isn’t a good match for them, but Capital One does have a network of partner ATMs where you can make withdrawals. 

Besides its savings accounts, Capital One also offers certificates of deposit (CDs). Its CD terms are quite flexible, and it has higher-than-average APYs with no account minimums. 

Although CDs often have higher APYs than savings accounts, be aware that there are penalties for withdrawing money from a CD before it reaches its maturity date. With Capital One, the penalty is three to six months of interest.

Compare Savings Account Rates

Is Capital One 360 a High-Yield Savings Account?

Capital One’s 360 Performance Savings account is a high-yield savings account, offering a much higher-than-average APY with no minimum deposit and no monthly fees.

Is Capital One Good for Savings?

Unlike other banks that charge monthly fees and require minimum deposits of $500 or more, Capital One’s savings accounts have no minimum deposit or monthly fees. Capital One is a good choice for those looking for a basic savings account to save for their goals

How Often Does Capital One 360 Pay Interest?

With the Capital One 260 Performance Savings account, interest is compounded and credited to the account on a monthly basis.

Does Capital One Offer Other Savings Accounts?

Capital One has two savings accounts, the 360 Performance Savings Account and the Kids Savings Account. But Capital One also offers CDs for those who want to lock in a higher APY.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Federal Reserve. "Large Commercial Banks." 

  2. Capital One. "Compare Checking & Savings Accounts." 

  3. Capital One. "360 Performance Savings."

  4. Capital One. "Electronic Fund Transfers Disclosure." 

  5. Capital One. "Kids Savings Account." 

  6. Federal Deposit Insurance Corporation. "National Rates and Rate Caps." 

  7. BECU. "Youth Savings Account." 

  8. Alliant Credit Union. "Kids Savings Accounts." 

  9. Capital One. "2022 Annual Report - 10-K."

  10. Capital One. "Locations Finder." 

  11. Capital One. "360 CD Account & Rates."