Capital One Savings Account Interest Rates

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.  

Capital One Savings Accounts: Key Features

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. 

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 (0.40%, 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. 

Compare Savings Account Rates