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Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.
Online-only banks are known for having the best high-yield savings accounts rates, yet big-name brick-and-mortar banks still remain popular for consumers who value a personal, face-to-face experience.
With hundreds of physical branches, Capital One may just offer the best of both worlds. The Capital One 360 Performance Savings™ comes with an Annual Percentage Yield (APY) that is competitive with online high-yield savings accounts, without having to give up in-person banking altogether.
For an even more personal touch, customers can head to a Capital One® Café to open an account, ask questions and get financial advice — a perk that stands out among the largest banks and/or credit unions we rated.
Below, we review the Capital One 360 Performance Savings and give you all the details of its features, including the annual percentage yield (APY), access to your cash, perks and fees so you can decide if this high-yield savings account is right for you.
Annual Percentage Yield (APY)
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
Offer checking account?
Offer ATM card?
Yes, if have a Capital One checking account
The current APY is 4.15%. Users of the Capital One 360 Performance Savings can start earning interest right away, with no minimum balances required in their accounts.
Being a big bank, Capital One offers customers the ability to visit one of its hundreds of physical branches in person for all their banking needs. Plus, the large financial institution offers nearly 40 Capital One Cafés nationwide where anyone can stop in to talk to someone about banking with Capital One or just their personal finances in general.
Customers who open a Capital One 360 Performance Savings can transfer their money between linked Capital One accounts or external bank accounts. They can set up direct deposit and automatic transfers to grow their savings on autopilot. Like all savings accounts, withdrawals and/or transfers are limited to six per statement cycle (limit waived during the coronavirus outbreak under Regulation D).
Using Capital One's top-rated mobile app, users can also manage their money from anywhere and deposit checks through mobile check deposit. And, if you are a Capital One credit cardholder, you can also check the app for all your card information, like your balances.
The big perk of signing up for a Capital One 360 Performance Savings is its access to in-person customer service. In addition to the bank's physical branches, its cafés allow customers and non-customers alike to speak to a Capital One ambassador about banking or get free one-on-one financial advice from a money coach over coffee. You can search to see if there's a café located near you by visiting Capital One's website.
For those on the go, however, its mobile app makes it simple to track your spending and savings goal progress through an online account tool called My Savings Goals.
Another plus of Capital One is its free credit monitoring service, CreditWise® from Capital One (though you don't have to have a Capital One account to use it). It ranks as the "best overall free service" on CNBC Select's list of the top credit monitoring services because users can track their credit score and receive alerts when it changes all for free.
Capital One 360 Performance Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. Although interest rates may fluctuate, the value of your cash is safe.
In addition to having no minimum balance requirement, the Capital One 360 Performance Savings offers zero monthly maintenance fees.
Any transfers over the six-per-month limit (which is currently waived during the pandemic) may incur a fee or your account may close.
The Capital One 360 Performance Savings gives savers options to address their in-person banking needs through both physical branch locations and Capital One Cafés.
There is no minimum deposit required to open an account and you can sign up for Capital One's free credit monitoring in the meantime.
If you don't care much about having access to face-to-face customer service but want to bank with a big-name, consider the American Express® High Yield Savings Account* (rated our "best overall" pick) or the Barclays Online Savings for getting tools to help you save, including a personal Barclays savings assistant when you need an extra push to reach your goals.
To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an APY around 1%, no monthly maintenance fees and low (or no) minimum balance requirements.
While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.
All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
*American Express National Bank is a Member FDIC.