Capital One offers savings accounts through its online bank, Capital One 360

Capital One does have savings accounts, but only through Capital One 360, its online banking division. Capital One 360 is a separate entity from the traditional Capital One bank branch network — it operates entirely online with no physical locations. If you have a Capital One credit card or traditional bank account, you cannot simply add a savings account to that relationship; you would need to open a new Capital One 360 account.

Capital One 360 savings accounts come in two main types: a regular savings account and a money market account. Both are FDIC-insured up to $250,000, meaning your deposits are protected if the bank fails. The accounts have no monthly maintenance fees, no minimum balance requirement, and no overdraft fees because they are savings accounts, not checking accounts.

Key Takeaways

  • Capital One 360 is an online-only bank separate from Capital One's credit card and traditional banking services.
  • Capital One 360 offers a savings account and a money market account, both with no monthly fees or minimum balance.
  • Interest rates on Capital One 360 savings accounts change regularly and are typically competitive with other online banks, though you should check the current rate before opening.
  • You can open a Capital One 360 account online in minutes using your Social Security number, driver's license, and initial deposit information.
  • Transfers between Capital One 360 and external banks take one to two business days, and you can make up to six withdrawals per month from a savings account.

How Capital One 360 savings accounts earn interest

Capital One 360 savings accounts earn interest on your balance, but the rate changes based on market conditions and Federal Reserve decisions. The bank publishes its current rates on its website, and you can compare them to other online banks before opening an account. Interest is compounded daily and deposited monthly, meaning you earn interest on your interest.

The money market account typically offers a slightly higher interest rate than the regular savings account in exchange for higher balance tiers. If you maintain a larger balance, the rate may be better, but Capital One 360 does not require you to keep a minimum amount. Check the current rates and account terms on Capital One 360's website, as they vary over time.

Opening a Capital One 360 savings account online

You can open a Capital One 360 savings account entirely online without visiting a branch. The process takes about 10 to 15 minutes and requires your Social Security number, a valid government-issued ID (driver's license or passport), your date of birth, and an initial deposit method. Capital One 360 accepts transfers from external bank accounts or deposits from a debit card.

Once you submit your application, Capital One 360 verifies your identity and typically approves the account within minutes. You can begin using the account as soon as approval is complete. If you want to link the account to an external bank for transfers, you will need to provide your routing and account numbers, and the first transfer may take one to two business days to process.

Withdrawal limits and how to access your money

Capital One 360 savings accounts are subject to a six-withdrawal limit per month, a federal rule that applies to most savings accounts. This limit includes transfers to external banks, transfers to other Capital One 360 accounts you own, and withdrawals by check or debit card. Once you reach six withdrawals, you cannot make additional withdrawals until the next calendar month begins.

You can access your money through the Capital One 360 mobile app, website, or by phone. Transfers to external banks typically take one to two business days. If you need faster access to your money, Capital One 360 also offers a checking account (called a 360 Checking account) that has no withdrawal limits and comes with a debit card, though it earns no interest.

Capital One 360 savings versus a traditional Capital One bank account

If you have a Capital One credit card or a traditional Capital One bank account at a branch, your savings options are different. Traditional Capital One bank branches offer savings accounts, but these are not the same as Capital One 360 accounts. Branch-based accounts may have different fees, interest rates, and features depending on your account type and location.

Capital One 360 is designed for customers who prefer online banking and do not need branch access. If you want to keep all your accounts in one place and use a physical branch, you may prefer a traditional Capital One savings account. If you want higher interest rates and no fees, Capital One 360 is typically the better choice. You can have both types of accounts if you wish, but they are managed separately.

Fees and account features

Capital One 360 savings accounts have no monthly maintenance fees, no minimum balance fees, and no overdraft fees. There are no fees for transfers between your Capital One 360 accounts or for linking external banks. If you exceed the six-withdrawal limit in a month, Capital One 360 does not charge a fee; instead, the excess withdrawal is simply declined.

The account comes with online bill pay, the ability to set up automatic transfers, and mobile check deposit (on the checking account, not the savings account). You can also set savings goals within the app to track progress toward specific amounts. All deposits are FDIC-insured, and the bank uses encryption and multi-factor authentication to protect your account.

Frequently Asked Questions

Can I transfer money from my Capital One credit card to a Capital One 360 savings account?

No, you cannot transfer a credit card balance to a savings account. A credit card is a line of credit, not a deposit account. You would need to pay your credit card bill from a checking account or debit card. However, you can open a Capital One 360 savings account and use it to save money toward paying your credit card bill.

What is the difference between Capital One 360 and a regular savings account at a traditional bank?

Capital One 360 is online-only, has no physical branches, and typically offers higher interest rates than traditional banks. Traditional banks offer in-person service and may have lower rates but more account options. Capital One 360 has no monthly fees; many traditional banks charge maintenance fees unless you meet balance or deposit requirements.

Can I use a Capital One 360 debit card to withdraw money from ATMs?

Capital One 360 does not offer a debit card for the savings account itself. However, if you open a Capital One 360 checking account, it comes with a debit card and access to a network of ATMs. You can also transfer money from savings to checking and then use the debit card to withdraw cash.

How long does it take to transfer money out of Capital One 360 to another bank?

Transfers to external banks typically take one to two business days. If you need money faster, you can transfer to a Capital One 360 checking account instantly and then withdraw cash from an ATM using the debit card. Some external banks may take longer to receive the transfer depending on their processing times.

Is my money safe in a Capital One 360 savings account?

Yes, Capital One 360 is FDIC-insured up to $250,000 per account type per depositor. This means if the bank fails, the federal government protects your deposits. Capital One 360 also uses encryption, secure login, and fraud monitoring to protect your account from unauthorized access.