You can open a Capital One savings account online in about 10 minutes, or in person at a branch if one is near you

Capital One offers two main savings products: the 360 Savings Account (online only) and the Performance Savings Account (available online and at branches). Both require you to start with an initial deposit, a valid ID, and a Social Security number or ITIN. The online process is faster — you'll have an account number and routing number the same day — but you won't be able to deposit cash immediately unless you link an existing bank account or use a Capital One ATM.

If you want to deposit cash in person, you'll need to visit a Capital One branch. Not all locations have full banking services, so check the branch locator on Capital One's website first to confirm the branch near you handles savings accounts and cash deposits.

Key Takeaways

  • Opening online takes about 10 minutes and you can start using your account the same day, but you'll need to link another bank account to move money in initially.
  • The 360 Savings Account has no monthly fees and no minimum balance requirement, while the Performance Savings Account requires a $500 opening deposit.
  • You'll need a valid government-issued ID, your Social Security number or ITIN, and proof of your current address to open an account.
  • If you want to deposit cash immediately, you must open the account in person at a Capital One branch or use a Capital One ATM after your account is active.

What you need before you start

Gather these documents before you begin, whether you're opening online or at a branch. You'll need a valid government-issued photo ID (driver's license, passport, or state ID card), your Social Security number or ITIN, and proof of your current address. A recent utility bill, lease agreement, or bank statement works for the address — it needs to be dated within the last 60 days.

Have your phone number and email address ready. Capital One will send you a verification code by text or email during the signup process. If you're opening online, you'll also need access to another bank account to make your first deposit, unless you plan to deposit cash at a branch or ATM afterward.

Opening an account online

Go to Capital One's website and select "Open an Account" or "Savings Account." You'll be asked to choose between the 360 Savings Account and the Performance Savings Account. The 360 has no monthly fees and no minimum opening deposit; the Performance requires a $500 opening deposit but may offer a higher interest rate depending on current rates.

Enter your personal information: full name, date of birth, Social Security number or ITIN, phone number, and email address. Capital One will ask for your current address and verify it matches government records. You'll receive a verification code by text or email — enter it to confirm your identity.

Next, you'll link a bank account to fund your opening deposit. Enter the routing number and account number from your existing checking or savings account. Capital One will make two small test deposits (usually under $1 each) to that account within one to two business days; you'll then log in and confirm the amounts to verify you own the account. After verification, your opening deposit will transfer, and your Capital One savings account will be active.

Opening an account in person at a branch

Find a Capital One branch near you using the branch locator on their website. Call ahead to confirm the branch handles savings accounts and that they can accept cash deposits that day. Bring your valid ID, Social Security number or ITIN, and proof of your current address.

A banker will walk you through the account setup, verify your identity, and help you choose between the 360 and Performance Savings Account. You can deposit cash, a check, or a transfer from another bank on the spot. Your account will be active immediately, and you'll receive your account number and routing number before you leave.

Moving money into your new account

If you opened online and linked a bank account, your opening deposit will transfer after you verify the two test deposits — usually within three to five business days total. Once your account is active, you can add money in several ways: transfer from another bank account (ACH transfer), deposit cash at a Capital One ATM, deposit a check by mobile app or mail, or transfer money from another Capital One account if you have one.

ACH transfers from another bank typically take one to three business days. Mobile check deposit is usually available within 24 hours. Cash deposits at a Capital One ATM post immediately, but not all ATMs accept deposits — check the ATM locator to find one near you that does.

Fees and interest rates

The 360 Savings Account charges no monthly maintenance fee, no overdraft fees (because it's a savings account), and no fees for transfers or withdrawals. The Performance Savings Account also has no monthly fee, but requires that $500 opening deposit.

Interest rates on both accounts change based on market conditions and Federal Reserve decisions. Capital One publishes current rates on their website; rates for the Performance Savings Account are typically higher than the 360, but the difference varies. Both accounts allow unlimited transfers and withdrawals, though federal law previously limited savings account withdrawals to six per month — that rule was suspended, but some banks still enforce limits, so check Capital One's current terms.

What happens after your account opens

You can log into your account online or through the Capital One mobile app immediately after opening. Set up online bill pay if you want to pay bills from your savings account, though most people use savings accounts only to hold money rather than pay from them regularly. You can also set up automatic transfers from your checking account to your savings account on a schedule you choose.

Capital One will send you a debit card for the 360 Savings Account (Performance accounts do not come with debit cards). The card arrives by mail within 7 to 10 business days. You can use it to withdraw cash at Capital One ATMs or any ATM in the Allpoint network, which includes over 55,000 ATMs worldwide.

Frequently Asked Questions

Can I open a Capital One savings account if I have bad credit?

Capital One does not run a hard credit check to open a savings account. They do check ChexSystems, a banking history database, to see if you've had problems with previous bank accounts. If you've been flagged in ChexSystems, you may be denied, but you can dispute inaccurate information or wait for old items to age off.

How long does it take to get my debit card?

The debit card for the 360 Savings Account arrives by mail within 7 to 10 business days after your account opens. You can withdraw cash at Capital One ATMs or Allpoint ATMs before the card arrives by using your account number and PIN at the ATM.

Can I open a joint savings account with someone else?

Capital One allows joint savings accounts online. During signup, you'll select the joint account option and provide the co-owner's information. Both owners must verify their identity, and both will receive debit cards and online access to the account.

What's the difference between the 360 and Performance Savings Account?

The 360 Savings Account has no opening deposit requirement and comes with a debit card. The Performance Savings Account requires a $500 opening deposit and typically offers a higher interest rate, but does not include a debit card. Both have no monthly fees and unlimited transfers.

Can I deposit cash if I don't have a Capital One branch nearby?

Yes, you can deposit cash at any Capital One ATM that accepts deposits. Use the ATM locator on Capital One's website to find one near you. If there are no Capital One ATMs in your area, you can deposit checks by mobile app or mail, or transfer money from another bank account.