You can open a Capital One savings account online in about 10 minutes, or in person at a branch if you prefer to speak with someone
Capital One offers two main savings products: the 360 Savings Account (online-only) and the Money Market Account (also online). Both let you open an account from your computer or phone without visiting a branch. The online process is faster — most people finish in one sitting — but you can also call 1-800-655-9541 to open by phone, or walk into a Capital One branch to do it in person.
You will need a government-issued ID, your Social Security number, and a way to fund the account (a debit card, checking account, or wire transfer). Capital One will run a soft credit check and verify your identity through their system. There is no minimum deposit to open, though you will need to add money before the account becomes active.
Key Takeaways
- The 360 Savings Account is online-only and has no monthly fees, no minimum balance, and no maximum number of withdrawals per month.
- You need a government ID, Social Security number, and a funding source (debit card or bank account) to open an account online.
- The entire online process takes 10 to 15 minutes and you can start using the account the same day in most cases.
- Capital One will verify your identity and run a soft credit check, which does not lower your credit score.
- If you do not have an ID or prefer to speak with someone, you can open an account by phone or at a branch location.
What you need before you start
Gather these items before you begin the online application. You will need your Social Security number, date of birth, and current address. Capital One will ask for a government-issued ID — a driver's license, passport, or state ID card all work. If you do not have one, you can open an account by phone instead.
You also need a way to fund the account. You can link a checking account from another bank and transfer money, use a debit card to make an initial deposit, or arrange a wire transfer. Capital One does not require a minimum opening deposit, but you cannot use the account until you have added at least some money to it.
Opening an account online step by step
Go to capitalone.com and click "Open an Account" or "Savings Accounts" from the homepage. Choose the 360 Savings Account or Money Market Account. Enter your email address and create a password — this becomes your login for online banking.
Fill in your personal information: full name, date of birth, Social Security number, and current address. Capital One will ask whether you are a U.S. citizen and whether you have had a Capital One account before. Answer honestly; these questions help them verify your identity and check for fraud.
Next, you will choose how to fund the account. If you link a checking account, you will provide the routing number and account number from that bank. If you use a debit card, enter the card number and expiration date. Capital One will make two small deposits (usually under $1 each) to verify the account or card is real — you may need to confirm those amounts later.
Review the account terms and sign the disclosures electronically. Capital One will run a soft credit check and verify your identity. If everything passes, you will see a confirmation screen with your new account number. You can log in to your account immediately and set up transfers or automatic deposits.
What happens after you open the account
Your account is active as soon as you complete the application, but you cannot use it until money arrives. If you linked a checking account, the first transfer may take one to two business days. If you used a debit card, Capital One will make two small test deposits — you will need to log in and confirm the amounts to fully verify the card, which usually takes one business day.
Once money is in the account, you can transfer funds out to another bank account, set up automatic deposits from your paycheck, or move money between Capital One accounts if you have more than one. You can also use the Capital One mobile app to check your balance, view transactions, and manage your account from your phone.
Opening an account by phone or in person
If you prefer not to open online, call Capital One at 1-800-655-9541. A representative will walk you through the same questions and verify your identity over the phone. This takes about 15 to 20 minutes. You will still need to provide your Social Security number and government ID information, and you will still need to fund the account afterward.
You can also visit a Capital One branch in person. Bring your government ID and Social Security card (or know your number). A banker will help you open the account and can often process an initial deposit on the spot using a debit card or check. Branch hours vary by location — check capitalone.com to find the nearest branch and its hours.
Fees and account rules
The 360 Savings Account has no monthly maintenance fee, no minimum balance requirement, and no limit on how many times you can withdraw money per month. This is different from older savings account rules that capped withdrawals — Capital One removed that restriction.
You will not pay fees for transfers between your own Capital One accounts, transfers to other banks, or incoming transfers from other people. Capital One does charge a fee if you overdraft your account or if you ask them to stop a payment, but these are rare situations. Read the account disclosures before you open to see the full fee schedule.
If you already have a Capital One checking account
If you bank with Capital One already, opening a savings account is even faster. Log into your existing account, click "Open a New Account," and follow the prompts. Capital One already has your identity information on file, so the process takes just a few minutes. You can link the new savings account to your checking account for easy transfers.
You can also call the number on the back of your debit card and ask to open a savings account over the phone. The representative will pull up your existing account and add the new savings account to your profile in one call.
Frequently Asked Questions
How long does it take for money to show up after I open the account?
If you link a checking account, transfers usually arrive in one to two business days. If you use a debit card, Capital One makes two small test deposits first — you confirm the amounts in your online account, which takes one business day. After that, your card is verified and you can use it for deposits.
Can I open an account if I do not have a Social Security number?
Capital One requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can use that instead. If you have neither, call 1-800-655-9541 to discuss other options with a representative.
What is the difference between the 360 Savings Account and the Money Market Account?
Both are online-only and have no monthly fees. The Money Market Account typically offers a higher interest rate but may require a higher opening deposit (though Capital One's current policy has no minimum). Check the current rates on capitalone.com to compare, as rates change frequently.
Can I close the account if I change my mind?
Yes. You can close a Capital One savings account anytime by logging into your account online, calling 1-800-655-9541, or visiting a branch. Capital One will not charge you a fee to close. Make sure you withdraw any remaining balance first or tell them what to do with it.
Will opening a savings account hurt my credit score?
No. Capital One runs a soft credit check, which does not lower your credit score. A soft check is an internal review that does not show up on your credit report. Your score is only affected by hard inquiries, which happen when you apply for a loan or credit card.