Capital One Review: Savings, Checking, CD Rates, Money Market, and IRA Accounts

Account Type

Account Name

Compare Rates from Similar Accounts

1.00%

Savings

Capital One 360 Savings Account

1.80%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

Capital One 12 Month 360 CD

2.25%

Barclays 12 Month Online CD

on Barclays’s secure website

2.55%

CD Rates

Capital One 36 Month 360 CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.90%

CD Rates

Capital One 60 Month 360 CD

2.85%

Barclays 60 Month Online CD

on Barclays’s secure website

Capital One CD rates

Capital One’s savings account

Capital One checking accounts

Capital One money market account

Capital One IRA accounts

Comparable rates to its leading competitors and with no minimum deposit amount.[Chart-CapitalOne360CDSMRates]Term

APY

6 month

0.60%

9 month

0.75%

12 month

2.30%

18 month

1.75%

24 month

2.50%

30 month

2.50%

36 month

2.55%

48 month

2.60%

60 month

2.90%

[/Chart-CapitalOne360CDSMRates]Rates as of 7/10/2018

Capital One 360 CDs are best for those looking for a conservative investment option. Once you open and fund an account, your rate is guaranteed until maturity. If rates change, they will offer the highest interest rate up to 10 calendar days within the funding period. Deposits are also FDIC insured up to $250,000.

Interest earned in the CD is accrued daily and compounded monthly. You can either keep the interest in your CD, or have it deposited to another Capital One account or an external one. Interest disbursements can be credited monthly or yearly. When your account matures, you have a 10-day grace period to make a decision. Otherwise, they will automatically renew it for the same period as the original term.

If you do make a withdrawal before maturity, you’ll face an early withdrawal penalty, listed above.

You can only open a Capital One 360 CDSM online. To do so, go to their website and fill out an online application. You’ll need to provide personal details such as your address, employment information and Social Security number. You’ll also need to agree to receive paperless statement. Otherwise, you’ll need to pay $5 per paper statement you request. Afterward, you’ll need to link another account, verify you’re the owner and fund your CD.

Member FDIC

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Synchrony Bank requires a $2,000 minimum deposit amount to open the account and begin earning the 2.40% APY on their 12 month CD. Their early withdrawal penalties are the same as Capital One as it’s worth 3 months’ interest.

Goldman Sachs Bank USA does offer competitive rates on their CDs, but they do require a small deposit amount of $500 to open the account. In addition, they have a pretty steep early withdrawal penalty of 270 days’ worth of interest that they will impose if you need to withdraw funds from their 12 month CD early. Penalties could be less if you choose a term that is less than 12 months, but more if you choose a term that is more than five years.

CDs from Barclays are comparable to Capital One’s CDs. Neither require a minimum deposit amount and both have an early withdrawal penalty of 3 months’ worth of interest on their 12 month CD. Barclays APY for their 12 month CD is 2.25%.

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Slightly lower rates compared with other online options and no ATM access.[Chart-CapitalOne360Savings]APY

Minimum Balance Amount

1.00%

$0

[/Chart-CapitalOne360Savings]Rates as of 7/10/2018

Capital One’s 360 Savings® account is designed to help you earn a high interest rate while giving you some liquidity. Interest earned is compounded and deposited into your account monthly. If you intend to keep a balance of $10,000 or more on a regular basis, you may want to consider Capital One’s 360 Money Market® account, which offers a higher APY and many of the same features.

Unfortunately, you don’t get an ATM card with a savings account. As it is with all savings accounts, you’re limited to six withdrawals a month, per federal regulations. You can only make transactions online, via their mobile app or by calling customer service. If you want to write checks and/or have ATM access, you can link your savings account to your Capital One 360 Checking account.

You can only open an account online. To do so, go to their website and fill out an online application. You’ll be prompted to enter personal details such as your address, Social Security number and home address. Afterward, you’ll need to link a personal checking account from Capital One or another U.S. financial institution. After you verify the linked account and fund your Capital One account, you’re good to go.

Member FDIC

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Help your child learn about saving with an account that offers automatic savings plans and the ability to earn interest.[Chart-CapitalOneKidsSavingsAccount]APY

Minimum Balance Amount

1.00%

$0

[/Chart-CapitalOneKidsSavingsAccount]Rates as of 7/10/2018

The Capital One Kids Savings Account is meant to help children learn about earning interest and the benefits of using a bank account. Any adult can open an account with a child under the age of 18, whether it’s a grandchild or a nephew or a friend of the family. You can open this account either in the child’s name, your own name or both. No matter which option you choose, you and the child will be joint account holders. You’ll also need to link the account to a Capital One or external checking account, as this is the only way to make transactions.

Once you sign up for an account, you and your child will have separate logins and PINs. Your child can sign in to check their balance, but the adult needs to be the one to make deposits or withdrawals. Adults also have at the option to make automatic deposits into the account. Since it is a savings account, you are limited to six withdrawals per calendar month, including transfers between accounts.

To open an account, you’ll need to do so online via their application form or by calling 1-888-464-7868. You’ll need to provide personal details for both you and your child such as name, address and Social Security number. You’ll then need to link a personal checking account, either from Capital One or an external one. Once you verify you’re the owner of the external account, you can then fund your child’s Capital One account.

Member FDIC

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We'll receive a referral fee if you click here. This does not impact our rankings or recommendationsAs long as you’re able to maintain $1 in a savings account, you can earn 1.80% on the Marcus Savings Account by Goldman Sachs Bank USA. While you do need to maintain a very small balance to earn interest, they don’t require a minimum amount to open the account.Goldman Sachs does not currently have a mobile banking app to easily manage their savings account. The Marcus savings account doesn’t come with an ATM card, but you can make ACH transfers.

We'll receive a referral fee if you click here. This does not impact our rankings or recommendationsSynchrony Bank’s savings account has a 1.75% APY with no minimum open the account and they don’t charge any monthly fees.

In addition to transferring or depositing funds through an ACH or online transaction, an ATM card is offered through this account. Unfortunately, they don’t have a mobile banking app to conveniently bank on the go.

We'll receive a referral fee if you click here. This does not impact our rankings or recommendationsBarclays Bank is currently offering 1.75% APY on their savings account with $0 to open. There are no monthly fees associated with this account, but if the balance falls below $1 for 180 days or more, Barclays reserves the right to close it.

Just like the other two online banks, Barclays does not have a mobile banking app to manage their savings account. There also isn’t ATM access with this account, but you’ll be able to deposit or transfer funds online or through ACH transfers.

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Convenient access to funds with a competitive interest rate.[Chart-CapitalOne360Checking]APY

Account Balance

0.20%

Less than $50,000

0.75%

$50,000 - $99,999.99

1.00%

$100,000+

[/Chart-CapitalOne360Checking]Rates as of 7/10/2018

Capital One’s checking account is for those who want an account with no fees and no minimum deposit requirement. With this account, you get a 360 Checking MasterCard® debit card, mobile banking, online bill pay and your first checkbook for free. Subsequent checkbooks cost $5.

To open an account, you’ll need to do so online by filling out an application. You’ll be asked to provide details such as your name, Social Security number and employment information. After agreeing to receive only paperless statements and linking a bank account, just fund your new checking account and you’re all set.

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Help your teen manage money independently by giving them access to a joint account.[Chart-CapitalOneMONEYTeenCheckingAccount]APY

Minimum Balance Amount

0.25%

$0

[/Chart-CapitalOneMONEYTeenCheckingAccount]Rates as of 7/10/2018

The MONEY account is designed to help teenagers learn how to manage their own money. You’ll essentially be a joint account owner with your child, and have access to the same features, but you won’t receive a debit card. Your teen will be able to make transactions such as depositing checks via the mobile app, check their balance and make withdrawals. However, there are no check writing or bill-pay options. You can monitor account activity by logging in online or signing up to receive text and email alerts. Once your teen turns 18, they have the option to move their money over to a 360 Checking account.To be eligible for a Capital One MONEY account, one owner needs to be at least 18 years old. The adult on the account needs to either link a Capital 360 Checking account or an external one.

To open an account, head over to their website to fill out an application. You and your teen will be asked to provide personal details such as your address, Social Security numbers and employment information. You’ll also need to comply with certain disclosures, including agreeing to only receive paperless statements. Afterward, you’ll need to link an account and verify you are the owner. Once the account is funded, you and your teen can start making transactions.

Member FDIC

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Capital One's Checking Account vs nbkc bank's Checking Account

Capital One

nbkc bank

APY

0.20%-1.00% (APY is based on balance amount)

0.90%

Minimum Amount to Open

None

$5

Monthly Fees

None

None

ATM Fees

None

None

Member FDIC

nbkc bank is a fairly small institution when compared to Capital One. However, they have a checking account that is comparable to, and sometimes even better than, a lot of the bigger online banks. In this case, nbkc bank’s checking account is pretty similar to Capital One’s checking account. Both banks offer fee-free checking accounts as well as the opportunity to earn interest. There are a couple of differences between the two banks. nbkc bank’s APY isn’t tied to a tier. All you need is $5 to open the account and you’re qualified to earn interest regardless of the amount held in the account. While nbkc bank doesn’t charge any ATM fees, it is important to note that these surcharge-free ATMs have to be within the Moneypass® Network, not Allpoint. nbkc bank will also reimburse $12 in ATM fees per month if you do withdraw money from an ATM that is out of their network.

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One of the highest rates offered, but no access to an ATM card.[Chart-CapitalOne360MoneyMarket]APY

Account Balance

0.85%

Less than $10,000

1.75%

$10,000+

[/Chart-CapitalOne360MoneyMarket]Rates as of 7/10/2018

Those after a savings account with high rates will want to consider Capital One’s 360 Money Market® account. Like the savings account, there are no minimums and fees for the money market account, but it offers a higher rate if you can maintain a daily minimum balance of $10,000 or more.

Just like the savings account, you do not get check-writing capabilities. You do however, get access to a Money Market card to make transactions. You can also transfer between linked accounts online, go on their mobile app or by calling the bank. Per federal regulations, you’re also limited to six withdrawals every month, including transfers between Capital One accounts.

You can only open a Capital One 360 Money Market® account online. Head over to their online application form and fill out your personal details such as your name, address and Social Security. From there, you’ll need to link an external account, or if you have a Capital One account, it’ll automatically be linked. Then it’s just a matter of making your initial deposit.

Member FDIC

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CIT Bank currently offers a money market account with a great APY. All they require is that you open the account with $100. Unfortunately, this account doesn’t come an ATM card or check writing capabilities, so you’ll have to fund the account and make transfers via ACH.

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A great, conservative investment with no minimum deposit.[Chart-CapitalOne360IRACD]Term

APY

6 month

0.60%

9 month

0.75%

12 month

2.30%

18 month

1.75%

24 month

2.50%

30 month

2.50%

36 month

2.55%

48 month

2.60%

60 month

2.90%

[/Chart-CapitalOne360IRACD]Rates as of 7/10/2018

The thing that stands out most about Capital One’s 360 IRA CD®s is the fact that there’s no minimum deposit requirement. This makes saving for retirement more accessible to people who want to get started but don’t have much cash on hand.

Interest is compounded and credited monthly. You cannot make partial withdrawals of your principal, and the APY assumes you leave the interest in your account to compound. If you do withdraw the principal early, you must pay a penalty (listed above), and if you take a distribution from your IRA CD, you may be subject to penalties and taxes. Upon maturity of your IRA CD, you have a 10-day grace period to redeem your deposit or change the amount or term, before it automatically renews.

You can open a Roth or traditional IRA CD by applying online. When you open a 360 IRA CD®, you also get a 360 IRA Savings® account, so you have somewhere to put your money after your CD matures but before you want to take a distribution. You open the account by linking a personal checking account to your 360 IRA Savings® account and transferring money to the IRA CDs you wish to open.

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Capital One's 12 Month IRA CD vs Other 12 Month IRA CD Rates

Capital One

Ally Bank

APY

2.30%

2.30%

Minimum Deposit Amount

None

$25,000

Early Withdrawal Penalty

3 months' interest

60 days of interest

Member FDIC

Ally Bank – 2.30% and $25,000 minimum balance amountAlly Bank’s 12 month IRA CD offers a comparable APY to Capital One’s IRA CD, but it’s tied to a very high balance amount. They do have other APY tiers for lower balances. Regardless of the tier you fall into, if money is withdrawn from Ally’s 12 month IRA CD before the CD matures, Ally will impose an early withdrawal penalty that is worth 60 days of interest.

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An easy-to-open, no-fee investment option — with low returns.[Chart-CapitalOne360IRASavings]APY

Minimum Balance Amount

1.00%

$0

[/Chart-CapitalOne360IRASavings]Rates as of 7/10/2018

The 360 IRA Savings® account is a tax-advantaged account to help you save for retirement, and is offered as both traditional and Roth IRA savings accounts. You can only make deposits to and withdrawals from (called distributions) this account online, and any distributions are subject to IRS penalties and taxes. You may, however, transfer money from 360 IRA Savings® to 360 IRA CD®s. In 2017 and 2018, you may contribute no more than $5,500 to all of your traditional or Roth IRA accounts ($6,500 if you’re 50 years or older).

This account is best for savers looking for a very conservative investment — while you get a guaranteed rate of return, it will not keep up with inflation in the long term. Unless you’ll be drawing on your retirement funds within the next year, you’re better off putting your money in one of Capital One’s IRA CD®s, which offer better rates starting at 12-month terms.

You can apply for a Capital One IRA Savings® account online, and it’s considered open once you fund the account and complete the bank’s verification process.

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Capital One’s banking products offer above-average rates, no minimum deposit amounts and virtually no fees. The bank also offers free checks, mobile banking and a user-friendly website, making it a great option. When you’re looking for the best rates on any given product, keep Capital One in the mix.

What makes this online bank noteworthy is its low barrier to entry, as well as its options for both kids and teens. Capital One’s MONEY account in particular offers the ability to give teenagers more independence over their money while still giving parents a way to oversee their finances. The kids savings account is also a great choice since it gives kids a separate online login and the opportunity to check their balance. Other online banks have limited options in this area.

If you’re looking to keep most of your finances in one place and the ability to earn good rates, this online bank is a great choice. Although some of their accounts may not offer the same features and competitive rates like some other banks, there’s a reason why so many bank with Capital One.

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