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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

Pros and cons

 The Capital One 360 Performance Savings account pays 2.20% APY on all account balances. This is significantly higher than the national average of 0.17% APY.

Capital One pays much higher rates than you’ll earn with brick-and-mortar banks, and it has branches in 8 US states and Washington DC. It also has dozens of Capital One Cafés, where you can grab Peet’s Coffee®, speak with a money coach, and open a bank account.

You may find better rates at other online banks, but because rates fluctuate, the bank with the highest rate will depend on when you look.

Compare savings accounts

Capital One 360 Performance Savings™


Annual Percentage Yield (APY)

2.20% APY


Minimum Deposit Amount

$0

Capital One Capital One 360 Performance Savings™

Capital One 360 Performance Savings™


Annual Percentage Yield (APY)

2.20% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.20% APY


Minimum Deposit Amount

$0

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Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

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How Capital One savings rates compare

We’ve compared Capital One two two other online banks with high-yield savings accounts: Ally and CIT Bank.

Capital One savings rates vs. Ally savings rates

Capital One and Ally pay pretty similar savings rates. Both pay the same rate on all balances, compound interest daily, and pay interest monthly.

Your choice between Capital One and Ally might come down to which is paying the higher rate at the moment, but keep in mind that rates fluctuate. Just because one pays a better balance today doesn’t necessarily mean it will next week.

Capital One is considered an online bank, but it also has over 470 branches in eight US states and DC. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face.

But you may like Ally if its robust savings buckets feature appeals to you. Set multiple savings goals in one account, like “Emergency Savings” and “Travel Fund” so you can track all your goals in one place.

Capital One savings rates vs. CIT Bank savings rates

CIT Bank may be a better option if you’re looking for a high interest rate. The CIT Bank Savings Connect Account pays 2.70% APY regardless of your account balance.

Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn’t mean that will always be the case.

If you’d like to open a savings account with a $0 minimum opening deposit, Capital One will likely stand out to you more.



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