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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.

  • I put off switching my money into a high-yield savings account, but when I finally did it took 10 minutes.
  • I chose the Capital One 360 Performance Savings for three reasons.
  • The interest rate was relatively high, I qualified for a sign-up bonus, and there were no fees.

I kept my emergency fund of $35,000 in a standard savings account for an embarrassingly long time. In fact, I estimate that my mistake cost me over $600 in 2019. 

I don’t have a great reason for putting off the decision to transfer my savings out of an account that was providing a 0.01% APY. Luckily, I know that I made a mistake and decided to make a change.

I finally took the time to transfer my savings into a high-yield savings account. It took all of 10 minutes to make the switch, but I am so happy that I did. 

I chose the Capital One 360 Performance Savings account for 3 reasons

After taking a closer look at my options, I decided to open an account with Capital One. The Capital One 360 Performance Savings Account checked all of the boxes I was looking for with a high-yield savings account. 

Interest rate

One of the biggest factors in making my decision was choosing an account with a competitive interest rate. When I opened the account, the APY offered was 1.50% (though it’s subject to change — as of October 13, 2022, it’s 2.25% APY). That is 150 times more than I was earning in my traditional savings account. 

I wanted the account to help my savings grow without any additional contributions from me. Although I have  savings earmarked for other purposes like buying a home and retirement, I am not planning on adding to this account anytime soon. Instead, I want it to grow on its own.

Sign-up bonus

Beyond the interest rate, I wanted a reward for choosing to stash my savings at a particular institution. After all, these savings took a lot of work to build, so a little reward would be nice. 

When I was hunting for my perfect high-yield saving account in 2020, Capital One happened to be offering an attractive welcome bonus. The bonus rewarded different amounts of deposits with different levels of rewards. Since I was opening my account with $35,000, I was able to score a hefty bonus of $300. A

Limited fees

As a standard principle, I don’t like bank accounts that are riddled with hidden fees. No one enjoys watching their bank account slowly leached dry by a variety of fees. And the one fee that I absolutely cannot stand is a monthly maintenance fee, so I made sure to avoid any accounts that promised to slowly whittle away my savings with a monthly fee. 

The Capital One Performance 360 Savings account does not have a monthly maintenance fee. That means that my account will actually keep building savings over time. 

If you choose to open a high-yield savings account, it is important to do your research. Where you store your money is a very personal decision. Since you have different goals for your money and different preferences for your bank account’s features, take the time to find the right high-yield savings account that can help you reach your goals. 

Capital One 360 Performance Savings™


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Capital One Capital One 360 Performance Savings™

Capital One 360 Performance Savings™


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

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