Capital One 360 Performance Savings Review

Capital One 360 Performance Savings

Overall Rating

9

Bottom Line

With an industry-leading mobile app and in-person account support, the Capital One 360 Performance Savings account stands out as a savings option that comes with a little bit of everything.

Pros

  • Competitive interest rate
  • No monthly fees
  • Highly-rated mobile app
  • Hybrid banking

Cons

  • No ATM card
  • Fewer locations than some traditional banks
  • Lower APY than some online banks
  • No sign-up bonus

The Capital One 360 Performance Savings Account is a high-yield, fee-free savings account available in all 50 states.

If you’re looking for the flexibility and pricing of an online bank account along with the in-person support of a traditional bank, Capital One Bank has you covered with its hybrid banking model.

In this post, you’ll find the details on every aspect of 360 Performance Savings. To begin, let’s take a closer look at its most impressive features.

In This Article

Capital One 360 Performance Savings Features

755 Physical Branches

Unlike most online banks, Capital One comes with in-person support at its 755 brick-and-mortar bank branches.

The bank has a physical presence in 8 states — Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

On top of its traditional branches, Capital One also runs 30 Capital One Cafes, which provide basic bank services along with coffee, snacks, and free Wi-Fi.

There are more than 2,000 Capital One ATMs, though 360 Performance savings does not come with an ATM card.

However, if you have a Capital One checking account and debit card, you can easily transfer money over and take out cash when you need to.

Capital One is also part of both the Allpoint and MoneyPass ATM networks, bringing its total number of fee-free ATMs to more than 70,000.

Online Banking

360 Performance Savings is an online savings account, so you can fully monitor your account from the website or mobile app.

From signing up to transferring funds to enrolling in direct deposit, the account comes with digital access, wherever you are.

Mobile App

Capital One’s mobile banking app offers visibility into all of your accounts and credit cards in one secure space.

It’s one of the highest-rated mobile banking apps available, with a rating of 4.7 stars (out of 5) in the Google Play Store and 4.8 stars (out of 5) in the App Store.

For 360 Performance Savings, the app allows you to connect to other accounts, make mobile check deposits, and track your savings goals on the go.

You can quickly take care of any online bill payments and make peer-to-peer transfers with Zelle.

0.40% Annual Percentage Yield (APY)

One of the most important perks of any online savings account is a high-yield interest rate, and 360 Performance Savings comes with a rate that sits well above the national average.

Its 0.40% APY leaves most other traditional banks in the dust and holds its own compared to its main competitors (e.g., Ally and Discover).

Interest is compounded and credited monthly, and there are no minimums or balance tiers to earn the full rate.

Digital Savings Tools

To help you work toward your savings goals, Capital One offers an automatic savings plan.

You can set up automatic, recurring transfers from your checking account and watch your savings balance pile up toward your set goal.

You can also monitor your credit score with CreditWise, a digital tool that provides credit tips and alerts you when your score has changed.

Fees

360 Performance Savings is a truly fee-free savings account, so you don’t have to worry about pesky monthly maintenance fees cutting into your profits.

There also isn’t a minimum deposit requirement, nor is there a minimum balance requirement.

Plus, you can set up your account as overdraft protection for your Capital One checking account.

hat way, if you spend more than you have available, funds from your savings will automatically transfer over, free of charge.

The only potential fee you could run into with this account is for making excessive transfers.

Federal mandates allow no more than 6 withdrawals from a savings account per month, so fees or account closure could be on the table if you go over.

Getting Started

When you’re ready to open a new Capital One 360 Performance Savings account, you have a few options.

You can apply online or via the app in as little as five minutes or pop into a branch or cafe and apply in person.

To open your account, here’s what you’ll need to come prepared with:

  • Name
  • Date of Birth
  • Social Security Number
  • Email address
  • Phone number
  • Mailing address
  • Employment information
  • Annual income
  • Citizenship information

Once your account is open, you’ll have 60 days to fund it. You can make deposits in-branch, over the phone, or online through a bank transfer, mobile check deposit, or direct deposit.

Promotions

There’s no current sign-up bonus for new Performance 360 Savings accounts, but it’s worth mentioning that Capital One is well-known for its consistent and lucrative promotions.

Here are the current promotions that Capital One is offering:

BankAmountExpiresRequirements 
Capital One LogoCapital One 360 Checking $100 January 11, 2022
  • Direct Deposit
Capital One LogoCapital One Quicksilver Cash Rewards $200 N/A
  • Card Spend
see all bonuses

Security

When it comes to security, Capital One has the resources of a big bank and the digital savviness of a top online bank.

With secure logins, real-time alerts, and constant fraud monitoring, there’s a close eye on your account at all times.

Capital One is also an FDIC-insured institution, so the funds in your account are protected for up to $250,000.

Customer Service

One of the greatest benefits of a hybrid bank like Capital One is that you have plenty of options when you need a hand with your accounts.

Feel free to stop by a branch or cafe or get support from home on the website or the app, which are full of helpful FAQs and troubleshooting tips.

If you want to get someone on the phone, its phone lines are open from 8 am to 11 pm Eastern Time, 7 days a week. For Capital One 360 accounts, the dedicated customer service number is 1-888-464-0727.

Unfortunately, customer service is one of the few areas where Capital One seems to struggle. It’s worth noting that reviews are spread out between all of its products, but the bank currently has a rating of just 1.3 stars (out of 5) with Trustpilot, a consumer review aggregator.

Pros & Cons

Pros:

  • Competitive interest rate
  • No monthly fees
  • Highly-rated mobile app
  • Hybrid banking

Cons:

  • No ATM card
  • Fewer locations than some traditional banks
  • Lower APY than some online banks
  • No sign-up bonus

Alternatives to Capital One 360 Performance Savings

If you like the sound of Capital One but are looking for a hands-off, long-term savings option, check out its certificates of deposit.

CD accounts provide guaranteed returns with locked-in APYs, and its CD rates are the highest of any account that the bank offers.

Otherwise, it’s worth looking into other high-yield savings accounts that offer slightly higher rates. For example, the Axos High Yield account can earn up to 0.61% APY.

If you want to look into other big banks moving into the online space, take a look at the High-Yield Savings account from Citi, which boasts an impressive 0.50% APY.

FAQs

Is Capital One 360 Performance savings safe?

Yes, Capital One is an established member-FDIC institution that provides safe and secure financial products.

In general, high-yield savings accounts are extremely low-risk and don’t come with any potential for losing money.

How does Capital One 360 Performance savings work?

360 Performance Savings works similarly to any other online savings account, though you have more options than you would with fully digital banks.

You can sign up online or in-person and take care of any account maintenance through the mobile app or in-branch.

Is 360 Performance Savings a Money Market account?

No, it’s a savings account. The biggest difference between a savings account and a Money Market account is the level of flexibility that you have to withdraw money.

Money Market accounts often come with an ATM or debit card and might allow you to withdraw funds more frequently.

With 360 Performance Savings, there is no ATM card, and you’ll only be allowed 6 withdrawals or transfers from the account per month.

Which is better, Ally or Capital One 360?

In many ways, they’re comparable. Both options include digital banking, a highly rated mobile app, and high-yield savings rates.

Ally Online Savings has a slightly higher APY, but since the bank is fully digital, you won’t have the in-person support of physical branches.

APYs also tend to fluctuate. So while one bank may have the better APY today, the other bank might take the edge next quarter.

Both options have their pros and cons, so it comes down to the best fit for you and your personal finance goals.

Is Capital One 360 Performance Savings Right For You?

It can be hard to choose between a traditional bank and a modern, online option.

With Capital One 360 Performance Savings, you don’t have to. The account is backed by a wide network of physical branches and still comes with all the perks of an online savings account.

While its APY isn’t the highest available, the total lack of fees and useful banking features make it one of the best savings accounts available now.

Add in an industry-leading mobile app and in-person account support, and 360 Performance savings stands out as a savings option that comes with a little bit of everything.

Now that you know how 360 Performance Savings stacks up, it’s time to either open an account or keep exploring your options. The choice is yours.