Capital One's Current Savings Account Lineup
Capital One offers two main savings accounts: the Capital One 360 Savings and the Capital One Money Market Account. Both are online-only products with no monthly maintenance fees. The 360 Savings account is the simpler option—it's a straightforward savings vehicle with a stated interest rate that changes based on market conditions. The Money Market Account functions similarly but typically requires a higher opening deposit and may offer tiered interest rates depending on your balance.
Capital One also offers a Certificate of Deposit (CD) product, though this is a fixed-term savings tool rather than a traditional savings account. With a CD, you agree to leave money untouched for a set period (ranging from a few months to several years) in exchange for a fixed interest rate. If you withdraw before the term ends, you pay a penalty.
Beyond these, Capital One operates as a full-service bank, so they also offer checking accounts, money market accounts, and other deposit products. However, the savings-specific products are the three listed above.
Key Takeaways
- Capital One 360 Savings is the most basic option—no fees, no minimum balance requirement, and interest rates that move with the market.
- The Money Market Account requires a higher opening deposit but may pay higher interest rates on larger balances.
- CDs lock your money for a fixed term but may provide a set interest rate for that period.
- All three products are FDIC-insured up to $250,000 per account type, per depositor, at Capital One Bank.
- Interest rates on all three products change regularly and are not may provide—you can check current rates on Capital One's website.
Capital One 360 Savings: The Basic Option
The 360 Savings account has no monthly fees, no minimum opening deposit, and no balance requirement to earn interest. You can open it online and begin depositing money when ready. Interest accrues daily and is paid monthly. The account comes with online access, mobile app functionality, and the ability to link external bank accounts for transfers.
The interest rate on this account is variable, meaning it changes when Capital One adjusts rates. You won't know the exact rate until you check Capital One's website or call their customer service line. The rate is the same for all customers—Capital One doesn't offer tiered rates based on balance size for this product.
This account works well if you want a straightforward place to hold savings without restrictions or fees. It's not designed for long-term growth at a locked rate; it's a flexible holding account where your money earns whatever the current market rate is.
Money Market Account: Higher Rates for Larger Balances
Capital One's Money Market Account typically requires a higher opening deposit than the 360 Savings—the exact amount varies and should be confirmed on their website. Like the 360 Savings, it has no monthly maintenance fee. The key difference is that Money Market Accounts often offer tiered interest rates: the more you keep in the account, the higher your rate.
This account also comes with check-writing privileges and a debit card, making it more flexible than a traditional savings account if you need to access your money for purchases or payments. Interest is compounded daily and paid monthly.
Money Market Accounts are useful if you have a larger sum to save and want the flexibility to write checks or use a card while still earning interest. However, federal regulations limit you to six withdrawals per month (though this rule has been relaxed in recent years—check current rules with Capital One).
Certificates of Deposit: Locked Rates for a Set Period
A CD is not a savings account in the traditional sense—it's a time-based savings product. You deposit money for a fixed term (typically 3 months, 6 months, 1 year, 2 years, 3 years, or 5 years), and Capital One locks in an interest rate for that entire period. When the term ends, your money and interest are returned, and you can either withdraw it or roll it into a new CD.
The interest rate on a CD is fixed, so you know exactly what you'll earn before you deposit. Longer terms usually pay higher rates than shorter ones. If you withdraw before the term ends, you'll pay an early withdrawal penalty—the amount varies by term length and should be detailed before you open the CD.
CDs work well if you have money you won't need for a specific period and want to lock in a may provide rate. They're not flexible, but they offer certainty in an uncertain rate environment.
How Interest Rates and FDIC Protection Work
All three products earn interest, but the way that interest is calculated and paid differs. The 360 Savings and Money Market Account use variable rates that change with market conditions—Capital One adjusts these rates at their discretion. CDs use fixed rates that don't change for the term you choose.
All deposits at Capital One Bank are protected by FDIC insurance up to $250,000 per account type, per depositor. This means if Capital One fails, your money (up to that limit) is protected by the federal government. If you have multiple account types—say, a 360 Savings and a Money Market Account—each is insured separately up to $250,000.
Interest rates change frequently and are not may provide to stay the same. Before opening any account, check Capital One's website for the current rate on the product you're considering.
Comparing the Three Products Side by Side
| Product | Minimum Deposit | Monthly Fee | Interest Type | Best For |
|---|---|---|---|---|
| 360 Savings | None | None | Variable | Flexible savings with no restrictions |
| Money Market Account | Higher (varies) | None | Variable, tiered | Larger balances with check-writing access |
| Certificate of Deposit | Varies by term | None | Fixed for term length | Money you won't need for a set period |
How to Find Current Rates and Open an Account
Capital One publishes current rates for all three products on their website. Rates change regularly, so the rate you see today may not be the rate you get if you open an account next week. You can check rates without opening an account—no commitment is required to browse.
To open any of these accounts, you'll need to go to Capital One's website or call their customer service line. You'll provide basic personal information, verify your identity, and link a funding source (usually an external bank account) to make your initial deposit. Most accounts can be opened entirely online and are active within one to two business days.
If you already have a Capital One checking account, opening a savings product is faster—the bank already has your information on file. If you're new to Capital One, the process takes longer but is still straightforward.
Frequently Asked Questions
Can I withdraw money from a savings account whenever I want?
Yes, from both the 360 Savings and Money Market Account. There are no withdrawal restrictions or penalties. Federal regulations previously limited savings withdrawals to six per month, but this rule has been relaxed. Check Capital One's current policy to be sure, but in practice, you can withdraw whenever you need to.
What happens when a CD term ends?
When your CD matures, Capital One will notify you. You can withdraw the money and interest, or you can let it automatically roll into a new CD at the current rate. If you do nothing, most banks roll it over automatically—confirm this with Capital One before opening a CD so you're not surprised.
Is my money safe at Capital One?
Yes. All deposits are FDIC-insured up to $250,000 per account type. This means if Capital One fails, the federal government guarantees your money up to that limit. Capital One is a legitimate, regulated bank, and your deposits are protected by law.
Can I move money between my Capital One accounts?
Yes. If you have multiple Capital One accounts (a checking account and a savings account, for example), you can transfer money between them online or through the mobile app. Transfers between your own accounts are free and usually when ready or next-business-day.
Do I need a minimum balance to earn interest?
For the 360 Savings, no—you earn interest on whatever balance you have, even if it's $1. For the Money Market Account, there may be a minimum balance requirement to earn the highest tier rate, but this varies. For CDs, you need to meet the opening deposit amount, but once the CD is open, you don't need to maintain anything—the rate is locked in.