Capital One's current savings account rates
Capital One publishes its savings account rates on its website, but the rate you see depends on which account you open and how much you deposit. The bank offers two main savings products: the Capital One 360 Savings Account and the Money Market Account. Both rates change regularly—sometimes weekly—based on Federal Reserve decisions and what other banks are offering.
As of your search, you should check Capital One's website directly for the exact rate, because posting a specific number here would be outdated within weeks. The bank displays current rates prominently on the savings account product pages, and you can also call 1-800-869-3557 to ask what rate you would receive before opening an account.
Capital One does not tier rates by balance size the way some banks do. You get the same rate whether you deposit $100 or $100,000, though the Money Market Account may have slightly different terms around withdrawals and minimum balances.
Key Takeaways
- Capital One publishes savings rates on its website and updates them regularly, so the current rate is always more accurate than any number in an article.
- The bank offers two savings products—the 360 Savings Account and the Money Market Account—and each may have a different rate.
- Capital One does not pay higher rates to customers with larger balances; everyone gets the same rate for the same account type.
- You can call Capital One before opening an account to confirm the exact rate you would receive on your deposit.
How Capital One's rates compare to other online banks
Capital One is a full-service bank with physical branches in many states, which affects how it prices savings accounts. Banks that operate only online—like Marcus by Goldman Sachs, Ally Bank, or American Express Personal Savings—typically offer higher rates because they have lower overhead costs. Capital One's rates are usually competitive but often sit in the middle range rather than at the top.
The difference matters if you are saving a large amount for a long time. A rate that is 0.5 percentage points lower than a competitor's rate costs you real money. On $10,000 saved for one year, a 0.5 point difference equals $50 in lost interest. On $50,000, it is $250. You can compare Capital One's current rate to other banks' rates on sites like Bankrate or DepositAccounts, which update daily.
Why Capital One's rates change
Capital One adjusts its savings rates in response to the Federal Reserve's benchmark interest rate, which it raises or lowers roughly eight times per year. When the Fed raises rates, banks can pay more on deposits because they are earning more on the loans they make. When the Fed cuts rates, banks lower what they pay savers.
Capital One also watches what competitors are offering. If other banks raise their rates and Capital One does not, customers move their money elsewhere. The bank balances the need to attract deposits with the need to keep its own costs down, so it does not always match the highest rate in the market.
The difference between savings accounts and money market accounts at Capital One
Capital One's Money Market Account typically pays a slightly higher rate than the 360 Savings Account, but it comes with restrictions. Money Market Accounts limit how many withdrawals you can make per month—usually six—before fees kick in. The 360 Savings Account has no withdrawal limits.
If you plan to move money in and out frequently, the 360 Savings Account is simpler even if the rate is marginally lower. If you are saving for a specific goal and do not need to touch the money often, the Money Market Account's higher rate might be worth the withdrawal restriction.
How interest compounds on Capital One savings accounts
Capital One compounds interest daily, which means the bank calculates what you owe you each day based on your balance, then adds that amount to your account. The next day, interest is calculated on the new, slightly larger balance. This compounds continuously throughout the month and year.
Daily compounding is standard across the industry and is better for you than monthly or quarterly compounding. The difference is small on low balances but becomes meaningful on larger amounts. A $50,000 balance earning 4% compounded daily will earn roughly $50 more per year than the same balance compounded monthly, assuming the rate stays constant.
When Capital One deposits interest into your account
Capital One deposits interest monthly, on the last day of the month. The interest you earned throughout January appears in your account on January 31st. This is standard practice across most banks.
The interest is yours to keep regardless of what happens to rates. If Capital One cuts its rate on February 1st, the interest you earned in January stays in your account. You only earn the new, lower rate on your balance going forward.
How to find Capital One's rate before you open an account
Visit Capital One's website and navigate to the savings account product page. The current rate is displayed at the top, usually with a note about when it was last updated. You can also use the rate calculator on the page to see how much interest you would earn on a specific deposit amount over a specific time period.
If you want to confirm the rate before committing, call Capital One at 1-800-869-3557. A representative can tell you the exact rate you would receive and answer questions about account features, minimum balances, or fees. There is no obligation to open an account after calling.
Frequently Asked Questions
Does Capital One charge fees on savings accounts?
Capital One does not charge monthly maintenance fees on the 360 Savings Account or Money Market Account. You will not be charged for transfers, deposits, or withdrawals. The only fee that applies is the Money Market Account's excess withdrawal fee if you exceed six withdrawals in a month, which is typically $25 per excess withdrawal.
Can I move money between my Capital One checking and savings accounts without losing interest?
Yes. Transfers between your own Capital One accounts do not affect the interest you earn on your savings balance. The interest is calculated daily on whatever balance sits in the savings account, regardless of how many times you move money in or out. The Money Market Account's withdrawal limit applies to external transfers, not transfers to your own checking account.
What happens to my interest if Capital One lowers its rate?
The interest you already earned stays in your account. Only the rate on future deposits changes. If you earned $100 in interest in January and Capital One cuts its rate in February, you keep the $100. The new, lower rate applies only to interest earned in February and beyond.
Is my money safe in a Capital One savings account?
Capital One is a federally chartered bank insured by the FDIC. Your deposits are protected up to $250,000 per account type per depositor. If you have a savings account and a checking account at Capital One, each is insured separately up to $250,000.
Can I set up automatic transfers to my Capital One savings account?
Yes. You can set up automatic transfers from your Capital One checking account or from an external bank account. Capital One's website lets you schedule recurring transfers on any day of the month, which makes it straightforward to build savings without thinking about it.