What you need to open a Capital One savings account
You can open a Capital One savings account online, by phone, or in person at a Capital One branch. The process takes about 10 to 15 minutes. You will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit — usually at least $25, though this varies by account type.
Capital One offers several savings account types, including the 360 Savings Account (their standard option) and the Money Market Account (which typically requires a higher opening deposit). The account you choose depends on how much you plan to deposit and what features matter to you, like whether you want to earn higher interest on larger balances.
You will also need a way to fund your account — either a debit card, a check, or a bank transfer from another bank account. If you do not have another bank account yet, you can deposit cash at a Capital One branch or bring a check to deposit.
Key Takeaways
- You need a valid government ID, your Social Security number, and an opening deposit of at least $25 to start a Capital One savings account.
- You can open an account online in about 10 to 15 minutes, or visit a branch or call Capital One's phone line if you prefer to speak with someone.
- Capital One offers different savings account types with different opening deposit amounts and features, so choose the one that fits your situation.
- Your initial deposit can come from a debit card, another bank account, a check, or cash deposited at a branch.
- Once your account is open, you can add money, withdraw money, and earn interest on your balance without monthly fees on most accounts.
Opening an account online
The fastest way to open a Capital One savings account is through their website or mobile app. Go to capitalone.com, click the button to open a new savings account, and choose which type of account you want. You will enter your personal information (name, address, date of birth, Social Security number) and your ID details.
Capital One will verify your identity using the information you provide. This usually happens when ready, though sometimes they may ask you to upload a photo of your ID or answer security questions. Once you are verified, you will choose your opening deposit method — you can link a debit card, transfer from another bank account, or get a routing number to have your employer deposit money directly.
Your account number and routing number will appear on screen as soon as the account is created. You can start using your account right away, though it may take one to two business days for transfers from other banks to show up.
Opening an account by phone or in person
If you prefer to talk to someone, you can call Capital One at 1-800-655-9541 to open a savings account over the phone. A representative will walk you through the same questions asked online and help you choose your account type and opening deposit method. This route works well if you have questions or need help understanding the different account options.
You can also visit a Capital One branch in person. Bring your ID, Social Security number, and your opening deposit (or a debit card to fund the account). A banker will help you fill out the paperwork and set up your account on the spot. Branch hours vary by location, so check the Capital One website to find a branch near you and confirm their hours before you go.
What happens after you open your account
Once your account is open, you will receive a debit card in the mail within 7 to 10 business days (if you opened the 360 Savings Account). You can use this card to withdraw money at ATMs and make purchases, though some savings accounts have limits on how many times per month you can withdraw money without a fee. Check your account terms to understand any withdrawal limits.
Your account will start earning interest on your balance. The interest rate changes over time based on market conditions, so check Capital One's website to see the current rate. Interest is usually added to your account monthly.
You can manage your account online or through the Capital One mobile app. You can check your balance, transfer money between accounts, set up automatic transfers, and view your transaction history anytime.
Choosing between Capital One's savings account types
Capital One's 360 Savings Account is their most common option. It has a low opening deposit (usually $25), no monthly maintenance fee, and no minimum balance requirement. You can withdraw money as often as you need, though federal rules limit certain types of withdrawals to six per month (this rule applies to most savings accounts, not just Capital One).
The Money Market Account is designed for people who want to save larger amounts. It typically requires a higher opening deposit and may offer a higher interest rate if you keep a larger balance. It also has the same federal withdrawal limits as the savings account.
If you are new to banking or saving, the 360 Savings Account is usually the right choice because it has no fees and no balance requirements. You can always move money to a different account type later if your situation changes.
Documents and information to have ready
Before you start, gather these items so the process goes smoothly:
- A valid government-issued ID (driver's license, passport, or state ID card)
- Your Social Security number
- Your current address
- A debit card, another bank account number, or cash for your opening deposit
- Your phone number and email address
If you are opening the account online, have your ID nearby so you can upload a photo if Capital One asks for it. If you are opening in person or by phone, just bring or have your ID ready to show.
Frequently Asked Questions
Do I need a minimum balance to keep my Capital One savings account open?
No. The 360 Savings Account has no minimum balance requirement. You can keep the account open with $0 in it, though you will not earn interest if there is no money in the account. Some other account types may have balance requirements, so check the terms of the specific account you choose.
Can I open a Capital One savings account if I do not have a Social Security number?
Capital One requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can use that instead. If you do not have either, you will need to get one before you can open an account.
How long does it take to receive my debit card?
Capital One usually mails your debit card within 7 to 10 business days of opening your account. You can use your account online and through the mobile app before your card arrives. If you need cash before the card comes, you can withdraw money at a Capital One branch.
What is the interest rate on a Capital One savings account?
Interest rates change based on market conditions and are updated regularly. Check the Capital One website or call 1-800-655-9541 to see the current rate. The rate you earn may also depend on which account type you choose and how much money you have in the account.
Can I have multiple Capital One savings accounts?
Yes. You can open more than one Capital One savings account if you want to save money for different goals. Some people open one account for emergency savings and another for a specific goal like a vacation or down payment.