What you need to open a Capital One savings account

Capital One offers two savings accounts: the 360 Savings Account (online only) and the Money Market Account (also online only). Both let you open an account in about 10 minutes from your computer or phone, and you can fund it when ready.

To start, you will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and a way to fund the account — either a debit card, a bank account you already have, or a wire transfer. You do not need to visit a branch or mail anything in.

Capital One will run a soft credit check (which does not affect your credit score) and check your banking history through ChexSystems, a database that tracks account closures and fraud. Most people are approved within minutes. If you have had problems with a bank account in the past, Capital One may decline you, but you will find out right away.

Key Takeaways

  • You can open a Capital One savings account online in about 10 minutes using a valid ID, Social Security number, and a way to fund the account.
  • Capital One offers two savings products: the 360 Savings Account and the Money Market Account, both with no monthly fees and no minimum balance requirement.
  • You will need to provide your address, phone number, and employment information during signup, and Capital One will check your banking history through ChexSystems.
  • You can fund your new account when ready with a debit card, transfer from another bank account, or a wire transfer.
  • If Capital One declines you, you will know within minutes, and you can explore other banks that may have different approval standards.

Step-by-step: opening your account online

Start at Capital One's website and select "Open an Account." Choose which savings product you want — the 360 Savings Account or the Money Market Account — and click to begin. You will be asked to enter your email address and create a password.

Next, you will provide your personal information: full name, date of birth, Social Security number, address, phone number, and employment status. Capital One will ask whether you work, are retired, are a student, or are not currently employed. You do not need to provide an employer name unless you are working.

You will then choose how you want to fund the account. If you have a debit card, you can enter the card number and it will be charged when ready (usually within one business day). If you want to transfer money from another bank account, you will provide the routing number and account number of that bank. Wire transfers are also an option but are less common for opening deposits.

After you submit your information, Capital One will perform the background check. Most people see approval within minutes. Once approved, your account number and routing number will appear on screen, and you can start using the account right away.

What happens if Capital One declines you

If your process is declined, Capital One will tell you why — usually because of a negative mark in ChexSystems (such as an unpaid overdraft or a closed account due to fraud) or because you do not have a valid ID. You will receive an explanation by email.

If you were declined, you have options. You can dispute the ChexSystems record if you believe it is wrong — ChexSystems has a process for that, and you can request your report for free. You can also look at banks that do not use ChexSystems or that have second-chance banking programs. Some credit unions and smaller regional banks have lower barriers to entry.

If you were declined because of an ID issue, make sure your ID is current and matches the name and address you provided. Then you can try again with corrected information.

Funding your account and getting started

Once your account is open, you can deposit money when ready using the method you chose during signup. If you funded with a debit card, the money usually arrives within one business day. Bank transfers typically take one to three business days. Wire transfers arrive the same day.

Capital One will mail you a debit card within 7 to 10 business days. Until it arrives, you can move money out of your savings account by transferring it to another bank account you own, or you can withdraw cash at a Capital One branch if one is near you. You cannot withdraw cash at other banks' ATMs with a Capital One savings account — only with a Capital One checking account.

Your savings account comes with online and mobile access. You can check your balance, transfer money between your own accounts, and set up automatic transfers (for example, to move money from checking to savings each payday). You can also set savings goals and track progress toward them.

Understanding the account features and fees

The 360 Savings Account and Money Market Account both have no monthly maintenance fee and no minimum balance. This means you can open an account with $1 and keep it open without paying anything, even if your balance stays low.

Both accounts earn interest on your balance. The interest rate changes over time and is set by Capital One based on market conditions. You can check the current rate on Capital One's website. Interest is deposited into your account monthly.

The main difference between the two accounts is that the Money Market Account allows you to write checks and use a debit card, while the 360 Savings Account does not. The Money Market Account also has a higher interest rate, but it requires a higher opening deposit (this varies, so check Capital One's current requirements). If you just want a place to save money and do not need to write checks, the 360 Savings Account is simpler.

Both accounts are FDIC insured, which means your money is protected up to $250,000 if Capital One fails. This protection is backed by the federal government.

Moving money in and out of your account

You can transfer money into your Capital One savings account from another bank account you own. Log into your Capital One account online, select "Transfer Money," and choose "From Another Bank." You will provide the routing number and account number of the other bank. The transfer usually takes one to three business days.

You can also transfer money out of your savings account to another bank account you own using the same process. If you need cash, you can transfer money to your checking account (if you have one with Capital One) and then withdraw it at an ATM or branch.

If you do not have another bank account, you can withdraw money by visiting a Capital One branch in person with your ID. Capital One has branches in most states, but not all. You can find the nearest branch on their website.

What to do if you have questions after opening

Capital One offers customer support by phone, email, and online chat. You can find the phone number and chat option in your online account or on their website. Support is available seven days a week, though hours vary by day.

If you have a question about how to use your account, how interest is calculated, or how to transfer money, customer support can walk you through it. If you need to report fraud or a missing debit card, call the number on the back of your card (or the number in your account if your card has not arrived yet).

Frequently Asked Questions

Can I open a Capital One savings account if I have bad credit?

Yes. Capital One does a soft credit check, which does not affect your credit score, and credit score is not the main factor in approval. The bigger issue is your banking history — if you have unpaid overdrafts or closed accounts due to fraud, Capital One may decline you. Bad credit alone does not disqualify you.

How much money do I need to open an account?

There is no minimum opening deposit for the 360 Savings Account. The Money Market Account may have a minimum (check Capital One's website for the current requirement). You can open either account with as little as $1.

Can I use my Capital One savings account at an ATM?

No. Savings accounts do not come with ATM access. You can only withdraw cash by transferring money to a checking account (if you have one) or by visiting a Capital One branch in person. The Money Market Account does allow ATM withdrawals, but it has different terms than the basic savings account.

How long does it take to open an account?

The process takes about 10 minutes. You will usually know if you are approved within minutes. Your debit card arrives by mail in 7 to 10 business days, but you can use your account when ready after approval without waiting for the card.

What if I want to close my account later?

You can close your Capital One savings account anytime by logging into your account online or calling customer support. You will need to withdraw or transfer any remaining balance first. There is no penalty for closing an account.