What you need to open a Capital One savings account
Capital One offers two main savings accounts: the 360 Savings account (online only) and the Money Market account (also online only). To open either one, you will need a valid government-issued ID, your Social Security number, and an initial deposit. Capital One does not require a minimum opening deposit for the 360 Savings account, though the Money Market account has a $10,000 minimum.
You can open an account entirely online through Capital One's website or mobile app. The process takes about 10 to 15 minutes. You do not need to visit a branch or mail in paperwork — everything happens on your computer or phone.
If you do not have a Social Security number, you can use an Individual Taxpayer Identification Number (ITIN) instead. Capital One will ask for this during the process to verify your identity with the IRS.
Key Takeaways
- Capital One's 360 Savings account requires no minimum deposit and can be opened entirely online in about 15 minutes.
- You will need a valid government ID, your Social Security number or ITIN, and an initial deposit to fund the account.
- The Money Market account requires a $10,000 opening deposit but may offer a higher interest rate than the 360 Savings account.
- After you open the account, you can deposit money by transferring from another bank account or by mailing a check.
Step-by-step: opening the account online
Start by going to Capital One's website or downloading the Capital One 360 mobile app. Look for the button that says "Open an Account" or "get your free guide." You will be asked to choose which type of account you want — the 360 Savings or the Money Market account.
Next, enter your personal information: your full name, date of birth, address, phone number, and email address. Capital One will ask for your Social Security number or ITIN. Have your government-issued ID (driver's license, passport, or state ID) ready — you may need to verify information from it.
Then you will choose how to fund the account. Capital One will ask you to link a bank account from another bank so they can transfer your opening deposit. You will provide the routing number and account number from that bank account. This transfer usually takes one to two business days to complete.
Finally, review the account terms and sign the agreement electronically. Capital One will send you a confirmation email. Your account is now open and ready to use, though you may not see your deposit appear until the transfer clears.
What happens if you do not have another bank account to transfer from
If you do not have an existing bank account at another institution, you have two options. First, you can mail a check to Capital One. Call their customer service line to get the mailing address for check deposits, and write your new account number on the back of the check. This method takes longer — usually five to seven business days — but it works if you have a check from an employer, government agency, or another source.
Second, some employers allow you to split your direct deposit between multiple accounts. If your paycheck is deposited directly, you can ask your employer's payroll department to send part of it to your new Capital One account. You will need to provide them with Capital One's routing number and your new account number. This is often the fastest way to fund the account if you receive regular paychecks.
Understanding the difference between the two accounts
The 360 Savings account is Capital One's basic savings product. It has no monthly fee, no minimum balance requirement, and no minimum opening deposit. You can withdraw money whenever you need it. The interest rate (called APY, or Annual Percentage Yield) changes based on market conditions, so it varies over time.
The Money Market account requires a $10,000 opening deposit and a $10,000 minimum balance to earn the advertised interest rate. If your balance falls below $10,000, the interest rate drops. This account typically offers a higher interest rate than the 360 Savings account, but only if you keep the larger balance. Like the 360 Savings account, it has no monthly fee.
For someone new to banking or saving, the 360 Savings account is usually the better choice because it has no minimum balance and no opening deposit requirement. You can start with whatever amount you can afford and build from there.
How to fund your account after it is open
Once your account is open, you can add money in several ways. The most common method is to transfer money from another bank account. Log into your Capital One account online or in the app, look for "Transfer Money" or "Add Funds," and follow the prompts to link another account and schedule a transfer. This usually takes one to two business days.
You can also set up direct deposit from your employer or from government benefits like Social Security. Contact your employer's payroll department or the government agency sending your payment and provide them with Capital One's routing number (which you can find in your account settings) and your account number.
If you receive a check, you can mail it to Capital One or use mobile check deposit if Capital One offers it through their app. Mobile deposit lets you photograph the front and back of a check using your phone camera, and the funds are usually available within one to two business days.
What to do if your process is denied or delayed
Capital One checks your banking history through a system called ChexSystems. If you have had problems with a previous bank account — such as unpaid overdrafts, fraud, or too many returned checks — Capital One may deny your process or delay it for review.
If your process is denied, Capital One will send you a letter explaining why. You can contact their customer service to ask for more details. Some issues can be resolved by paying off old debts or waiting a certain amount of time. If you were denied because of ChexSystems information, you have the right to dispute it — contact ChexSystems directly to request a copy of your report and correct any errors.
If you are denied by Capital One, other banks and credit unions may have less strict requirements. Some institutions offer second-chance checking or savings accounts specifically for people with banking history issues.
Keeping your account find
After you open your account, Capital One will send you login credentials and may offer you the option to set up two-factor authentication. This means you will need to enter a code sent to your phone or email every time you log in from a new device. Turn this on — it protects your account from unauthorized access.
Never share your account number, routing number, or online password with anyone except Capital One customer service if they contact you first. Capital One will never ask you for your password via email or phone. If someone claiming to be from Capital One asks for sensitive information, hang up or close the email and call Capital One directly using the number on the back of your debit card or on their official website.
Check your account regularly — at least once a month — to make sure all transactions are ones you made. If you see something you do not recognize, contact Capital One right away.
Frequently Asked Questions
Can I open a Capital One savings account if I have bad credit?
Yes. Capital One does not check your credit score to open a savings account. They check your banking history through ChexSystems instead. A low credit score will not prevent you from opening a savings account, though a history of bounced checks or unpaid overdrafts might.
How much money do I need to open the account?
For the 360 Savings account, you need no minimum opening deposit — you can open it with $0 and add money later. For the Money Market account, you need $10,000 to open it and maintain that balance to earn the higher interest rate.
How long does it take to open an account?
The online process takes about 10 to 15 minutes to complete. Your account is usually active when ready, though any deposits you transfer from another bank take one to two business days to arrive.
What is the interest rate on a Capital One savings account?
Interest rates change frequently based on Federal Reserve decisions and market conditions. Check Capital One's website for the current rate, as it varies and is not may provide to stay the same.
Can I close my account if I change my mind?
Yes. You can close your Capital One savings account at any time by contacting customer service online, through the app, or by phone. Withdraw any remaining balance first, or Capital One can send you a check.