What you need to open a Capital One savings account

You can open a Capital One savings account online in about 10 minutes, or in person at a Capital One branch. 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 $0 to $25 depending on which savings product you choose.

Capital One offers a few different savings accounts. The most common is the Capital One 360 Savings Account, which you open and manage entirely online. There is also the Capital One Savings Account available at physical branches, which works the same way but lets you deposit cash in person if you prefer.

You do not need to have an existing relationship with Capital One. If you have never banked with them before, you can still open an account. The process is the same whether you are opening your first savings account or your fifth.

Key Takeaways

  • You can open a Capital One savings account online with just an ID, Social Security number, and an initial deposit of $0 to $25.
  • The online version (Capital One 360) takes about 10 minutes and requires no branch visit, while the in-person version lets you deposit cash when ready.
  • You will need to choose between a regular savings account and a money market account, which earns a higher interest rate but requires a larger minimum balance.
  • Your account is set up and ready to use the same day you open it, though transfers from other banks take one to three business days.

Opening an account online through Capital One 360

Go to capitalone.com and click the button to open a new savings account. You will be asked to enter your email address, create a password, and answer a few security questions. Then you provide your full name, date of birth, Social Security number, and current address.

Next, you choose which type of savings account you want. The regular savings account has no minimum balance requirement. The money market account earns more interest but requires you to keep a higher balance (the amount changes, so check the current requirement on their site). Most people starting out choose the regular savings account.

Capital One will ask you to verify your identity by answering questions about your financial history — things like "which of these addresses have you lived at" or "which of these credit cards do you recognize." These questions come from your credit report and are designed to make sure you are really you. Answer as accurately as you can.

Once you pass the identity check, you choose your initial deposit method. You can link a bank account you already have and transfer money in, or you can fund the account later. If you transfer from another bank, the money usually arrives within one to three business days. Your Capital One account is active and ready to use when ready, even while you are waiting for that transfer.

Opening an account at a Capital One branch

Find your nearest Capital One branch on their website. Walk in during business hours with your ID and Social Security number. A banker will help you fill out the account paperwork, answer questions about which account type fits your needs, and process your initial deposit right there.

If you want to deposit cash, opening in person is the easiest way — you hand over the cash and it is in your account when ready. If you prefer to transfer money from another bank, the banker can set that up for you, and the transfer will arrive in one to three business days just as it would online.

The in-person process takes about 15 to 20 minutes. You walk out with a debit card process in hand (the physical card arrives by mail in 7 to 10 business days), and your account is ready to use the same day.

What happens after you open your account

Your account number and routing number are available when ready in the Capital One app or on their website. You can use these to set up direct deposit from your employer, or to transfer money in from another bank account you own.

If you opened online, a debit card will arrive by mail in 7 to 10 business days. You can use your account before the card arrives — you can transfer money, set up automatic deposits, or move money to another account you own. The debit card just gives you the option to withdraw cash at an ATM or make purchases.

Capital One charges no monthly maintenance fee for their savings accounts. You will earn interest on the balance you keep in the account, though the rate changes over time. You can check the current rate on their website.

Moving money in and out of your account

Once your account is open, you can move money in several ways. You can transfer from another bank account you own (takes one to three business days). You can set up direct deposit from your paycheck (takes one to two pay periods to start). You can deposit cash at a Capital One branch if you opened in person. You can also deposit checks through the Capital One mobile app by taking a photo of the front and back.

To move money out, you can transfer it back to another bank account you own (one to three business days), withdraw cash at a Capital One ATM or branch, or use your debit card to spend it. Capital One is part of the Allpoint ATM network, which means you can withdraw cash at thousands of ATMs nationwide with no fee.

If you run into problems during signup

The most common issue is that Capital One cannot verify your identity using the questions from your credit report. This usually happens if you have not had credit accounts long enough to build a credit history, or if you have moved recently and your address does not match their records.

If this happens, you have two options. You can call Capital One at 1-800-655-9541 and ask to verify your identity by phone instead — a representative can walk through additional questions with you. Or you can open an account in person at a branch, where they can verify you with your physical ID.

Another common issue is that your initial deposit does not go through. If you are transferring from another bank and the transfer fails, Capital One will send you an email explaining why. Usually it is because the account number or routing number was entered incorrectly. You can try again, or call their customer service line to troubleshoot.

Frequently Asked Questions

Do I need a minimum balance to keep the account open?

No. The regular Capital One 360 Savings Account has no minimum balance requirement. You can keep $0 in it if you want. The money market account does require a minimum balance, but most people use the regular savings account.

Can I open an account if I have bad credit or no credit history?

Yes. Capital One does not check your credit score to open a savings account. They verify your identity using your Social Security number and personal information, but your credit history does not matter. If you cannot verify your identity online, you can open an account in person at a branch.

How long does it take to receive my debit card?

The debit card arrives by mail in 7 to 10 business days. You can use your account before the card arrives — you can transfer money, receive direct deposits, and move money to other accounts. The card is optional if you do not need to withdraw cash or make purchases.

What if I want to close my account later?

You can close your Capital One savings account anytime by calling their customer service line or visiting a branch. Move any remaining balance to another account first, or ask them to send you a check. There is no penalty for closing the account.

Can I open more than one savings account?

Yes. You can open multiple savings accounts with Capital One if you want to keep money separate for different goals. Each account has its own number and earns interest independently.