What a 360 Performance Savings Account Is and Who Offers It

A 360 Performance Savings Account is a savings product offered by Capital One 360, an online bank. It's a basic savings account — a place to keep money separate from your checking account, usually earning interest on the balance you hold. Capital One 360 is a real bank with FDIC insurance, which means your deposits up to $250,000 are protected by the federal government if the bank fails.

The account is designed for people who want to save money without visiting a physical branch. Everything happens online or through a mobile app. There are no monthly fees, no minimum balance requirement to open the account, and no penalty for withdrawing your money — though federal rules do limit how many times per month you can move money out.

Capital One 360 also offers checking accounts and other products, but this guide focuses only on the savings account. The interest rate on savings accounts changes frequently and varies based on market conditions, so check Capital One 360's website directly for the current rate before you open.

Key Takeaways

  • You can open a 360 Performance Savings Account entirely online using a computer or phone, and the account opens when ready after you complete the steps.
  • You will need a valid government ID, your Social Security number, and proof of your current address to complete the identity verification process.
  • The account has no monthly fees, no minimum opening deposit, and no minimum balance to keep it open.
  • You can link the account to an external bank account to move money in and out, or deposit checks using the mobile app's check deposit feature.

What You Need Before You Start

Gather these items before you begin the online process. You will need them to verify your identity and set up the account.

First, you need a valid government-issued photo ID. A driver's license, state ID card, or passport all work. The ID must not be expired. If you do not have a current photo ID, you will need to get one before opening the account — Capital One 360 cannot verify your identity without it.

Second, have your Social Security number ready. This is a nine-digit number issued by the U.S. government. Capital One 360 uses it to check your credit history and verify you are not already using that number with another account at the bank.

Third, you need proof of your current address. A recent utility bill, lease agreement, or government mail with your name and address works. It should be dated within the last 60 days. If you do not have a physical address or recently moved, you can use a phone number and email instead, though the process may take longer.

Finally, have a phone number and email address where Capital One 360 can reach you. These are used for account security and to send you statements and alerts.

The Steps to Open Your Account Online

The entire process takes about 10 to 15 minutes and happens on Capital One 360's website or mobile app.

Step 1: Go to the Capital One 360 website or open the mobile app. On the website, look for a button that says "Open an Account" or "Sign Up." On the app, tap the option to create a new account. You will be taken to a form.

Step 2: Enter your basic information. Type in your full name, date of birth, email address, and phone number. Make sure the name matches exactly what appears on your government ID — middle names, initials, and spelling all matter.

Step 3: Provide your Social Security number and address. Enter your nine-digit Social Security number and your current mailing address. Capital One 360 will ask whether you are a U.S. citizen and whether you are a resident of the state where you live.

Step 4: Verify your identity. Capital One 360 will ask you to take a photo of your government ID using your phone or computer camera. You will photograph the front and back of the ID. The system uses technology to read the information and confirm it matches what you typed. This usually takes a few seconds.

Step 5: Answer security questions. Capital One 360 may ask you questions about your financial history — for example, "Which of these addresses have you lived at?" or "Which of these banks have you used?" These questions are based on public records and help confirm you are who you say you are. Choose the correct answers.

Step 6: Create your login credentials. Choose a username and password for your account. The password must be at least 8 characters long and include uppercase letters, lowercase letters, and numbers. Write this down somewhere safe, or use a password manager to store it.

Step 7: Review and confirm. Read through the account agreement and disclosures. These explain the rules of the account, including the interest rate, any limits on withdrawals, and how Capital One 360 handles your information. Click the button to confirm you agree.

Once you complete these steps, your account is open. You will see your account number and routing number on the screen. Write these down or take a screenshot — you will need them to move money into the account.

Moving Money Into Your New Account

Your new 360 Performance Savings Account is empty until you deposit money. You have several ways to do this.

Link an external bank account. This is the fastest method. Log into your Capital One 360 account and go to the section labeled "Move Money" or "Transfer." Choose "Link a Bank Account" and enter the routing number and account number from your existing bank account. Capital One 360 will make two small test deposits (usually less than $1 each) to that account within one to two business days. You then log back into Capital One 360 and confirm the amounts of those deposits. Once confirmed, you can transfer money between your accounts when ready or within one business day, depending on the time of day you transfer.

Deposit a check using your phone. If you have a paper check, open the Capital One 360 mobile app, go to "Deposit a Check," and follow the prompts to photograph the front and back of the check. The funds usually appear in your account within one to two business days. You can only deposit checks this way if you have the mobile app — the website does not have this feature.

Transfer from another Capital One 360 account. If you already have a checking account with Capital One 360, you can move money between your accounts when ready using the "Move Money" section.

Wire transfer or ACH transfer. These are slower and more complex methods. You would provide Capital One 360's routing number and your account number to another bank or person sending you money. Wire transfers usually arrive within one business day. ACH transfers can take three to five business days.

What Happens After Your Account Opens

Your account is ready to use when ready, but a few things happen in the background over the next few days.

Capital One 360 will send you a welcome email with your account details and a link to set up additional security features. You can add a PIN (a four-digit code) to your account, set up two-factor authentication (a code sent to your phone when you log in from a new device), or add a security question. These steps are optional but recommended.

You will also receive statements. Capital One 360 sends statements electronically to your email address by default — you will not receive paper statements in the mail unless you request them. Statements show your interest earned, any fees (though there are none for a basic savings account), and your account balance.

Interest on your balance begins accruing when ready, though it is usually paid once per month. The amount depends on the current interest rate and your balance. Capital One 360 compounds interest daily, which means you earn interest on your interest.

Limits and Rules You Should Know

Federal law limits how many times per month you can withdraw money from a savings account or transfer it out. The limit is typically six times per month, though this rule has been relaxed in recent years and varies by bank. If you exceed the limit, Capital One 360 may charge a fee or close your account. This rule does not explore to deposits — you can move money in as many times as you want.

Your account is FDIC insured up to $250,000. This means if Capital One 360 fails, the federal government will reimburse you for up to $250,000 in that account. If you have more than $250,000 to save, you would need to split it across multiple banks or multiple account types to keep all of it insured.

Capital One 360 may close your account if you do not use it for a long time, if you repeatedly exceed withdrawal limits, or if you provide false information during signup. If your account is closed, you will be notified and given time to withdraw your money.

Frequently Asked Questions

Do I need to have a checking account with Capital One 360 to open a savings account?

No. You can open a 360 Performance Savings Account on its own without any other Capital One 360 product. However, if you already have a checking account with them, linking the two accounts makes moving money between them faster and easier.

What if I do not have a government ID?

You cannot open an account online without a valid photo ID. Capital One 360 uses it to verify your identity. If you do not have one, you will need to get a state ID or driver's license from your state's DMV before you can proceed. Some states offer ID cards specifically for people who do not drive.

How long does it take to move money into my account after I link my bank?

Once you confirm the two test deposits, transfers between your Capital One 360 account and your linked bank account usually happen within one business day. If you transfer before 5 p.m. Eastern Time on a business day, the money may arrive the same day. Transfers on weekends or holidays take longer.

Can I close my account if I change my mind?

Yes. You can close your account anytime by logging in and requesting closure. You must withdraw or transfer all your money out first. Once closed, you cannot reopen the same account, but you can open a new one later.

What happens if I do not use my account for a long time?

Capital One 360 may close accounts that show no activity for an extended period, though the exact timeframe varies. If this happens, they will notify you by email and give you time to withdraw your money. To keep your account active, log in occasionally or make a small deposit or transfer.