The 360 Performance Savings Account is a high-yield savings product from Capital One

The 360 Performance Savings Account is a savings account offered by Capital One 360, an online bank. It's designed to hold money you want to keep separate from checking accounts, with a focus on earning interest on your balance. Unlike traditional brick-and-mortar bank savings accounts, there are no monthly maintenance fees, no minimum balance requirement to open the account, and no penalty for withdrawals.

The account earns interest at a variable rate, which means the rate changes based on market conditions and Capital One's decisions. The actual rate you earn depends on when you open the account and what the current rate environment is—rates are not fixed and will move up or down over time. You can check the current rate on Capital One 360's website before you open an account.

Money deposited into this account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank. This means if Capital One 360 fails, your money up to that limit is protected by the federal government.

Key Takeaways

  • The 360 Performance Savings Account charges no monthly fees and has no minimum balance to open or maintain the account.
  • Interest rates are variable and change over time, so the rate you earn today may be different six months from now.
  • You can withdraw money whenever you need it without penalty, though federal rules limit certain types of transfers to six per month.
  • Your deposits are FDIC-insured up to $250,000, protecting your money if the bank fails.
  • The account is online-only, so you manage it through Capital One 360's website or mobile app, not at a physical branch.

How interest works on the 360 Performance account

Interest is calculated daily on your balance and deposited into your account monthly. This means the bank looks at how much money you have in the account each day, adds up those daily amounts, and pays you interest once a month based on that total. The more money you keep in the account and the longer you keep it there, the more interest you earn.

The rate is variable, so it changes. When the Federal Reserve raises interest rates, Capital One 360 typically raises the rate on this account. When the Federal Reserve lowers rates, the bank usually lowers the rate on this account as well. You will not receive advance notice of a rate change, but you can log into your account or check the website to see the current rate at any time.

Withdrawal rules and limits

You can withdraw money from the 360 Performance Savings Account whenever you need it. There is no penalty for withdrawals, and you do not have to wait a certain number of days to access your money. Transfers to accounts at other banks or to your Capital One 360 checking account typically take one to two business days.

Federal rules historically limited certain types of transfers from savings accounts to six per month, though these rules have been relaxed in recent years. Check Capital One 360's current terms to understand any limits that may explore to your account. Transfers you make in person at a branch or by mail are not counted toward these limits, but since Capital One 360 has no physical branches, all transfers are electronic.

How the 360 Performance account differs from a checking account

A savings account and a checking account serve different purposes. The 360 Performance Savings Account is meant for money you want to set aside and earn interest on. You cannot write checks from it, and it does not come with a debit card. A checking account is meant for everyday spending—it typically comes with a debit card and check-writing ability, and it usually earns little to no interest.

Many people keep both: a checking account for bills and daily expenses, and a savings account for money they want to protect and grow. Capital One 360 offers both products, so you can open a checking account and a savings account with the same bank if you want.

Comparing the 360 Performance account to other savings options

High-yield savings accounts at online banks like Capital One 360 typically offer higher interest rates than savings accounts at traditional banks, because online banks have lower overhead costs. However, rates vary widely depending on the bank and the current interest rate environment. Before you open an account, compare the current rate at Capital One 360 to rates at other online banks to see which offers the best rate for your situation.

Money market accounts and certificates of deposit (CDs) are other savings options. A money market account is similar to a savings account but may offer a higher rate in exchange for a higher minimum balance. A CD locks your money away for a set period (such as six months or one year) in exchange for a may provide rate. If you need access to your money quickly, the 360 Performance Savings Account is more flexible than a CD, but it may offer a lower rate than a CD for the same time period.

Opening and managing a 360 Performance account

You open the account online through Capital One 360's website or mobile app. You will need to provide your Social Security number, date of birth, address, and other identifying information. The bank will verify your identity and may check your banking history. The process typically takes a few minutes, and you can start using the account the same day.

Once the account is open, you manage it entirely online. You can transfer money in from another bank account, set up automatic transfers, check your balance, and view your interest earnings through the website or app. You do not need to visit a branch or call the bank for routine account management, though customer service is available by phone if you have questions.

Frequently Asked Questions

Is my money safe in a 360 Performance Savings Account?

Yes. Your deposits are insured by the FDIC up to $250,000 per depositor. This means if Capital One 360 fails, the federal government will reimburse you up to that limit. Money in the account is also protected by Capital One 360's security measures, including encryption and fraud monitoring.

Can I lose money in this account?

You cannot lose the principal amount you deposit. The interest rate is variable and can go down, but your original balance stays the same. The only way your balance decreases is if you withdraw money yourself.

How do I move money out of the 360 Performance account?

You can transfer money to another bank account or to a Capital One 360 checking account through the website or app. Transfers typically take one to two business days. You can also call Capital One 360 to request a transfer by phone if you prefer.

What happens if I do not use the account?

There is no penalty for inactivity. You can leave money in the account indefinitely without using it, and you will continue to earn interest. The account will not be closed due to lack of use.

Can I have multiple 360 Performance accounts?

You can open more than one savings account with Capital One 360 if you want to organize your money into separate accounts. However, FDIC insurance covers up to $250,000 total across all your savings accounts at the same bank, not per account.