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Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
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Pros and Cons
Pros
Cons
Strong digital banking platform
High interest rate
$0 minimum opening deposit
No monthly service fees
Other online banks may offer higher interest rates
Capital One 360 Performance Savings Rates
The Capital One 360 Performance Savings account pays 4.15% (as of 6/23/23) Annual Percentage Yield (APY) on all account balances. This is significantly higher than the national average of 0.42% APY.
Capital One pays much higher rates than you’ll earn with brick-and-mortar banks. You may find better rates with the best high-yield savings accounts other online banks offer, but because rates fluctuate, the bank with the highest rate will depend on when you look.
Compare Today’s Savings Rates
How Capital One Savings Rates Compare
We’ve compared Capital One two two other online banks with high-yield savings accounts: Ally and CIT Bank.
Capital One and Ally pay similar savings rates. Both pay the same rate on all balances, compound interest daily, and pay interest monthly.
Capital One is considered an online bank, but it also has over 470 branches in eight US states and DC. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face.
But you may like Ally if its robust savings buckets feature appeals to you. Set multiple savings goals in one account, like “Emergency Savings” and “Travel Fund” so you can track all your goals in one place.
Capital One savings rates vs. CIT Bank savings rates
CIT Bank may be a better option if you’re looking for a high interest rate on a savings account. The CIT Bank Savings Connect Account pays 4.60% APY regardless of your account balance.
Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn’t mean that will always be the case.
If you’d like to open a savings account with a $0 minimum opening deposit, Capital One will likely stand out to you more.
See Insider’s list of the best savings accounts »
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Eligible customers can earn up to $250 with qualifying direct deposit through 12/31/2023. Plus, earn up to 4.30% APY on savings accounts with direct deposit.
Ally High Yield Savings Account
CIT Bank Savings Connect Account
American Dollar Exchange Rate