Capital One's savings account lineup
Capital One offers three main savings accounts: the 360 Savings Account, the 360 Money Market Account, and the 360 Youth Savings Account. Each one has different interest rates, minimum balance requirements, and features. The 360 Savings Account is their basic option with no monthly fees. The Money Market Account offers higher rates but requires a larger opening deposit. The Youth Savings Account is designed for people under 18 and comes with parental controls.
All three are held at Capital One Bank, which is FDIC-insured up to $250,000 per account category per depositor. You can open any of these accounts online, by phone, or at a Capital One branch if one is near you. Transfers between your Capital One accounts happen instantly, and you can link external bank accounts for moving money in and out.
Key Takeaways
- Capital One's 360 Savings Account charges no monthly maintenance fee and has no minimum balance requirement to open.
- The 360 Money Market Account pays a higher interest rate but requires a larger opening deposit and limits the number of withdrawals you can make per month.
- The 360 Youth Savings Account is for minors and includes parental oversight features, with the parent or guardian holding the linked checking account.
- Interest rates on all three accounts change over time and vary based on market conditions, so checking Capital One's website shows the current rates.
360 Savings Account: the basic option
The 360 Savings Account is Capital One's standard savings product. It has no monthly maintenance fee, no minimum balance to open, and no minimum balance to keep. You can start with any amount and deposit or withdraw money whenever you want, with no limits on how often you move money in or out.
Interest accrues daily and compounds monthly, meaning you earn interest on your interest. The rate changes based on Federal Reserve decisions and market conditions, so it is not locked in. You can check the current rate on Capital One's website before you open the account. Transfers to and from linked external banks take one to two business days, but transfers between your own Capital One accounts are instant.
360 Money Market Account: higher rates with restrictions
The 360 Money Market Account pays a higher interest rate than the 360 Savings Account, but it comes with two trade-offs: a higher opening deposit and a limit on how many times per month you can withdraw money.
Capital One requires a specific opening deposit amount for the Money Market Account—check their website for the current minimum, as it changes. Once open, you can make up to six withdrawals or transfers out per month at no charge. Withdrawals beyond six in a calendar month may result in a fee or account closure. This limit applies to all outgoing transfers, whether they go to another Capital One account, a linked external bank, or a check you write.
Interest compounds daily and is credited monthly, the same as the 360 Savings Account. The rate is higher because the account is designed to discourage frequent withdrawals and keep money sitting in the account longer.
360 Youth Savings Account: for minors with parental control
The 360 Youth Savings Account is for people under 18 and requires a parent or guardian to open it and maintain a linked 360 Checking Account. The parent controls the account and can see all activity, set spending limits, and close the account if needed. The young person can deposit money, check the balance, and make withdrawals, but cannot close the account or change settings without the parent's permission.
There is no monthly fee, no minimum balance to open, and no minimum balance to maintain. Interest accrues daily and compounds monthly. When the account holder turns 18, the account automatically converts to a standard 360 Savings Account, and the parent's access ends unless the young person chooses to keep them as an authorized user.
How interest rates work and where to find current rates
All three Capital One savings accounts earn interest, but the rate is not fixed—it moves up and down based on what the Federal Reserve does and what other banks are offering. Capital One publishes current rates on their website, and you can see them before you open an account. The rate you see when you open is the rate you start with, but it can change at any time after that.
Interest is calculated daily on your full balance and paid out monthly. That means if you have $1,000 in the account on the first of the month and add $500 on the 15th, you earn interest on the full $1,500 for the days after the 15th. The monthly payout goes straight into your account, and from that point forward you earn interest on the new, higher balance.
Moving money in and out of Capital One savings accounts
You can fund a Capital One savings account by linking an external bank account and transferring money in. This takes one to two business days. You can also deposit money by mailing a check to Capital One, though that takes longer. Some Capital One branches accept cash deposits if you have one nearby.
To withdraw, you can transfer money out to a linked external bank account (one to two business days), request a check from Capital One, or visit a branch to withdraw cash. The Money Market Account limits you to six outgoing transfers per month; the other two accounts have no withdrawal limits. If you need to move money between your own Capital One accounts—say, from savings to checking—that transfer is instant.
Fees and account closure
Capital One charges no monthly maintenance fee on any of the three savings accounts. The Money Market Account may charge a fee if you exceed six withdrawals in a month, but the exact fee amount varies and you should confirm it with Capital One before opening. There is no fee for closing an account, and you can close it anytime by contacting Capital One online, by phone, or at a branch.
If your account sits inactive for a long time, Capital One may close it, though they typically send a notice first. If you close the account or it is closed, any remaining balance is returned to you by check or transfer to a linked bank account.
Frequently Asked Questions
Can I have more than one savings account with Capital One?
Yes. You can open multiple 360 Savings Accounts, multiple Money Market Accounts, or one of each. Each account earns interest separately, and you can transfer money between them instantly. However, FDIC insurance covers up to $250,000 per account category, so if you have two savings accounts totaling $300,000, only $250,000 is insured in each category.
What happens if I go over six withdrawals on the Money Market Account?
Capital One may charge a fee for each withdrawal beyond six in a calendar month. The fee amount varies, so check their current terms. If you repeatedly exceed the limit, Capital One may close the account. Transfers between your own Capital One accounts do not count toward the six-withdrawal limit on most accounts—confirm this with Capital One before opening.
Can I set up automatic transfers to my savings account?
Yes. You can link an external bank account and set up recurring transfers from that account into your Capital One savings account on a schedule you choose—weekly, biweekly, monthly, or any interval you want. You can also set up automatic transfers from your Capital One checking account to savings.
Is my money safe in a Capital One savings account?
Yes. Capital One Bank is FDIC-insured, which means deposits up to $250,000 per account category are protected by the federal government if the bank fails. Your savings account is a separate category from checking, so you have $250,000 protection in each. Money Market Accounts are also FDIC-insured in their own category.
What is the difference between the 360 Savings Account and a regular checking account?
A savings account earns interest on your balance; a checking account typically does not. Savings accounts are meant for money you are not spending right away. Checking accounts come with a debit card and checks for everyday payments. Capital One offers both, and you can link them to move money between them instantly.