Capital One has no minimum deposit requirement to open a savings account

You can open a Capital One 360 Savings Account with $0. There is no minimum balance you must keep in the account after opening, and no monthly fee. The only cost is the money you choose to deposit yourself.

Capital One offers this account online only—there are no physical branches. You will need a Social Security number, a valid government ID, and a U.S. address to complete the account setup. The entire process takes place on their website or mobile app.

Key Takeaways

  • Capital One 360 Savings requires no minimum deposit to open and no minimum balance to keep the account active.
  • There are no monthly maintenance fees, overdraft fees, or charges for transfers between your Capital One accounts.
  • You will need a Social Security number, valid ID, and U.S. address to open an account online.
  • Interest rates on savings accounts change over time and vary based on market conditions, so check Capital One's current rate before opening.

What you need to open the account

To open a Capital One 360 Savings Account, you will provide your name, date of birth, Social Security number, and current address during the online signup. You will also need to verify your identity with a valid government ID—a driver's license, passport, or state ID card all work.

Capital One will ask you to link a bank account for your initial deposit, though you do not have to make one. If you want to fund the account right away, you can transfer money from another bank using ACH (Automated Clearing House), which typically takes one to three business days. You can also mail a check or wait to deposit funds later.

Fees you will not pay

Capital One 360 Savings has no monthly maintenance fee, no minimum balance fee, and no inactivity fee. You will not be charged for transferring money between your Capital One accounts, and there are no overdraft fees because savings accounts do not overdraft.

If you need to withdraw money, there are no withdrawal fees. However, federal law limits you to six withdrawals per month from a savings account (this rule applies to all banks, not just Capital One). After six withdrawals in a calendar month, the bank may charge a fee or close the account if withdrawals continue to exceed the limit.

Interest rates and how they work

Capital One 360 Savings earns interest on your balance. The rate changes based on what the Federal Reserve does with interest rates—when the Fed raises rates, savings rates typically go up, and when the Fed lowers rates, savings rates typically go down. Capital One publishes its current rate on their website, and you can check it before opening.

Interest is calculated daily on your balance and deposited into your account monthly. The higher your balance, the more interest you earn, but the rate itself is the same for all customers. There is no tiered structure where larger balances earn higher rates.

How to open the account online

Go to Capital One's website and select the option to open a 360 Savings Account. You will enter your personal information, verify your identity, and choose a username and password. The entire process usually takes 10 to 15 minutes.

After you submit your application, Capital One will review it and send you confirmation. Your account number and routing number will appear in the app or on the website once the account is active, usually within the same day. You can then transfer money in or begin using the account.

Comparing Capital One to other online banks

Many online banks offer savings accounts with no minimum deposit and no monthly fees, just like Capital One. The main difference between them is the interest rate they pay. Online banks typically offer higher rates than traditional banks because they have lower overhead costs.

Before opening, compare the current rates at Capital One, Marcus by Goldman Sachs, Ally Bank, and other online savings providers. A difference of 0.25% or 0.50% per year may not sound large, but on a $10,000 balance it adds up. Check the rate, read reviews about customer service, and confirm the bank is FDIC-insured (Capital One is).

What happens after you open

Once your account is open, you can deposit money whenever you want and withdraw up to six times per month without penalty. You can set up automatic transfers from another bank account, deposit checks using mobile check deposit, or transfer money between your Capital One accounts instantly.

Your account is FDIC-insured up to $250,000, which means if Capital One fails, the government protects your money. If you have multiple Capital One accounts (checking, savings, money market), the $250,000 protection applies to each account type separately, so you could have $250,000 in savings and $250,000 in checking, both protected.

Frequently Asked Questions

Can I open a Capital One savings account if I have bad credit?

Capital One does not run a credit check to open a savings account. They verify your identity and check for fraud, but your credit score does not affect whether you can open one. A savings account is different from a credit card or loan.

What is the difference between Capital One 360 Savings and Capital One Money Market?

Capital One 360 Money Market accounts typically earn a higher interest rate than savings accounts, but they may require a higher minimum balance (though Capital One's currently does not). Both are FDIC-insured and have no monthly fees. Check Capital One's website to compare the current rates and features.

Can I transfer money from my Capital One savings to another bank?

Yes. You can link an external bank account and transfer money out using ACH, which takes one to three business days. You can also request a check or use the Capital One mobile app to initiate the transfer. There is no fee for outgoing transfers.

What if I want to close the account later?

You can close a Capital One savings account anytime by calling customer service or using the app. There is no penalty or fee for closing. Capital One will send you any remaining balance by check or transfer it to another account you specify.

Is my money safe in a Capital One savings account?

Yes. Capital One is FDIC-insured, which means deposits up to $250,000 are protected by the federal government. Your account is also encrypted and secured with password protection. Capital One does not charge you to maintain the account, so there is no hidden cost to keeping your money there.