You can open a Capital One 360 savings account in about 10 minutes from your phone or computer

Capital One 360 is their online-only savings account. You do not need to visit a branch. The process happens entirely online: you provide your name, address, Social Security number, and initial deposit information, and the account opens the same day. You can start saving money and earning interest immediately.

The account requires no minimum opening deposit, though you will need to fund it within 30 days of opening. You can link a bank account you already have and transfer money in, or you can deposit by check using their mobile app.

Key Takeaways

  • You need a Social Security number, valid ID, and a way to fund the account (a bank account to transfer from, or the ability to deposit a check).
  • The entire signup process takes about 10 minutes on Capital One's website or their mobile app.
  • Your account opens the same day, and you can begin transferring money and earning interest right away.
  • You must fund the account within 30 days of opening it, or Capital One will close it.
  • The account has no monthly fee, no minimum balance requirement, and no limit on how many times you can withdraw money each month.

What you need before you start

Gather these items before you open your browser: your Social Security number, a valid government-issued ID (driver's license or passport), your current address, and your phone number. Capital One will verify your identity using this information.

You will also need a way to fund the account. This is either a bank account at another bank (so you can transfer money in) or the ability to deposit a check using Capital One's mobile app. If you have neither, you can mail a check to Capital One, but that takes longer.

Step-by-step: opening the account online

Go to capitalone.com on your computer or open the Capital One mobile app. Look for the button that says "Open an Account" or "Sign Up" — it is usually near the top of the page. Click it.

Enter your email address and create a password. Capital One will send you a verification code to your email. Check your inbox, copy that code, and paste it back into the app or website. This confirms the email address is yours.

Fill in your personal information: full name, date of birth, Social Security number, current address, and phone number. Capital One uses this to verify your identity and check for fraud. Be exact — names and addresses must match what is on file with your Social Security number.

Choose your account type. Select "360 Savings Account" (not checking, not money market). You will see the current interest rate. Capital One updates this rate regularly, so the rate you see today may not be the rate you earn next month.

Set up your initial funding method. If you want to transfer money from another bank account, enter that account's routing number and account number. If you want to deposit a check instead, you can skip this step and do it later through the app. Either way, you must fund the account within 30 days.

Review the account terms and conditions. Capital One will show you the fee schedule (there are no monthly fees), the interest rate, and the rules for withdrawals. Read the part about how often you can withdraw money — this changed in 2023 and there is no longer a limit.

Click "Open Account" or "Confirm." Capital One will process your application instantly. Your account number appears on the screen. Write it down or take a screenshot.

What happens after you open the account

Your account is live the same day. If you set up a transfer from another bank, that transfer usually arrives within one to three business days. If you are depositing a check, open the Capital One app, go to "Deposit," and follow the steps to photograph the front and back of the check. Capital One typically credits check deposits within one business day.

You will receive a confirmation email with your account details. Capital One will not mail you a debit card for this account — it is savings only, not checking. You cannot swipe it at a store. You can only move money out by transferring it to another bank account or by withdrawing cash at a Capital One ATM if you have a Capital One checking account.

Your interest starts accruing as soon as money hits the account. Capital One compounds interest daily and deposits it monthly. The rate you earn depends on the current rate at the time your money is in the account, not the rate on the day you opened it.

Funding your account within the 30-day window

You have 30 days from the day you open the account to deposit at least one dollar. If you do not, Capital One closes the account automatically. If you set up a transfer on day one, you are done — the money will arrive before the deadline. If you are depositing by check, do it within the first week to be safe.

If you miss the 30-day deadline and your account closes, you can open a new one. There is no penalty, but you will have to go through the signup process again.

Moving money in and out after opening

Once your account is open and funded, you can transfer money in from any bank account you own. Log into your Capital One account, go to "Transfers," and add the external bank account's routing and account number. Transfers take one to three business days.

To move money out, you can transfer it back to the same bank account you transferred from, or to any other bank account in your name. You can also deposit checks using the mobile app. There is no limit on how many times you can withdraw per month, and no fee for transfers or withdrawals.

If you have a Capital One 360 checking account, you can move money between your savings and checking instantly using the app.

Frequently Asked Questions

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

No. The savings account is completely separate. You can open just the savings account and keep your checking at another bank. If you later open a Capital One checking account, you can link them for easy transfers between the two.

What if I do not have a bank account to transfer from?

You can deposit a check using the Capital One mobile app. Take a photo of the front and back of the check, and Capital One credits it within one business day. You can also mail a check to Capital One, though that takes longer — ask Capital One for the mailing address when you open your account.

Can I open the account on my phone?

Yes. The Capital One mobile app has the full signup process. It works the same way as the website. You will still need to verify your identity and provide your Social Security number, so make sure you have a secure connection.

What interest rate will I earn?

Capital One publishes the current rate on their website before you open the account. The rate changes over time based on Federal Reserve decisions. The rate you earn is the rate that is in effect when your money is in the account, not the rate on the day you opened it.

What if I close the account right after opening it?

You can close it anytime. There is no early closure fee. Capital One will send any remaining balance to the bank account you linked during signup, or you can request a check. Closing takes a few minutes through the app or website.