Capital One 360 Savings Account Review

(Money Under 30 Rating)







Mobile App


Customer Service


Best for:


  • Online-only banking
  • High APY
  • Tech-savvy folks

Editor's Note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone. This content has not been provided by, reviewed, approved or endorsed by any advertiser, unless otherwise noted below.

What’s the most important thing you can do today for your financial health?

Set up a system to pay yourself first using automatic transfers into a savings account separate from your primary checking account.

Our founder, David Weliver, has been saving this way since 2006 with a Capital One 360 savings account. He used this account to save for a down payment on a home, vacations and a new car. 

But just because it works for David doesn’t mean it will work for everyone. In this article, I’ll do a deep-dive into the Capital One 360 savings account so you can determine if it’s right for you or not.

About the Capital One 360 savings account

Yes, as a blogger, I am an affiliate of Capital One 360, but their savings account is one of a few financial products I would enthusiastically recommend without being paid for it.

The Capital One 360 savings account is simple, secure, and friendly.

The first thing you need to know is that Capital One 360 is not a physical bank (sort of).

Capital One is trying a mixed model. You have your online banking, but they also have physical locations in eight states. These include:

  • Connecticut
  • Delaware
  • Louisiana
  • Maryland
  • New Jersey
  • New York
  • Texas
  • Virginia
  • DC

So yes, Capital One has branches in the United States, but for the most part, you’re dealing with an online savings account here.

If this idea scares you, think about the last time you actually went into a physical banking branch to deposit or withdraw money. For most of us, it’s probably been a long time.

How Capital One 360 saving account works

Capital One 360 functions as your traditional, brick and mortar bank does. You can set up direct deposits for your paycheck or direct debit to pay your bills.

They also offer all the same mortgage and loan products as other banks do.

Capital One is an online-bank

The only real difference is how you access your account and your money. With Capital One 360, you’ll access your account through their website or an app on your smartphone.

The only other significant difference is with physical checks. To deposit a check with Capital One 360, for example, you just take out your phone and snap a picture of both sides to deposit the money. That’s it.

A breeze to save money

With Capital One 360, setting up automatic savings deposits from your existing bank accounts is foolproof. It’s equally fast to withdraw your savings when you need it.

One feature I love is the ability to set up multiple accounts on the fly—perfect for compartmentalizing your savings for different goals (e.g., your vacation fund, emergency fund, and new house fund).

You can open up to 25 individual savings accounts and automate your savings, helping you define and track financial goals. There are no fees for having multiple accounts, and it just makes it easy (and fun) to have everything in one place.

Easily link to a checking account and credit cards

You can also open a linked free, interest-bearing Capital One 360 checking account that includes mobile check deposit, a debit card and thousands of free ATMs nationwide.

Making payments is easy, and it gives me a quick snapshot of my balance. I can also quickly go into my credit card account if I need to, jumping seamlessly from my savings account.

Intuitive customer experience

Most online banks offer customer service by phone or email since that’s the only way you reach them. Many have extended customer service hours though. For instance, Capital One 360 is open from 8:00 AM to 8:00 PM  by phone, which is way better than most traditional banks.

Capital One 360 offers some of the most convenient and friendly banking I’ve experienced via Web and mobile app. I’ve rarely needed it, but contacting a live Capital One 360 customer service rep has always been a fast and pleasant experience, too.

Who is Capital One 360 saving account for?

Anyone who wants to do their banking online

Capital One 360 caters to those who don’t mind doing all of their banking online. If you are happy not going into a banking branch to talk to someone, make deposits, or do any other banking, this should be fine for you.

Tech-savvy people

Someone who is tech-savvy will appreciate Capital One 360, too, because there are a lot of tools and options in your account that don’t come with an “instruction manual.” Not that it’s difficult to use, but it’s designed to be fast, intuitive, and online-based.

Anyone who wants multiple accounts

Finally, if you’re a saver but don’t like having a lump sum in one account, Capital One 360 will be great for you. Having the ability to open up to 25 savings accounts, all with different names and goals tagged to them makes it a fun experience to save money.

Plus, you always know where your money is at and what it’s for.

Learn more or open a Capital One 360 savings account today. 

Pricing details

One of the best benefits of Capital One 360, though, are the low costs and how they’re able to pass savings on to their customers.

The account is fee-free, and there is no minimum deposit requirement to open an account. According to the global consulting firm McKinsey & Company, “branches are expensive, accounting for half of operating costs at some banks.”. This includes things like rent and land, utilities, and paying staff to be at the branch.

Capital One 360 doesn’t have these issues since it’s an online account. Since they save on the costs absorbed by banks with physical branches, they can pay higher rates on their savings accounts.

Current APY

The Capital One 360 savings account has an interest rate of 0.40% APY. This is over ten times that national average.

Your money is also insured by the FDIC up to $250,000.

Pros & Cons


  • Saving is easy — With the Capital One 360 Savings Account, you can open up to 25 accounts to make saving for multiple goals easy.
  • High APY — While the Capital One 360 doesn't have the highest APY, it's considerably higher than traditional brick and mortar banks.
  • You can easily link accounts — It's easy to transfer money between your Capital One Savings and Checking accounts.
  • Easy customer experience — Capital One 360 is open from 8:00 AM to 8:00 PM by phone, which is way better than most traditional banks.


  • Still not the highest APY — While the Capital One 360 is a personal favorite, there are other accounts (like Discover's) that offer a higher APY.
  • Few physical locations — This isn't necessarily a bad thing, but there are very few Capital One locations.

Saving Accounts Alternatives

While the Capital One 360 offers great returns, they’re not the only savings account out there. Below, we’ll compare a few of our other favorite savings accounts.

BankAPYMinimum Account BalanceFees?
Capital One 3600.40%$0None

CIT Savings Builder

Right now my favorite alternative to the Capital One 360 account is the CIT Savings Builder.

It offers a 0.70% APY, but you have to either deposit $25,000 and keep that amount in there, or deposit at least $100 per month into an account.

There are other stipulations, too, but it’s a nice alternative to the Capital One 360 savings.

Read our review or Apply for a CIT Savings Builder account. 

Discover Savings

Discover’s savings account offers a 1.10% APY, with no minimum deposit or monthly maintenance fee.

Their mobile app is especially easy to use, and you’ll have access to Discover’s award-winning customer service.

Read our review or Apply for a Discover’s Online Savings Account. 


The Capital One 360 Savings account offers a great APY, especially compared to traditional brick and mortar banks. They also have some physical locations for those who prefer the best of both worlds.

What Capital One’s savings account truly unique is the fact that you can have up to 25 savings accounts, making saving more multiple goals incredibly easy.

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About the author

Chris Muller picture
Total Articles: 203
Chris has an MBA with a focus in advanced investments and has been writing about all things personal finance since 2015. He’s also built and run a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. You can connect with Chris on Twitter.