CapitalOne Savings Now at 4.00%

Capital One raised its High Yield Savings (HYS) rate from 3.75% to 4.00% APY. This is the savings account open to all not just Costco members. The CapitalOne/Costco Money Market Account remains about where it was last week at 4.05% APY. Last time the CapOne HYS account had a rate increase, the Costco version followed with an increase within a few weeks. So we'll likely see the CapOne/Costco MMA getting close to 4.25% before the end of this month.

The CapOne High Yield Savings account is very similar to ING Direct, EmigrantDirect and HSBC. There are no minimum balance requirements or fees and it links to your existing checking account. Also as this fatwallet thread points out, there's no limit to the number of checking accounts that you can link. Many on this thread consider CapOne's HYS to be one of the best accounts for moving money around without restrictions and without fees.

CapOne also has a money market account with the same 4.00% rate as the HYS account. The MMA does have a $100 minimum deposit requirement to open, but it has the added benefits of check writing and ATM cards.