Capital One Savings/Money Market Accounts Now 4.25%

Capital One increased the APY of its High Yield Savings and Money Market Account from 4.00% to 4.25%.

The High Yield Savings has no minimum balance requirements or fees. The Money Market Account has the same rate but has a minimum initial deposit requirement of $100. Unlike the Savings account the MMA has check-writing privileges.

Capital One uses the same online banking platform as EmigrantDirect. Capital One has the advantage of no limits in the number of checking accounts that can be linked rather than EmigrantDirect's limit of 2 per account. Refer to this FW thread for more discussion of Capital One Savings.

Capital One's Money Market Account for Costco members is still at 4.30% APY. Typically, the yield on this is about 0.25% higher than the normal Capital One High Yield Savings account. I would expect this to be increasing soon. The $25 sign-up bonus for Costco Executive members is still valid. The downside of this account is the initial $5K deposit requirement. Another drawback with this account according to the FW thread is that it doesn't have an ACH transfer system. This seems to also be the case with the non-Costco Money Market Account. If you want check writing, a high rate and a good ACH transfer system, GMAC Bank still seems to be the best option.