Review of Capital One’s New 360 Performance Savings Account


Deal Summary: 360 Performance Savings, 1.90% APY on all balances, no minimum balance requirements.

Availability: Nationwide

Last month Capital One launched a new online savings account, the 360 Performance Savings. If you want to open a new Capital One non-IRA savings account, your only options are this 360 Performance Savings Account and the Kids Savings Account. The 360 Savings Account and the 360 Money Market Account can no longer be opened. The 360 Performance Savings combines the best of these two old accounts: the rate matches the top rate of the 360 Money Market Account (1.90% APY as of 10/4/19) and like the 360 Savings Account, there is no minimum balance requirement to qualify for the top rate.

1.70%--Capital One360 Performance Savings
Rates as of January 25, 2020.

Existing customers with the 360 Savings Account and/or the 360 Money Market Account were not moved into the new 360 Performance Savings Account. Those accounts remain active earning the old rates. These old rates can be viewed by either logging into Capital One’s online banking or by viewing the online disclosures for these accounts. As of 10/4/19, the 360 Savings Account earns 1.00% APY on all balances. The 360 Money Market Account earns 1.90% APY for balances of at least $10k and 0.85% APY for balances under $10k.

If you’re an existing customer, it makes sense to open a 360 Performance Savings Account and move your Capital One liquid money into this account. For 360 Savings Account customers, you’ll earn almost twice the amount of interest. For 360 Money Market customers with a balance of under $10k, you’ll earn more than twice the amount of interest.

If you want to close your old 360 Savings and Money Market Accounts, you will need to call Capital One and request the closures. I was told by a CSR that they can transfer all the funds (including accrued interest) to the new account and close the old account while you’re on the phone.

Account Features

Below is a summary of the important features of the 360 Performance Savings Account. The ACH transfer features apply to all of the 360 liquid bank accounts.

  • There is no minimum deposit required and no minimum balance required to obtain the top APY.
  • No monthly maintenance fees
  • 360 Performance Savings accounts do not have debit cards, ATM cards, or check-writing capabilities.
  • Interest will be compounded and credited on a monthly basis.
  • You will receive the accrued interest if you close your account before interest is credited (same for the 360 Savings and Money Market Accounts)
  • Outgoing domestic wire transfer fee is $30.
  • Up to three externally linked accounts can be established for ACH transfers
  • ACH transfers between banks generally take two business days to process.
  • There will be on a standard four business day hold when outside funds arrive into a 360 account.
  • Limits for ACH transfers vary on a per account basis.

POD Beneficiary Designations Are Now Possible

After many years of customer complaints, Capital One changed its beneficiary policy for 360 deposit accounts in the summer of 2018, although not without some issues. My July 2019 blog post describes the initial changes (and problems), while the subsequent December 2018 blog post discusses the addition of an online platform for adding and managing beneficiaries.

Up to 10 beneficiaries per account can now designated, with Social Security numbers required for all beneficiaries. Once beneficiaries are named, the bank account will be referred to as a "Payable on Death" (POD) account.

Creating New Accounts - Common Bank Strategy

The 360 Performance Savings Account is the second new savings account created since Capital One completed the acquisition of ING Direct in February 2012. The first new one was the 360 Money Market Account which was introduced in March 2016. This was essentially a savings account with no check writing and no debit card. The only significant difference between the 360 Money Market and the 360 Savings account was the balance tiers and the APYs. As interest rates began to rise in 2017, the top tier of the 360 Money Market received most of the rate increases, rising from 1.00% to 2.00% APY. The 360 Savings Account didn’t fair as well. The rate only increased from 0.75% to 1.00% APY.

With the 360 Money Market Account, it made sense for those who maintained less than $10k to keep the 360 Savings Account. With the new 360 Performance Savings Account, I don’t see any advantage in keeping the 360 Savings Account or the 360 Money Market Account active. To earn the most interest, customers should open the new 360 Performance Savings Account and move their money.

It would be interesting to know how many customers with the 360 Savings Account kept large balances in this account instead of opening the 360 Money Market Account. I wouldn’t be surprised if many customers will keep their 360 Savings Account or 360 Money Market Account active rather than opening the 360 Performance Savings Account. Capital One will surely save on interest they pay out. It is a common deposit strategy at both brick-and-mortar banks and online banks to create new accounts with higher rates rather than raising the rates on existing accounts. Customers who don’t notice the new accounts will lose out.


Headquartered in McLean, Virginia, Capital One describes itself as “a diversified bank that offers a broad array of financial products and services to consumers, small businesses and commercial clients.” Any U.S. citizen or lawful permanent resident, 18 years or older, with a U.S. physical address or a military address (APO or FPO) and a valid Social Security number, can open an account at Capital One.

For new customers, opening a 360 Performance Savings Account can only be done online and must be funded from a checking account at another U.S. chartered bank (known as your Linked Account). According to the 360 Performance Savings Disclosure,

You must tell us to either electronically transfer money from your Linked Account or give us a personal check drawn on your Linked Account. Your 360 Performance Savings account won't be considered "opened" until you complete our verification procedures.

If you already have a Capital One liquid account, you can fund the 360 Performance Savings Account with your liquid account or with one of your existing Linked Accounts. Once opened, your existing Linked Account(s) will also be linked to your new 360 Performance Savings Account.

Bank Overview

Capital One has an overall health grade of "A+" at, with a Texas Ratio of 2.29% (excellent), based on June 30, 2019 data. In the past year, Capital One has increased its total non-brokered deposits by $18.2 billion, an excellent annual growth rate of 8.09%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.

With assets in excess of $311 billion, Capital One is currently the seventh largest bank in the country. Besides having a large branch network (more than 480), Capital One also has a large internet banking division, previously known as Capital One 360.

Capital One acquired the internet bank, ING Direct, in 2012 and shortly afterward, ING Direct was transformed into Capital One 360. Operating as a subsidiary of Capital One Financial Corporation for about four years, Capital One 360 was absorbed in Capital One in 2017. Although Capital One 360 no longer exists as a separate entity, all of the Capital One 360 products are still available, but offered from the website. FYI – automatically forwards visitors to

How the 360 Performance Savings Account Compares

This new 360 Performance Savings Account has rates and features that are on par with the online savings accounts of several of the well-established online banks. These include American Express National Bank, Goldman Sachs Bank USA, Discover Bank and Ally Bank. All of these currently share the 1.90% APY on all balances.

Higher rates are available on 20 online savings accounts with similar low-balance requirements and features. Many of these are from newer and smaller online banks.

The above rates are accurate as of 10/4/2019.

To look for the best savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table.

Related Pages: savings accounts, nationwide deals, Internet banks

DCGuy   |     |   Comment #1
The three account types are almost identical to each other. None have check writing or ATM card access. So having multiple accounts at Capital One just makes it look like they have many accounts on their books. I reduced the balance to my old ING Direct account to just a hundred dollars, so moving over to the new account type is not going to yield a significant amount of interest. Waste of effort and better to move out to another bank. Capital One still keeps the old B&M and Capital One Direct accounts on their books too. Still stuck near 0% rate since the 2008 financial crisis.
Dunmovin   |     |   Comment #2
I have a cc from Capital One and opt out of all promotional, etc. material...that resulted in me having to wait 10+ minutes for transfers, etc. when calling in to ask about account questions. Explanation given is that ANYONE that opts out is transferred to so-called "collections department." Be careful out there!!! Except for inconvenience of canceling them, they would be toast!
CapitalNoMore   |     |   Comment #3
CapitalOne closed my account, and took all the cashback in my account. I had a couple thousand in cashback. They are not trustworthy. They ignored the CFPB, letters to the CEO office, and calls to their customer service line. They are a bad bank, per the Federal Reserve.
deplorable 1
deplorable 1   |     |   Comment #34
I'm assuming you are talking about their 1.5% cash back card? As with all credit cards these guys can close your account for inactivity or for any reason like your credit score drops for example. Never hold large amounts of cashback on a card you seldom use. They can legally close your card and take the rewards. I hate it when cc companies do this because it lowers your score making it more difficult to obtain new credit. The reason it lowers your credit score is because it takes away part of your available credit which is how they calculate your credit utilization ratio. this makes up 30% of your score. After the financial crisis I had several cards closed without warning for inactivity and the credit lines lowered on others. It took quite a while for my score to recover.
CapitalNoMore   |     |   Comment #4
In my experience, this bank is not worth the trouble. They play too many games, and the customer service wait times are ridiculous. You can be stuck waiting for 30 minutes to talk to somebody, and get transferred between call centers in Nevada, Phillipines, and Mexico - none of whom really have authority to help. Escalating to higher ranking employees with bigger titles is also meaningless.
Jean   |     |   Comment #5
I have their credit cards. Bill paying, reedeming rewards, and all transactions are very fast and easy. I redeem rewards twice a month. A very good user account page.

I also have one of their older savings accounts but never funded it. Rates are too low. I might open their 1-year cd.
Predatory Depositor
Predatory Depositor   |     |   Comment #7
Never had their credit card, but I had their online savings account for years going back to ING days. I've had $1 in it for as long as I can remember since the rate was never competitive enough to make it worth funding.

Also have a trust account at one of their local branches for about 5 years. At one time it was competitive, but for the past few years that's not funded either since there are better deals elsewhere.

At the time that account was opened their online and in branch operations were completely separate. I think they've sort of merged them now but I'm not completely sure.

I've had to do some things with their customer service in branch over the years. I'd give it a grade of B.
Joey   |     |   Comment #8
Jean, I had 2 accounts with them, checking and saving, going back to ING direct and last year I received a closed accounts notice due to no activity for 12 months, my money $10, was confiscated and they refused to talk to someone with closed account(s), in my book, they are marked as BAD bank.
Denver   |     |   Comment #9
I've heard of people receiving notices about inacitity, and the acct will be closed. Its spelled out in the terms & conditions. No surprise there. But I find it very hard to believe that money would be taken. No way.
Denver   |     |   Comment #10
Maybe Ken has some info on that. I don't believe it.
Predatory Depositor
Predatory Depositor   |     |   Comment #11
The $10 may have been applied to a fee. Some banks have inactivity fees. I have a lot of accounts and many of them are not active, some have a lot of funds in them and others have very little. Once a year I do a one penny ACH in all of them to make sure there is activity.

Inactivity, Is usually considered either one or two years. But the rules differ widely. Some banks consider logging into your account online or contacting them by phone activity even without any transactions.

After some period of time with no activity your account will be considered abandoned and they will turn the money over to your state. However they will notify you before that happens. But they may not notify you before you incur an inactivity fee, so be aware.
Predatory Depositor
Predatory Depositor   |     |   Comment #12
PS forgot to mention, once your funds are turned over to the state, you can still recover them from the state. The bank is out of the process at that point.
Frugal Guy
Frugal Guy   |     |   Comment #19
Very good and clear explanation. :)
I just send in a dollar or two every six months "tickle" the account to keep active.
CapitalNoMore   |     |   Comment #21
When CapitalOne sends an account closing letter, they will say they decided to close the account and all rewards are forfeited.
Sexy Suzy
Sexy Suzy   |     |   Comment #26
Apparently you never read the terms. No surprise there.
CapitalNoMore   |     |   Comment #23
CapitalOne ignores CFPB complaints. That's my experience. They are shareholder first, not customer first.
Predatory Depositor
Predatory Depositor   |     |   Comment #28
Good reason to buy their stock!
CapitalNoMore   |     |   Comment #22
Calling me phony only shows that you are being paid by CapitalOne to defend them.
Sexy Suzy
Sexy Suzy   |     |   Comment #27
Please don't tell anyone. I need the job.
51hh   |     |   Comment #29
I do sympathize with you. It does happen more frequently than before. Chase also did a wave of closures (i.e., sweep) due to inactivity recently, but they are nice enough to give their customers a chance to charge before real closure. So is one of my credit unions.

There are legal services that solely deal with unfair matters like this.  But you need to inquire and engage them.  FYI.

That is why it is more important to charge a dollar or two at least within a year and make it a habit (i.e., must do) for all the credit cards one has in possession.
Cracker   |     |   Comment #13
I opened the new savings account with no problem online. It used to be that you could close an account online because I did this when I closed the savings account years ago, but they must have eliminated that feature because I couldn't find it anywhere.

I was able to call them and have them close the MM account and transfer it to the new Performance Savings account without a long hold time on the phone. The only issue I had was they wanted me to unlink the money market account from being the overdraft protection on the checking account. Once I did that, they were able to close it and transfer the funds. I then chose the new account for use as overdraft protection.
jcmill61   |     |   Comment #36
Interesting. When I called to inquire about the new account type, the CSR didn't offer to open a new account -- I was told that I'd have to open online. CSR also didn't say anything about having to call in to close the old account. Lose-lose.

I'm with CapitalNoMore above. Too many games here. This kind of stuff didn't happen on INGDirect's watch.
Marcos   |     |   Comment #15
Aside from uncompetitive rates, their policies on beneficiaries, as Ken alludes to above, are absolutely ridiculous. Requiring the input of SSNs for each and every beneficiary is just not a great idea. To top it off, the new savings account does not work with Trusts, neither as titleholder, nor as beneficiary. Sayonara!
Sperry8   |     |   Comment #16
Great write up. I cancelled my old Savings account (at 1% APY) and opened the new acct today. Thanks.
I agree with poster above re SSNs being required. Ridiculous
Predatory Depositor
Predatory Depositor   |     |   Comment #17
I've opened a lot of accounts with beneficiaries. I'd say 40 to 50% of the institutions required the beneficiaries Social Security numbers.

It's a problem because if you don't know their social security numbers and you don't want them to know that they are beneficiaries it's not going to be easy to obtain.
Sperry8   |     |   Comment #30
I have opened ~18 accounts and this is the only one that requires SS numbers. Capital One 360 is an outlier
Bill   |     |   Comment #18
I am already a client and currently have their checking account. If I apply for this account, will they do a soft pull/checkx inquiry?
John   |     |   Comment #25
Bill, every time someone applies for new account, at least the chex system or soft pull is made. It is very rare to get hard pull or no pull at all.
Predatory Depositor
Predatory Depositor   |     |   Comment #31
I've had situations where I'm opening a new account and sending the FI a wire for seven figures and they do a hard pull on me.

When it comes to government regulations, I'm a minimalist. I think almost every industry is over regulated and particularly the banking industry which is the most regulated industry of all. But since it's already so ****ed up with regulations how about adding one more. No one should be allowed to do a hard pull on you unless you are applying for credit or a loan.

If I'm sending a bank money I should be doing a hard pull on them because I'm the one risking my money not them. They should not be able to use that as a reason to ding my credit score. I get why they do it, but it isn't necessary.
Poor CD Rates
Poor CD Rates   |     |   Comment #32
CD rates here have plunged about as bad as PenFed. About a year back the 5 year CD was 3.1% now nearly cut in half at 1.6%. Yuck. Won't be staying here much longer.
Predatory Depositor
Predatory Depositor   |     |   Comment #33
I'm kind of glad this post came up, because I've had a 360 checking account ever since they took over my ING account, and I've had $1 in it for years. Can't really see any reason to keep this account so I'm just going to close it. One less accountt to keep track of.
Predatory Depositor
Predatory Depositor   |     |   Comment #35
My customer service experience with this. Exactly 8 minutes on the phone on hold. Once they answered it took less than 60 seconds to close the account and they told me exactly what process to expect. No complaints.
unmesh   |     |   Comment #38
No joint accounts allowed yet!
Saver   |     |   Comment #41
Have not yet funded the new 360 Performance savings acct, currently at 1.90%. With Fed cuts upcoming, the yield will likely drop again next month, or in December?

I only use their Savor One credit card. Never had a problem with that, and redeem rewards very easily every billing cycle. 3% cash back on dining & entertainment, 2% on grocery shopping and gas?, and 1% on everything else. The account page is fast & simple.

However, just wish they would send the rewards back by ACH, instead of mailing a check. Its very slow. Or you can just put the rewards towards your acct balance. I always pay my bill in full every month. Good thing, because even will an excellent credit score they gave me a very high interest rate, a ridiculous 18% up to 26%?!

I think I just talked myself into cancelling Capitol One!
Yelka   |     |   Comment #42
They advertised free inbound international wire transfer for 360 accounts, but this is a lie. Before the transfer I called them to confirm that it will be free, but they charged me $20. When I complained, they said that we are not an international bank. Such a deceiving practice!!
Mugged   |     |   Comment #43
Dirty tactic on interest rate switch. I opened an ING account originally and I will now look for a new home for my cash. I feel cheated and will avoid capital one in future.
Glo   |     |   Comment #44
I have (or had) a 360 MMA until I went online to find it only to find that it no longer exists. I have NOT received anything indicating that this was happening. Is this legal?
VAPNUT   |     |   Comment #45
I feel like it is very dishonest and sneaky for this bank to not automatically move the funds iof their existing loyal customers into this new savings account that pay twice the interest. I lost a few dollars before I discovered their sneaky dishonesty. I moved all my savings from this dishonest bank to my existing Ally Savings Account. Will be looking for a more honest bank to host my checking and credit card accounts. I became a Capital One 360 customer when they shut ING down. ING was the best and most honest. Probably because they were not a US Bank.
TJB   |     |   Comment #47
Same concept of large companies only giving deals or promotions to new members or customers.
TJB   |     |   Comment #46
Question, I opened the Account at 2%APY last year, and since August it has went to 1.9, now in November it has made its way to 1.7%APY. Why isn't it still at 2%?
RobertP   |     |   Comment #48
Not worth the hassle: I have a credit card with Capital One. Still, I couldn't open an account and had to engage with customer service because 'they couldn't verify me', even though they auto-filled my application! Next problem: I can't create an automatic savings plan (ASP). The website error message says, I don't have the right savings account (360 Performance) for an ASP. The customer service says, I first have to verify the account where I pull the money from. But this is the same account I automatically pay my Capital One credit card with. It's a complete mess and I regret to have opened the account, short of the fact that their website looks awful on a mobile browser and has broken links.
Coppell, TX
Coppell, TX   |     |   Comment #49
Lowering my money market rates from 2% to 1.5% is not how I envision banking reimagined.
BigDaddyD   |     |   Comment #50
I see an advantage to keeping the money market account if you have a balance over 10K. I.e a 1.9 APY compared to 1.8 with the new performance savings account. If your balance is below 10K, then yes, it makes sense to move your money to the new savings account.
BigDaddyD   |     |   Comment #51
And I get an ATM card with a $1,000 dollar a day withdrawal limit with the money market account. No card with the new saving account.
Banked   |     |   Comment #52
I assume you have now had your mma rate reduced to 1.5% no matter how large the balance, while the Performance Savings is paying 1.7%?
sam   |     |   Comment #53
is 360 performance savings $ 1000 bonus available in 2020
Capital One 18-Month CD Earns 1.90% APY
UPDATE 9/13/2019: Rate lowered to 1.90% APY.

Deal Summary: 18-month 360 CD, 2.55% 1.90% APY, no minimum deposit, but capped at $1 million.

Availability: Nationwide

Capital One’s 18-month 360 CD is another NTS (New to Summary) addition to this week’s CD Rates Summary. Currently earning 2.55% 1.90 APY, the 18-month 360 CD is listed in the Summary’s top four nationally available 18-month CDs.

Capital One 360 CDs have no minimum opening deposit requirement, “however, your Certificate of Deposit account may not exceed $1,000,000.”...

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Capital One 360 Money Market®: Earn Up to $500 & a Top Rate on Qualifying Balances

This deal post was written by Lauren Perez

Deal Summary: $500 Bonus when you deposit $10k+ in new funds into a new 360 Money Market account and maintain at least $50k. $200 Bonus available when you maintain between $10k and $50k.

Availability: Nationwide

Capital One offers the chance to earn up to $500 in bonus money with its new money market account promotion. You must deposit at least $10k in new money within 10 days of enrollment, the Initial Funding Period. To earn the $500 bonus, you must then maintain a...

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Capital One Increases Rates on 360 Money Market Account and CDs
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Availability: Nationwide

On Friday, Capital One raised the rate on its 360 Money Market by 15 bps to 2.00% APY on balances of $10k+. The APY for balances below $10k remains at 0.85%.

Capital One is the latest of the large internet banks to raise their savings or money market rate to at least 2.00% APY. Several other large internet banks...

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Capital One Ups Rates on Six 360 CDs
Deal Summary: 360 CD rate hikes. Most noteworthy is the 1-year CD, 2.50% APY, No minimum deposit

Availability: Nationally available

Capital One increased the rates on six terms of its 360 CDs and 360 IRA CDs this morning. Most noteworthy is the rate increase of the 1-year CD. The APY increased only 10 bps, but it reached 2.50%, which keeps it competitive with the large internet banks. The 18-month CD had the largest rate gain, but Capital One had lowered the rate of this CD in June to an uncompetitive...

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Capital One Boosts Rate of 360 Money Market Account
Deal Summary: 360 Money Market, 1.85% APY ($10k+), 0.85% APY (less than $10k)

Availability: Nationwide

This morning, Capital One raised the rate on its 360 Money Market by 10 bps to 1.85% APY on balances of $10k+. The APY for balances below $10k remains at 0.85%.

Capital One is the latest of the large internet banks to raise their savings or money market rate to 1.85% APY. Several other large internet banks have already made this move in the last month. These include Synchrony, Goldman Sachs,...

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