Capital One Bank Has Essential Savings 6-Month Rate Guarantee

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Availability: CT, DC, DE, LA, MD, NJ, NY, TX, and VA

About a year ago, Capital One Bank introduced a 6-month promotional rate of 1.25% APY for Essential Savings accounts opened by new customers; that promotional rate lasted into early April 2015.

Starting this week, the 6-month promotional rate is back:

  • 1.25% APY for balances $10K -$1M
  • 0.40% APY for balances $1M+

Balances below $10K earn a non-promotional rate of 0.10% APY.

The promotional rate is only available to new customers and will expire six months after account opening. Following the initial six months, a standard APY will be applied to the entire balance of the Essential Savings account. There are no monthly service fees and the Essential Savings account can be opened with a $5 deposit. More detail can be found on Capital One Bank’s website.

Note: If you want more information on this promotional rate, I suggest you call or visit your local branch. I contacted Capital One Bank’s Customer Service and was told that they are not allowed to give out rates over the phone. In addition, Capital One Bank's web page is location sensitive, so the 1.25% APY promotional rate may not appear, dependent on your IP address.

Thank you to DA reader, larkin, for his Forum post about this recent increase.

Availability

A Capital One Bank’s Essential Savings account can be opened by phone or by visiting a branch location. Capital One Bank (not to be confused with Capital One 360) has over 840 branches located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and the District of Columbia.

Residents of the above mentioned states and the District of Columbia may be eligible for the Essential Savings account promotional rate, provided they are new customers.

Bank Overview

Capital One Bank, (FDIC Charter # 4297) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.33% (excellent) based on June 30, 2015 data. In the past year, Capital One Bank has increased its total deposits by $4.57 Billion, an above average annual growth rate of 2.38%. Please refer to our financial overview of Capital One Bank for more details.

Capital One Bank has emerged as one of the America's largest consumer franchises with more than 45 million customer accounts and as one of the nation's most recognized brands. Headquartered in McLean, Capital One Bank is the largest bank in the state of Virginia, and the 9th largest bank in the nation.

How the Essential Savings Promotional Rate Compares

Currently, an apples-to-apples comparison can be made between Capital One Bank’s Essential Savings and The Palladian PrivateBank’s Savings Account: both have a 6-month introductory rate guarantee and required a minimum $10K opening deposit. These two accounts have the highest APYs for any savings account tracked by DepositAccounts.com.

The above rates are accurate as of 10/16/2015.

To find the best rates on liquid accounts in your state or that are nationally available, please refer to our high yield checking account rate table and personal checking account rate table.

Comments
CapitalClimate
CapitalClimate   |     |   Comment #1
The web site is showing different rates depending on zip code:
1.10% for random codes in DC/MD/VA metro
1.25% for NY/CT
Anonymous
Anonymous   |     |   Comment #2
What is the APR/APY after the 6-month promo rate for the Essential Savings account? What did it drop to after the last promo 6-month rate?
Anonymous
Anonymous   |     |   Comment #5
Had an account last year and it dropped down very low after the promo period.  I don't recall exactly but maybe 0.25%.  Wasn't worth staying with the account after the promo period.
Anonymous
Anonymous   |     |   Comment #3
in TX. i just went to check rate at my local Captialone branch and they have no clue about 1.25 rate
larkin
larkin   |     |   Comment #4
zip code-dependent...more games.
Anonymous
Anonymous   |     |   Comment #6
Capital One is incredible with the game playing.  My wife parked significant money there for a somewhat decent rate (~1%) and then didn't notice when they quietly lowered it to almost nothing (~0,05%).  
larkin
larkin   |     |   Comment #7
If you want to jump through the hoops - I opened an account about a year ago, got the bonus rate and then went to the branch intent on closing it when the rate dropped six months later.  The branch rep convinced me to transfer the money into my checking account and come back the next day, open a new savings account and I would get the bonus rate for another 6 months.  Nearing the end again, not sure it's worth the hassle.
Anonymous
Anonymous   |     |   Comment #8
Branch in Chevy Chase Maryland says the 1.25% rate is not available (11-3-15).
Capital One Bank Raises Rate On Essential Savings To Competitive Level

Capital One Bank has just introduced two promotional rates for its Essential Savings account:

1.25% APY for balances $10K -$1M

0.40% APY for balances $1M+

Balances below $10K earn a non-promotional rate of 0.10% APY.

These promotional rates are only available to new customers and will expire six months after account opening. Following the initial six months, a standard APY will be applied to the entire balance of the Essential Savings account. There are no monthly service fees and the Essential Savings account can be opened with a $5...

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