Capital One Savings and CD Rates: How Do They Compare?

Photo to accompany a story about Capital One interest rates
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Capital One’s online banking division is a good hybrid banking option with competitive rates across multiple different account types. 

The bank’s 360 Performance Savings and 360 CDs even rank among NextAdvisor’s top high-yield savings accounts and top CDs today. We like Capital One’s 360 savings options for the lack of fees, highly rated mobile app and customer service options, and multiple ways to access your money. 

But if you’re looking for a way to maximize your savings — whether for an emergency fund or other future savings goal — it can help to compare a few different options before you open a new account. There are other online banking options that also have competitive rates and account options that may better suit your financial needs.

Here’s more about Capital One’s savings and CD interest rates, and how the bank compares to other top accounts today:

Capital One Savings Rates

Capital One’s primary online savings account is its 360 Performance Savings high-yield savings account. There’s also a Kids Savings Account designed to help children under the age of 18 start saving. 

The chart below shows the current interest rates offered, plus other account details.

Account NameAnnual Percentage Yield (APY)Minimum DepositFees
360 Performance Savings3.00%No minimum depositNo monthly account fees
Kids Savings Account0.30%No minimum depositNo monthly account fees

Note: The above APYs are accurate as of Nov. 25, 2022. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

One big benefit of Capital One’s savings accounts is the lack of any fees or minimum balance requirements. This means you don’t have to worry about maintaining a specific amount in your account to avoid monthly service fees. Plus, it’s easy to begin saving smaller amounts of money right away — even if you have no starting balance.

How do Capital One savings rates compare?

Capital One offers a great interest rate on its savings accounts. At the current 3.00% APY, it’s more than 12X the current 0.24% national average savings rate.

However, this low average is skewed by a range of traditional savings accounts from large brick-and-mortar banks, many of which only offer around .01% APY.

Compared to other top high-yield savings accounts, generally from online banks, Capital One’s 360 Performance Savings is still a strong choice. But there are some accounts with higher rates today (some even nearing 4.00% APY) that also charge no fees or minimums. 

Read More: The Highest Savings Account Rate Right Now

Capital One CD Rates

Capital One also offers certificates of deposit (CDs) with competitive rates and flexible terms ranging from six months to five years. Like its savings account, Capital One’s 360 CDs have no monthly fees and no minimum balance requirement.

The chart below is an overview of Capital One’s CD rates by term and more details.

CD TermAnnual Percentage Yield (APY)Minimum Deposit
6 Months2.70%None
9 Months2.70%None
12 Months4.00%None
18 Months4.05%None
24 Months4.10%None
30 Months4.10%None
36 Months4.15%None
48 Months4.20%None
60 Months4.25%None

Note: The above APYs are accurate as of Nov. 25, 2022. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

While Capital One 360 CDs charge no monthly fees, you will face a fee for early withdrawal — which is standard among CD accounts. You’ll pay the equivalent of three months’ interest for early withdrawal from 12-month or shorter CD terms, and six months’ interest on CDs with terms greater than 12 months.

How do Capital One CD rates compare?

Capital One CD rates are highly competitive, and also benefit from the lack of fees or minimum balance requirements — especially compared to banks with CD minimums of $1,000, $2,500, or even more. 

Compared to national average CD rates — which also include very low rates from brick-and-mortar banks — Capital One’s 360 CDs are very high: the current average yield for a six-month CD is just 0.52% APY, while a 12-month CD earns .71% on average and the average five year CD yield is 0.98%. 

Among the best CD rates from high-yield accounts, Capital One is a good choice. However, there are some accounts that may offer better returns for the CD term you’re looking for today. It’s always a good idea to compare multiple options before opening.

Read More: The Highest Short-Term CD Rates Right Now

Is Capital One a Good Choice for a Savings or CD Account?

Capital One is definitely a good choice for a savings account or a certificate of deposit (CD). 

Not only does Capital One offer competitive rates on their online banking products, but they don’t have any monthly maintenance fees or minimum balance requirements. And among the online banks we’ve reviewed, Capital One ranks highly for its easy-to-use online and mobile banking features, communication options, and high customer satisfaction ratings.

However, there are some drawbacks to consider before you open a new account. For one, if you’re looking for the absolute highest rates, you’ll need to look elsewhere. Capital One’s CD options are also limited compared to some banks which offer different types of CDs (like no-penalty and bump-up CDs) that may be more flexible. 

Before you open any new bank account, it’s smart to compare all the best options out there to find the right fit for your goals. Especially in today’s rising rate environment, many online banks are quickly increasing interest rates and unveiling more competitive savings options that can help you maximize your savings balance. Across the board, savers are benefitting from much higher yields than we have seen for the last few years.

You can start by comparing different savings, CD, and money market account options — including those from Capital One — to find the best fit for you. Here are a few resources to help you get started: