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Capital One 360 is an excellent option overall if you'd like to bank with a popular online financial institution with great savings rates. It's also listed as one of our best online banks because it has strong customer service and manageable bank accounts.
Capital One Savings Rates
The
Capital One pays much higher rates than you'll earn with brick-and-mortar banks. You may find better rates at other online banks, but because rates fluctuate, the bank with the highest rate will depend on when you look.
Capital One Savings Pros and Cons
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How Capital One Savings Rates Compare
Capital One Savings vs. Ally Savings
Ally savings rates work similarly to the rates at Capital One. Both pay above the national average on all balances, compound interest daily, and pay interest monthly. Currently, the Ally Savings Account pays
Both banks also have savings features that allow you to set multiple savings goals in one account. For example, you could create a goal to set aside money for "Emergency Savings" and "Travel Fund," and track your progress over time.
Your choice between the two banks may ultimately depend on what you prioritize in your banking experience.
Capital One is considered an online bank, but it also has over 280 branches in eight US states and DC. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face.
If you'd like to open other types of savings accounts, also note that Ally has a money market account while Capital One doesn't.
Capital One Savings vs. CIT Bank Savings
CIT Bank may be a better option if you're looking for a high interest rate on a savings account.
You can choose between two savings accounts: CIT Bank Savings Connect and CIT Platinum Savings. CIT Bank Savings Connect pays
Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn't mean that will always be the case.
If you'd like to open a savings account with a
Why You Should Trust Us: How We Reviewed Capital One 360 Performance Savings
We rate bank accounts on a scale from zero to five stars. For our savings account review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to determine savings account ratings.