Capital One 360 pays high rates on savings, but you might find better at other online banks

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The Capital One 360 Performance Savings account pays 0.65% APY on all account balances. This is significantly higher than the national average of 0.05%.

Capital One pays much higher rates than you’ll earn with brick-and-mortar banks, and it has branches in 8 US states and Washington DC. 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.

How Capital One savings rates compare

We’ve compared Capital One two two other online banks with high-yield savings accounts: Ally and CIT Bank.

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Capital One 360

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Ally High Yield Savings

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CIT Savings Builder

Savings APY

0.65% APY

Savings APY

0.80% APY

Savings APY

0.30% to 0.55% APY

Stand-out feature

Online and physical branches

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Savings buckets

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Higher APY for automatic savings

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Capital One savings rates vs. Ally savings rates

Capital One and Ally pay pretty similar savings rates. Both pay the same rate on all balances, compound interest daily, and pay interest monthly.

Your choice between Capital One and Ally might come down to which is paying the higher rate at the moment, but keep in mind that rates fluctuate. Just because one pays a better balance today doesn’t necessarily mean it will next week.

Capital One is considered an online bank, but it also has over 470 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.

But you may like Ally if its robust savings buckets feature appeals to you. Set multiple savings goals in one account, like “Emergency Savings” and “Travel Fund” so you can track all your goals in one place.

Capital One savings rates vs. CIT Bank savings rates

Unlike Capital One 360 Performance Savings, the CIT Bank Savings Builder High Yield Savings Account doesn’t pay everyone the same rate.

You’ll earn a higher APY if you either a) maintain a $25,000 balance, or b) receive at least $100 in direct deposits each month. Otherwise, your rate will be low compared to other online high-yield savings accounts. This can be good motivation to set up automatic savings, but if you can’t meet either requirement, then you’ll probably want to go with Capital One.

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.

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