Capital One 360 Performance Savings – Is It Worth It?

Table of Contents
  1. What is Capital One 360 Performance Savings?
  2. How to Convert Your Account from 360 Savings to Performance Savings
  3. CapitalOne 360 Performance Savings — up to [acf field="bonus" post_id="14204"]
  4. CapitalOne 360 Checking Account — $400
  5. How to Close Your Account Online
  6. Should You Open This Account?

Did you know that Capital One launched a brand new online savings account called 360 Performance Savings?

I sure didn't!

Unfortunately, it's not a particularly exciting new account.

I have a few accounts with Capital One Bank but they all were legacy ING Direct accounts. Capital One acquired ING Direct back in 2012 and I just kept going along with it. I was tempted to close them when I went through a big personal finance simplification phase, but I continued to use one as a bank account firewall with PayPal. It served a purpose, paid a competitive interest rate, so I left it alone.

When Capital One acquired ING Direct, all existing ING Direct accounts were converted to 360 Checking and 360 Savings accounts. For years, nothing substantial else changed.

But now that Capital One has a new banking product, it's time to pay a little bit more attention.

If you have an existing Capital One 360 Savings account, they did not automatically move you over to the new account. You are earning a lower interest rate until you change accounts – but before you just go and open a new 360 Performance Savings, be sure to take advantage of the bonus.

What is Capital One 360 Performance Savings?

It's Capital One's new name for their high-yield, no-fee online savings account. You get an interest rate of 0.40% APY with no minimums. Your funds are FDIC insured up to $250,000, there's a mobile app, and you can open it online in just a few minutes. It's a pretty run of the mill online savings account.

When Capital One started offering this “new” type of account, they took away their 360 Savings Accounts and 360 Money Market Accounts. It's now Performance Savings only.

If you're an existing Capital One 360 Savings customer, it's pretty much the same as before except you get a higher interest rate with the new account type.

Money market accounts have been falling out of favor in the last decade or so. In the past, they were useful because you could earn a higher interest rate and still have more than six transactions/transfers per month. Nowadays, with online banking and credit cards, there really isn't a useful place for your traditional money market account. It's no surprise that Capital One did away with it.

How to Convert Your Account from 360 Savings to Performance Savings

There doesn't appear to be a single button you press to convert an existing 360 Savings Account into a Performance Savings account.

You will have open a new Performance Savings account, transfer all of your funds from the 360 Savings to the Performance Savings, and then close your 360 Savings account.

Fortunately, opening a new account is simple, takes about five minutes, and I was able to do it all in about five minutes. Capital One prepopulates most of your information and you just have to enter in employment title, salary, and check off a few disclosure statements. You can even do it on a weekend (I did it on a Sunday).

Presto – nearly double the APY. It's not going to be a ton of money but it's like picking up a quarter on the sidewalk.

Sadly, the Capital One 360 Performance Savings new account promotion has ended. We keep the information below so you know what it used to be, just in case it comes back.

There is, however, a bonus for a 360 Money Market Account – details after the Performance Savings offer information.

CapitalOne 360 Performance Savings — up to

This offer has expired.

There's a bonus offer on this account too – Capital One is offering up to when you open an account using the promo code BONUS400. The bonus amount is tied to how much you transfer into the account within the first ten days – but this has to be new money to Capital One. You can't transfer from another account (sorry!). Then, maintain the required daily balance for 90 days and the bonus is deposited in 60 days.

The bonus is based on the deposit amount:

  • Deposit $10,000 and get a $100 cash bonus,
  • Deposit $20,000 and get a $200 cash bonus,
  • Deposit $30,000 and get a $300 cash bonus,
  • Deposit $40,000 and get a $400 cash bonus,
  • Deposit $50,000 and get a $500 cash bonus (this is the max)

You are only eligible if you haven't had an open savings or money market account (outside of a CD) as a primary or secondary holder on or after January 1, 2016.

CapitalOne 360 Checking Account — $400

Capital One has a $400 bonus for a new Capital One 360 Checking Account that is super easy to get. Just open an account by 1/26/2021 with the promotion code BONUS400.

Then, make 2 direct deposits totaling $1,000 or more within 60 days of opening your account – poof, $400 into your account like magic!

(Offer expired 1/26/2021)

If you can't meet the direct deposit requirement, there are a few bonuses based on debit card spend too:

Open a checking account by January 26, 2021 and spend at least the amount below to earn the bonus:

  • $300 within 90 days – get $100 when open with the promo code BANK100
  • $500 within 90 days – get $150 when open with the promo code UPTO250
  • $1,500 within 90 days – get $250 when open with the promo code UPTO250

(Offer expires 1/26/2021)

How to Close Your Account Online

Unfortunately, this no longer works. You have to call in.

First, log into your account as normal… then visit this link to access the old interface:

https://secure.capitalone360.com/myaccount/banking/account_summary.vm
(copy and paste it in the browser after you log in)

Then click on your account name in the list, followed by “Account Details” tab underneath your Routing Number and Account number. The site defaults to your list of transactions.

Then click on “Close your account” at the bottom:

There's a confirmation screen but then you're done:

Alternatively, you can call customer service to close your account. In the past, I've had success using the online chat to close an account too.

Should You Open This Account?

If you don't have an existing Capital One 360 Savings account, does it make sense to open a 360 Performance Savings?

The interest rate is competitive but I don't feel like there's a ton of added value with this account. For example, if you open an Ally Bank account, you get a 0.50% APY interest rate plus the ability to link up an Ally Invest account. Ally Invest is a brokerage account that gives you free trades on all U.S. stocks, ETFs, and options. (they also run cash bonuses for new brokerage accounts)

SoFi Money is a cash management account that pays 0.25% APY but also has SoFi Invest, another no commission stock brokerage. They'll also give you $50 when you deposit at least $500 - there is no direct deposit required, no maintenance fee – our full list of SoFi promotions is here.

I've always been a fan of how convenient it is to open accounts and manage savings goals with Capital One but I'm not sure it's a good option if you're opening a new account.

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Jim Wang

About Jim Wang

Jim Wang is a thirty-something father of three who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and a farm in Illinois via AcreTrader.

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  1. Scott Berg says

    Jim,
    Have never had any type of account with Capital One or banks they acquired and am considering opening a Capital One 360 Performance Savings account and get their bonus before May 31. Noticed that I must deposit money from an external BANK. I asked on the phone if they accept funds from a brokerage money market account (which is not a bank), to qualify for bonus, and they said “Yes”, but I’m not confident in that answer as it contradicts their written requirement that money must be from a bank. Do you know if money from a brokerage money market fund will qualify for the bonuses? Thanks. Appreciate your advice.

  2. Lan Hogue says

    Hi Jim,
    thanks for this article as I am trying to figure out whether to take advantage of an offer to earn $450 in 3 months if I add money to my existing 360 Money Market account. So, it seems they have not done away with it. Strange that they’d encourage me to add money to an account that on my app, tells me that it’s only earning .50% APY when the 360 Performance Savings account offer 1.0% APY. I’m not happy that they almost duped me into keeping an account that earns less than a new product they just launched. eye opener. here’s the link to what I connected to from the email I received from them.

    Lan

    https://www.capitalone.com/savesafe/?utm_source=DGBP&utm_source=sfmc&utm_medium=email&utm_medium=email&utm_campaign=05929_63514_360MMA_BalBld&utm_campaign=%2B95293_05929_63514_360MMA_Balance_Build_June2020_Drop1&utm_term=drop1&utm_term=&utm_content=learn_more&utm_content=77108&utm_id=0481470e-6955-4ab8-aee5-0e4e597ff265&sfmc_id=24433812&sfmc_activityid=098c0358-b6bd-45c7-9d4a-b0f17a44f0df

    • Jim Wang says

      Hi Lan – I did more research and it appears the Money market account is no longer available to new customers but they did offer this to existing customers. I think they did this to keep people in the existing account, which seems weird because why not consolidate?

      If you do the math, the bonus makes sense if you have $20k or $50k around.

      For the $20k offer, half a percent is ~$100 for a year and they’re giving you $150 for three months.

      For the $50k offer, half a percent is ~$250 a year. This is giving you $450 for three months, so you come out ahead by quite a bit just by keeping the MMA account for a little while longer.

      (of course, it requires you to have that much cash on hand)

  3. Beza says

    Looks like the only way to open Performance 360 Savings is to link an account from an external bank (sneaky they don’t mention this when they say you should open account to get better interest). You can’t just transfer money from another Capital One account. Even if I wanted to link an external bank, external bank might charge transaction fees.

    How to Open an Account: 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.

  4. Jackie says

    Hi Jim, thank you for posting. I just happened to look at my September statement and looked up my APR and saw that it was reduced to 0.399% last month as you discuss here. Now I understand why! My question is, I see rates of 0.5% for this new type of account, not 0.8% as you say – did I miss the boat on that?

    • Jim Wang says

      Their rates are constantly changing, especially since the Federal Research keeps rates low, so the rate you saw is what is active. You didn’t “miss” anything because it’s a savings account, everyone gets the same rate and it’s never locked in.

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