Capital One Bank Review | The Ascent by Motley Fool

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Capital One offers four savings accounts, which are discussed in detail below.

Capital One 360 Performance Savings

The Capital One 360 Performance Savings account will appeal to the majority of people. It has a reasonably high APY with no monthly maintenance fees. Another plus: There are no minimum balance requirements to open the account or earn interest.

The majority of Capital One customers will do all of their banking online via its mobile apps and online accounts. For those who prefer to bank in person, it also has a number of ATMs and Capital One branches in several states.

Capital One Kids Savings account

The Capital One Kids Savings account is designed for children under 18. Parents can set up either an account in their child’s name alone or a joint account. The Kids Savings account has a fairly high APY, though the rates are not quite as high as the 360 Performance Savings account. Additionally, there are no account minimums or monthly fees.

This account enables you or your child to set up savings goals to help establish good financial habits. You can also set up automatic transfers from your account to theirs. Additionally, your child’s account automatically switches to a Capital One 360 Performance Savings account when they turn 18.

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Capital One 360 IRA Savings

The Capital One 360 IRA Savings account is essentially the same as the 360 Performance Savings account except it exists in your IRA. That means you can’t withdraw your funds without penalty before 59 1/2. It’s available in traditional and Roth varieties, so you can choose the one that provides you the greatest tax advantage.

Capital One Business Advantage Savings

The Capital One Business Advantage Savings account is aimed at small business owners. It has a waivable monthly fee. Its APY, while still well above average, isn’t quite as high as those on its personal savings accounts. This makes it a bit more like a brick-and-mortar account than Capital One’s other savings accounts.

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