Capital One Online Savings Account Rates

Banks are eagerly competing in this economy to earn your business and some of them are offering high interest rates to entice you, especially online.  It will be a long time before we see rates as high as 5% as we did in the fall of 2008, and most traditional banks are offering and average of .25% APY for their savings accounts.  But a handful of financial institutions are offering much higher than that for an online savings account rates at  Capital One is one of them.

Capital One is offering 1.60% Annual Percentage Yield on their InterestPlus Online Savings Account.  This account does have a minimum deposit requirement to achieve all the interest benefits, but if you can maintain the requirement minimums, the details are great.  You will earn 1.60% APY with a minimum of $2,500 in your account.  You also receive an extra 10% of your interest every quarter if you have at least $15,000 on deposit or use a Capital One credit card at least one time during each month.

This is one of the best high yield interest savings accounts available among the top national banks.  Your money is FDIC insured and Capital One is a stable, secure company with $100 billion in deposits and 50 million customers.  There are no monthly fees for the account.  You get free, easy online transfers and they offer electronic statements for their customers who want to “Go Green” and are environmentally conscious.  There is a limit of 6 withdrawals per month.  The Capital One website has great rate calculators and earnings tools that will show you the benefits of their higher interest rates.

Opening the account is easy.  Log onto the website and give your personal information.  Indicate what type of account you need and whether you will need beneficiaries or joint owners.  Then indicate how you will make your deposit, either electronically or by sending a check.  You will get your packet in 10 days and can make simple online withdrawals/transfers to your personal checking account at any other bank if needed.

We, as consumers, should all have money in savings.  It is important to have money set aside for emergencies and long-term goals.  Banking online is safe if you do your research and check out the bank you are working with.  The rates offered for online savings accounts are sufficiently above the traditional offerings and you should check them out, it’s a great decision for your future.