Capital 1 interest rate

[maloney]

Did everyone else's interest rate go down to .8%?

[coffeebean]

Yes, and money market accounts are now 1.9%

[kadams767]

My money market went to 1.9%.

[tripleshot]

I’ve had my savings at capital one for a really long time and I love their sub accounts but I wonder if I should move it somewhere else? I have sub accounts for efund, vacation, insurance, taxes, dog medical, and Christmas. We pull money from all the accounts once or twice a year. The efund has about $12k. Are you considering moving your money? I’m not familiar with a lot of the banks on this list.
www.nerdwallet.com/best/banking/savings-rates

[Susie]

tripleshot , I've been with FNBO Direct (from that list) for over 10 years.  Their website isn't very full featured, there are no sub-accounts/etc., but no complaints and their interest rate is consistently excellent.

Right now I keep my e-fund in a Capital One MMA, and I keep savings that's intended for "stuff" in FNBO Direct.  My e-fund is the bigger fund by a large margin, so in theory I should swap what's in Capital One and FNBO Direct for more interest, or just combine them at FNBO.  But it's better for me to keep them separate.  Plus our e-fund stays well above $10k to get the better rate at Capital One, and our savings for stuff doesn't always stay >$10k, so I leave them where they are.  It's only .1% difference, not enough for me to upset the apple cart.  

Capital One also tends to do promos every so often that make up for the small hit on interest.  Last year there was a bonus if you transferred a certain $ amount via auto transfer within a certain period, for example.  I guess I'm justifying stasis, but it works for me.

[k3am]

The Fed cut interest rates twice in recent months and is expected to do so again this year, so they’ll likely cut it even further in the future. I would expect interest earnings across the board to follow suit, not just at Capital One.

Their drop on either account isn’t even at pace with the Fed rate drops, which is a plus for the consumer. I’ve had to drop my clients exception rates on deposits by 50-75bps in response to recent rate cuts. Those were not fun conversations.

[puppylove64]

My ally rate has been dropping too. I suspect they are dropping everywhere

[jlt19]

My BMO Harris MM went from 2.05% to 1.85% to .25%. I am PISSED.

If I didn't open it mostly to get a bonus, I'd be pulling everything out immediately.

[froggy76]

Capital One 360 has a new savings account called 360 performance savings. It's the same as the old savings account (which they don't seem to offer for new accounts) but the rate is 1.9% right now. You just need to set up a new account and move your savings (they won't change the account type for you).

The only issue is that you can't set up the performance savings as a joint account right now. I was told a couple weeks ago that I'd be able to add a joint account holder any day now, but the option still isn't there.

[jlt19]

Oct 25, 2019 9:55:34 GMT -5 froggy76 said:

Capital One 360 has a new savings account called 360 performance savings. It's the same as the old savings account (which they don't seem to offer for new accounts) but the rate is 1.9% right now. You just need to set up a new account and move your savings (they won't change the account type for you).

The only issue is that you can't set up the performance savings as a joint account right now. I was told a couple weeks ago that I'd be able to add a joint account holder any day now, but the option still isn't there.

Oooh, I like that. No minimum for that rate vs. the MM (which they don't seem to have either). I may wait until you can add a joint though. I JUST added DH as a joint on the checking like 2 weeks ago b/c originally when it was ING it couldn't have a joint. Wonder how long that's been available, lol.

[mslhb]

Oct 25, 2019 9:55:34 GMT -5 froggy76 said:

Capital One 360 has a new savings account called 360 performance savings. It's the same as the old savings account (which they don't seem to offer for new accounts) but the rate is 1.9% right now. You just need to set up a new account and move your savings (they won't change the account type for you).

The only issue is that you can't set up the performance savings as a joint account right now. I was told a couple weeks ago that I'd be able to add a joint account holder any day now, but the option still isn't there.

Thank you for posting!! I have one money market account with capital one 360 that was getting this rate but the minimum was pretty high. I have like 4 other save to spend accounts that were getting the lower rate. I just started opening new ones and switching the balances over. Process seems pretty easy.

[maloney]

Are you guys closing your 360 accounts if you've opened a new performance and transferred the money? I'm annoyed that I have 2 of each account on my home screen.

[jlt19]

Oct 28, 2019 16:31:59 GMT -5 maloney said:

Are you guys closing your 360 accounts if you've opened a new performance and transferred the money? I'm annoyed that I have 2 of each account on my home screen.

I haven't changed anything yet but long ago when it was still ING, I had like 6 different savings accounts. I finally combined to one (now the MM) but they're still there. I have seen no way to close them online. I probably could call, but I don't like talking to people.

[k3am]

Susie, this is where I found out about it.