Capital One 360 MMA vs. Performance Savings

[Susie]

I have our e-fund in a Capital One money market account, which has a minimum balance of $10k in order to get a variable interest rate, currently 1.5%.  Looking at a comparison of their current savings products (savings accounts and CDs), I don't see the MMA listed, but I do see a "360 Performance Savings" account at 1.7% with no minimums: 

www.capitalone.com/bank/open-an-account/

WTF, Capital One.  How long have I been getting 0.2% less than I could, within the same financial institution?  Sharing this as a PSA in case others are still only getting the 1.5%.

I'm pretty over Capital One's gimmicks and hoops.  Aside from FNBO Direct*, are there any other banks offering 1.7%+ right now?

*I like FNBO, and already have an account with them.  But I prefer to keep my e-fund and my "money for splurges" in separate accounts.

[k3am]

I switched all our MMA's over to Performance Savings a while ago. I think someone had posted about it here which made me look. It's a PITA. I have so many closed accounts with them.

[fryjack2]

Ughhhh. I just check our account. It took me forever to see where the interest rate is shown. Our biggest savings account ( we have 3 different ones with Capital One) is a 360 MM. Its getting 1.5%.

I'll have to open a performance savings account and move our money. Super annoying.

[kadams767]

On someones advice from here, I opened and moved most of my savings to an account at Wealthfront last year. The rate has dropped a bunch since then (like everywhere else), but is currentl 1.78%. I haven't had any issues or concerns with them yet.

[sadlebred]

If you aren't going to be using the savings for at least a year, it might be worth it to put it in a CD. Rates are around 2.0% for 12 months if you shop around.

[scm1011]

Wow, thanks so much for the PSA. My e-fund is also in a Cap One MM account.

[mlkgls]

I have the same one and have noticed the rate gradually trending down, but I’m not sure if it’s worth the hassle to me of moving for an extra 0.2%. I assume it will just continue to go down. I miss the days of 5%!

I also originally opened it thinking it would allow me to create separate, labeled sub-accounts and it doesn’t so I already have a general low level irritation with Capital One from the word go.

[flygirl]

I just switched all my accounts to the performance savings-absolutely annoying

[Cappy]

Related question -- Are there high interest savings alternatives to Capital One 360 that allow subdivision and naming of accounts? I've been there since the days of ING and this feature is what has kept me at the lower rate. I like having the ability to see my dashboard and list accounts by goal but I'd love to get a more competitive rate.

[farmvillelover]

Feb 22, 2020 9:24:40 GMT -5 Cappy said:

Related question -- Are there high interest savings alternatives to Capital One 360 that allow subdivision and naming of accounts? I've been there since the days of ING and this feature is what has kept me at the lower rate. I like having the ability to see my dashboard and list accounts by goal but I'd love to get a more competitive rate.

I think CIT is at 1.8 and I have a 3 subaccounts.

I still keep 360 since I have a lot of subaccounts there already.

[tripleshot]

Ugh, I had mine in a CO savings which was 0.6%. I just switched it. We only have about $15k, but that’s a lot of lost interest. Thanks for posting.

[protozoa]

Thanks for the heads up - that is super annoying!!

[jlt19]

I am pretty sure I got an email advertising the new account option months ago.

That said I've always been happy with 360 for the most part but I hate that I still have all of my old sub accounts still on my home page with no way to delete/close them. I guess I could call, but that's annoying too.

[icedcoffee]

I keep mine with Discover Bank and have no issues with them. Right now the online savings account is at 1.60%. I'm not going to move stuff around for .1%. I also have a few CD's at over 2% I like to ladder. I've never had issues with Discover Bank.

You can't break the money up into subaccounts, but I'm ok with that.

[shaynaatl]

For the new Cap one Performance Savings accounts, they do have a deposit bonus going on right now (looks like it expires March 31).

There's a bonus offer on this account too – Capital One is offering up to $500 when you open an account using the promo code NEW500. 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)


more details:

wallethacks.com/capital-one-360-performance-savings/

EDIT: Some conflicting info out there on whether current Cap One customers are eligible for this bonus.

[Susie]

I found a couple other attractive promos right now for anybody else interested moving on from Capital One.

CIBC, through 3/16/2020:  $200 bonus for new customers depositing $25k, and a $400 bonus for new customers depositing $50k.  1.85% APY.

us.cibc.com/en/agility/agility-savings.html?utrc=A45:3&dclid=CLC3iLmP_ecCFXyBgwgdr4sPVQ

CIT, through ?:  Open a Savings Builder account with a minimum of $100 and enter the promo code, Spring20.  Fund your account within 15 calendar days of the open date to meet one of the following balance requirements.  Bonus Deposit Requirement:  $150 bonus - balance of $25,000 to $49,999; $300 bonus - balance of $50,000 or more.  Maintain the minimum balance requirement for 90 calendar days following the end of the 15-day Funding Period to be eligible for the bonus.  1.75% APY.

cit.com/cit-bank/savings-builder-account-bonus-spring/?utm_source=PHANCO+LLC&utm_medium=affiliate&utm_campaign=7510910&cjevent=1c7c84a75cee11ea832900680a240614&utm_term=prospecting&utm_content=savingsbuilder_000_text_brand

I'm moving to CIBC.