Warning to anyone that banks with Capital One: your savings account rate went down significantly to 0.6%. They did a bait/switch on all of their users. They now have a new savings account called “performance savings” with a rate of 1.7%. They changed their old savings accounts to a much lower rate and started a new saving account with a new name that you need to manually switch over to. I just switched mine over so I’m back to 1.7%.
Edit #1: You don’t have to close one account to open a new account, nor do you have to call them. You can do it on their website or their app:
If you already have a savings account, to get the new high rate account:
- In the Capital One app, log in, then “profile”, then “browse financial products”, then “checking and savings”, then “360 performance savings”, then “open account”. Once opened, you should see all your accounts, and you can transfer money from the low yield account to the high yield account.
- In the website, go to their website. Then click the “Earn 5X the National Average Savings Rate” link above “Expect more with 360 Performance Savings”; that should take you here “www.capitalone.com/bank/savings-accounts/online-performance-savings-account/“. Then do “Open Account”; it will then ask you if you already have an account or not; proceed accordingly; if you already have an account, you’ll log in and it will add a new account for you.
Edit #2: Their money market account is 1.5% (for accounts over $10k) and is 0.6% (for accounts less than $10k). The new “performance savings” account is 1.7% for all balances.