As part of its 360 suite, Capital One offers certificates of deposit (CDs) with a range of term lengths. Each term has a competitive interest rate, allowing you to maximize your savings no matter your savings goals. Your rates are locked in from the moment you open the account until the maturity date.
You can only open and manage Capital One 360 CDs online. This is made easier with the bank’s extensive online and mobile app features. They allow you to easily check on your accounts and make transactions. You can open up to 50 CDs at once with Capital One and you can access them all online and on mobile.
|360 CD®||Minimum Deposit||APY|
Consider opening an 11-Month No-Penalty CD with CIT at 2.05% APY with a $1,000 minimum opening deposit. This account offers a balance between a great fixed rate and flexible money access.
Overview of Capital One 360 CDs
Capital One 360 CDs do not charge any maintenance fee. You also don’t have to deposit a minimum amount in order to open an account. It’s important to remember that you cannot make any additional deposits into a CD. Once you open an account, you cannot touch it again until it reaches maturity. At that time, you can deposit more money, withdraw or transfer the funds or renew the account.
You will face a penalty for making any early withdrawals from your CD. For accounts with terms lasting 12 months or less, you’ll have to pay three months’ interest as a penalty. For longer accounts, you’ll have to pay six months’ interest. This penalty varies from financial institution to institution.
You can add beneficiaries to your Capital One CDs on your online account.
How Much You Earn With Capital One 360 Certificate of Deposits Over Time
As is the case with any account that earns interest, the larger your deposit, the more you’ll earn within a given time. Longer CD terms also tend to carry higher interest rates. So while you might go straight for the highest CD rates, you’ll likely have to wait years to access those funds. In that case, you may want to consider CD laddering. This simply means opening a number of CDs, each with a different maturity date. If you open four different CDs, that will allow you some extra income after, say, six months, 12 months, 30 months and 60 months.
Interest accrues daily and compounds monthly on Capital One 360 CDs. You can receive the earned interest on a monthly or yearly basis. The table below shows what your final balances could be according to various deposits and term lengths.
|Initial Deposit||6-Month CD||12-Month CD||60-Month CD|
How Capital One 360 CDs Rates Compare to Other Banks
Capital One offers some of the highest CD rates in the industry. As you can see in the accompanying table, its rates compete with other high-performing banks, like Ally and Marcus by Goldman Sachs. Whether Capital One has a higher rate than a competitor will depend on the term length. For example, Capital One offers a higher rate on its three-year terms, but the same or lower rates on other terms. Plus, Ally Bank offers rates according to balance tiers so you can often snag even higher rates with higher balances. The Ally Bank rates given below are of the
|CD Account||Capital One||Ally Bank||Marcus by Goldman Sachs|
Should You Get a Capital One 360 CD Account?
Opening a Capital One CD gives you the flexibility to save toward both short-term and long-term goals with its various term lengths. Whether you need a few extra dollars in six months or a hundred more in a few years, a CD can do that for you.
By not requiring a minimum deposit, Capital One allows you to open a CD with whatever savings you have available. However, don’t forget that you cannot make any additional deposits until the account reaches its maturity date.
Another important aspect of CDs is that you cannot easily make withdrawals at any time. If you think you’re likely to need constant withdrawals, you may want to consider a savings account instead. That way, you’ll be able to access your funds six times each statement cycle, instead of once every few months or years.
For a great fixed rate and flexible money access consider opening an 11-Month No-Penalty CD with CIT at a 2.05% APY with a $1,000 minimum opening deposit.