For CD accounts longer than 12 months, the penalty for withdrawing early is 6 months of interest. For 12 month CD accounts (or less), the penalty for withdrawing early is 3 months of interest. However, like with any CD account, there is a penalty for withdrawal prior to the end of your CD term. You can always decide to withdraw your money early. You can change the account that receives the disbursement at any time.Ĭan I withdraw my money before the CD term is over? You can also choose to receive interest payments by transfer to another Capital One account or by transfer to an external linked account. You can choose to receive CD interest disbursements on a monthly or yearly basis (on the anniversary date of the account opening) based on the schedule that works best for you. Three of the most useful ones include:Ĭapital One 360 CD interest is accrued daily and is compounded and credited to your CD account monthly. Important Capital One 360 CD FeaturesĬapital One used to offer IRA 360 CDs, but they are no longer available.Ĭapital One 360 CDs have no minimum opening deposit requirement, “however, your Certificate of Deposit account may not exceed $1,000,000.”Īt the bottom of Capital One’s Online CDs page, is the FAQ section. For more details, please refer to my 2019 review of the 360 Performance Savings account. The 360 Performance Savings account is a typical online savings account with no minimum balance requirements and no monthly maintenance fees. Currently, the 360 Savings Account earns only 0.30% APY, and the 360 Money Market Account earns only 0.80% APY. Capital One has kept the rates on those old accounts low. For new accounts, it replaced the 360 Savings Account (which used to be the original ING Direct Orange savings account) and the 360 Money Market Account (which was launched in 2016.) For those who had opened those old accounts, it’s definitely time to move any funds in those accounts into the 360 Performance Savings account or higher-rate accounts at other banks. The 360 Performance Savings account was launched in late 2019. ![]() While the rate increased in 2022, it remained close to the average online savings account rate. It didn’t start moving up until April 2022. In 2021, the 360 Performance Savings rate was stuck at 0.40%, which was about 5 bps under the online savings account average rate. ![]() Many are now over 4%, and there’s even one with a 5.03% APY ( see review). The rate is far below the online savings account rates of many other online banks. Today’s rate increase of its 360 Performance Savings Account was small, with the rate rising just 10 bps to 3.40% APY. Unfortunately, Capital One didn’t reach a milestone with its savings account rate increase. Thanks to DA reader, PecEleCT, for the Forum post about this CD Special. I think many savers would have preferred a longer-term 5% CD since market expectations are high that rates will fall in the next year. Unfortunately, the 60-month CD rate fell to 4.10% APY last week. In December, it increased its 60-month CD rate to 4.40% APY. ![]() Last June, it offered a rate-leading 18-month CD. Capital One has offered a few competitive CDs in the last year. Last October, CIT Bank became the first major online bank to offer a CD with a 4.00% APY. To review more Capital One 360 CD rates, please refer to the rates section of the DA Capital One page. Interest on your account will be compounded and credited on a monthly basis. To secure the special rate, select an 11-month term when you open a Capital One 360 CD by. According to Capital One’s CD special page:
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