Capital One: Checking, Savings, and CD Rates Review

Shawn Plummer

CEO, The Annuity Expert

Capital One provides money-saving products, including competitive CD rates, money market accounts, and savings accounts. This guide will compare Capital One’s rates to CD, money market, and savings account rates from the top banks in the USA.

Use a CD calculator to compare taxable and tax-deferred rates of return.

Let’s take a look!

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview Annuity2.85%
36 MonthsCanvas Annuity3.80%
48 MonthsOceanview Annuity3.35%
60 MonthsAthene Annuity3.85%
72 MonthsOceanview4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

360 Checking Account Rates

If you want to have a checking account but don’t want to pay monthly fees, Capital One 360 Checking is the place. There are no opening balance requirements, and you will earn 0.10% APY on all balances!

When you use their ATMs, you can also use Allpoint® and MoneyPass®. There are over 70,000 ATMs in the network.

TypeMinimum BalanceAPY
360 Checking Account$0.010.40%
*APY=Annual Percentage Yield.

Capital One 360 High Yield Savings Account Rates

Capital One offers a full range of banking services with savings accounts for a variety of customers. With competitive rates and highly accessible accounts – Capital One is one of the most popular banks in America.

The 360 Performance Savings account does not have a deposit requirement. There are no monthly fees.

TypeMinimum BalanceAPY
360 Performance Savings$0.010.40%
*APY=Annual Percentage Yield.

Money Market Rates

Capital One currently does not offer a money market account. Compare the best money market rates at other online banks.

Capital One CD Rates

Capital One has had high rates for deposit certificates. The current yield is competitive among other banks. There is no minimum deposit to open a Capital One 360 CD.

TermMinimum DepositAPY
6 Month$0.000.60%
1 Year$0.001.25%
18 Month$0.001.25%
2 Year$0.001.70%
3 Year$0.001.90%
4 Year$0.001.90%
5 Year$0.002.25%
APY = Annual Percentage Yield

Capital One 360 CDs have no maintenance fees. You don’t have to put in a specific amount of money to open an account. A CD is a place for money to stay for a long time. You cannot make any more deposits into this type of account. Once you open an account, you cannot touch it again until it matures. At that time, you can deposit more money, withdraw or transfer funds or renew the account.

If you take money out of your CD before it finishes, you will have to pay a penalty. For example, you will have to pay three months’ interest if the CD is for 12 months or less. If the CD is longer than that, you will have to pay six months interest penalty.

Want more options? See the best CD rates.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 2.85%
  • 3-YEAR TERM: 3.80%
  • 4-YEAR TERM: 3.70%
  • 5-YEAR TERM: 3.85%
  • 6-YEAR TERM: 4.30%
  • 7-YEAR TERM: 4.10%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

Capital One Vs.

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD RatesRateTermMinimum
Spectrum Federal Credit Union0.50% APY3 Months$500.00
Navy Federal Credit Union0.40% APY3 Months$1,000.00
Chevron Federal Credit Union0.50% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU0.80% APY6 Months$500.00
Edward Jones 0.75% APY6 Months$1,000.00
Charles Schwab0.80% APY6 Months$1,000.00

1 Year CD Rates

Best 12 Month CD RatesRateTermMinimum
CommunityWide FCU0.90% APY12 Months$1,000.00
Edward Jones1.20% APY12 Months$1,000.00
Charles Schwab1.40% APY12 Months$1,000.00

2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Amarillo National Bank1.75% APY24 Months$1,000.00
Edward Jones2.20% APY24 Months$1,000.00
Oceanview Fixed Annuity2.85% APY24 Months$80,000.00

3 Year CD Rates

Best 3-Year CD RatesRateTermMinimum
Edward Jones 2.55% APY36 Months$1,000.00
Canvas Annuity3.80% APY36 Months$2,500.00

4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
Edward Jones2.60% APY48 Months$1,000.00
Guggenheim3.05% APY48 Months$5,000.00

5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Edward Jones2.30% APY60 Months$1,000.00
Canvas Annuity3.80% APY60 Months$2,500.00

The Best Fixed Annuity Rates Today

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Annually
Canvas3 Years3.35%10% Annually
Oceanview4 Years3.35%10% Annually
Canvas5 Years3.35%10% Annually
Oceanview6 Years3.65%10% Annually
Canvas7 Years3.35%10% Annually

Key Takeaway – Retirement Income Planning

Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

Frequently Asked Questions

Are there any 6% CD rates available?

It’s no secret that CD rates have been on the decline for years, but are there still any 6% CD rates available? Unfortunately, the answer is no. CD rates at a bank, credit union, online bank, or financial institution haven’t had interest rates as high as 6 percent in over a decade. However, fixed annuities have peaked upwards of 4 percent in the last 10 years. So while 6% CD rates may be a thing of the past, there are still other options available for those looking to grow their money.

Learn the differences and benefits between Fixed Annuities and Certificates of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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