topic Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker in Personal Finance

Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Tue, 20 Jun 2017 06:03:09 GMT

I currently have a "high interest" Savings account with Capital One 360.

Unfortunately and comparatively (to how it was years ago), it really is not "high interest". I logged into my account (as I do every so often to check the interest) and saw measly numbers. I looked up the APY customer payments for a Capital One 360 Savings account and it is a measly, .75%. Back when the account was with ING Direct, the account was regularly above 1%. I realize the APY has a lot of do with the markets but I know there are better options out there.

Back when the account was with ING, before Capital One bought them out, ING regularly posted changes to the APY in a person’s account whenever they would occur. This did not matter if the APY went up or down. I really appreciated this transparency. Unfortunately, I don’t see Capital One doing this practice.

The point of this thread is to ask people here if there is a link/list somewhere of all of the Annual Percentage Yield (APY) made to people's Capital One 360 Savings accounts over the past 5 - 10 years. If there is, please provide the link as I have been unable to find this information.

If this information is not readily available, I would like to make this thread an APY tracker thread to manually keep track of the APY changes to Capital One 360 savings accounts over the past 5 - 10 years.

Also, I just recently did a search and saw that Capital One is "dropping the ball" and "lagging behind" other major banks in APYs of savings accounts over the years. Basically, I am looking at jumping ship. The thing is, I do not want to perpetually chase a higher interest rate and jump from bank to bank. I see that some banks temporarily raise their APY to the highest rate when starting out (or when established) to get new customers, only to drop the rate once they gain a significant number of customers. This is a shame. This is what Capital One did with us ING customers. ING was great. I am not happy with Capital One.

I want a bank that has consistently offered among the highest APY of savings accounts over the past 5 years. The banks does not have to be the highest at any given point (competitive banks can artificially inflate their APYs to gather customers, then drop the rate (similar to what Capital One did).

What is a bank that has offered among the highest APYs over the past 5 - 10 years, with no strings attached (annual fees, etc.)?

Thank you

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Wed, 28 Jun 2017 00:38:05 GMT

Anyone?

What is a bank that has offered among the highest APYs for a savings account over the past 5 - 10 years, with no strings attached (annual fees, etc.)?

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Moneyklutz — Wed, 28 Jun 2017 01:01:48 GMT

Don't know about the last 5-10 years but I've been using Ally bank for over a year now for both checking and savings with no issues. Currently they are paying me 1.05% on savings and .1% on checking. Both are totally free accounts. Their website is easy to use, bill pay/transfers work reliably and so far my experience with them has been stellar.

One thing to be aware of is that you cannot deposit cash. We get around that by using the wifes local US Bank whenever the occasion occurs. I have my paycheck direct deposited and any other checks we receive are easily deposited by using our phone and the Ally app.

I've also recommended Ally to my co-workers and friends/family based on my experience. Hope that helps?

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Wed, 28 Jun 2017 01:23:25 GMT

I have considered Ally bank but when you say "you can not deposit cash" do you mean you can not electronically send funds into this account? Also, while 1.05% savings is more then I am making now with Capital One, it does not see all that great of an APR.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Moneyklutz — Wed, 28 Jun 2017 01:26:16 GMT

You can electronically send funds from any other bank (we've used two, My original brick and mortar Rabo bank and US bank). You cannot deposit cash using an ATM though. I've read if you must go that route you can pay for/get a certified check and scan it using the phone app. Messy but workable

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Wed, 28 Jun 2017 01:28:51 GMT

Ok, thank you for your suggestion. I am open to more suggestions.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Moneyklutz — Wed, 28 Jun 2017 01:32:57 GMT

You bet...luck on your search! =)

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

mongstradamus — Wed, 28 Jun 2017 01:41:38 GMT

You could look at barclays or goldman sachs they both have rates that are well above 1%? I think both have min balance of 1 dollar and no fees

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Fri, 30 Jun 2017 16:02:32 GMT

@mongstradamus wrote:
You could look at barclays or goldman sachs they both have rates that are well above 1%? I think both have min balance of 1 dollar and no fees

Barclays has the Dream Account that gets 1.15% APY. It also has deposit and no withdrawl bonuses, but you are limited to depositing $1000 each month. I just looked goldman sachs and their savings account is 1.20% APY. I don't have either account, but they both seem like good options.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Fri, 30 Jun 2017 21:51:57 GMT

Hwo much money do you estimate you'll have in this account? E.g. between 2 and 3k? Between 10 and 15k? The best account for you depends a good deal on your answer here.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

rebound2014 — Mon, 03 Jul 2017 17:43:53 GMT

Discover is at 1.1%. No minimum opening deposit, daily balance or otherwise "minimums" required. No fees whatsoever and you can deposit via mailed check, ACH or wire.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Moneyklutz — Mon, 03 Jul 2017 18:49:40 GMT

Ally just bumped up their APY rate to 1.15% on July 1st.. being that the Fed continues to increase the Prime Rate, I'd wager you'll see the others listed in this thread go up as well.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Mon, 03 Jul 2017 20:07:47 GMT

In addition to getting a high yield savings, have you also thought of opening a checking or savings to just get the bank account bonus? There's a post on doctor of credit about this subject. Each bank has a different requirement; like direct deposit, minimum deposit, etc. I think I'm doing the math right, but be sure to correct me if I'm wrong. The goldman sachs has a APY of 1.20%. If you deposit 5K in there, and just let it sit, you'll have $5,060 at the end of the year. With some of these bouses, you could get $200 or $300 per account. If you don't like it, you could close it after a year. It's not much different from people that churn credit cards.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Mon, 03 Jul 2017 22:01:05 GMT

In my "high interest" savings account with Capital One, I have between $3,000 - $4,000. I usually do not touch this money. I also have 3 other banks that I have about $6,000 scattered about throughout them (about $2,000 in each). I do this for protection in case one of my accounts gets hacked and the funds get drained. I do not want to put all my eggs in one basket in case of account password steals and account breaches. I also do not touch these other accounts except for my main account with USAA. USAA savings account rate is terrible compared to the higher rate guys. I do love USAA though for other reasons so I will keep USAA as my main bank.

So basically I have Capital One and 2 other accounts that I have funds in that I do not touch. Between all my accounts, I have a total amount of about $8,000 to $10,000 cash value (usually closer to $8,000 or 9,000 depending on montly expenditures).

Basically, according to all of your replies and some of my research, it looks like Goldman Sachs may be the best option to just rest money and gain the most (non risk) interest.

Please keep the suggestions comming. Remember, I am interested in banks that are not artificially raising the interest rates high just to gain new members. I am not interested in constantly chasing higher rates only to have the bank dump the rate once a desired member quota is reached. I would like the best rate banks that have consistently held the highest interest rates over the past 5 years (or longer). The particular suggested bank doesn't have the highest APY, just amount the highest APYs for the longest period of time.

Thank you for your replies.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Tue, 04 Jul 2017 14:38:24 GMT

Good. So you have between 8k and 10k in the bank at all times (as pure cash -- not stocks or bonds or CDs etc.).

A lot of the highest interest accounts you are going to hear about will vary between 1% and 1.25%. If you do the math, this means that even in the best case scenario, you are making about $100 in interest -- and that $100 is taxable. So at the end of the day it may be smaller still. E.g. perhaps $70.

So a crucial thing to consider is: do I actually care? Is it especially important to me whether I make $70 a year vs. $78? This is the spread you are likely to get by choosing accounts based on a 1% vs. a 1.11% rate, say. Is all the work I do comparing and opening new accounts worth the extra $8?

Also worth considering is whether you'd rather make a lot more -- e.g. $500 or $1000. You could easily do that by opening a few bank accounts each year that have bank bonuses. Doctor of Credit is (as the other commenter suggested) a good place to go to find out more about that.

http://www.doctorofcredit.com/a-beginners-guide-to-bank-account-bonuses/

http://www.doctorofcredit.com/best-bank-account-bonuses/

I usually make about $1500 a year that way.

DoC also has a good piece on high interest savings/checking accounts:

http://www.doctorofcredit.com/high-interest-savings-to-get/

This 5% option might be a nice choice if you want to park $5k and leave it there:

http://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

DaveInAZ — Wed, 05 Jul 2017 22:47:56 GMT

@Anonymous wrote:
Good. So you have between 8k and 10k in the bank at all times (as pure cash -- not stocks or bonds or CDs etc.).

A lot of the highest interest accounts you are going to hear about will vary between 1% and 1.25%. If you do the math, this means that even in the best case scenario, you are making about $100 in interest -- and that $100 is taxable. So at the end of the day it may be smaller still. E.g. perhaps $70.

So a crucial thing to consider is: do I actually care? Is it especially important to me whether I make $70 a year vs. $78? This is the spread you are likely to get by choosing accounts based on a 1% vs. a 1.11% rate, say. Is all the work I do comparing and opening new accounts worth the extra $8?

Also worth considering is whether you'd rather make a lot more -- e.g. $500 or $1000. You could easily do that by opening a few bank accounts each year that have bank bonuses. Doctor of Credit is (as the other commenter suggested) a good place to go to find out more about that.

http://www.doctorofcredit.com/a-beginners-guide-to-bank-account-bonuses/

http://www.doctorofcredit.com/best-bank-account-bonuses/

I usually make about $1500 a year that way.

DoC also has a good piece on high interest savings/checking accounts:

http://www.doctorofcredit.com/high-interest-savings-to-get/

This 5% option might be a nice choice if you want to park $5k and leave it there:

http://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/

Wow, $1500/yr.? Impressive! The most I ever did was $600. I limit new bank account bonuses for 2 reasons: 1) Direct Deposit requirements. I work for the local county and they HATE changes in payroll direct deposits. I made the 2nd change this year last month and they suddenly claim a "new rule" that the 1st pay after a DD change has to a printed check they mail to me. But I see on that DoC Beginners Guide there's ways to use ACH deposits to get around the DD requirements. And 2) I worry that too many new bank accounts would raise red flags on my Chex/EWS reports. DoC doesn't mention that in his Beginners Guide.You're not concerned about the effect of too many new bank accounts on Chex/EWS/Lexus-Nexis?

And bank new account bonuses are taxable as interest, while credit card spend bonuses aren't. But that's not a biggie, if extra income is going to result in me owing taxes I just figure out how much extra I need to stash in my IRA to eliminate the tax liability.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Thu, 06 Jul 2017 00:12:37 GMT

What a great reply Credit Guy in Dixie, thank you! On a side note, look at where Captial One is placed on its offerings for it APY. Ill give you a hint, its not a spot you want to be in.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

gdale6 — Thu, 06 Jul 2017 02:47:12 GMT

Interest rates offered typically are higher if the institution offering them is looking to boost their bottom line. My local bank doesnt need any capital so they never even raised them off the lousy 1/10 of 1% as the fed has been raising the rates.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

Anonymous — Thu, 06 Jul 2017 23:17:48 GMT

My comments below in blue. :-)

@DaveInAZ wrote:

Wow, $1500/yr.? Impressive! The most I ever did was $600. I limit new bank account bonuses for 2 reasons: 1) Direct Deposit requirements. I work for the local county and they HATE changes in payroll direct deposits. I made the 2nd change this year last month and they suddenly claim a "new rule" that the 1st pay after a DD change has to a printed check they mail to me.

I am lucky that way. At my place of work it is all computerized. In theory I could change banks every paycheck (every two weeks). Takes about a minute to make the change.

But I see on that DoC Beginners Guide there's ways to use ACH deposits to get around the DD requirements.

Yeah, they have a dedicated page devoted just to describing which banks permit ACH as a direct deposit and which do not. And each review of a bank bonus tells you that too.

And 2) I worry that too many new bank accounts would raise red flags on my Chex/EWS reports. DoC doesn't mention that in his Beginners Guide.You're not concerned about the effect of too many new bank accounts on Chex/EWS/Lexus-Nexis?

I went into the bank account chasing "garden" in February of this year, prompted in part by my first bank account app rejection notice due to too many inquiries. Aside from hurt feelings it's not a big deal. Just means you need to stay out of the game for a while. And I had a LOT of inquiries. Partly it was Regions fault for screwing up an app and doing way too many inquiries (accident on their part).

And bank new account bonuses are taxable as interest, while credit card spend bonuses aren't. But that's not a biggie, if extra income is going to result in me owing taxes I just figure out how much extra I need to stash in my IRA to eliminate the tax liability.

Pursuing bank account bonsus vs. CC bonuses can be a Both-And. You open the credit card, make a few small purchases on it, then open a bank account, and use the card to "fund" the bank account, thus meeting the minimum spend req for the card. Nice way to snap up two big bonuses.

Re: Capital One 360 Savings Account - Annual Percentage Yield (APY) tracker

toostoosh — Mon, 24 Jul 2017 02:35:47 GMT

I use Synchrony Bank's High Yield Savings account. I believe that they're at 1.15% currently. Also, they issue an ATM card. They have one of the highest rates that doesn't require a min balance.