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PSA: Capital One Possibly Cutting Savings Rates, Bait and Switch

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  • #1

    PSA: Capital One Possibly Cutting Savings Rates, Bait and Switch

    FYI, I haven't confirmed this, but I'm hearing that Capital One cut the savings account rate to 0.6%. They now have a new savings account called "performance savings" with a better rate of 1.7%. So they cut their older accounts and added this new account, so if you want to get the 1.7% you have to contact them and manually switch it over.

    From what I gather this is pretty easy - you can do it on the web. The new performance savings is 1.7% on balances, more than their money market product.

    This is a shame as ING direct used to have the best rates, which is why a lot of people have Capital One accounts.
    james.c.hendrickson@gmail.com
    202.468.6043
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  • #2
    There is already a thread about this started a couple of weeks ago.

    Capital One 360 Performance Savings - Saving Advice Forums
    https://www.savingadvice.com/forums/forum/financial-chit-chat/investing-banking/704962-capital-one-360-performance-savings
    I'm reposting this from a FaceBook post because I know some here, as I, have 360 accounts. I converted all my accounts to the new performance savings online yesterday, it's easy to do, but I was a little miffed they just didn't automatically change over their old long standing customers to the new accounts. Capital One 360 -


    I'll go ahead and close this one. Head over there for discussion.
    Steve

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