Capital One 360 Performance Savings

[Thrif-t]

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 - Public Service Announcement

For those of you who are unaware (as I was prior to yesterday), Capital One changed their savings account options a few months back without notifying existing customers. (They only have the guy in the commercial walking through the coffee shop quoting a 5x national average savings rate.)
I've listed the Old vs. New comparison below. Note that the interest rates are significantly different, so if you're a current customer and have not yet made the change, I'd encourage you to do so. OLD ACCOUNTS

360 Savings - 0.6% Interest
360 Money Market - 1.5% Interest NEW ACCOUNT

360 Performance Savings - 1.7% Interest

[disneysteve]

Interesting. I just went to their website. The Performance Savings is the ONLY option they show now. And it has no minimum balance for the 1.7% rate. One of the reasons I left them for Ally was because they previously had a $10,000 minimum for the good rate. With less than that, you got a crappy rate. They also seemed to constantly lag behind Ally in increasing their rate during the period when rates were climbing. I haven't kept up with how the two compare in trimming rates since they've been heading down.

Pretty sleazy of them to not notify existing customers of this change, though. One more reason I'd recommend Ally.

[Jluke]

This annoyed me. I had opened the money market account awhile back. Then noticed the performance savings account became available some time in 2019.

i have $2 in the old savings account and almost 50k in the money market. Not sure if I’ll open the performance one now. Only 0.2 difference.

i have other accounts linked to CapOne so don’t want to lose that transfer option.

[scfr]

I hate it when that happens!
Sometimes if you complain the bank will match the new account rate for you.

[Nutria]

i have $2 in the old savings account and almost 50k in the money market. Not sure if I’ll open the performance one now. Only 0.2 difference.

I can't even find MM accounts on their web site.

[SavingBucks]

Thank you for this information! DH and I each have 2 accts there and no notifications from them! Will be looking for better options.....

[Petunia 100]

Wow, that seems VERY shady to me. I would switch online banks on principal; it is so easy to do.

[MaryKay]

Thanks for this post, Thrif-t I was considering putting some of our savings in the 360 high performance savings because it was earning a slightly higher rate then Ally...where we've had our account for at least 8 years and been very satisfied with their service. I think I'll leave my money where it is

[Jluke]

CapOne as of 1/20/2020

Savings: 0.6%
Money Market: 1.5%
Performance Savings: 1.7%

savings was always lower than money market (10k or more) but MM is obsolete although I still have that account since it appears they won’t auto update to the new performance savings.

[MaryKay]

We've had Ally savings and their CC for many years and have been very satisfied with their service. When we needed to take money from savings it was within a day or two. One of the reasons I used Ally CC mostly for everything was because the cashback rewards could be deposited right to our savings account. Then, a few months ago, we got a letter from Ally saying the CC services had been sold to TD Bank. I would no longer have the opportunity to put those cashback rewards into the savings at Ally. I looked at 360 and was tempted to transfer some of our savings because Ally had just dropped to 1.6%. After reading several posts about 360, I decided it wasn't worth changing for a measly .1%. We're sticking with Ally

[riverwed070707]

Timely for this to pop up. I asked a little while back about where I should switch my daily checking to and 360 came up several times. Ended up moving there because I already had an account with them and my other external accounts linked so it was a pretty seamless transition. Also liked that they have an extensive network of ATMs with no fees and no international transaction fees.

I won't go into the lengthy version of the story but my card did not work at most ATM locations in the country. Places where I'd used a card when traveling to this country before and where others I was traveling with on this trip were able to withdraw money. Also was not able to use it at a restaurant and had to cover with my CC and consequently pay international fees. Further, at one point, I was in such dire need of cash and after having driven more than 50 miles trying several ATMs (which would not have even been possible if I had not had a rental car, which most people don't in this area) I called Capital One, paying international call time, and they told me my card was fine. Literally no help at all. Finally concluded on my own that there are certain types of ATMs/Banks the card doesn't work with AND neither my app nor Capital One could tell me by phone where I could find an ATM that would work with my card. It was insanely stressful and has me second guessing my decision to move over even though I only take trips like that once a year or so.

[Thrif-t]

riverwed070707 your snafu was using your card in a foreign country? Not the USA right?

[riverwed070707]

riverwed070707 your snafu was using your card in a foreign country? Not the USA right?

Correct. Sorry that was not very clear. It was important to me to have a card with no foreign transaction fees but they failed to mention it just plain wouldn't work at a number of international vendors and ATMs. It was a really stressful and frustrating experience to be in a foreign country with no access to my money, especially in a place were many places don't accept credit cards which was my only back up.

[disneysteve]

Correct. Sorry that was not very clear. It was important to me to have a card with no foreign transaction fees but they failed to mention it just plain wouldn't work at a number of international vendors and ATMs. It was a really stressful and frustrating experience to be in a foreign country with no access to my money, especially in a place were many places don't accept credit cards which was my only back up.

Not a cheap option but if you ever find yourself in that situation again, see if you can get a cash advance on your credit card.

[riverwed070707]

Not a cheap option but if you ever find yourself in that situation again, see if you can get a cash advance on your credit card.

Crossed my mind. And then I realized I didn't even know how to do that haha. I'll be more prepared next time... and probably leave with a lot more cash on hand