|
|
|
|
|
|
Capital One Online Savings AccountRates, Yields, and Reviews Updated November 19, 2008
Capital One adds a new no fee, online-only savings account to its high-yield account lineup called the Online Savings Account. It offers the highest yield on a liquid Capital One account.
Account Features
Account Review
Unlike Capital One's other accounts – the High Yield Money Market and Rewards Money Market accounts - the Online Savings Account has a tiered structure where amounts up to $9,999 will earn one rate, and balances of $10,000 and a higher rate.
Opening the Online Savings Account
The Online Savings Account can only be opened online, which leaves out the option to open the account by phone or mail. It only takes a minimum deposit of $1 to open
Expect the account opening process to follow the typical steps of entering your personal information and choosing how you want to fund the account. You can choose to fund the savings account by a wire transfer, by check, or the most common way, by linking your current checking account to the Online Savings Account and electronically moving money between accounts.
If you choose to link your current checking account, you'll receive two small trial deposits into your current checking account to verify that the checking account is indeed yours.
After sign-up, Capital One will mail you an account acceptance form which you need to sign and send back to open your new Online Savings Account.
Transfering Funds
Transferring funds to and from the Online Savings Account is done by using Capital One's Online Banking platform. Once you log-in, you can pull money into the Online Savings Account from the checking account that you linked to during sign-up. Withdrawing money from the Online Savings Account is done the same way.
You are not stuck with linking only one checking account. You can link as many accounts as you want to the Online Savings Account. Accounts can be added by using Capital One's Online Banking system.
Another option to withdraw funds is by a wire transfer, but it's not a free transfer like the linked accounts. Capital One charges $20 per wire transfer.
Transfers out of the Online Savings Account are limited to six per month. Transfers require a minimum of $10 minimum per transfer. The maximum transfer amount is $250,000. Transfers normally take three to five business days to complete.
Capital One does not give check writing or ATM privileges with the Online Savings Account. If you want those extra options, consider opening the High Yield Money Market or Rewards Money Market account instead.
A Hard Credit Pull is Possible
Opening an account at Capital One may result in a hard credit pull which could lower your credit score. Not everyone will get a hard credit check, but Capital One does reserve the right to do one if they want.
Automated Savings Plan
Capital One offers a feature called the Automated Savings Plan where you can choose to have recurring deposits made into your Online Savings Account from your external accounts.
|
| ||||||||||||||||||||||||||||||
 |  | ||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
|
RSS
