Tuesday, 27 October 2020

Capital One Review: Savings, Checking, CD Rates, Money Market, and IRA Accounts

Capital One Review: Savings, Checking, CD Rates, Money Market, and IRA Accounts
01 Apr
9:48
Capital One’s Most Popular Accounts

APY

Account Type

Account Name

2.00%

Money Market

Capital One 360 Money Market

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on Capital One’s secure website

Member FDIC

2.70%

CD Rates

Capital One 12 Month 360 CD

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on Capital One’s secure website

Member FDIC

2.80%

CD Rates

Capital One 24 Month 360 CD

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on Capital One’s secure website

Member FDIC

Capital One CD rates

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How Capital One’s CD rates compare

Capital One has some of the best CD rates available. What makes its CD stand out even more is that there is no minimum deposit amount and the early withdrawal penalties are one of the lowest.

Capital One’s Money Market account

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How Capital One’s 360 Money Market® account compares

Capital One’s 360 Money Market® account is one of the best money market accounts available. While the higher APY is tied to a higher balance amount, you don’t need to maintain a certain balance amount in order to avoid fees. Much like Capital One’s other accounts, their money market account is fee-free. Another unique aspect of this account is that Capital One will provide a 360 Money Market Card that you’re able to use at ATMs. Just keep in mind that you’ll be limited to withdrawing $1,000 per day and that by Federal law, you can only withdraw from this account six times per statement cycle.

Capital One’s savings account

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Capital One checking accounts

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How Capital One’s checking account compares

Capital One’s checking account rates are tiered, which means the highest APY is tied to the highest balance amount. If you’re able to keep a high balance in a checking account, you’ll be able to earn some of the best rates for a checking account. Keep in mind, however, that being able to earn interest on a checking account is not the important feature, it’s more of a bonus. What you’ll want to pay more attention to are the fees that may be associated with the account. Capital One doesn’t charge any monthly fees and using an ATM is free as long as you use a Capital One or AllPoint ATM.

Capital One IRA accounts

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How Capital One’s IRA CD rates compares

Capital One has some of the best IRA CD rates. Not only do they have great rates, but they also don’t require a minimum amount to open the account – which is rare. Starting with the 12-month IRA CD, Capital One offers a higher rate of return than the IRA savings account, so unless you need your retirement funds very soon, it makes sense to put conservative IRA investments into one of these CDs.

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Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/capital-one1184191264/

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