She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. degree in Marketing at Boston University in 2022. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. For our savings account review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to determine savings account ratings.Įvelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. We rate bank accounts on a scale from zero to five stars. Why You Should Trust Us: How We Reviewed Capital One 360 Performance Savings It also offers a solid rate, but bear in mind the best high-yield savings accounts may offer even higher interest rates right now. The bottom line: Capital One 360 Performance Savings may be a great option if you're looking for an account with a $0 minimum opening deposit and no monthly service fees. If you'd like to open a savings account with a $0 minimum opening deposit, Capital One will likely stand out to you more. Keep in mind that savings rates fluctuate, so just because one bank pays higher rates now doesn't mean that will always be the case. Meanwhile, the CIT Bank Platinum Savings may be better for higher account balances since it pays 5.05% APY on balances of $5,000 or more. CIT Bank Savings Connect pays 4.65% APY regardless of your account balance. You can choose between two savings accounts: CIT Bank Savings Connect and CIT Platinum Savings. If you'd like to open other types of savings accounts, also note that Ally has a money market account while Capital One doesn't.ĬIT Bank high-yield savings accounts are competitive. You might prefer Capital One if you live near a branch and want the option to speak with a banker face-to-face. Your choice between the two banks may ultimately depend on what you prioritize in your banking experience.Ĭapital One is considered an online bank, but it also has over 280 branches in eight US states and DC. For example, you could create a goal to set aside money for "Emergency Savings" and "Travel Fund," and track your progress over time. Currently, the Ally Savings Account pays 4.25% APY, which is only a bit lower than Capital One 360 Performance Savings.īoth banks also have savings features that allow you to set multiple savings goals in one account. Both pay above the national average on all balances, compound interest daily, and pay interest monthly. Ally savings rates work similarly to the rates at Capital One.
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