How To Transfer Money Capital One 360

Did you know that Capital One launched a brand new online savings account called 360 Performance Savings?

I sure didn't!

Unfortunately, it's not a particularly exciting new account.

I have a few accounts with Capital One Bank but they all were legacy ING Direct accounts. Capital One acquired ING Direct back in 2012 and I just kept going along with it. I was tempted to close them when I went through a big personal finance simplification phase, but I continued to use one as a bank account firewall with PayPal. It served a purpose, paid a competitive interest rate, so I left it alone.

When Capital One acquired ING Direct, all existing ING Direct accounts were converted to 360 Checking and 360 Savings accounts. For years, nothing substantial else changed.

But now that Capital One has a new banking product, it's time to pay a little bit more attention.

If you have an existing Capital One 360 Savings account, they did not automatically move you over to the new account. You are earning a lower interest rate until you change accounts – but before you just go and open a new 360 Performance Savings, be sure to take advantage of the bonus.

Table of Contents

What is Capital One 360 Performance Savings?
How to Convert Your Account from 360 Savings to Performance Savings
CapitalOne 360 Performance Savings — up to
CapitalOne 360 Checking Account —
How to Close Your Account Online
Should You Open This Account?

What is Capital One 360 Performance Savings?

It's Capital One's new name for their high-yield, no-fee online savings account. You get an interest rate of 0.40% APY with no minimums. Your funds are FDIC insured up to $250,000, there's a mobile app, and you can open it online in just a few minutes. It's a pretty run of the mill online savings account.

When Capital One started offering this "new" type of account, they took away their 360 Savings Accounts and 360 Money Market Accounts. It's now Performance Savings only.

If you're an existing Capital One 360 Savings customer, it's pretty much the same as before except you get a higher interest rate with the new account type.

Money market accounts have been falling out of favor in the last decade or so. In the past, they were useful because you could earn a higher interest rate and still have more than six transactions/transfers per month. Nowadays, with online banking and credit cards, there really isn't a useful place for your traditional money market account. It's no surprise that Capital One did away with it.

How to Convert Your Account from 360 Savings to Performance Savings

There doesn't appear to be a single button you press to convert an existing 360 Savings Account into a Performance Savings account.

You will have open a new Performance Savings account, transfer all of your funds from the 360 Savings to the Performance Savings, and then close your 360 Savings account.

Fortunately, opening a new account is simple, takes about five minutes, and I was able to do it all in about five minutes. Capital One prepopulates most of your information and you just have to enter in employment title, salary, and check off a few disclosure statements. You can even do it on a weekend (I did it on a Sunday).

Presto – nearly double the APY. It's not going to be a ton of money but it's like picking up a quarter on the sidewalk.

Sadly, the Capital One 360 Performance Savings new account promotion has ended. We keep the information below so you know what it used to be, just in case it comes back.

There is, however, a bonus for a 360 Money Market Account – details after the Performance Savings offer information.

CapitalOne 360 Performance Savings — up to

This offer has expired.

There's a bonus offer on this account too – Capital One is offering up to when you open an account using the promo code SHARE100. The bonus amount is tied to how much you transfer into the account within the first ten days – but this has to be new money to Capital One. You can't transfer from another account (sorry!). Then, maintain the required daily balance for 90 days and the bonus is deposited in 60 days.

The bonus is based on the deposit amount:

Deposit $10,000 and get a $100 cash bonus,
Deposit $20,000 and get a $200 cash bonus,
Deposit $30,000 and get a $300 cash bonus,
Deposit $40,000 and get a $400 cash bonus,
Deposit $50,000 and get a $500 cash bonus (this is the max)

You are only eligible if you haven't had an open savings or money market account (outside of a CD) as a primary or secondary holder on or after January 1, 2016.

CapitalOne 360 Checking Account —

Capital One has a $100 bonus for a new Capital One 360 Checking Account that is super easy to get. Just open an account by 10/12/2021 with the promotion code SHARE100.

Then, 2 direct deposits each of $200 or more within 90 days of account opening and you'll get $100 in your account. That's it.

(Offer expires 10/12/2021)

How to Close Your Account Online

Unfortunately, this no longer works. You have to call in.

First, log into your account as normal… then visit this link to access the old interface:

https://secure.capitalone360.com/myaccount/banking/account_summary.vm
(copy and paste it in the browser after you log in)

Then click on your account name in the list, followed by "Account Details" tab underneath your Routing Number and Account number. The site defaults to your list of transactions.

Then click on "Close your account" at the bottom:

There's a confirmation screen but then you're done:

Alternatively, you can call customer service to close your account. In the past, I've had success using the online chat to close an account too.

Should You Open This Account?

If you don't have an existing Capital One 360 Savings account, does it make sense to open a 360 Performance Savings?

The interest rate is competitive but I don't feel like there's a ton of added value with this account. For example, if you open an Ally Bank account, you get a 0.50% APY interest rate plus the ability to link up an Ally Invest account. Ally Invest is a brokerage account that gives you free trades on all U.S. stocks, ETFs, and options. (they also run cash bonuses for new brokerage accounts)

SoFi Money is a cash management account that pays 0.25% APY but also has SoFi Invest, another no commission stock brokerage. They'll also give you $100 when you have $1,000 or more in total direct deposit transactions within any consecutive 30-day window by 12/31/21, no maintenance fee – our full list of SoFi promotions is here.

I've always been a fan of how convenient it is to open accounts and manage savings goals with Capital One but I'm not sure it's a good option if you're opening a new account.

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Jim Wang is a thirty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.