Orlando Harmon
Capital One 360 Performance Savings accounts are FDIC-insured, meaning they are protected by the US government up to a certain limit. FDIC deposit insurance is automatic for any deposit account opened at Capital One, and deposits are insured up to $250,000 per depositor, per ownership category. This means that even if a bank or financial institution goes out of business, individual consumers can rest assured that their deposits (up to the limit) won't disappear overnight.
| Characteristics | Values |
|---|---|
| Account types | Checking accounts, savings accounts, money market deposit accounts, certificates of deposit (CD), 360 Performance Savings, 360 CDs, Kids Savings Accounts, 360 Money Market Account |
| Insurance provider | Federal Deposit Insurance Corporation (FDIC) |
| Insurance limit | Up to $250,000 per depositor, per insured bank, and per ownership type |
| Account opening requirements | Name, date of birth, mailing address, email, phone number, employment information, annual income, Social Security number, and citizenship information |
| Fees | No monthly service fees, minimum opening deposit, or maintenance fees. Charges for outgoing wire transfers, cashier's checks, and out-of-network ATM usage |
| Security features | FDIC insurance, fraud protection (e.g., ability to turn off a stolen debit card in the mobile app) |
| Interest | Variable APYs for 360 Performance Savings and Kids Savings Accounts; fixed-rate for 360 CDs |
| Transfer options | Electronic fund transfers (EFT), direct deposits, wire transfers |
| Regulatory compliance | Subject to federal law, state law of Virginia, and applicable operating circulars or clearing house rules |
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What You'll Learn
- Capital One 360 Performance Savings accounts are FDIC-insured up to $250,000 per individual account
- FDIC insurance covers deposits in checking accounts, savings accounts, money markets, and certificates of deposit
- FDIC insurance is automatic for Capital One deposit accounts, with no need to apply or purchase
- The amount of FDIC insurance depends on the account's ownership category, e.g., single, joint, trust, or business account
- Capital One 360 accounts offer no monthly fees, no minimum balance, and fraud protection features
Capital One 360 Performance Savings accounts are FDIC-insured up to $250,000 per individual account
Capital One 360 Performance Savings accounts are FDIC-insured, meaning individuals benefit from protection for up to $250,000 per depositor, per insured bank. This means that even if a bank or financial institution goes out of business, individual consumers can rest assured that their deposits (up to pre-determined limits) won't disappear overnight. FDIC insurance is automatic for any deposit account opened at Capital One, and deposit insurance is calculated dollar-for-dollar, including principal plus any interest accrued. For example, if a customer had a CD account in their name alone, with a principal balance of $195,000 and $3,000 in accrued interest, the full $198,000 would be insured.
The amount of FDIC insurance coverage a customer may have depends on their account's FDIC ownership category. For instance, a single account owned by one person with no beneficiaries is insured differently from a joint account owned by two or more people with no beneficiaries, or a trust account owned by one or more trustees on behalf of one or more beneficiaries.
Capital One 360 Performance Savings accounts offer a competitive rate with no maintenance or monthly fees and no minimum balance requirements. The account also provides online banking security features to help manage your money with confidence. It's important to note that Capital One is considered an online bank, but it also has over 280 branches in eight US states and Washington, DC.
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FDIC insurance covers deposits in checking accounts, savings accounts, money markets, and certificates of deposit
Money in Capital One 360 accounts is insured by the Federal Deposit Insurance Corporation (FDIC) of the US government. FDIC insurance covers deposits in checking accounts, savings accounts, money market accounts, and certificates of deposit.
The FDIC is an independent agency of the US government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank fails. FDIC insurance is backed by the full faith and credit of the US government. Bank customers don't need to purchase deposit insurance; it's automatic for any deposit account opened at an FDIC-insured bank, such as Capital One. The FDIC covers deposits in checking accounts, savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs).
The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. This means that if a person has a certificate of deposit at one FDIC-insured bank and another at a different FDIC-insured bank, each account would be insured separately up to $250,000. However, funds deposited in separate branches of the same insured bank are not separately insured. The FDIC provides separate insurance coverage for funds deposited in different categories of legal ownership. For example, a single account owned by one person with no beneficiaries would be insured up to $250,000, while a joint account owned by two people with no beneficiaries would be insured up to $500,000.
It's important to note that FDIC insurance covers deposits received at an insured bank but does not cover investments, even if they were purchased at an insured bank. Additionally, the FDIC may take a few days to pay out insurance, and in some cases, it may need additional time to determine the amount of deposit insurance coverage.
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FDIC insurance is automatic for Capital One deposit accounts, with no need to apply or purchase
The Federal Deposit Insurance Corporation (FDIC) provides automatic insurance for Capital One deposit accounts, with no need for customers to apply or purchase. This includes Capital One 360 Performance Savings accounts, which are insured up to the FDIC's allowable limits. The FDIC insures deposits in checking accounts, savings accounts, money market deposit accounts, and certificates of deposit up to $250,000 per depositor, per insured bank, and per ownership type. This means that even if a bank or financial institution fails, customers can rest assured that their deposits (up to the limit) are protected.
The FDIC insurance coverage limit of $250,000 applies to each ownership category, including single accounts, joint accounts, trust accounts, and business accounts. In the case of a joint account, the insurance coverage limit is $250,000 for each depositor, resulting in a total coverage of $500,000. The amount of FDIC insurance coverage depends on the account's ownership category and structure. For example, a revocable trust account with one owner naming three unique beneficiaries would be insured up to $750,000.
Capital One 360 Performance Savings accounts offer a competitive interest rate with no maintenance or monthly fees, no minimum balance requirements, and no charges for ACH payments. They provide a safe and convenient way for individuals to save and access their funds through a highly-rated mobile app. The account also offers fraud protection features, such as the ability to turn off a stolen debit card in the mobile app.
It is important to note that the FDIC insurance coverage for Capital One deposit accounts may be impacted by the acquisition of Discover. Capital One deposit accounts will remain separately insured from Discover deposit accounts for six months after the acquisition date. After this period, the FDIC insurance coverage will be determined by combining Capital One and Discover deposit accounts. However, there are exceptions for Certificate of Deposit (CD) accounts, which may remain separately insured until their first maturity date after the six-month period.
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The amount of FDIC insurance depends on the account's ownership category, e.g., single, joint, trust, or business account
The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor, per insured bank, and per ownership category. This means that the amount of FDIC insurance coverage you may have depends on your account's FDIC ownership category.
A single account is owned by one person with no beneficiaries. If the owner of a single account has designated beneficiaries who will receive the deposit when the account owner dies, the account would be insured as a trust account.
A joint account is owned by two or more people with no beneficiaries. A trust account is owned by one or more trustees on behalf of one or more beneficiaries. A business account is owned by a corporation, partnership, or unincorporated association.
For example, a single account titled Jane Doe would be insured up to $250,000. A joint account titled Jane Doe and John Smith would be insured up to $250,000 for both depositors for a total of $500,000.
It's important to note that FDIC insurance is automatic for any deposit account opened at an FDIC-insured bank, and there is no need to purchase additional coverage. The FDIC provides separate insurance coverage for funds deposited in different categories of legal ownership, allowing a bank customer with multiple accounts to qualify for more than $250,000 in insurance coverage if the requirements for each ownership category are met.
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Capital One 360 accounts offer no monthly fees, no minimum balance, and fraud protection features
Capital One 360 accounts are an excellent option for those seeking a consumer-friendly online bank with no monthly fees, no minimum balance requirements, and robust fraud protection features.
Firstly, Capital One 360 accounts offer the convenience of no monthly fees, allowing customers to access their financial tools without the burden of regular charges. This feature, combined with the absence of overdraft fees, makes Capital One 360 an economical choice for those seeking to avoid unnecessary expenses associated with traditional banking.
Secondly, these accounts stand out for having no minimum balance requirement. Whether it's the 360 Performance Savings account or the 360 Checking account, customers can open and maintain their accounts without worrying about maintaining a specific balance. This flexibility is especially beneficial for those who want to start saving or managing their finances without the pressure of a minimum balance.
In addition to the no-fee and no-minimum balance features, Capital One 360 accounts provide robust fraud protection. Capital One implements daily withdrawal limits based on confidential fraud and risk criteria, which are essential for safeguarding customers' funds. These limits are designed to protect customers from fraudulent activities and ensure the integrity of their financial services. Capital One also offers a "Checkbooks" feature, allowing customers to order physical checkbooks and providing an additional layer of security and convenience.
Furthermore, Capital One 360 accounts offer FDIC insurance, protecting customers' deposits up to allowable limits. This insurance provides peace of mind, knowing that their savings are protected by the US government. Overall, Capital One 360 accounts offer a compelling combination of no monthly fees, no minimum balance requirements, and robust fraud protection features, making them a popular choice for those seeking a convenient and secure online banking experience.
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Frequently asked questions
Yes, Capital One 360 Performance Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to allowable limits. This means that your savings are protected by the US government up to $250,000 for an individual account and $500,000 for a joint account.
The Federal Deposit Insurance Corporation (FDIC) is a US government corporation supplying deposit insurance. This insurance covers customers of US commercial banks and savings banks.
Capital One customers don't need to purchase or apply for FDIC insurance. Coverage up to the FDIC's limit is automatic whenever a deposit account is opened.
FDIC insurance provides protection for your deposits up to pre-determined limits. This means that even if a bank or financial institution goes out of business, your deposits won't disappear overnight.
Capital One 360 Performance Savings accounts offer a competitive rate with no maintenance or monthly fees and no minimum balance requirements. The account also offers fraud protection features, such as the ability to turn off your debit card in the mobile app if it is stolen.
